# EDGAR Filing Document

**Accession Number:** 0000783740
**File Stem:** 0001683863-23-000169
**Filing Date:** 2023-1
**Character Count:** 1912796
**Document Hash:** 0bec71a4a97edec96345b2bf6a3b748a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000169.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001683863-23-000169

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**EFFECTIVENESS DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST X
- **CENTRAL INDEX KEY:** 0000783740
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04492
- **FILM NUMBER:** 23536498

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT MORTGAGE FUND
- **DATE OF NAME CHANGE:** 19930408

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number 811-04492</u>

**MFS SERIES TRUST X**

(Exact name of registrant as specified in charter)

**<u>111 Huntington Avenue, Boston, Massachusetts 02199</u> (Address of principal executive offices) (Zip code)**

**Christopher R. Bohane**

**Massachusetts Financial Services Company**

**111 Huntington Avenue**

**<u>Boston, Massachusetts 02199</u>**

**(Name and address of agents for service)**

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

Date of fiscal year end: May 31\*

Date of reporting period: November 30, 2022

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

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Item 1(a):

------

![](imgdb6fff501.gif)

### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Asset Allocation Funds

![](img85ed28552.gif)

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

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

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

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

AAF-SEM

------

MFS<sup>®</sup> Asset Allocation Funds

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_08a7dfbf-e2fe-4545-9c3f-7aa5125c4551_1)<br>| 1 |
| [Portfolio composition](#xx_553b859f-0f58-4916-840f-26dd08144b1a_1)<br>| 2 |
| [Expense tables](#xx_143b974c-036d-436c-90cf-35e944b504d6_1)<br>| 6 |
| [Portfolio of investments](#xx_9fe2e8ae-24ac-47a1-b4aa-e084924ea556_1)<br>| 11 |
| [Statements of assets and liabilities](#xx_01c039cc-93de-45e2-8073-e03e0c9180bc_1)<br>| 15 |
| [Statements of operations](#xx_01c039cc-93de-45e2-8073-e03e0c9180bc_4)<br>| 18 |
| [Statements of changes in net assets](#xx_01c039cc-93de-45e2-8073-e03e0c9180bc_5)<br>| 19 |
| [Financial highlights](#xx_b507b437-dc2e-4dd8-b366-207c5f9ed230_1)<br>| 20 |
| [Notes to financial statements](#xx_6b6ad946-0036-4e39-9c05-0cab842f1220_1)<br>| 44 |
| [Board review of investment advisory agreement](#xx_ec347d82-a1c5-4927-aff3-90a16b3297dc_1)<br>| 61 |
| [Proxy voting policies and information](#xx_054b53fb-c491-4dd6-95fe-6188e69d2495_1)<br>| 64 |
| [Quarterly portfolio disclosure](#xx_054b53fb-c491-4dd6-95fe-6188e69d2495_1)<br>| 64 |
| [Further information](#xx_054b53fb-c491-4dd6-95fe-6188e69d2495_1)<br>| 64 |
| [Information about fund contracts and legal claims](#xx_054b53fb-c491-4dd6-95fe-6188e69d2495_1)<br>| 64 |
| [Provision of financial reports and summary prospectuses](#xx_054b53fb-c491-4dd6-95fe-6188e69d2495_1)<br>| 64 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_17e0b0ec-37f7-429a-9034-aca1c694c692_4)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

LETTER FROM THE CHAIR AND CEO

Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img9cb759db3.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](imga586eee94.gif)

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

### Portfolio Composition
MFS Conservative Allocation Fund

#### Portfolio target allocation
![](img930738515.jpg)

#### Portfolio actual allocation
![](imgfb81b7896.jpg)

#### Portfolio holdings

---

| | |
|:---|:---|
| MFS Total Return Bond Fund | 14.8% |
| MFS Government Securities Fund | 9.8% |
| MFS Inflation-Adjusted Bond Fund | 9.8% |
| MFS Limited Maturity Fund | 9.7% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Value Fund | 6.1% |
| MFS Research Fund | 6.1% |
| MFS Growth Fund | 6.1% |
| MFS Mid Cap Growth Fund | 4.1% |
| MFS Mid Cap Value Fund | 4.1% |
| MFS High Income Fund | 3.9% |
| MFS Research International Fund | 3.6% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Emerging Markets Debt Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Commodity Strategy Fund | 1.9% |
| MFS International Growth Fund | 1.6% |
| MFS International Large Cap Value Fund | 1.6% |
| MFS International Intrinsic Value Fund | 1.5% |
| MFS New Discovery Value Fund | 1.0% |
| MFS New Discovery Fund | 1.0% |
| Cash & Cash Equivalents | 0.4% |

---

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio Composition - continued

MFS Moderate Allocation Fund

#### Portfolio target allocation
![](img35d4eb8d7.jpg)

#### Portfolio actual allocation
![](img64d891e88.jpg)

#### Portfolio holdings

---

| | |
|:---|:---|
| MFS Government Securities Fund | 9.6% |
| MFS Total Return Bond Fund | 8.7% |
| MFS Value Fund | 8.2% |
| MFS Research Fund | 8.1% |
| MFS Growth Fund | 8.0% |
| MFS Mid Cap Value Fund | 7.2% |
| MFS Mid Cap Growth Fund | 7.1% |
| MFS Inflation-Adjusted Bond Fund | 6.7% |
| MFS Research International Fund | 5.2% |
| MFS Global Opportunistic Bond Fund | 4.9% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.0% |
| MFS Emerging Markets Debt Fund | 3.0% |
| MFS Commodity Strategy Fund | 2.9% |
| MFS International Large Cap Value Fund | 2.1% |
| MFS International Growth Fund | 2.1% |
| MFS International Intrinsic Value Fund | 2.1% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS New Discovery Value Fund | 1.5% |
| MFS New Discovery Fund | 1.5% |
| MFS International New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 1.0% |
| Cash & Cash Equivalents | 0.1% |

---

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio Composition - continued

MFS Growth Allocation Fund

#### Portfolio target allocation
![](img3aa383329.jpg)

#### Portfolio actual allocation
![](img1635bb3310.jpg)

#### Portfolio holdings

---

| | |
|:---|:---|
| MFS Value Fund | 10.4% |
| MFS Research Fund | 10.1% |
| MFS Growth Fund | 9.6% |
| MFS Mid Cap Value Fund | 9.3% |
| MFS Mid Cap Growth Fund | 9.0% |
| MFS Research International Fund | 7.1% |
| MFS Inflation-Adjusted Bond Fund | 4.8% |
| MFS High Income Fund | 3.9% |
| MFS Global Real Estate Fund | 3.8% |
| MFS Commodity Strategy Fund | 3.7% |
| MFS International Growth Fund | 3.1% |
| MFS International Large Cap Value Fund | 3.1% |
| MFS International Intrinsic Value Fund | 3.1% |
| MFS Emerging Markets Debt Fund | 3.0% |
| MFS Global Opportunistic Bond Fund | 2.9% |
| MFS Total Return Bond Fund | 2.9% |
| MFS New Discovery Value Fund | 2.0% |
| MFS International New Discovery Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 2.0% |
| MFS Emerging Markets Equity Fund | 2.0% |
| MFS New Discovery Fund | 2.0% |
| Cash & Cash Equivalents | 0.2% |

---

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio Composition - continued

MFS Aggressive Growth Allocation Fund

#### Portfolio target allocation
![](img83e2332411.jpg)

#### Portfolio actual allocation
![](img514628ee12.jpg)

#### Portfolio holdings

---

| | |
|:---|:---|
| MFS Value Fund | 12.3% |
| MFS Growth Fund | 11.6% |
| MFS Research Fund | 10.9% |
| MFS Mid Cap Value Fund | 10.1% |
| MFS Mid Cap Growth Fund | 9.9% |
| MFS Research International Fund | 8.2% |
| MFS International Large Cap Value Fund | 5.2% |
| MFS International Growth Fund | 5.2% |
| MFS International Intrinsic Value Fund | 5.1% |
| MFS Global Real Estate Fund | 4.8% |
| MFS Commodity Strategy Fund | 4.7% |
| MFS International New Discovery Fund | 4.0% |
| MFS Emerging Markets Equity Fund | 3.0% |
| MFS New Discovery Value Fund | 2.5% |
| MFS New Discovery Fund | 2.4% |
| Cash & Cash Equivalents | 0.1% |

---

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

### Expense Tables

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.

In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Expense Tables - continued

#### MFS CONSERVATIVE ALLOCATION FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.35%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$972.92* | *$1.73* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.35%* | *$1000.00* | *$1023.31* | *$1.78* |
| &nbsp;&nbsp;*B* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$969.64* | *$5.43* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*C* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$969.53* | *$5.43* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*I* | *Actual* | *0.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$974.48* | *$0.49* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.10%* | *$1000.00* | *$1024.57* | *$0.51* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$969.12* | *$5.43* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.60%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$971.95* | *$2.97* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.60%* | *$1000.00* | *$1022.06* | *$3.04* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.35%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$973.23* | *$1.73* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.35%* | *$1000.00* | *$1023.31* | *$1.78* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$974.26* | *$0.49* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.10%* | *$1000.00* | *$1024.57* | *$0.51* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.03%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$974.83* | *$0.15* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.03%* | *$1000.00* | *$1024.92* | *$0.15* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Expense Tables - continued

#### MFS MODERATE ALLOCATION FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.34%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$974.62* | *$1.68* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.34%* | *$1000.00* | *$1023.36* | *$1.72* |
| &nbsp;&nbsp;*B* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$971.45* | *$5.39* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*C* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$971.43* | *$5.39* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*I* | *Actual* | *0.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$975.82* | *$0.45* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.09%* | *$1000.00* | *$1024.62* | *$0.46* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$971.42* | *$5.39* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.59%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$973.68* | *$2.92* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.59%* | *$1000.00* | *$1022.11* | *$2.99* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.34%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$974.88* | *$1.68* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.34%* | *$1000.00* | *$1023.36* | *$1.72* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$976.44* | *$0.45* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.09%* | *$1000.00* | *$1024.62* | *$0.46* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.02%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$976.18* | *$0.10* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.02%* | *$1000.00* | *$1024.97* | *$0.10* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Expense Tables - continued

#### MFS GROWTH ALLOCATION FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.34%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.75* | *$1.69* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.34%* | *$1000.00* | *$1023.36* | *$1.72* |
| &nbsp;&nbsp;*B* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$975.13* | *$5.40* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*C* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$975.17* | *$5.40* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*I* | *Actual* | *0.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$980.28* | *$0.45* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.09%* | *$1000.00* | *$1024.62* | *$0.46* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$975.42* | *$5.40* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.59%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$977.72* | *$2.93* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.59%* | *$1000.00* | *$1022.11* | *$2.99* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.34%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.54* | *$1.69* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.34%* | *$1000.00* | *$1023.36* | *$1.72* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.09%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$980.04* | *$0.45* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.09%* | *$1000.00* | *$1024.62* | *$0.46* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.02%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$980.30* | *$0.10* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.02%* | *$1000.00* | *$1024.97* | *$0.10* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Expense Tables - continued

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.38%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$981.38* | *$1.89* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.38%* | *$1000.00* | *$1023.16* | *$1.93* |
| &nbsp;&nbsp;*B* | *Actual* | *1.13%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.07* | *$5.60* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.13%* | *$1000.00* | *$1019.40* | *$5.72* |
| &nbsp;&nbsp;*C* | *Actual* | *1.13%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.12* | *$5.60* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.13%* | *$1000.00* | *$1019.40* | *$5.72* |
| &nbsp;&nbsp;*I* | *Actual* | *0.13%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$982.83* | *$0.65* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.13%* | *$1000.00* | *$1024.42* | *$0.66* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.13%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$977.75* | *$5.60* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.13%* | *$1000.00* | *$1019.40* | *$5.72* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.63%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$980.53* | *$3.13* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.63%* | *$1000.00* | *$1021.91* | *$3.19* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.38%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$981.22* | *$1.89* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.38%* | *$1000.00* | *$1023.16* | *$1.93* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.13%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$982.56* | *$0.65* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.13%* | *$1000.00* | *$1024.42* | *$0.66* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.04%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$982.84* | *$0.20* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.04%* | *$1000.00* | *$1024.87* | *$0.20* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

#### MFS Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% |
| Bond Funds – 58.9% | Bond Funds – 58.9% | Bond Funds – 58.9% |
| MFS Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;6742783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78351139 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 14826426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77987001 |
| MFS Global Opportunistic Bond Fund - Class R6 | 33772383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267139554 |
| MFS Government Securities Fund - Class R6 | 43276578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378670060 |
| MFS High Income Fund - Class R6 | 51922333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152651658 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | 39422256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377665217 |
| MFS Limited Maturity Fund - Class R6 | 66119151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373573200 |
| MFS Total Return Bond Fund - Class R6 | 60782625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571964499 |
|  |  | &nbsp;&nbsp;&nbsp;$2278002328 |
| International Stock Funds – 8.3% | International Stock Funds – 8.3% | International Stock Funds – 8.3% |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;1575746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60540170 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;1421831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60115020 |
| MFS International Large Cap Value Fund - Class R6 | &nbsp;&nbsp;4914749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60353116 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;6879247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140749381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$321757687 |
| Specialty Funds – 3.9% | Specialty Funds – 3.9% | Specialty Funds – 3.9% |
| MFS Commodity Strategy Fund - Class R6 | 14979495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74597884 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;4627356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78803870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153401754 |
| U.S. Stock Funds – 28.5% | U.S. Stock Funds – 28.5% | U.S. Stock Funds – 28.5% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;1635410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$234975677 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;6241775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158416250 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;5103512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157443359 |
| MFS New Discovery Fund - Class R6 | &nbsp;&nbsp;1451622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39121211 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;2129369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39393329 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;4489781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236027814 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;4543822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236642231 |
|  |  | &nbsp;&nbsp;&nbsp;$1102019871 |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | 10517349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10517349 |
| **Total Investment Companies (Identified Cost, $3,312,489,830)** | **Total Investment Companies (Identified Cost, $3,312,489,830)** | &nbsp;&nbsp;**$3865698989** |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852053 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$3868551042** |

---

#### See Portfolio Footnotes and Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio of Investments (unaudited) – continued

#### MFS Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 100.0% | Investment Companies (h) – 100.0% | Investment Companies (h) – 100.0% |
| Bond Funds – 38.8% | Bond Funds – 38.8% | Bond Funds – 38.8% |
| MFS Emerging Markets Debt Fund - Class R6 | 16726256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$194359095 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 24466308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128692780 |
| MFS Global Opportunistic Bond Fund - Class R6 | 39481625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312299657 |
| MFS Government Securities Fund - Class R6 | 70486897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616760352 |
| MFS High Income Fund - Class R6 | 85304299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250794638 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | 45096602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432025442 |
| MFS Total Return Bond Fund - Class R6 | 59439144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559322342 |
|  |  | &nbsp;&nbsp;&nbsp;$2494254306 |
| International Stock Funds – 13.6% | International Stock Funds – 13.6% | International Stock Funds – 13.6% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;2197786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66263253 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;3514769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135037421 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;3150555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133205454 |
| MFS International Large Cap Value Fund - Class R6 | 11011092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135216206 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;2135857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66446516 |
| MFS Research International Fund - Class R6 | 16416899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335889766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$872058616 |
| Specialty Funds – 5.9% | Specialty Funds – 5.9% | Specialty Funds – 5.9% |
| MFS Commodity Strategy Fund - Class R6 | 36808239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$183305030 |
| MFS Global Real Estate Fund - Class R6 | 11472035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195368757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$378673787 |
| U.S. Stock Funds – 41.6% | U.S. Stock Funds – 41.6% | U.S. Stock Funds – 41.6% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;3571362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$513133336 |
| MFS Mid Cap Growth Fund - Class R6 | 18020373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457357073 |
| MFS Mid Cap Value Fund - Class R6 | 14862685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458513813 |
| MFS New Discovery Fund - Class R6 | &nbsp;&nbsp;3576595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96389241 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;5328629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98579636 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;9881133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519451160 |
| MFS Value Fund - Class R6 | 10143881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528293297 |
|  |  | &nbsp;&nbsp;&nbsp;$2671717556 |
| Money Market Funds – 0.1% | Money Market Funds – 0.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | &nbsp;&nbsp;6393961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6393961 |
| **Total Investment Companies (Identified Cost, $4,819,690,618)** | **Total Investment Companies (Identified Cost, $4,819,690,618)** | &nbsp;&nbsp;**$6423098226** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986528 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$6425084754** |

---

#### See Portfolio Footnotes and Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio of Investments (unaudited) – continued

#### MFS Growth Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% |
| Bond Funds – 19.5% | Bond Funds – 19.5% | Bond Funds – 19.5% |
| MFS Emerging Markets Debt Fund - Class R6 | 15463561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$179686585 |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 22851458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120198670 |
| MFS Global Opportunistic Bond Fund - Class R6 | 22285571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176278864 |
| MFS High Income Fund - Class R6 | 80995135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238125697 |
| MFS Inflation-Adjusted Bond Fund - Class R6 | 29970576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287118119 |
| MFS Total Return Bond Fund - Class R6 | 18472106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173822515 |
|  |  | &nbsp;&nbsp;&nbsp;$1175230450 |
| International Stock Funds – 20.4% | International Stock Funds – 20.4% | International Stock Funds – 20.4% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;3948109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$119035494 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;4893833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188021046 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;4340535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183517814 |
| MFS International Large Cap Value Fund - Class R6 | 15278665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187622007 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;3904837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121479473 |
| MFS Research International Fund - Class R6 | 21019683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430062725 |
|  |  | &nbsp;&nbsp;&nbsp;$1229738559 |
| Specialty Funds – 7.5% | Specialty Funds – 7.5% | Specialty Funds – 7.5% |
| MFS Commodity Strategy Fund - Class R6 | 45748193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227825998 |
| MFS Global Real Estate Fund - Class R6 | 13404882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228285143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$456111141 |
| U.S. Stock Funds – 52.4% | U.S. Stock Funds – 52.4% | U.S. Stock Funds – 52.4% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;4052307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$582235476 |
| MFS Mid Cap Growth Fund - Class R6 | 21406589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543299221 |
| MFS Mid Cap Value Fund - Class R6 | 18116783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558902755 |
| MFS New Discovery Fund - Class R6 | &nbsp;&nbsp;4386921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118227513 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;6688528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123737780 |
| MFS Research Fund - Class R6 | 11640327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611931992 |
| MFS Value Fund - Class R6 | 12103693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630360313 |
|  |  | &nbsp;&nbsp;&nbsp;$3168695050 |
| Money Market Funds – 0.1% | Money Market Funds – 0.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | &nbsp;&nbsp;7730558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7730558 |
| **Total Investment Companies (Identified Cost, $3,974,988,261)** | **Total Investment Companies (Identified Cost, $3,974,988,261)** | &nbsp;&nbsp;**$6037505758** |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593858 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$6041099616** |

---

#### See Portfolio Footnotes and Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Portfolio of Investments (unaudited) – continued

#### MFS Aggressive Growth Allocation Fund

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 100.0% | Investment Companies (h) – 100.0% | Investment Companies (h) – 100.0% |
| International Stock Funds – 30.7% | International Stock Funds – 30.7% | International Stock Funds – 30.7% |
| MFS Emerging Markets Equity Fund - Class R6 | &nbsp;&nbsp;2437976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73504975 |
| MFS International Growth Fund - Class R6 | &nbsp;&nbsp;3286548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126269188 |
| MFS International Intrinsic Value Fund - Class R6 | &nbsp;&nbsp;2944176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124479758 |
| MFS International Large Cap Value Fund - Class R6 | 10312679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126639703 |
| MFS International New Discovery Fund - Class R6 | &nbsp;&nbsp;3165907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98491364 |
| MFS Research International Fund - Class R6 | &nbsp;&nbsp;9756450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199616963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$749001951 |
| Specialty Funds – 9.5% | Specialty Funds – 9.5% | Specialty Funds – 9.5% |
| MFS Commodity Strategy Fund - Class R6 | 22901349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114048721 |
| MFS Global Real Estate Fund - Class R6 | &nbsp;&nbsp;6900390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117513638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231562359 |
| U.S. Stock Funds – 59.7% | U.S. Stock Funds – 59.7% | U.S. Stock Funds – 59.7% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;1971827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$283312085 |
| MFS Mid Cap Growth Fund - Class R6 | &nbsp;&nbsp;9549905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242376579 |
| MFS Mid Cap Value Fund - Class R6 | &nbsp;&nbsp;7988423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246442859 |
| MFS New Discovery Fund - Class R6 | &nbsp;&nbsp;2217142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59751989 |
| MFS New Discovery Value Fund - Class R6 | &nbsp;&nbsp;3327113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61551590 |
| MFS Research Fund - Class R6 | &nbsp;&nbsp;5061553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266085819 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;5759904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299975809 |
|  |  | &nbsp;&nbsp;&nbsp;$1459496730 |
| Money Market Funds – 0.1% | Money Market Funds – 0.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | &nbsp;&nbsp;2312731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2312730 |
| **Total Investment Companies (Identified Cost, $1,445,857,277)** | **Total Investment Companies (Identified Cost, $1,445,857,277)** | &nbsp;&nbsp;**$2442373770** |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740466 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$2443114236** |

---

Portfolio Footnotes:

(h) An
affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each
fund's investments in affiliated issuers were as follows:

---

| | |
|:---|:---|
|  | **Affiliated Issuers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Conservative Allocation Fund | $3865698989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Moderate Allocation Fund | &nbsp;&nbsp;6423098226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Growth Allocation Fund | &nbsp;&nbsp;6037505758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Aggressive Growth Allocation Fund | &nbsp;&nbsp;2442373770 |

---

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Statements*

### Statements of Assets and Liabilities
At 11/30/22 (unaudited)

These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Assets** |  |  |  |  |
| Investments in affiliated issuers, at value (identified cost, $3,312,489,830, $4,819,690,618, $3,974,988,261, and $1,445,857,277, respectively) | $3865698989 | $6423098226 | $6037505758 | $2442373770 |
| Receivables for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501935 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984694 |
| Receivable from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20855 |
| Other assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |  |
| Total assets | $3878378740 | $6439462911 | $6051352080 | $2445881254 |
| **Liabilities** |  |  |  |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3562 |
| Payables for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152654 |
| &nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12182579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884537 |
| Payable to affiliates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620209 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35322 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70601 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9827698 | &nbsp;&nbsp;&nbsp;&nbsp;$14378157 | &nbsp;&nbsp;&nbsp;&nbsp;$10252464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2767018 |
| Net assets | $3868551042 | $6425084754 | $6041099616 | $2443114236 |
| **Net assets consist of** |  |  |  |  |
| Paid-in capital | $3376236762 | $4817939255 | $3919677620 | $1430231925 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;492314280 | &nbsp;&nbsp;&nbsp;1607145499 | &nbsp;&nbsp;&nbsp;2121421996 | &nbsp;&nbsp;&nbsp;1012882311 |
| Net assets | $3868551042 | $6425084754 | $6041099616 | $2443114236 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Statements of Assets and Liabilities (unaudited) – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Net assets |  |  |  |  |
| Class A | $2623796640 | $4702098538 | $4304161027 | $1424210523 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21883494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55722465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57662464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24209105 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;327175737 | &nbsp;&nbsp;&nbsp;&nbsp;463524926 | &nbsp;&nbsp;&nbsp;&nbsp;440783162 | &nbsp;&nbsp;&nbsp;&nbsp;224519233 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;431773619 | &nbsp;&nbsp;&nbsp;&nbsp;421764202 | &nbsp;&nbsp;&nbsp;&nbsp;410399899 | &nbsp;&nbsp;&nbsp;&nbsp;241298937 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10448043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22542339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230589 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43866552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96896903 | &nbsp;&nbsp;&nbsp;&nbsp;112876502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52596906 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85267274 | &nbsp;&nbsp;&nbsp;&nbsp;176124007 | &nbsp;&nbsp;&nbsp;&nbsp;125719872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84513440 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;254331490 | &nbsp;&nbsp;&nbsp;&nbsp;275103990 | &nbsp;&nbsp;&nbsp;&nbsp;322516265 | &nbsp;&nbsp;&nbsp;&nbsp;178801758 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70008193 | &nbsp;&nbsp;&nbsp;&nbsp;211307384 | &nbsp;&nbsp;&nbsp;&nbsp;249127832 | &nbsp;&nbsp;&nbsp;&nbsp;197733745 |
| Total net assets | $3868551042 | $6425084754 | $6041099616 | $2443114236 |
| Shares of beneficial interest outstanding |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;164576670 | &nbsp;&nbsp;&nbsp;&nbsp;252599645 | &nbsp;&nbsp;&nbsp;&nbsp;190702392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52977089 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920296 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20878598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25498386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660022 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26788103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22278865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17945236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781291 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597483 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008516 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9550501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171858 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15935710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14793440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14274720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6611990 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11161649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10883656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191777 |
| Total shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;242827009 | &nbsp;&nbsp;&nbsp;&nbsp;345537471 | &nbsp;&nbsp;&nbsp;&nbsp;268033715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90920322 |
| Class A shares |  |  |  |  |
| Net asset value per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.88 |
| Offering price per share (100 / 94.25 x net asset value per share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.52 |
| Class B shares |  |  |  |  |
| Net asset value and offering price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.31 |
| Class C shares |  |  |  |  |
| Net asset value and offering price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.93 |
| Class I shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.48 |
| Class R1 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.49 |
| Class R2 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.19 |
| Class R3 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| Class R4 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.04 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Statements of Assets and Liabilities (unaudited) – continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class R6 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share<br> (net assets / shares of beneficial interest outstanding) | $16.12 | $18.93 | $22.89 | $27.49 |
| On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Statements*

### Statements of Operations
Six months ended 11/30/22 (unaudited)

These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund's operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Net investment income (loss)** |  |  |  |  |
| Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;$47422710 | &nbsp;&nbsp;&nbsp;&nbsp;$58272525 | &nbsp;&nbsp;&nbsp;&nbsp;$38170741 | &nbsp;&nbsp;&nbsp;&nbsp;$3836142 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| Total investment income | &nbsp;&nbsp;&nbsp;$47423145 | &nbsp;&nbsp;&nbsp;&nbsp;$58273200 | &nbsp;&nbsp;&nbsp;&nbsp;$38171369 | &nbsp;&nbsp;&nbsp;&nbsp;$3836414 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;$5427203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9047486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8223437 | &nbsp;&nbsp;&nbsp;&nbsp;$3194125 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336299 |
| &nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 |
| &nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18844 |
| &nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24539 |
| &nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48843 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20617 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134057 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$7287703 | &nbsp;&nbsp;&nbsp;&nbsp;$12066350 | &nbsp;&nbsp;&nbsp;&nbsp;$11406587 | &nbsp;&nbsp;&nbsp;&nbsp;$4791724 |
| &nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165116) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$7287477 | &nbsp;&nbsp;&nbsp;&nbsp;$11714342 | &nbsp;&nbsp;&nbsp;&nbsp;$10871198 | &nbsp;&nbsp;&nbsp;&nbsp;$4626608 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$40135668 | &nbsp;&nbsp;&nbsp;&nbsp;$46558858 | &nbsp;&nbsp;&nbsp;&nbsp;$27300171 | &nbsp;&nbsp;&nbsp;&nbsp;$(790194) |
| **Realized and unrealized gain (loss)** |  |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;$(31607361) | &nbsp;&nbsp;&nbsp;&nbsp;$(7767661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6909065 | &nbsp;&nbsp;&nbsp;$(1718639) |
| &nbsp;&nbsp;&nbsp;Capital gain distributions from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329311 |
| Net realized gain (loss) | &nbsp;&nbsp;$(30701671) | &nbsp;&nbsp;&nbsp;&nbsp;$(5565879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9618487 | &nbsp;&nbsp;&nbsp;&nbsp;$(389328) |
| Change in unrealized appreciation or depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | $(127278066) | $(217199311) | $(169964692) | $(43823320) |
| Net realized and unrealized gain (loss) | $(157979737) | $(222765190) | $(160346205) | $(44212648) |
| Change in net assets from operations | $(117844069) | $(176206332) | $(133046034) | $(45002842) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*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 11/30/22 (unaudited)** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$40135668 | &nbsp;&nbsp;&nbsp;&nbsp;$46558858 | &nbsp;&nbsp;&nbsp;&nbsp;$27300171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(790194) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(30701671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5565879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9618487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389328) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(127278066) | &nbsp;&nbsp;&nbsp;&nbsp;(217199311) | &nbsp;&nbsp;&nbsp;&nbsp;(169964692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43823320) |
| Change in net assets from operations | &nbsp;&nbsp;$(117844069) | &nbsp;&nbsp;&nbsp;$(176206332) | &nbsp;&nbsp;&nbsp;$(133046034) | &nbsp;&nbsp;&nbsp;&nbsp;$(45002842) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(33662094) | &nbsp;&nbsp;&nbsp;&nbsp;$(39174982) | $— | $— |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(153542651) | &nbsp;&nbsp;&nbsp;&nbsp;$(61801283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7900374) | &nbsp;&nbsp;&nbsp;&nbsp;$30168551 |
| Total change in net assets | &nbsp;&nbsp;$(305048814) | &nbsp;&nbsp;&nbsp;$(277182597) | &nbsp;&nbsp;&nbsp;$(140946408) | &nbsp;&nbsp;&nbsp;&nbsp;$(14834291) |
| **Net assets** |  |  |  |  |
| At beginning of period | &nbsp;&nbsp;4173599856 | &nbsp;&nbsp;&nbsp;6702267351 | &nbsp;&nbsp;&nbsp;6182046024 | &nbsp;&nbsp;&nbsp;2457948527 |
| At end of period | $3868551042 | $6425084754 | $6041099616 | $2443114236 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/22** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$124444472 | &nbsp;&nbsp;&nbsp;&nbsp;$214421199 | &nbsp;&nbsp;&nbsp;&nbsp;$214514692 | &nbsp;&nbsp;&nbsp;&nbsp;$78617916 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42146426 | &nbsp;&nbsp;&nbsp;&nbsp;200984852 | &nbsp;&nbsp;&nbsp;&nbsp;284205403 | &nbsp;&nbsp;&nbsp;&nbsp;123762212 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(454606612) | &nbsp;&nbsp;&nbsp;&nbsp;(868583445) | &nbsp;&nbsp;&nbsp;&nbsp;(894980135) | &nbsp;&nbsp;&nbsp;&nbsp;(361857283) |
| Change in net assets from operations | &nbsp;&nbsp;$(288015714) | &nbsp;&nbsp;&nbsp;$(453177394) | &nbsp;&nbsp;&nbsp;$(396260040) | &nbsp;&nbsp;&nbsp;$(159477155) |
| Total distributions to shareholders | &nbsp;&nbsp;$(164329909) | &nbsp;&nbsp;&nbsp;$(402198738) | &nbsp;&nbsp;&nbsp;$(471264055) | &nbsp;&nbsp;&nbsp;$(176765468) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;$444927773 | &nbsp;&nbsp;&nbsp;&nbsp;$421834666 | &nbsp;&nbsp;&nbsp;&nbsp;$483753606 | &nbsp;&nbsp;&nbsp;&nbsp;$232393742 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;$(7417850) | &nbsp;&nbsp;&nbsp;$(433541466) | &nbsp;&nbsp;&nbsp;$(383770489) | &nbsp;&nbsp;&nbsp;$(103848881) |
| **Net assets** |  |  |  |  |
| At beginning of period | &nbsp;&nbsp;4181017706 | &nbsp;&nbsp;&nbsp;7135808817 | &nbsp;&nbsp;&nbsp;6565816513 | &nbsp;&nbsp;&nbsp;2561797408 |
| At end of period | $4173599856 | $6702267351 | $6182046024 | $2457948527 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Statements*

### Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class A** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.43 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.50 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $2623797 | &nbsp;&nbsp;&nbsp;$2760128 | &nbsp;&nbsp;&nbsp;$2471451 | &nbsp;&nbsp;&nbsp;$1417121 | &nbsp;&nbsp;&nbsp;$1294553 | &nbsp;&nbsp;&nbsp;$1321127 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS CONSERVATIVE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class B** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;$18.09 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;&nbsp;$15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.33 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total from investment operations | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;$16.44 | &nbsp;&nbsp;&nbsp;&nbsp;$18.09 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.40 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $21883 | &nbsp;&nbsp;&nbsp;$28023 | &nbsp;&nbsp;&nbsp;$45913 | &nbsp;&nbsp;&nbsp;$63965 | &nbsp;&nbsp;&nbsp;$93839 | &nbsp;&nbsp;&nbsp;$116669 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class C** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.20 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.25 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.05)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $327176 | &nbsp;&nbsp;&nbsp;$392290 | &nbsp;&nbsp;&nbsp;$484043 | &nbsp;&nbsp;&nbsp;$542274 | &nbsp;&nbsp;&nbsp;$535354 | &nbsp;&nbsp;&nbsp;$571300 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS CONSERVATIVE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class I** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.72) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$16.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.64 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.55)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $431774 | &nbsp;&nbsp;&nbsp;$508191 | &nbsp;&nbsp;&nbsp;$519688 | &nbsp;&nbsp;&nbsp;$400869 | &nbsp;&nbsp;&nbsp;$367586 | &nbsp;&nbsp;&nbsp;$358866 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R1** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;$17.49 | &nbsp;&nbsp;&nbsp;&nbsp;$15.38 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;&nbsp;$14.92 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;&nbsp;&nbsp;$15.87 | &nbsp;&nbsp;&nbsp;&nbsp;$17.49 | &nbsp;&nbsp;&nbsp;&nbsp;$15.38 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.96 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.09)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $10448 | &nbsp;&nbsp;&nbsp;$11188 | &nbsp;&nbsp;&nbsp;$13269 | &nbsp;&nbsp;&nbsp;$11468 | &nbsp;&nbsp;&nbsp;$11465 | &nbsp;&nbsp;&nbsp;$12794 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS CONSERVATIVE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R2** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$17.62 | &nbsp;&nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.99 | &nbsp;&nbsp;&nbsp;&nbsp;$15.06 | &nbsp;&nbsp;&nbsp;&nbsp;$15.02 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.68 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.29) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.64) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$17.62 | &nbsp;&nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.99 | &nbsp;&nbsp;&nbsp;&nbsp;$15.06 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $43867 | &nbsp;&nbsp;&nbsp;$48041 | &nbsp;&nbsp;&nbsp;$54728 | &nbsp;&nbsp;&nbsp;$56260 | &nbsp;&nbsp;&nbsp;$64220 | &nbsp;&nbsp;&nbsp;$72083 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R3** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;&nbsp;$18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.84 | &nbsp;&nbsp;&nbsp;&nbsp;$15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.31 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total from investment operations | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.74 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.02 | &nbsp;&nbsp;&nbsp;&nbsp;$15.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.37 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.68)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;2.07(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $85267 | &nbsp;&nbsp;&nbsp;$91528 | &nbsp;&nbsp;&nbsp;$109177 | &nbsp;&nbsp;&nbsp;$95119 | &nbsp;&nbsp;&nbsp;$101884 | &nbsp;&nbsp;&nbsp;$112696 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS CONSERVATIVE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R4** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.72) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$15.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.51 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.57)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Net assets at end of period (000 omitted) | $254331 | &nbsp;&nbsp;&nbsp;$267840 | &nbsp;&nbsp;&nbsp;$269196 | &nbsp;&nbsp;&nbsp;$234301 | &nbsp;&nbsp;&nbsp;$179833 | &nbsp;&nbsp;&nbsp;$196658 |

---

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R6** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.54 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) |
| Total from investment operations | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.23) |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.40) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$16.12 | &nbsp;&nbsp;&nbsp;&nbsp;$16.71 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.95)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.03(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) |
| Expenses after expense reductions (h) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;2.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Net assets at end of period (000 omitted) | $70008 | &nbsp;&nbsp;&nbsp;$66370 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS CONSERVATIVE ALLOCATION FUND - continued
**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND
**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 (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class A** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.37 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.30 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.88 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $4702099 | &nbsp;&nbsp;&nbsp;$4812425 | &nbsp;&nbsp;&nbsp;$4687031 | &nbsp;&nbsp;&nbsp;$3173202 | &nbsp;&nbsp;&nbsp;$3038919 | &nbsp;&nbsp;&nbsp;$3071863 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class B** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;$21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.16 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.15 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.65 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $55722 | &nbsp;&nbsp;&nbsp;$69914 | &nbsp;&nbsp;&nbsp;$116059 | &nbsp;&nbsp;&nbsp;$149969 | &nbsp;&nbsp;&nbsp;$210011 | &nbsp;&nbsp;&nbsp;$256958 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class C** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.05 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.14 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.53 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $463525 | &nbsp;&nbsp;&nbsp;$537508 | &nbsp;&nbsp;&nbsp;$721781 | &nbsp;&nbsp;&nbsp;$874127 | &nbsp;&nbsp;&nbsp;$917199 | &nbsp;&nbsp;&nbsp;$990317 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class I** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.60 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.35 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.12 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.42)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $421764 | &nbsp;&nbsp;&nbsp;$448966 | &nbsp;&nbsp;&nbsp;$476798 | &nbsp;&nbsp;&nbsp;$310815 | &nbsp;&nbsp;&nbsp;$275276 | &nbsp;&nbsp;&nbsp;$266965 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R1** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;$20.58 | &nbsp;&nbsp;&nbsp;&nbsp;$17.23 | &nbsp;&nbsp;&nbsp;&nbsp;$16.83 | &nbsp;&nbsp;&nbsp;&nbsp;$17.17 | &nbsp;&nbsp;&nbsp;&nbsp;$16.72 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total from investment operations | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.25) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;$20.58 | &nbsp;&nbsp;&nbsp;&nbsp;$17.23 | &nbsp;&nbsp;&nbsp;&nbsp;$16.83 | &nbsp;&nbsp;&nbsp;&nbsp;$17.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $22542 | &nbsp;&nbsp;&nbsp;$25035 | &nbsp;&nbsp;&nbsp;$26919 | &nbsp;&nbsp;&nbsp;$24120 | &nbsp;&nbsp;&nbsp;$26171 | &nbsp;&nbsp;&nbsp;$27412 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R2** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.01 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Total from investment operations | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.22 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$18.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.49 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.63)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;1.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $96897 | &nbsp;&nbsp;&nbsp;$107117 | &nbsp;&nbsp;&nbsp;$128654 | &nbsp;&nbsp;&nbsp;$124725 | &nbsp;&nbsp;&nbsp;$136699 | &nbsp;&nbsp;&nbsp;$166412 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R3** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.29 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$18.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.74 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.51)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $176124 | &nbsp;&nbsp;&nbsp;$196975 | &nbsp;&nbsp;&nbsp;$250644 | &nbsp;&nbsp;&nbsp;$219996 | &nbsp;&nbsp;&nbsp;$270597 | &nbsp;&nbsp;&nbsp;$312677 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R4** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.33 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.86 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.36)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $275104 | &nbsp;&nbsp;&nbsp;$296478 | &nbsp;&nbsp;&nbsp;$334080 | &nbsp;&nbsp;&nbsp;$252825 | &nbsp;&nbsp;&nbsp;$210597 | &nbsp;&nbsp;&nbsp;$280436 |

---

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R6** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.22 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.52) |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.57) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.55 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.39)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Net assets at end of period (000 omitted) | $211307 | &nbsp;&nbsp;&nbsp;$207850 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS MODERATE ALLOCATION FUND - continued
**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND
**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 (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class A** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.84 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.87 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.27 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $4304161 | &nbsp;&nbsp;&nbsp;$4361480 | &nbsp;&nbsp;&nbsp;$4279764 | &nbsp;&nbsp;&nbsp;$2944439 | &nbsp;&nbsp;&nbsp;$2852131 | &nbsp;&nbsp;&nbsp;$2852681 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class B** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$22.92 | &nbsp;&nbsp;&nbsp;&nbsp;$25.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Total from investment operations | &nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.84 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$22.35 | &nbsp;&nbsp;&nbsp;&nbsp;$22.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.65 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.49)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $57662 | &nbsp;&nbsp;&nbsp;$69836 | &nbsp;&nbsp;&nbsp;$109514 | &nbsp;&nbsp;&nbsp;$126962 | &nbsp;&nbsp;&nbsp;$177893 | &nbsp;&nbsp;&nbsp;$214832 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class C** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.82 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.43 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.48)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $440783 | &nbsp;&nbsp;&nbsp;$490305 | &nbsp;&nbsp;&nbsp;$638016 | &nbsp;&nbsp;&nbsp;$694541 | &nbsp;&nbsp;&nbsp;$714230 | &nbsp;&nbsp;&nbsp;$764750 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class I** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.02 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.08 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.06 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.97)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $410400 | &nbsp;&nbsp;&nbsp;$421692 | &nbsp;&nbsp;&nbsp;$434119 | &nbsp;&nbsp;&nbsp;$294213 | &nbsp;&nbsp;&nbsp;$237232 | &nbsp;&nbsp;&nbsp;$195227 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R1** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$21.97 | &nbsp;&nbsp;&nbsp;&nbsp;$25.02 | &nbsp;&nbsp;&nbsp;&nbsp;$19.69 | &nbsp;&nbsp;&nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;$20.02 | &nbsp;&nbsp;&nbsp;&nbsp;$19.07 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Total from investment operations | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.24) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.83) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$21.43 | &nbsp;&nbsp;&nbsp;&nbsp;$21.97 | &nbsp;&nbsp;&nbsp;&nbsp;$25.02 | &nbsp;&nbsp;&nbsp;&nbsp;$19.69 | &nbsp;&nbsp;&nbsp;&nbsp;$19.42 | &nbsp;&nbsp;&nbsp;&nbsp;$20.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.46)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $17853 | &nbsp;&nbsp;&nbsp;$18598 | &nbsp;&nbsp;&nbsp;$21519 | &nbsp;&nbsp;&nbsp;$19543 | &nbsp;&nbsp;&nbsp;$23326 | &nbsp;&nbsp;&nbsp;$30764 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R2** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.41 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.91 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$21.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.23)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $112877 | &nbsp;&nbsp;&nbsp;$122694 | &nbsp;&nbsp;&nbsp;$142619 | &nbsp;&nbsp;&nbsp;$123459 | &nbsp;&nbsp;&nbsp;$138541 | &nbsp;&nbsp;&nbsp;$160632 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R3** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.00 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$22.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.69 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.15)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $125720 | &nbsp;&nbsp;&nbsp;$140484 | &nbsp;&nbsp;&nbsp;$170541 | &nbsp;&nbsp;&nbsp;$147888 | &nbsp;&nbsp;&nbsp;$170299 | &nbsp;&nbsp;&nbsp;$202407 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R4** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.84 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.86 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;N/A |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $322516 | &nbsp;&nbsp;&nbsp;$328631 | &nbsp;&nbsp;&nbsp;$360879 | &nbsp;&nbsp;&nbsp;$264076 | &nbsp;&nbsp;&nbsp;$232530 | &nbsp;&nbsp;&nbsp;$230032 |

---

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R6** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$23.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.02 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.75) |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.90) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.92) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$22.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.35 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.97)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.27)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Net assets at end of period (000 omitted) | $249128 | &nbsp;&nbsp;&nbsp;$228326 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS GROWTH ALLOCATION FUND - continued
**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class A** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.80 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.77 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.94) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.63 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $1424211 | &nbsp;&nbsp;&nbsp;$1424073 | &nbsp;&nbsp;&nbsp;$1386555 | &nbsp;&nbsp;&nbsp;$928555 | &nbsp;&nbsp;&nbsp;$869146 | &nbsp;&nbsp;&nbsp;$859070 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class B** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$26.90 | &nbsp;&nbsp;&nbsp;&nbsp;$30.47 | &nbsp;&nbsp;&nbsp;&nbsp;$22.88 | &nbsp;&nbsp;&nbsp;&nbsp;$22.60 | &nbsp;&nbsp;&nbsp;&nbsp;$23.26 | &nbsp;&nbsp;&nbsp;&nbsp;$21.46 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Total from investment operations | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.76) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$26.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.90 | &nbsp;&nbsp;&nbsp;&nbsp;$30.47 | &nbsp;&nbsp;&nbsp;&nbsp;$22.88 | &nbsp;&nbsp;&nbsp;&nbsp;$22.60 | &nbsp;&nbsp;&nbsp;&nbsp;$23.26 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.19)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $24209 | &nbsp;&nbsp;&nbsp;$27855 | &nbsp;&nbsp;&nbsp;$40147 | &nbsp;&nbsp;&nbsp;$41016 | &nbsp;&nbsp;&nbsp;$52512 | &nbsp;&nbsp;&nbsp;$61264 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class C** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.26 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.15) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.77) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.19)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.97 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $224519 | &nbsp;&nbsp;&nbsp;$232876 | &nbsp;&nbsp;&nbsp;$264940 | &nbsp;&nbsp;&nbsp;$234144 | &nbsp;&nbsp;&nbsp;$221719 | &nbsp;&nbsp;&nbsp;$227357 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class I** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.14 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.88 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.00) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$27.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $241299 | &nbsp;&nbsp;&nbsp;$240621 | &nbsp;&nbsp;&nbsp;$241144 | &nbsp;&nbsp;&nbsp;$178491 | &nbsp;&nbsp;&nbsp;$167527 | &nbsp;&nbsp;&nbsp;$142897 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R1** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$26.07 | &nbsp;&nbsp;&nbsp;&nbsp;$29.60 | &nbsp;&nbsp;&nbsp;&nbsp;$22.25 | &nbsp;&nbsp;&nbsp;&nbsp;$22.00 | &nbsp;&nbsp;&nbsp;&nbsp;$22.69 | &nbsp;&nbsp;&nbsp;&nbsp;$20.97 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.69 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Total from investment operations | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.77) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$25.49 | &nbsp;&nbsp;&nbsp;&nbsp;$26.07 | &nbsp;&nbsp;&nbsp;&nbsp;$29.60 | &nbsp;&nbsp;&nbsp;&nbsp;$22.25 | &nbsp;&nbsp;&nbsp;&nbsp;$22.00 | &nbsp;&nbsp;&nbsp;&nbsp;$22.69 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.22)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $15231 | &nbsp;&nbsp;&nbsp;$15536 | &nbsp;&nbsp;&nbsp;$18496 | &nbsp;&nbsp;&nbsp;$14484 | &nbsp;&nbsp;&nbsp;$17093 | &nbsp;&nbsp;&nbsp;$17228 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R2** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$26.71 | &nbsp;&nbsp;&nbsp;&nbsp;$30.30 | &nbsp;&nbsp;&nbsp;&nbsp;$22.71 | &nbsp;&nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;$23.13 | &nbsp;&nbsp;&nbsp;&nbsp;$21.36 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from investment operations | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.65 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.88) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$26.19 | &nbsp;&nbsp;&nbsp;&nbsp;$26.71 | &nbsp;&nbsp;&nbsp;&nbsp;$30.30 | &nbsp;&nbsp;&nbsp;&nbsp;$22.71 | &nbsp;&nbsp;&nbsp;&nbsp;$22.44 | &nbsp;&nbsp;&nbsp;&nbsp;$23.13 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.95)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.64(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.63(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $52597 | &nbsp;&nbsp;&nbsp;$55975 | &nbsp;&nbsp;&nbsp;$65485 | &nbsp;&nbsp;&nbsp;$55453 | &nbsp;&nbsp;&nbsp;$63038 | &nbsp;&nbsp;&nbsp;$70426 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R3** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$27.15 | &nbsp;&nbsp;&nbsp;&nbsp;$30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.04 | &nbsp;&nbsp;&nbsp;&nbsp;$22.75 | &nbsp;&nbsp;&nbsp;&nbsp;$23.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| Total from investment operations | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.75 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.94) |
| Net asset value, end of period (x) | &nbsp;&nbsp;$26.64 | &nbsp;&nbsp;&nbsp;&nbsp;$27.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.76 | &nbsp;&nbsp;&nbsp;&nbsp;$23.04 | &nbsp;&nbsp;&nbsp;&nbsp;$22.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.44 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.88)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.38(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $84513 | &nbsp;&nbsp;&nbsp;$91223 | &nbsp;&nbsp;&nbsp;$105120 | &nbsp;&nbsp;&nbsp;$87315 | &nbsp;&nbsp;&nbsp;$97866 | &nbsp;&nbsp;&nbsp;$137905 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R4** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | &nbsp;&nbsp;&nbsp;**5/31/21** | &nbsp;&nbsp;&nbsp;**5/31/20** | &nbsp;&nbsp;&nbsp;**5/31/19**  | &nbsp;&nbsp;&nbsp;**5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.71 | &nbsp;&nbsp;&nbsp;&nbsp;$21.87 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.84 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.38) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.00) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$27.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.01 | &nbsp;&nbsp;&nbsp;&nbsp;$23.71 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.09 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Net assets at end of period (000 omitted) | $178802 | &nbsp;&nbsp;&nbsp;$183201 | &nbsp;&nbsp;&nbsp;$200635 | &nbsp;&nbsp;&nbsp;$137680 | &nbsp;&nbsp;&nbsp;$109384 | &nbsp;&nbsp;&nbsp;$91311 |

---

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
| **Class R6** | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.28 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.11) |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.04) |
| From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2.20) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;$27.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.97 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.35)(n) |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Net assets at end of period (000 omitted) | $197734 | &nbsp;&nbsp;&nbsp;$186590 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

*Financial Highlights - continued*

#### MFS AGGRESSIVE GROWTH ALLOCATION FUND - continued
**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund (the funds) are each a diversified series of MFS Series Trust X (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

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

(2) Significant Accounting Policies

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

Each fund is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (hereafter referred to as "underlying affiliated funds" or "underlying funds"), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.

The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds' shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.

**Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund's investments to MFS as the funds' adviser, pursuant to each fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

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

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under each fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets, including commodity-linked structured notes, 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 each fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating each fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine each fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.

Various inputs are used in determining the value of each fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, 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 November 30, 2022 in valuing each fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **MFS Conservative Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Mutual Funds | &nbsp;&nbsp;$3865698989 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3865698989 |
| **MFS Moderate Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Mutual Funds | &nbsp;&nbsp;$6423098226 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6423098226 |
| **MFS Growth Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Mutual Funds | &nbsp;&nbsp;$6037505758 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6037505758 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **MFS Aggressive Growth Allocation Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Mutual Funds | &nbsp;&nbsp;$2442373770 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2442373770 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' shareholder reports for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.**

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

**Investment Transactions and Income — Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.**

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

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

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

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 5/31/22** | &nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;$130737104 | &nbsp;&nbsp;&nbsp;$243876428 | &nbsp;&nbsp;&nbsp;$237936259 | &nbsp;&nbsp;&nbsp;&nbsp;$92864812 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33592805 | &nbsp;&nbsp;&nbsp;&nbsp;158322310 | &nbsp;&nbsp;&nbsp;&nbsp;233327796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83900656 |
| Total distributions | &nbsp;&nbsp;&nbsp;$164329909 | &nbsp;&nbsp;&nbsp;$402198738 | &nbsp;&nbsp;&nbsp;$471264055 | &nbsp;&nbsp;&nbsp;$176765468 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of 11/30/22** | &nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Cost of investments | &nbsp;&nbsp;&nbsp;$3392235605 | &nbsp;&nbsp;&nbsp;$4929700814 | &nbsp;&nbsp;&nbsp;$3981362387 | &nbsp;&nbsp;&nbsp;$1480941248 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720289997 | &nbsp;&nbsp;&nbsp;&nbsp;1871587615 | &nbsp;&nbsp;&nbsp;&nbsp;2250538838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976307524 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246826613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378190203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194395467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14875002) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;$473463384 | &nbsp;&nbsp;&nbsp;$1493397412 | &nbsp;&nbsp;&nbsp;$2056143371 | &nbsp;&nbsp;&nbsp;&nbsp;$961432522 |
| **As of 5/31/22** |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11083062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14291680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703797 | &nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28675917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90776492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118651932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56835283 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1955297) |
| Late year ordinary loss deferral | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2250675) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604061464 | &nbsp;&nbsp;&nbsp;&nbsp;1717458641 | &nbsp;&nbsp;&nbsp;&nbsp;2128112301 | &nbsp;&nbsp;&nbsp;&nbsp;1005255842 |

---

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

**Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. Each fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Effective March 21, 2022, all Class 529B and Class 529C shares were converted into Class 529A shares. Effective May 20, 2022, all Class 529A shares were redeemed. Each fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | **MFS Growth<br> Allocation Fund** | **MFS Growth<br> Allocation Fund** | **MFS Aggressive Growth<br> Allocation Fund** | **MFS Aggressive Growth<br> Allocation Fund** |
|  | **Six Months Ended<br> 11/30/22** | **Year Ended<br> 5/31/22 (i)** | **Six Months Ended<br> 11/30/22** | **Year Ended<br> 5/31/22 (i)** | **Six Months Ended<br> 11/30/22** | **Year Ended<br> 5/31/22 (i)** | **Six Months Ended<br> 11/30/22** | **Year Ended<br> 5/31/22 (i)** |
| Class A | $22933011 | $103815228 | $29290785 | $276567034 | $— | $319597176 | $— | &nbsp;&nbsp;&nbsp;$98862321 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;106115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499766 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492859 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062940 |
| Class C | &nbsp;&nbsp;&nbsp;1658118 | &nbsp;&nbsp;&nbsp;&nbsp;13721590 | &nbsp;&nbsp;&nbsp;&nbsp;1133041 | &nbsp;&nbsp;&nbsp;&nbsp;32006084 |  | &nbsp;&nbsp;&nbsp;&nbsp;36297415 |  | &nbsp;&nbsp;&nbsp;&nbsp;15834763 |
| Class I | &nbsp;&nbsp;&nbsp;4588610 | &nbsp;&nbsp;&nbsp;&nbsp;21657438 | &nbsp;&nbsp;&nbsp;&nbsp;3147982 | &nbsp;&nbsp;&nbsp;&nbsp;28009118 |  | &nbsp;&nbsp;&nbsp;&nbsp;32588097 |  | &nbsp;&nbsp;&nbsp;&nbsp;17809105 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381570 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300149 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027487 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;343020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454199 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9351146 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123946 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;749840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011626 | &nbsp;&nbsp;&nbsp;&nbsp;1171025 | &nbsp;&nbsp;&nbsp;&nbsp;13005624 |  | &nbsp;&nbsp;&nbsp;&nbsp;11541626 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811884 |
| Class R4 | &nbsp;&nbsp;&nbsp;2547671 | &nbsp;&nbsp;&nbsp;&nbsp;10300331 | &nbsp;&nbsp;&nbsp;&nbsp;2136677 | &nbsp;&nbsp;&nbsp;&nbsp;18863008 |  | &nbsp;&nbsp;&nbsp;&nbsp;26880368 |  | &nbsp;&nbsp;&nbsp;&nbsp;14448809 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;681369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15372 | &nbsp;&nbsp;&nbsp;&nbsp;1589918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33821 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27228 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 |
| Class 529A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591833 |  | &nbsp;&nbsp;&nbsp;&nbsp;18455392 |  | &nbsp;&nbsp;&nbsp;&nbsp;24828235 |  | &nbsp;&nbsp;&nbsp;&nbsp;14466884 |
| Class 529B |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102684 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321991 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532633 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120341 |
| Class 529C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820096 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601131 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827123 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191298 |
| Total | $33662094 | $164329909 | $39174982 | $402198738 | $— | $471264055 | $— | $176765468 |

---

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

(3) Transactions with Affiliates

**Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.**

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

The investment adviser has agreed in writing to pay a portion of the following funds' operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles, such that operating expenses do not exceed the following rates annually of these fund's average daily net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| &nbsp;&nbsp;&nbsp;Class A | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class B | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class C | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class I | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R1 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R2 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R3 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R4 | 0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;Class R6 | 0.03% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;0.05% |

---

These written agreements will continue until modified by the funds' Board of Trustees, but such agreements will continue at least until September 30, 2023. For the six months ended November 30, 2022, these reductions amounted to $351,444 for the MFS Moderate Allocation Fund, $533,806 for the MFS Growth Allocation Fund, and $164,676 for the MFS Aggressive Growth Allocation Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations. For the six months ended November 30, 2022, the MFS Conservative Allocation Fund's actual operating expenses did not exceed the limit described above and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended November 30, 2022, as its portion of the initial sales charge on sales of Class A shares of each fund:**

---

| | | | |
|:---|:---|:---|:---|
| **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| $93811 | $238524 | &nbsp;&nbsp;&nbsp;$413992 | &nbsp;&nbsp;&nbsp;$212534 |

---

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

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

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund |  | 0.25% | 0.25% | 0.25% | $3281115 |
| MFS Moderate Allocation Fund |  | 0.25% | 0.25% | 0.25% | 5742687 |
| MFS Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 5173001 |
| MFS Aggressive Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 1684783 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $120940 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 303100 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 303816 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 122967 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $1754744 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2413387 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2219241 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1081248 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $52547 |
| MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 114883 |
| MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 87423 |
| MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 72829 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | $110734 |
| MFS Moderate Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 247394 |
| MFS Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 279158 |
| MFS Aggressive Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 128106 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **Distribution<br> Fee Rate (d)** | **Service<br> Fee Rate (d)** | **Total<br> Distribution<br> Plan (d)** | **Annual<br> Effective<br> Rate (e)** | **Distribution<br> and Service<br> Fee** |
| MFS Conservative Allocation Fund |  | 0.25% | 0.25% | 0.25% | $107123 |
| MFS Moderate Allocation Fund |  | 0.25% | 0.25% | 0.25% | 226035 |
| MFS Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 160798 |
| MFS Aggressive Growth Allocation Fund |  | 0.25% | 0.25% | 0.25% | 104192 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Total Distribution and Service Fees | &nbsp;&nbsp;&nbsp;&nbsp;$5427203 | &nbsp;&nbsp;&nbsp;&nbsp;$9047486 | &nbsp;&nbsp;&nbsp;&nbsp;$8223437 | &nbsp;&nbsp;&nbsp;&nbsp;$3194125 |

---

(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class's average
daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2022 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 November 30, 2022, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class A | $180 | &nbsp;&nbsp;$481 | &nbsp;&nbsp;$1416 | &nbsp;&nbsp;$327 |
| Class B | &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Class C | &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Class R2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

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 November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CDSC Imposed** | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Class A | $332636 | &nbsp;&nbsp;$170946 | &nbsp;&nbsp;$114802 | &nbsp;&nbsp;$40638 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;9615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 |
| Class C | &nbsp;&nbsp;&nbsp;27769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28010 | &nbsp;&nbsp;&nbsp;&nbsp;17930 |

---

**Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds' Board of Trustees. For the six months ended November 30, 2022, each fund paid the following fee, which equated to the following annual percentage of each fund's average daily net assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Expenses paid | $152469 | &nbsp;&nbsp;$353127 | &nbsp;&nbsp;$451274 | &nbsp;&nbsp;$237325 |
| Annual percentage of average daily net assets | 0.0078% | &nbsp;&nbsp;&nbsp;0.0111% | &nbsp;&nbsp;&nbsp;0.0154% | &nbsp;&nbsp;&nbsp;0.0204% |

---

MFSC also receives reimbursement from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

---

| | | | |
|:---|:---|:---|:---|
| **MFS Conservative<br> Allocation Fund** | **MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| $1363086 | $2204214 | &nbsp;&nbsp;&nbsp;$2286997 | &nbsp;&nbsp;&nbsp;$1098974 |

---

**Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee incurred for the six months ended November 30, 2022 was equivalent to the following annual effective rates of each fund's average daily net assets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Percentage of average daily net assets | 0.0004% | &nbsp;&nbsp;0.0003% | &nbsp;&nbsp;0.0003% | &nbsp;&nbsp;0.0008% |

---

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

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

On September 29, 2021, MFS purchased the following fund shares as an initial investment in the class:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| MFS Conservative Allocation Fund | Class R6 | &nbsp;&nbsp;2697 | &nbsp;&nbsp;$50000 |
| MFS Moderate Allocation Fund | Class R6 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;50000 |
| MFS Growth Allocation Fund | Class R6 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;50000 |
| MFS Aggressive Growth Allocation Fund | Class R6 | &nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;50000 |

---

On August 3, 2022, MFS redeemed the following fund shares:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| MFS Conservative Allocation Fund | Class R6 | &nbsp;&nbsp;2795 | &nbsp;&nbsp;$46285 |
| MFS Moderate Allocation Fund | Class R6 | &nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp;45909 |
| MFS Growth Allocation Fund | Class R6 | &nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;45708 |
| MFS Aggressive Growth Allocation Fund | Class R6 | &nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;45568 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Purchases | $45297147 | &nbsp;&nbsp;$109752083 | &nbsp;&nbsp;$86923353 | &nbsp;&nbsp;$62472366 |
| Sales | $240146366 | &nbsp;&nbsp;$223128950 | &nbsp;&nbsp;$106331490 | &nbsp;&nbsp;$37041166 |

---

(5) Shares of Beneficial Interest

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** | &nbsp;&nbsp;**MFS Moderate Allocation Fund** |
|  | **Six Months Ended<br> 11/30/22** | **Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 18992211 | $298652785 | 67679957 | &nbsp;&nbsp;$1221314304 | &nbsp;&nbsp; 24562506 | $446289461 | &nbsp;&nbsp; 64087563 | &nbsp;&nbsp;$1359111133 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14566 | &nbsp;&nbsp;&nbsp; 228509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93027 | &nbsp;&nbsp;&nbsp;&nbsp; 1665420 | &nbsp;&nbsp; 18983 | &nbsp;&nbsp;&nbsp; 340340 | &nbsp;&nbsp; 36785 | &nbsp;&nbsp;&nbsp;&nbsp; 762264 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777562 | &nbsp;&nbsp;&nbsp; 12054953 | &nbsp;&nbsp;&nbsp;&nbsp;4830361 | &nbsp;&nbsp;&nbsp;&nbsp; 86218196 | &nbsp;&nbsp; 1333495 | &nbsp;&nbsp;&nbsp; 23686976 | &nbsp;&nbsp; 4234381 | &nbsp;&nbsp;&nbsp;&nbsp; 87982540 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;2517798 | &nbsp;&nbsp;&nbsp; 40047514 | 11090692 | &nbsp;&nbsp;&nbsp;&nbsp; 201830274 | &nbsp;&nbsp; 2818265 | &nbsp;&nbsp;&nbsp; 51474418 | &nbsp;&nbsp; 5790239 | &nbsp;&nbsp;&nbsp;&nbsp; 125696224 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47658 | &nbsp;&nbsp;&nbsp; 722404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126121 | &nbsp;&nbsp;&nbsp;&nbsp; 2165139 | &nbsp;&nbsp; 71366 | &nbsp;&nbsp;&nbsp; 1232826 | &nbsp;&nbsp; 148640 | &nbsp;&nbsp;&nbsp;&nbsp; 3003937 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205721 | &nbsp;&nbsp;&nbsp; 3139483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802943 | &nbsp;&nbsp;&nbsp;&nbsp; 13797950 | &nbsp;&nbsp; 362565 | &nbsp;&nbsp;&nbsp; 6438979 | &nbsp;&nbsp; 1100525 | &nbsp;&nbsp;&nbsp;&nbsp; 22278112 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359692 | &nbsp;&nbsp;&nbsp; 5578809 | &nbsp;&nbsp;&nbsp;&nbsp;1835554 | &nbsp;&nbsp;&nbsp;&nbsp; 32616119 | &nbsp;&nbsp; 466687 | &nbsp;&nbsp;&nbsp; 8392559 | &nbsp;&nbsp; 2001055 | &nbsp;&nbsp;&nbsp;&nbsp; 41362889 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1157768 | &nbsp;&nbsp;&nbsp; 18286048 | &nbsp;&nbsp;&nbsp;&nbsp;5579880 | &nbsp;&nbsp;&nbsp;&nbsp; 98938943 | &nbsp;&nbsp; 1430960 | &nbsp;&nbsp;&nbsp; 25920962 | &nbsp;&nbsp; 3178768 | &nbsp;&nbsp;&nbsp;&nbsp; 66866175 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775085 | &nbsp;&nbsp;&nbsp; 12368097 | &nbsp;&nbsp;&nbsp;&nbsp;4011762 | &nbsp;&nbsp;&nbsp;&nbsp; 66084891 | &nbsp;&nbsp; 1277696 | &nbsp;&nbsp;&nbsp; 23810684 | &nbsp;&nbsp; 10755093 | &nbsp;&nbsp;&nbsp;&nbsp; 205732457 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7021015 | &nbsp;&nbsp;&nbsp;&nbsp; 124154124 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 7030533 | &nbsp;&nbsp;&nbsp;&nbsp; 145839839 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59317 | &nbsp;&nbsp;&nbsp;&nbsp; 1058613 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 54771 | &nbsp;&nbsp;&nbsp;&nbsp; 1158960 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619502 | &nbsp;&nbsp;&nbsp;&nbsp; 11001161 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 501716 | &nbsp;&nbsp;&nbsp;&nbsp; 10539056 |
|  | 24848061 | $391078602 | 103750131 | &nbsp;&nbsp; $1860845134 | &nbsp;&nbsp; 32342523 | $587587205 | &nbsp;&nbsp; 98920069 | &nbsp;&nbsp; $2070333586 |
| Shares issued to shareholders in<br> reinvestment of distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1436938 | $22189105 | &nbsp;&nbsp;&nbsp;&nbsp;5509883 | &nbsp;&nbsp;$100451582 | &nbsp;&nbsp; 1608520 | $28491162 | &nbsp;&nbsp; 12475152 | &nbsp;&nbsp;$268574303 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp;&nbsp; 104202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55157 | &nbsp;&nbsp;&nbsp;&nbsp; 1004048 | &nbsp;&nbsp; 7087 | &nbsp;&nbsp;&nbsp; 123467 | &nbsp;&nbsp; 207077 | &nbsp;&nbsp;&nbsp;&nbsp; 4400978 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104884 | &nbsp;&nbsp;&nbsp; 1592438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735835 | &nbsp;&nbsp;&nbsp;&nbsp; 13226348 | &nbsp;&nbsp; 63650 | &nbsp;&nbsp;&nbsp; 1099111 | &nbsp;&nbsp; 1477992 | &nbsp;&nbsp;&nbsp;&nbsp; 31133054 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252144 | &nbsp;&nbsp;&nbsp; 3936546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993915 | &nbsp;&nbsp;&nbsp;&nbsp; 18297574 | &nbsp;&nbsp; 148323 | &nbsp;&nbsp;&nbsp; 2671882 | &nbsp;&nbsp; 1084011 | &nbsp;&nbsp;&nbsp;&nbsp; 23712133 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666 | &nbsp;&nbsp;&nbsp; 54340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22170 | &nbsp;&nbsp;&nbsp;&nbsp; 389398 | &nbsp;&nbsp; 3551 | &nbsp;&nbsp;&nbsp; 59740 | &nbsp;&nbsp; 67341 | &nbsp;&nbsp;&nbsp;&nbsp; 1381570 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22354 | &nbsp;&nbsp;&nbsp; 334071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102661 | &nbsp;&nbsp;&nbsp;&nbsp; 1813555 | &nbsp;&nbsp; 30012 | &nbsp;&nbsp;&nbsp; 517840 | &nbsp;&nbsp; 306461 | &nbsp;&nbsp;&nbsp;&nbsp; 6431465 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49033 | &nbsp;&nbsp;&nbsp; 749798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222035 | &nbsp;&nbsp;&nbsp;&nbsp; 4011206 | &nbsp;&nbsp; 66712 | &nbsp;&nbsp;&nbsp; 1170907 | &nbsp;&nbsp; 609638 | &nbsp;&nbsp;&nbsp;&nbsp; 13005624 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145002 | &nbsp;&nbsp;&nbsp; 2240941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492350 | &nbsp;&nbsp;&nbsp;&nbsp; 8976215 | &nbsp;&nbsp; 95794 | &nbsp;&nbsp;&nbsp; 1694278 | &nbsp;&nbsp; 697878 | &nbsp;&nbsp;&nbsp;&nbsp; 15003351 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43676 | &nbsp;&nbsp;&nbsp; 681369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 15372 | &nbsp;&nbsp; 88276 | &nbsp;&nbsp;&nbsp; 1589918 | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 33821 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353307 | &nbsp;&nbsp;&nbsp;&nbsp; 6399773 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 846016 | &nbsp;&nbsp;&nbsp;&nbsp; 18099800 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;&nbsp;&nbsp; 102348 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 15125 | &nbsp;&nbsp;&nbsp;&nbsp; 317806 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44437 | &nbsp;&nbsp;&nbsp;&nbsp; 789847 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 122704 | &nbsp;&nbsp;&nbsp;&nbsp; 2551571 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2064473 | &nbsp;&nbsp;&nbsp; $31882810 | &nbsp;&nbsp;&nbsp;&nbsp;8538355 | &nbsp;&nbsp;&nbsp;&nbsp; $155477266 | &nbsp;&nbsp; 2111925 | &nbsp;&nbsp;&nbsp; $37418305 | &nbsp;&nbsp; 17911035 | &nbsp;&nbsp;&nbsp;&nbsp; $384645476 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | **MFS Conservative Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** | &nbsp;&nbsp;**MFS Moderate Allocation Fund - continued** |
|  | **Six Months Ended<br> 11/30/22** | **Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22866491) | $(358055587) | &nbsp;&nbsp;(42044231) | &nbsp;&nbsp;$(749032903) | &nbsp;&nbsp;&nbsp;(23957125) | $(432322018) | &nbsp;&nbsp;&nbsp;(43477163) | &nbsp;&nbsp;$(912895376) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(346945) | &nbsp;&nbsp;&nbsp; (5399255) | &nbsp;&nbsp; (981518) | &nbsp;&nbsp;&nbsp;&nbsp; (17507879) | &nbsp;&nbsp;&nbsp; (681856) | &nbsp;&nbsp;&nbsp; (12148911) | &nbsp;&nbsp;&nbsp; (2004737) | &nbsp;&nbsp;&nbsp;&nbsp; (41816299) |
| &nbsp;&nbsp;&nbsp;Class C | (4162024) | &nbsp;&nbsp;&nbsp; (63954311) | &nbsp;&nbsp; (8473584) | &nbsp;&nbsp;&nbsp;&nbsp; (148571403) | &nbsp;&nbsp;&nbsp; (4546215) | &nbsp;&nbsp;&nbsp; (80138599) | &nbsp;&nbsp;&nbsp;(11266526) | &nbsp;&nbsp;&nbsp;&nbsp; (232666725) |
| &nbsp;&nbsp;&nbsp;Class I | (6398862) | &nbsp;&nbsp;&nbsp;(101148646) | &nbsp;&nbsp; (9942137) | &nbsp;&nbsp;&nbsp;&nbsp; (174501245) | &nbsp;&nbsp;&nbsp; (3657602) | &nbsp;&nbsp;&nbsp; (67116345) | &nbsp;&nbsp;&nbsp; (5662496) | &nbsp;&nbsp;&nbsp;&nbsp; (121101541) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73808) | &nbsp;&nbsp;&nbsp; (1107872) | &nbsp;&nbsp; (201826) | &nbsp;&nbsp;&nbsp;&nbsp; (3392524) | &nbsp;&nbsp;&nbsp; (171352) | &nbsp;&nbsp;&nbsp; (2970111) | &nbsp;&nbsp;&nbsp; (153547) | &nbsp;&nbsp;&nbsp;&nbsp; (3078840) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(388117) | &nbsp;&nbsp;&nbsp; (5862744) | &nbsp;&nbsp; (1007115) | &nbsp;&nbsp;&nbsp;&nbsp; (17330569) | &nbsp;&nbsp;&nbsp; (769769) | &nbsp;&nbsp;&nbsp; (13454949) | &nbsp;&nbsp;&nbsp; (1800271) | &nbsp;&nbsp;&nbsp;&nbsp; (36971719) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(600230) | &nbsp;&nbsp;&nbsp; (9392474) | &nbsp;&nbsp; (2523982) | &nbsp;&nbsp;&nbsp;&nbsp; (43995048) | &nbsp;&nbsp;&nbsp; (1327308) | &nbsp;&nbsp;&nbsp; (23618446) | &nbsp;&nbsp;&nbsp; (3990332) | &nbsp;&nbsp;&nbsp;&nbsp; (82425614) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1555283) | &nbsp;&nbsp;&nbsp; (24493511) | &nbsp;&nbsp; (4668604) | &nbsp;&nbsp;&nbsp;&nbsp; (83521684) | &nbsp;&nbsp;&nbsp; (2172340) | &nbsp;&nbsp;&nbsp; (39508755) | &nbsp;&nbsp;&nbsp; (3940095) | &nbsp;&nbsp;&nbsp;&nbsp; (82866417) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(447767) | &nbsp;&nbsp;&nbsp; (7089663) | &nbsp;&nbsp; (40640) | &nbsp;&nbsp;&nbsp;&nbsp; (679766) | &nbsp;&nbsp;&nbsp; (837693) | &nbsp;&nbsp;&nbsp; (15528659) | &nbsp;&nbsp;&nbsp; (123363) | &nbsp;&nbsp;&nbsp;&nbsp; (2401071) |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(17226421) | &nbsp;&nbsp;&nbsp;&nbsp; (286120415) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(23331934) | &nbsp;&nbsp;&nbsp;&nbsp; (443822099) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (262623) | &nbsp;&nbsp;&nbsp;&nbsp; (4524684) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (381081) | &nbsp;&nbsp;&nbsp;&nbsp; (7643019) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (2466975) | &nbsp;&nbsp;&nbsp;&nbsp; (42216507) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (3305962) | &nbsp;&nbsp;&nbsp;&nbsp; (65455676) |
|  | (36839527) | $(576504063) | &nbsp;&nbsp;(89839656) | &nbsp;&nbsp;$(1571394627) | &nbsp;&nbsp;&nbsp;(38121260) | $(686806793) | &nbsp;&nbsp;&nbsp;(99437507) | &nbsp;&nbsp;$(2033144396) |
| Net change |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2437342) | $(37213697) | 31145609 | &nbsp;&nbsp;$572732983 | &nbsp;&nbsp; 2213901 | $42458605 | &nbsp;&nbsp; 33085552 | &nbsp;&nbsp;$714790060 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(325603) | &nbsp;&nbsp;&nbsp; (5066544) | &nbsp;&nbsp; (833334) | &nbsp;&nbsp;&nbsp;&nbsp; (14838411) | &nbsp;&nbsp;&nbsp; (655786) | &nbsp;&nbsp;&nbsp; (11685104) | &nbsp;&nbsp;&nbsp; (1760875) | &nbsp;&nbsp;&nbsp;&nbsp; (36653057) |
| &nbsp;&nbsp;&nbsp;Class C | (3279578) | &nbsp;&nbsp;&nbsp; (50306920) | &nbsp;&nbsp; (2907388) | &nbsp;&nbsp;&nbsp;&nbsp; (49126859) | &nbsp;&nbsp;&nbsp; (3149070) | &nbsp;&nbsp;&nbsp; (55352512) | &nbsp;&nbsp;&nbsp; (5554153) | &nbsp;&nbsp;&nbsp;&nbsp; (113551131) |
| &nbsp;&nbsp;&nbsp;Class I | (3628920) | &nbsp;&nbsp;&nbsp; (57164586) | &nbsp;&nbsp;&nbsp;&nbsp;2142470 | &nbsp;&nbsp;&nbsp;&nbsp; 45626603 | &nbsp;&nbsp;&nbsp; (691014) | &nbsp;&nbsp;&nbsp; (12970045) | &nbsp;&nbsp; 1211754 | &nbsp;&nbsp;&nbsp;&nbsp; 28306816 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22484) | &nbsp;&nbsp;&nbsp; (331128) | &nbsp;&nbsp; (53535) | &nbsp;&nbsp;&nbsp;&nbsp; (837987) | &nbsp;&nbsp;&nbsp; (96435) | &nbsp;&nbsp;&nbsp; (1677545) | &nbsp;&nbsp; 62434 | &nbsp;&nbsp;&nbsp;&nbsp; 1306667 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(160042) | &nbsp;&nbsp;&nbsp; (2389190) | &nbsp;&nbsp; (101511) | &nbsp;&nbsp;&nbsp;&nbsp; (1719064) | &nbsp;&nbsp;&nbsp; (377192) | &nbsp;&nbsp;&nbsp; (6498130) | &nbsp;&nbsp;&nbsp; (393285) | &nbsp;&nbsp;&nbsp;&nbsp; (8262142) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(191505) | &nbsp;&nbsp;&nbsp; (3063867) | &nbsp;&nbsp; (466393) | &nbsp;&nbsp;&nbsp;&nbsp; (7367723) | &nbsp;&nbsp;&nbsp; (793909) | &nbsp;&nbsp;&nbsp; (14054980) | &nbsp;&nbsp;&nbsp; (1379639) | &nbsp;&nbsp;&nbsp;&nbsp; (28057101) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(252513) | &nbsp;&nbsp;&nbsp; (3966522) | &nbsp;&nbsp;&nbsp;&nbsp;1403626 | &nbsp;&nbsp;&nbsp;&nbsp; 24393474 | &nbsp;&nbsp;&nbsp; (645586) | &nbsp;&nbsp;&nbsp; (11893515) | &nbsp;&nbsp;&nbsp; (63449) | &nbsp;&nbsp;&nbsp;&nbsp; (996891) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370994 | &nbsp;&nbsp;&nbsp; 5959803 | &nbsp;&nbsp;&nbsp;&nbsp;3972000 | &nbsp;&nbsp;&nbsp;&nbsp; 65420497 | &nbsp;&nbsp; 528279 | &nbsp;&nbsp;&nbsp; 9871943 | &nbsp;&nbsp; 10633370 | &nbsp;&nbsp;&nbsp;&nbsp; 203365207 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (9852099) | &nbsp;&nbsp;&nbsp;&nbsp; (155566518) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15455385) | &nbsp;&nbsp;&nbsp;&nbsp; (279882460) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (197579) | &nbsp;&nbsp;&nbsp;&nbsp; (3363723) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (311185) | &nbsp;&nbsp;&nbsp;&nbsp; (6166253) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (1803036) | &nbsp;&nbsp;&nbsp;&nbsp; (30425499) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (2681542) | &nbsp;&nbsp;&nbsp;&nbsp; (52365049) |
|  | (9926993) | $(153542651) | 22448830 | &nbsp;&nbsp;&nbsp;&nbsp; $444927773 | &nbsp;&nbsp;&nbsp; (3666812) | &nbsp;&nbsp; $(61801283) | &nbsp;&nbsp; 17393597 | &nbsp;&nbsp;&nbsp;&nbsp; $421834666 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund** |
|  | **Six Months Ended<br> 11/30/22** | **Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 16677461 | $361588133 | 42486620 | &nbsp;&nbsp;$1089837005 | &nbsp;&nbsp; 4927256 | $126226293 | &nbsp;&nbsp; 12227052 | &nbsp;&nbsp;$371603360 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10354 | &nbsp;&nbsp;&nbsp; 228032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16966 | &nbsp;&nbsp;&nbsp;&nbsp; 431802 | &nbsp;&nbsp; 1814 | &nbsp;&nbsp;&nbsp; 43591 | &nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp; 120168 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1250763 | &nbsp;&nbsp;&nbsp; 26495481 | &nbsp;&nbsp;&nbsp;&nbsp;3167900 | &nbsp;&nbsp;&nbsp;&nbsp; 79542973 | &nbsp;&nbsp; 832989 | &nbsp;&nbsp;&nbsp; 20573482 | &nbsp;&nbsp; 2034053 | &nbsp;&nbsp;&nbsp;&nbsp; 59961959 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;1969963 | &nbsp;&nbsp;&nbsp; 43215449 | &nbsp;&nbsp;&nbsp;&nbsp;4398105 | &nbsp;&nbsp;&nbsp;&nbsp; 114910801 | &nbsp;&nbsp; 1237067 | &nbsp;&nbsp;&nbsp; 32973605 | &nbsp;&nbsp; 2976116 | &nbsp;&nbsp;&nbsp;&nbsp; 92283196 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44826 | &nbsp;&nbsp;&nbsp; 923427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164341 | &nbsp;&nbsp;&nbsp;&nbsp; 3928779 | &nbsp;&nbsp; 39999 | &nbsp;&nbsp;&nbsp; 975754 | &nbsp;&nbsp; 85168 | &nbsp;&nbsp;&nbsp;&nbsp; 2449701 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282308 | &nbsp;&nbsp;&nbsp; 5973281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936936 | &nbsp;&nbsp;&nbsp;&nbsp; 22514274 | &nbsp;&nbsp; 143275 | &nbsp;&nbsp;&nbsp; 3593359 | &nbsp;&nbsp; 484136 | &nbsp;&nbsp;&nbsp;&nbsp; 14072406 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295121 | &nbsp;&nbsp;&nbsp; 6373044 | &nbsp;&nbsp;&nbsp;&nbsp;1400278 | &nbsp;&nbsp;&nbsp;&nbsp; 35173792 | &nbsp;&nbsp; 270632 | &nbsp;&nbsp;&nbsp; 6861310 | &nbsp;&nbsp; 663636 | &nbsp;&nbsp;&nbsp;&nbsp; 19830110 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1263188 | &nbsp;&nbsp;&nbsp; 27669549 | &nbsp;&nbsp;&nbsp;&nbsp;2448459 | &nbsp;&nbsp;&nbsp;&nbsp; 63516154 | &nbsp;&nbsp; 655098 | &nbsp;&nbsp;&nbsp; 17016488 | &nbsp;&nbsp; 1342716 | &nbsp;&nbsp;&nbsp;&nbsp; 41535284 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1430210 | &nbsp;&nbsp;&nbsp; 31895414 | &nbsp;&nbsp;&nbsp;&nbsp;9810608 | &nbsp;&nbsp;&nbsp;&nbsp; 221561239 | &nbsp;&nbsp; 678247 | &nbsp;&nbsp;&nbsp; 17799557 | &nbsp;&nbsp; 6695872 | &nbsp;&nbsp;&nbsp;&nbsp; 180042173 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5009586 | &nbsp;&nbsp;&nbsp;&nbsp; 125064969 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 1945476 | &nbsp;&nbsp;&nbsp;&nbsp; 58222496 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18369 | &nbsp;&nbsp;&nbsp;&nbsp; 474433 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 919 | &nbsp;&nbsp;&nbsp;&nbsp; 27627 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238070 | &nbsp;&nbsp;&nbsp;&nbsp; 6028200 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 70856 | &nbsp;&nbsp;&nbsp;&nbsp; 2121609 |
|  | 23224194 | $504361810 | 70096238 | &nbsp;&nbsp; $1762984421 | &nbsp;&nbsp; 8786377 | $226063439 | &nbsp;&nbsp; 28529830 | &nbsp;&nbsp;&nbsp;&nbsp; $842270089 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | **MFS Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** | &nbsp;&nbsp;**MFS Aggressive Growth Allocation Fund - continued** |
|  | **Six Months Ended<br> 11/30/22** | **Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Six Months Ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** | &nbsp;&nbsp;**Year ended<br> 5/31/22 (i)** |
|  | **Shares** | **Amount** | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders in<br> reinvestment of distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | 12000801 | &nbsp;&nbsp;$312260853 | &nbsp;&nbsp; — | $— | &nbsp;&nbsp; 3087985 | &nbsp;&nbsp;$96345134 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206595 | &nbsp;&nbsp;&nbsp;&nbsp; 5361134 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 66577 | &nbsp;&nbsp;&nbsp;&nbsp; 2046565 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1400635 | &nbsp;&nbsp;&nbsp;&nbsp; 35758201 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 511180 | &nbsp;&nbsp;&nbsp;&nbsp; 15488749 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1109514 | &nbsp;&nbsp;&nbsp;&nbsp; 29191324 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 470323 | &nbsp;&nbsp;&nbsp;&nbsp; 14965686 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52257 | &nbsp;&nbsp;&nbsp;&nbsp; 1300149 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 34491 | &nbsp;&nbsp;&nbsp;&nbsp; 1027487 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368587 | &nbsp;&nbsp;&nbsp;&nbsp; 9343689 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 135389 | &nbsp;&nbsp;&nbsp;&nbsp; 4123946 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448045 | &nbsp;&nbsp;&nbsp;&nbsp; 11541626 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 220307 | &nbsp;&nbsp;&nbsp;&nbsp; 6811884 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895617 | &nbsp;&nbsp;&nbsp;&nbsp; 23277073 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 423080 | &nbsp;&nbsp;&nbsp;&nbsp; 13246638 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 27227 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 5690 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952223 | &nbsp;&nbsp;&nbsp;&nbsp; 24538771 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 463564 | &nbsp;&nbsp;&nbsp;&nbsp; 14342681 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20809 | &nbsp;&nbsp;&nbsp;&nbsp; 531680 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 3968 | &nbsp;&nbsp;&nbsp;&nbsp; 120314 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111480 | &nbsp;&nbsp;&nbsp;&nbsp; 2800278 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; 39442 | &nbsp;&nbsp;&nbsp;&nbsp; 1173784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | 17567598 | &nbsp;&nbsp;&nbsp;&nbsp; $455932005 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; 5456485 | &nbsp;&nbsp;&nbsp;&nbsp; $169698558 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (15134557) | $(327690791) | &nbsp;&nbsp;(28783172) | &nbsp;&nbsp;$(733349747) | &nbsp;&nbsp;&nbsp; (3940921) | $(100867758) | &nbsp;&nbsp;&nbsp; (8015329) | &nbsp;&nbsp;$(243001870) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(477568) | &nbsp;&nbsp;&nbsp; (10248752) | &nbsp;&nbsp; (1390197) | &nbsp;&nbsp;&nbsp;&nbsp; (35406190) | &nbsp;&nbsp;&nbsp; (116873) | &nbsp;&nbsp;&nbsp; (2917715) | &nbsp;&nbsp;&nbsp; (352686) | &nbsp;&nbsp;&nbsp;&nbsp; (10532362) |
| &nbsp;&nbsp;&nbsp;Class C | (2949553) | &nbsp;&nbsp;&nbsp; (62339022) | &nbsp;&nbsp; (7723646) | &nbsp;&nbsp;&nbsp;&nbsp; (194063690) | &nbsp;&nbsp;&nbsp; (955843) | &nbsp;&nbsp;&nbsp; (23574526) | &nbsp;&nbsp;&nbsp; (2566060) | &nbsp;&nbsp;&nbsp;&nbsp; (75602980) |
| &nbsp;&nbsp;&nbsp;Class I | (2096794) | &nbsp;&nbsp;&nbsp; (45932101) | &nbsp;&nbsp; (3835578) | &nbsp;&nbsp;&nbsp;&nbsp; (98174500) | &nbsp;&nbsp;&nbsp; (1060940) | &nbsp;&nbsp;&nbsp; (27835258) | &nbsp;&nbsp;&nbsp; (2466759) | &nbsp;&nbsp;&nbsp;&nbsp; (73773013) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58074) | &nbsp;&nbsp;&nbsp; (1194102) | &nbsp;&nbsp; (230239) | &nbsp;&nbsp;&nbsp;&nbsp; (5645494) | &nbsp;&nbsp;&nbsp; (38453) | &nbsp;&nbsp;&nbsp; (933043) | &nbsp;&nbsp;&nbsp; (148576) | &nbsp;&nbsp;&nbsp;&nbsp; (4406606) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(604884) | &nbsp;&nbsp;&nbsp; (12551824) | &nbsp;&nbsp; (1425828) | &nbsp;&nbsp;&nbsp;&nbsp; (35217718) | &nbsp;&nbsp;&nbsp; (230046) | &nbsp;&nbsp;&nbsp; (5670449) | &nbsp;&nbsp;&nbsp; (685380) | &nbsp;&nbsp;&nbsp;&nbsp; (20121709) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(823067) | &nbsp;&nbsp;&nbsp; (17844353) | &nbsp;&nbsp; (2269886) | &nbsp;&nbsp;&nbsp;&nbsp; (56210144) | &nbsp;&nbsp;&nbsp; (459043) | &nbsp;&nbsp;&nbsp; (11709923) | &nbsp;&nbsp;&nbsp; (941107) | &nbsp;&nbsp;&nbsp;&nbsp; (28192601) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1244344) | &nbsp;&nbsp;&nbsp; (27260921) | &nbsp;&nbsp; (2876306) | &nbsp;&nbsp;&nbsp;&nbsp; (72971374) | &nbsp;&nbsp;&nbsp; (700592) | &nbsp;&nbsp;&nbsp; (18191015) | &nbsp;&nbsp;&nbsp; (1548611) | &nbsp;&nbsp;&nbsp;&nbsp; (46551128) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(326525) | &nbsp;&nbsp;&nbsp; (7200318) | &nbsp;&nbsp; (31672) | &nbsp;&nbsp;&nbsp;&nbsp; (734488) | &nbsp;&nbsp;&nbsp; (158576) | &nbsp;&nbsp;&nbsp; (4195201) | &nbsp;&nbsp;&nbsp; (23945) | &nbsp;&nbsp;&nbsp;&nbsp; (671629) |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(19450265) | &nbsp;&nbsp;&nbsp;&nbsp; (438339175) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (9405661) | &nbsp;&nbsp;&nbsp;&nbsp; (250775106) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (383865) | &nbsp;&nbsp;&nbsp;&nbsp; (9333936) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (88666) | &nbsp;&nbsp;&nbsp;&nbsp; (2545589) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (2335240) | &nbsp;&nbsp;&nbsp;&nbsp; (55716364) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (834437) | &nbsp;&nbsp;&nbsp;&nbsp; (23400312) |
|  | (23715366) | $(512262184) | &nbsp;&nbsp;(70735894) | &nbsp;&nbsp;$(1735162820) | &nbsp;&nbsp;&nbsp; (7661287) | $(195894888) | &nbsp;&nbsp;&nbsp;(27077217) | &nbsp;&nbsp;&nbsp; $(779574905) |
| Net change |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1542904 | $33897342 | 25704249 | &nbsp;&nbsp;$668748111 | &nbsp;&nbsp; 986335 | $25358535 | &nbsp;&nbsp; 7299708 | &nbsp;&nbsp;$224946624 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(467214) | &nbsp;&nbsp;&nbsp; (10020720) | &nbsp;&nbsp; (1166636) | &nbsp;&nbsp;&nbsp;&nbsp; (29613254) | &nbsp;&nbsp;&nbsp; (115059) | &nbsp;&nbsp;&nbsp; (2874124) | &nbsp;&nbsp;&nbsp; (282279) | &nbsp;&nbsp;&nbsp;&nbsp; (8365629) |
| &nbsp;&nbsp;&nbsp;Class C | (1698790) | &nbsp;&nbsp;&nbsp; (35843541) | &nbsp;&nbsp; (3155111) | &nbsp;&nbsp;&nbsp;&nbsp; (78762516) | &nbsp;&nbsp;&nbsp; (122854) | &nbsp;&nbsp;&nbsp; (3001044) | &nbsp;&nbsp;&nbsp; (20827) | &nbsp;&nbsp;&nbsp;&nbsp; (152272) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(126831) | &nbsp;&nbsp;&nbsp; (2716652) | &nbsp;&nbsp;&nbsp;&nbsp;1672041 | &nbsp;&nbsp;&nbsp;&nbsp; 45927625 | &nbsp;&nbsp; 176127 | &nbsp;&nbsp;&nbsp; 5138347 | &nbsp;&nbsp; 979680 | &nbsp;&nbsp;&nbsp;&nbsp; 33475869 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13248) | &nbsp;&nbsp;&nbsp; (270675) | &nbsp;&nbsp; (13641) | &nbsp;&nbsp;&nbsp;&nbsp; (416566) | &nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp; 42711 | &nbsp;&nbsp;&nbsp; (28917) | &nbsp;&nbsp;&nbsp;&nbsp; (929418) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(322576) | &nbsp;&nbsp;&nbsp; (6578543) | &nbsp;&nbsp; (120305) | &nbsp;&nbsp;&nbsp;&nbsp; (3359755) | &nbsp;&nbsp;&nbsp; (86771) | &nbsp;&nbsp;&nbsp; (2077090) | &nbsp;&nbsp;&nbsp; (65855) | &nbsp;&nbsp;&nbsp;&nbsp; (1925357) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(527946) | &nbsp;&nbsp;&nbsp; (11471309) | &nbsp;&nbsp; (421563) | &nbsp;&nbsp;&nbsp;&nbsp; (9494726) | &nbsp;&nbsp;&nbsp; (188411) | &nbsp;&nbsp;&nbsp; (4848613) | &nbsp;&nbsp;&nbsp; (57164) | &nbsp;&nbsp;&nbsp;&nbsp; (1550607) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18844 | &nbsp;&nbsp;&nbsp; 408628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467770 | &nbsp;&nbsp;&nbsp;&nbsp; 13821853 | &nbsp;&nbsp;&nbsp; (45494) | &nbsp;&nbsp;&nbsp; (1174527) | &nbsp;&nbsp; 217185 | &nbsp;&nbsp;&nbsp;&nbsp; 8230794 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1103685 | &nbsp;&nbsp;&nbsp; 24695096 | &nbsp;&nbsp;&nbsp;&nbsp;9779971 | &nbsp;&nbsp;&nbsp;&nbsp; 220853978 | &nbsp;&nbsp; 519671 | &nbsp;&nbsp;&nbsp; 13604356 | &nbsp;&nbsp; 6672106 | &nbsp;&nbsp;&nbsp;&nbsp; 179376234 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(13488456) | &nbsp;&nbsp;&nbsp;&nbsp; (288735435) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (6996621) | &nbsp;&nbsp;&nbsp;&nbsp; (178209929) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (344687) | &nbsp;&nbsp;&nbsp;&nbsp; (8327823) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (83779) | &nbsp;&nbsp;&nbsp;&nbsp; (2397648) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (1985690) | &nbsp;&nbsp;&nbsp;&nbsp; (46887886) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; (724139) | &nbsp;&nbsp;&nbsp;&nbsp; (20104919) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(491172) | &nbsp;&nbsp;&nbsp; $(7900374) | 16927942 | &nbsp;&nbsp;&nbsp;&nbsp; $483753606 | &nbsp;&nbsp; 1125090 | &nbsp;&nbsp;&nbsp; $30168551 | &nbsp;&nbsp; 6909098 | &nbsp;&nbsp;&nbsp;&nbsp; $232393742 |

---

(i) For Class R6, the period is from the class inception, September 30, 2021, through the stated period end.

Effective June 1, 2019, purchases of each fund's Class B and Class 529B shares were closed to new and existing investors subject to certain exceptions. Effective after the close of business on March 18, 2022, all sales of Class 529B and Class 529C shares were suspended, and Class 529B and Class 529C shares were converted into Class 529A shares of the fund effective March 21, 2022. Effective after the close of business on May 13, 2022, all sales and redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022.

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

(6) Line of Credit

Each fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 unless extended or renewed. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended November 30, 2022, each fund's commitment fee and interest expense were as follows and are included in "Miscellaneous" expense in the Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS Conservative<br> Allocation Fund** | &nbsp;&nbsp;**MFS Moderate<br> Allocation Fund** | &nbsp;&nbsp;**MFS Growth<br> Allocation Fund** | &nbsp;&nbsp;**MFS Aggressive Growth<br> Allocation Fund** |
| Commitment Fee | $9804 | &nbsp;&nbsp;$15532 | &nbsp;&nbsp;$14214 | &nbsp;&nbsp;$5821 |
| Interest Expense |  | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** | **MFS Conservative Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;$83079130 | &nbsp;&nbsp;&nbsp;&nbsp;$6115049 | &nbsp;&nbsp;&nbsp;&nbsp;$3249464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(42223) | &nbsp;&nbsp;&nbsp;$(11304608) | &nbsp;&nbsp;&nbsp;&nbsp;$74597884 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83643879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728451 | &nbsp;&nbsp;&nbsp;&nbsp;(1101914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3707890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78351139 |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83343589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055661 | &nbsp;&nbsp;&nbsp;&nbsp;(2371341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1615314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77987001 |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;287935623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272439 | &nbsp;&nbsp;&nbsp;&nbsp;16032338 | &nbsp;&nbsp;&nbsp;&nbsp;(4304968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3731202) | &nbsp;&nbsp;&nbsp;&nbsp;267139554 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84318651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8736628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78803870 |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;409673533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7849464 | &nbsp;&nbsp;&nbsp;&nbsp;17216322 | &nbsp;&nbsp;&nbsp;&nbsp;(3061170) | &nbsp;&nbsp;&nbsp;&nbsp;(18575445) | &nbsp;&nbsp;&nbsp;&nbsp;378670060 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;247247275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8908034 | &nbsp;&nbsp;&nbsp;&nbsp;(2233858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6567996) | &nbsp;&nbsp;&nbsp;&nbsp;234975677 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;169119202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493622 | &nbsp;&nbsp;&nbsp;&nbsp;12644905 | &nbsp;&nbsp;&nbsp;&nbsp;(2328305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5987956) | &nbsp;&nbsp;&nbsp;&nbsp;152651658 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;410899456 | &nbsp;&nbsp;&nbsp;&nbsp;20761142 | &nbsp;&nbsp;&nbsp;&nbsp;16832136 | &nbsp;&nbsp;&nbsp;&nbsp;(2888577) | &nbsp;&nbsp;&nbsp;&nbsp;(34274668) | &nbsp;&nbsp;&nbsp;&nbsp;377665217 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733465 | &nbsp;&nbsp;&nbsp;&nbsp;97147848 | &nbsp;&nbsp;&nbsp;&nbsp;94365151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10517349 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63110627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60540170 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62794817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60115020 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63383869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60353116 |
| MFS Limited Maturity Fund | &nbsp;&nbsp;&nbsp;&nbsp;411792685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270250 | &nbsp;&nbsp;&nbsp;&nbsp;36555503 | &nbsp;&nbsp;&nbsp;&nbsp;(2871832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7062400) | &nbsp;&nbsp;&nbsp;&nbsp;373573200 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;165518903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777756 | &nbsp;&nbsp;&nbsp;&nbsp;10153109 | &nbsp;&nbsp;&nbsp;&nbsp;(2931707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204407 | &nbsp;&nbsp;&nbsp;&nbsp;158416250 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;171691951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651644 | &nbsp;&nbsp;&nbsp;&nbsp;14132132 | &nbsp;&nbsp;&nbsp;&nbsp;1932358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700462) | &nbsp;&nbsp;&nbsp;&nbsp;157443359 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41090110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092785 | &nbsp;&nbsp;&nbsp;&nbsp;(1418239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39121211 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42809500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1404624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39393329 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;256826968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109891 | &nbsp;&nbsp;&nbsp;&nbsp;21004116 | &nbsp;&nbsp;&nbsp;&nbsp;(2766136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861207 | &nbsp;&nbsp;&nbsp;&nbsp;236027814 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;147472537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2721809) | &nbsp;&nbsp;&nbsp;&nbsp;140749381 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;619252579 | &nbsp;&nbsp;&nbsp;&nbsp;13292797 | &nbsp;&nbsp;&nbsp;&nbsp;24648148 | &nbsp;&nbsp;&nbsp;&nbsp;(5439025) | &nbsp;&nbsp;&nbsp;&nbsp;(30493704) | &nbsp;&nbsp;&nbsp;&nbsp;571964499 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;255701666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633827 | &nbsp;&nbsp;&nbsp;&nbsp;26484715 | &nbsp;&nbsp;&nbsp;&nbsp;4026474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764979 | &nbsp;&nbsp;&nbsp;&nbsp;236642231 |
|  | $4168440015 | $190655918 | $334511517 | $(31607361) | $(127278066) | $3865698989 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | |
|:---|:---|:---|
|  | **MFS Conservative Allocation Fund<br> - continued** | **MFS Conservative Allocation Fund<br> - continued** |
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | $— | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;2130010 |  |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;1796078 |  |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;2222530 |  |
| MFS Global Real Estate Fund |  |  |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;4147634 |  |
| MFS Growth Fund |  |  |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;4136564 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;16195926 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117478 |  |
| MFS International Growth Fund |  |  |
| MFS International Intrinsic Value Fund |  |  |
| MFS International Large Cap Value Fund |  |  |
| MFS Limited Maturity Fund | &nbsp;&nbsp;&nbsp;&nbsp;4490859 |  |
| MFS Mid Cap Growth Fund |  |  |
| MFS Mid Cap Value Fund |  |  |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588010 | &nbsp;&nbsp;&nbsp;905690 |
| MFS Research Fund |  |  |
| MFS Research International Fund |  |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;9122417 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;2475204 |  |
|  | $47422710 | $905690 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** | **MFS Moderate Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$210700131 | &nbsp;&nbsp;&nbsp;&nbsp;$8283011 | &nbsp;&nbsp;&nbsp;&nbsp;$6981245 | &nbsp;&nbsp;&nbsp;$(387882) | &nbsp;&nbsp;&nbsp;$(28308985) | &nbsp;&nbsp;&nbsp;$183305030 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;200428491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356502 | &nbsp;&nbsp;&nbsp;(1199913) | &nbsp;&nbsp;&nbsp;&nbsp;(10244669) | &nbsp;&nbsp;&nbsp;&nbsp;194359095 |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;133760968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830455 | &nbsp;&nbsp;&nbsp;(2302738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4036384) | &nbsp;&nbsp;&nbsp;&nbsp;128692780 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66622912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573917 | &nbsp;&nbsp;&nbsp;&nbsp;(290891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3871018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66263253 |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;330921434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990104 | &nbsp;&nbsp;&nbsp;&nbsp;14375531 | &nbsp;&nbsp;&nbsp;(4108631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127719) | &nbsp;&nbsp;&nbsp;&nbsp;312299657 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;203024043 | &nbsp;&nbsp;&nbsp;&nbsp;15678336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321266 | &nbsp;&nbsp;&nbsp;&nbsp;(259429) | &nbsp;&nbsp;&nbsp;&nbsp;(21752927) | &nbsp;&nbsp;&nbsp;&nbsp;195368757 |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;660526138 | &nbsp;&nbsp;&nbsp;&nbsp;14351734 | &nbsp;&nbsp;&nbsp;&nbsp;23065709 | &nbsp;&nbsp;&nbsp;(4063770) | &nbsp;&nbsp;&nbsp;&nbsp;(30988041) | &nbsp;&nbsp;&nbsp;&nbsp;616760352 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;514962048 | &nbsp;&nbsp;&nbsp;&nbsp;19875327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884883 | &nbsp;&nbsp;&nbsp;&nbsp;(780953) | &nbsp;&nbsp;&nbsp;&nbsp;(18038203) | &nbsp;&nbsp;&nbsp;&nbsp;513133336 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;271874741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051784 | &nbsp;&nbsp;&nbsp;&nbsp;14674108 | &nbsp;&nbsp;&nbsp;(3139515) | &nbsp;&nbsp;&nbsp;&nbsp;(10318264) | &nbsp;&nbsp;&nbsp;&nbsp;250794638 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;464531396 | &nbsp;&nbsp;&nbsp;&nbsp;24839278 | &nbsp;&nbsp;&nbsp;&nbsp;15170309 | &nbsp;&nbsp;&nbsp;(2496508) | &nbsp;&nbsp;&nbsp;&nbsp;(39678415) | &nbsp;&nbsp;&nbsp;&nbsp;432025442 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161027 | &nbsp;&nbsp;&nbsp;&nbsp;87968452 | &nbsp;&nbsp;&nbsp;&nbsp;86734677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393961 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;134460460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694748 | &nbsp;&nbsp;&nbsp;&nbsp;(661202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992486 | &nbsp;&nbsp;&nbsp;&nbsp;135037421 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;131563973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691212 | &nbsp;&nbsp;&nbsp;&nbsp;(528257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544161) | &nbsp;&nbsp;&nbsp;&nbsp;133205454 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;136048402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711855 | &nbsp;&nbsp;&nbsp;&nbsp;(693672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828541) | &nbsp;&nbsp;&nbsp;&nbsp;135216206 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66744542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856983 | &nbsp;&nbsp;&nbsp;&nbsp;(291088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66446516 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;450283906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086023 | &nbsp;&nbsp;&nbsp;(1448454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7923255 | &nbsp;&nbsp;&nbsp;&nbsp;457357073 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;485841457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645654 | &nbsp;&nbsp;&nbsp;&nbsp;25805392 | &nbsp;&nbsp;12950228 | &nbsp;&nbsp;&nbsp;&nbsp;(15118134) | &nbsp;&nbsp;&nbsp;&nbsp;458513813 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95346143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851445 | &nbsp;&nbsp;&nbsp;&nbsp;(605267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96389241 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;103507549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289717 | &nbsp;&nbsp;&nbsp;&nbsp;(430911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3915783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98579636 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;548401577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136890 | &nbsp;&nbsp;&nbsp;&nbsp;29118334 | &nbsp;&nbsp;&nbsp;(4662542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693569 | &nbsp;&nbsp;&nbsp;&nbsp;519451160 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;336749493 | &nbsp;&nbsp;&nbsp;&nbsp;12267360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905030 | &nbsp;&nbsp;&nbsp;(1293624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5928433) | &nbsp;&nbsp;&nbsp;&nbsp;335889766 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;597146048 | &nbsp;&nbsp;&nbsp;&nbsp;14810616 | &nbsp;&nbsp;&nbsp;&nbsp;17819043 | &nbsp;&nbsp;&nbsp;(3880057) | &nbsp;&nbsp;&nbsp;&nbsp;(30935222) | &nbsp;&nbsp;&nbsp;&nbsp;559322342 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;551193371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439981 | &nbsp;&nbsp;&nbsp;&nbsp;39065241 | &nbsp;&nbsp;12808523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083337) | &nbsp;&nbsp;&nbsp;&nbsp;528293297 |
|  | $6699800250 | $258128573 | $309863625 | $(7767661) | $(217199311) | $6423098226 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | |
|:---|:---|:---|
|  | **MFS Moderate Allocation Fund<br> - continued** | **MFS Moderate Allocation Fund<br> - continued** |
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | $— | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;5171996 |  |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;2905130 |  |
| MFS Emerging Markets Equity Fund |  |  |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;2572482 |  |
| MFS Global Real Estate Fund |  |  |
| MFS Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;6732457 |  |
| MFS Growth Fund |  |  |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;6726339 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;18399355 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66268 |  |
| MFS International Growth Fund |  |  |
| MFS International Intrinsic Value Fund |  |  |
| MFS International Large Cap Value Fund |  |  |
| MFS International New Discovery Fund |  |  |
| MFS Mid Cap Growth Fund |  |  |
| MFS Mid Cap Value Fund |  |  |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1429485 | &nbsp;&nbsp;&nbsp;2201782 |
| MFS Research Fund |  |  |
| MFS Research International Fund |  |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;8870809 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;5398204 |  |
|  | $58272525 | $2201782 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** | **MFS Growth Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$271870893 | &nbsp;&nbsp;&nbsp;&nbsp;$2374355 | &nbsp;&nbsp;&nbsp;&nbsp;$9717963 | &nbsp;&nbsp;&nbsp;$(589858) | &nbsp;&nbsp;&nbsp;$(36111429) | &nbsp;&nbsp;&nbsp;$227825998 |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;183237446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502792 | &nbsp;&nbsp;&nbsp;&nbsp;(548564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9917159) | &nbsp;&nbsp;&nbsp;&nbsp;179686585 |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;122656283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553498 | &nbsp;&nbsp;&nbsp;&nbsp;(940375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4812922) | &nbsp;&nbsp;&nbsp;&nbsp;120198670 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;120509064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7648055) | &nbsp;&nbsp;&nbsp;&nbsp;119035494 |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;182689616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237205 | &nbsp;&nbsp;(1321260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3716598) | &nbsp;&nbsp;&nbsp;&nbsp;176278864 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;248747533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;(27625555) | &nbsp;&nbsp;&nbsp;&nbsp;228285143 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;587441178 | &nbsp;&nbsp;&nbsp;&nbsp;17552824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948886 | &nbsp;&nbsp;&nbsp;&nbsp;(200949) | &nbsp;&nbsp;&nbsp;&nbsp;(21608691) | &nbsp;&nbsp;&nbsp;&nbsp;582235476 |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;250545543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6704970 | &nbsp;&nbsp;(1490983) | &nbsp;&nbsp;&nbsp;&nbsp;(10752017) | &nbsp;&nbsp;&nbsp;&nbsp;238125697 |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;306605869 | &nbsp;&nbsp;&nbsp;&nbsp;14701193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344236 | &nbsp;&nbsp;&nbsp;&nbsp;(968027) | &nbsp;&nbsp;&nbsp;&nbsp;(26876680) | &nbsp;&nbsp;&nbsp;&nbsp;287118119 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9163193 | &nbsp;&nbsp;&nbsp;&nbsp;70152544 | &nbsp;&nbsp;&nbsp;&nbsp;71584924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730558 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;184773980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877910 | &nbsp;&nbsp;&nbsp;&nbsp;(296881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639742 | &nbsp;&nbsp;&nbsp;&nbsp;188021046 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;179999861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641664 | &nbsp;&nbsp;&nbsp;&nbsp;(171691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340368) | &nbsp;&nbsp;&nbsp;&nbsp;183517814 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;188054381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994198 | &nbsp;&nbsp;&nbsp;&nbsp;(295417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1859623) | &nbsp;&nbsp;&nbsp;&nbsp;187622007 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;121814970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3064093) | &nbsp;&nbsp;&nbsp;&nbsp;121479473 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;523762248 | &nbsp;&nbsp;&nbsp;&nbsp;12416927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815168 | &nbsp;&nbsp;&nbsp;&nbsp;(222178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157392 | &nbsp;&nbsp;&nbsp;&nbsp;543299221 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;577903960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97585 | &nbsp;&nbsp;&nbsp;&nbsp;17500390 | &nbsp;&nbsp;&nbsp;7723165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9321565) | &nbsp;&nbsp;&nbsp;&nbsp;558902755 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;113656895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268001) | &nbsp;&nbsp;&nbsp;&nbsp;118227513 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;127317535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890775 | &nbsp;&nbsp;&nbsp;&nbsp;(184240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4989466) | &nbsp;&nbsp;&nbsp;&nbsp;123737780 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;627776569 |  | &nbsp;&nbsp;&nbsp;&nbsp;16711949 | &nbsp;&nbsp;(2861495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728867 | &nbsp;&nbsp;&nbsp;&nbsp;611931992 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;431585030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9884062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715223 | &nbsp;&nbsp;&nbsp;&nbsp;(395884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9295260) | &nbsp;&nbsp;&nbsp;&nbsp;430062725 |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;182878819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138431 | &nbsp;&nbsp;&nbsp;&nbsp;(694299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9993043) | &nbsp;&nbsp;&nbsp;&nbsp;173822515 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;637635658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251673 | &nbsp;&nbsp;&nbsp;&nbsp;27704729 | 10468397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709314 | &nbsp;&nbsp;&nbsp;&nbsp;630360313 |
|  | $6180626524 | $197851275 | $177916414 | $6909065 | $(169964692) | $6037505758 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | $— | $— |
| MFS Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;4750288 |  |
| MFS Emerging Markets Debt Local Currency Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;2681016 |  |
| MFS Emerging Markets Equity Fund |  |  |
| MFS Global Opportunistic Bond Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp;1433328 |  |
| MFS Global Real Estate Fund |  |  |
| MFS Growth Fund |  |  |
| MFS High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;6271855 |  |
| MFS Inflation-Adjusted Bond Fund | &nbsp;&nbsp;12178666 |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104785 |  |
| MFS International Growth Fund |  |  |
| MFS International Intrinsic Value Fund |  |  |
| MFS International Large Cap Value Fund |  |  |
| MFS International New Discovery Fund |  |  |
| MFS Mid Cap Growth Fund |  |  |
| MFS Mid Cap Value Fund |  |  |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1759064 | &nbsp;&nbsp;&nbsp;2709422 |
| MFS Research Fund |  |  |
| MFS Research International Fund |  |  |
| MFS Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;2740066 |  |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;6251673 |  |
|  | $38170741 | $2709422 |

---

------

[**Table of Contents**](#JOB_NEW_-_11078ba5-6ce2-4b9e-b14c-43e76c7bb8da_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** | **MFS Aggressive Growth Allocation Fund** |
| **Affiliated Issuers** | **Beginning<br> Value** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | **Ending<br> Value** |
| MFS Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;$128366427 | &nbsp;&nbsp;&nbsp;&nbsp;$7565987 | &nbsp;&nbsp;&nbsp;$4261377 | &nbsp;&nbsp;&nbsp;$(120977) | $(17501339) | &nbsp;&nbsp;&nbsp;$114048721 |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74019796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557673 | &nbsp;&nbsp;&nbsp;&nbsp;(239784) | &nbsp;&nbsp;&nbsp;&nbsp;(4433881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73504975 |
| MFS Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;122877985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10631) | &nbsp;&nbsp;&nbsp;(13514840) | &nbsp;&nbsp;&nbsp;&nbsp;117513638 |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;285251490 | &nbsp;&nbsp;&nbsp;&nbsp;10795616 | &nbsp;&nbsp;&nbsp;&nbsp;2451376 | &nbsp;&nbsp;&nbsp;&nbsp;(599936) | &nbsp;&nbsp;&nbsp;&nbsp;(9683709) | &nbsp;&nbsp;&nbsp;&nbsp;283312085 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096144 | &nbsp;&nbsp;&nbsp;&nbsp;42043436 | &nbsp;&nbsp;&nbsp;42826492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312730 |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;122862802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471838 | &nbsp;&nbsp;&nbsp;&nbsp;1266266 | &nbsp;&nbsp;&nbsp;&nbsp;(265723) | &nbsp;&nbsp;&nbsp;&nbsp;2466537 | &nbsp;&nbsp;&nbsp;&nbsp;126269188 |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;121197148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618543 | &nbsp;&nbsp;&nbsp;&nbsp;(181558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806714) | &nbsp;&nbsp;&nbsp;&nbsp;124479758 |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;123538274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364506 | &nbsp;&nbsp;&nbsp;&nbsp;1010637 | &nbsp;&nbsp;&nbsp;&nbsp;(188574) | &nbsp;&nbsp;&nbsp;&nbsp;(1063866) | &nbsp;&nbsp;&nbsp;&nbsp;126639703 |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97747463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78392) | &nbsp;&nbsp;&nbsp;&nbsp;(2432932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98491364 |
| MFS Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;237643119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012344 | &nbsp;&nbsp;&nbsp;&nbsp;2832104 | &nbsp;&nbsp;&nbsp;&nbsp;(846804) | &nbsp;&nbsp;&nbsp;&nbsp;4400024 | &nbsp;&nbsp;&nbsp;&nbsp;242376579 |
| MFS Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;250933890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876820 | &nbsp;&nbsp;&nbsp;&nbsp;4820563 | &nbsp;&nbsp;&nbsp;&nbsp;1228443 | &nbsp;&nbsp;&nbsp;&nbsp;(1775731) | &nbsp;&nbsp;&nbsp;&nbsp;246442859 |
| MFS New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59162678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629003 | &nbsp;&nbsp;&nbsp;&nbsp;(450597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59751989 |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62354074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896379 | &nbsp;&nbsp;&nbsp;&nbsp;(108226) | &nbsp;&nbsp;&nbsp;&nbsp;(2376379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61551590 |
| MFS Research Fund | &nbsp;&nbsp;&nbsp;&nbsp;272828655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342411 | &nbsp;&nbsp;&nbsp;&nbsp;7439196 | &nbsp;&nbsp;&nbsp;(1371561) | &nbsp;&nbsp;&nbsp;&nbsp;1725510 | &nbsp;&nbsp;&nbsp;&nbsp;266085819 |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;196713758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722664 | &nbsp;&nbsp;&nbsp;&nbsp;(179292) | &nbsp;&nbsp;&nbsp;&nbsp;(4124674) | &nbsp;&nbsp;&nbsp;&nbsp;199616963 |
| MFS Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;299536142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956869 | &nbsp;&nbsp;&nbsp;&nbsp;9220877 | &nbsp;&nbsp;&nbsp;&nbsp;1695377 | &nbsp;&nbsp;&nbsp;&nbsp;5008298 | &nbsp;&nbsp;&nbsp;&nbsp;299975809 |
|  | $2458129845 | $109653541 | $79867657 | $(1718639) | $(43823320) | $2442373770 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| MFS Commodity Strategy Fund | $— | $— |
| MFS Emerging Markets Equity Fund |  |  |
| MFS Global Real Estate Fund |  |  |
| MFS Growth Fund |  |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27713 |  |
| MFS International Growth Fund |  |  |
| MFS International Intrinsic Value Fund |  |  |
| MFS International Large Cap Value Fund |  |  |
| MFS International New Discovery Fund |  |  |
| MFS Mid Cap Growth Fund |  |  |
| MFS Mid Cap Value Fund |  |  |
| MFS New Discovery Fund |  |  |
| MFS New Discovery Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;863041 | &nbsp;&nbsp;&nbsp;1329311 |
| MFS Research Fund |  |  |
| MFS Research International Fund |  |  |
| MFS Value Fund | &nbsp;&nbsp;2945388 |  |
|  | $3836142 | $1329311 |

---

(a) Amounts reflect the impact of a return of capital distribution adjustment which has the effect of reducing dividend income and increasing realized gain (loss)
and/or change in unrealized appreciation (depreciation).

(8) LIBOR Transition

Certain of each fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by each fund and certain other contractual arrangements of each fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on each fund's performance. With respect to each fund's accounting for investments, including investments in certain debt instruments and

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Notes to Financial Statements (unaudited) - continued

derivatives, as well as borrowings by each fund and any other contractual arrangements of each fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the funds to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the funds of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of each fund's assets and thus each fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the funds.

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### Board Review of Investment Advisory Agreement
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Funds' investment advisory agreement with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Funds and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Funds' investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Funds.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Funds' fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Funds, (iv) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS' institutional business, (v) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

#### MFS Conservative Allocation Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe.

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Board Review of Investment Advisory Agreement - continued

#### MFS Moderate Allocation Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 4th quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe.

#### MFS Growth Allocation Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe.

#### MFS Aggressive Growth Allocation Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2021 relative to the Broadridge performance universe.

#### General
Because of the passage of time, the performance results stated above may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Funds' performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

The Trustees considered that MFS does not charge any advisory fees for providing investment advisory services to the Funds, but that the Funds pay their pro rata share of the advisory fees paid by the underlying funds in which they invest (the "Underlying Funds").

In assessing the reasonableness of the Funds' expenses, the Trustees considered, among other information, the total expense ratios of the Funds' Class I shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees considered that MFS currently observes expense limitations for MFS Aggressive Growth Allocation Fund, MFS Conservative Allocation Fund, MFS Growth Allocation Fund, and MFS Moderate Allocation Fund, each of which may not be changed without the Trustees' approval. The Trustees also considered that according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Funds' last fiscal year), the total expense ratio for each of MFS Aggressive Growth Allocation Fund, MFS Conservative Allocation Fund, and MFS Growth Allocation Fund was lower than the Broadridge expense group median and the total expense ratio for MFS Moderate Allocation Fund was approximately at the Broadridge expense group median. Because the Funds do not pay advisory fees, the Trustees did not consider the extent to which economies of scale would be realized due to the Funds' growth of assets, whether fee levels reflect economies of scale for the Funds' shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Funds, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.

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Board Review of Investment Advisory Agreement - continued

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds' or the Underlying Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Funds' investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about each fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing each fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
Each fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of each fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](imgdb6fff501.gif)

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#### Save paper with eDelivery.
![](img47488da313.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

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![](imgf62b16501.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Managed Wealth Fund

![](img974405f02.gif)

MGW-SEM

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MFS<sup>®</sup> Managed Wealth Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_d87802d2-3f71-4daa-bcc1-99069ae7c000_1)<br>| 1 |
| [Portfolio composition](#xx_940f6282-ab2d-4539-9304-7218fc34b08a_1)<br>| 2 |
| [Expense table](#xx_40c2d692-3001-4645-a0a2-ab7c5384d081_1)<br>| 4 |
| [Portfolio of investments](#xx_9290e199-8094-42cd-86fc-3b186602bd15_1)<br>| 6 |
| [Statement of assets and liabilities](#xx_b624df54-76d8-4392-be8a-069b35e839a4_1)<br>| 8 |
| [Statement of operations](#xx_b624df54-76d8-4392-be8a-069b35e839a4_3)<br>| 10 |
| [Statements of changes in net assets](#xx_b624df54-76d8-4392-be8a-069b35e839a4_4)<br>| 11 |
| [Financial highlights](#xx_a119ab43-141a-4ab7-969a-971705a3387a_1)<br>| 12 |
| [Notes to financial statements](#xx_80ea7698-ed8b-4787-94ce-f9ed82a25b00_1)<br>| 18 |
| [Board review of investment advisory agreement](#xx_dadc5d6b-aa9c-412a-b6d3-675c9205bbb4_1)<br>| 33 |
| [Proxy voting policies and information](#xx_57206d3a-9c4c-4ccc-802e-6de397c5176b_1)<br>| 37 |
| [Quarterly portfolio disclosure](#xx_57206d3a-9c4c-4ccc-802e-6de397c5176b_1)<br>| 37 |
| [Further information](#xx_57206d3a-9c4c-4ccc-802e-6de397c5176b_1)<br>| 37 |
| [Information about fund contracts and legal claims](#xx_57206d3a-9c4c-4ccc-802e-6de397c5176b_1)<br>| 37 |
| [Provision of financial reports and summary prospectuses](#xx_57206d3a-9c4c-4ccc-802e-6de397c5176b_1)<br>| 37 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_aba73e6e-8cf6-4aa7-9d1b-b774865dd6c0_7)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img3a9b1f193.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](imgd70935b54.gif)

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Portfolio Composition

#### Portfolio structure

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Active Security<br> Selection (a)** | &nbsp;&nbsp;**Derivative<br> Overlay<br> Positions (b)** | &nbsp;&nbsp;**Net Market<br> Exposure (c)** |
| **Strategic<br> Allocation** | MFS International Equity Fund | 30.8% |  |  |
|  | MFS Growth Fund | 30.7% |  |  |
|  | MFS Value Fund | 30.7% |  |  |
| **Market<br> Exposure<br> Overlay** | Mini Russell 1000 Growth Future DEC 16 22 |  | (23.8)% |  |
|  | Mini MSCI EAFE Index Future DEC 16 22 |  | (23.9)% |  |
|  | Mini Russell 1000 Value Index Future DEC 16 22 |  | (24.0)% |  |
| **Net Equity Exposure** | **Net Equity Exposure** |  |  | &nbsp;&nbsp;&nbsp;20.5% |
|  | Russell 2000 Index Option 1700.00 PUT DEC 16 22 |  | &nbsp;&nbsp;&nbsp;(0.1)% |  |
|  | Russell 2000 Index Option 1600.00 PUT MAR 17 23 |  | &nbsp;&nbsp;&nbsp;(0.2)% |  |
| **Russell Index Option PUT(s)** | **Russell Index Option PUT(s)** |  |  | &nbsp;&nbsp;&nbsp;(0.3)% |
|  | Standard & Poor's 500 Index Option 3500.00 PUT DEC 16 22 |  | &nbsp;&nbsp;&nbsp;(0.1)% |  |
|  | Standard & Poor's 500 Index Option 3000.00 PUT JUN 16 23 |  | &nbsp;&nbsp;&nbsp;(0.3)% |  |
| **Standard & Poors Index Option PUT(s)** | **Standard & Poors Index Option PUT(s)** |  |  | &nbsp;&nbsp;&nbsp;(0.4)% |
| **Downside Hedge(s)** | **Downside Hedge(s)** |  |  | &nbsp;&nbsp;&nbsp;(0.7)% |
| **Net Equivalent Equity Exposure** | **Net Equivalent Equity Exposure** | 92.2% | (72.4)% | &nbsp;&nbsp;&nbsp;19.8% |
| **Limited Maturity U.S. Treasury Notes** | **Limited Maturity U.S. Treasury Notes** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| **Cash** | Cash & Cash Equivalents (d) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
|  | Other (e) |  |  | &nbsp;&nbsp;&nbsp;72.3% |
| **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | 100.0% |

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Portfolio Composition - continued

#### Top ten holdings (c)(i)

---

| | |
|:---|:---|
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.6% |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.7% |
| Alphabet, Inc., "A" | &nbsp;&nbsp;&nbsp;1.7% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;1.6% |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;1.6% |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;1.3% |
| Aon PLC | &nbsp;&nbsp;&nbsp;1.2% |
| Mini Russell 1000 Growth Future DEC 16 22 | (23.8)% |
| Mini MSCI EAFE Index Future DEC 16 22 | (23.9)% |
| Mini Russell 1000 Value Index Future DEC 16 22 | (24.0)% |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond
component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages
reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative
positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and
Liabilities for additional information related to the fund's cash position and other assets and liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by the fund's derivative positions.

(i) For purposes of this presentation, the components include a look-through to the individual holdings within the underlying affiliated funds.

Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio's ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The value of derivatives may be different.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

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### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Because the underlying funds have varied expenses and fee levels and the fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. If these transactional and indirect costs were included, your costs would have been higher.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.93%* | *$1000.00* | *$1008.00* | *$4.68* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.93%* | *$1000.00* | *$1020.41* | *$4.71* |
| &nbsp;&nbsp;*B* | *Actual* | *1.67%* | *$1000.00* | *$1003.71* | *$8.39* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.67%* | *$1000.00* | *$1016.70* | *$8.44* |
| &nbsp;&nbsp;*C* | *Actual* | *1.67%* | *$1000.00* | *$1003.72* | *$8.39* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.67%* | *$1000.00* | *$1016.70* | *$8.44* |
| &nbsp;&nbsp;*I* | *Actual* | *0.67%* | *$1000.00* | *$1008.85* | *$3.37* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.67%* | *$1000.00* | *$1021.71* | *$3.40* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.67%* | *$1000.00* | *$1003.70* | *$8.39* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.67%* | *$1000.00* | *$1016.70* | *$8.44* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.17%* | *$1000.00* | *$1006.28* | *$5.88* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.17%* | *$1000.00* | *$1019.20* | *$5.92* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.92%* | *$1000.00* | *$1007.10* | *$4.63* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.92%* | *$1000.00* | *$1020.46* | *$4.66* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.67%* | *$1000.00* | *$1008.85* | *$3.37* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.67%* | *$1000.00* | *$1021.71* | *$3.40* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.60%* | *$1000.00* | *$1009.73* | *$3.02* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.60%* | *$1000.00* | *$1022.06* | *$3.04* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

#### Notes to Expense Table
Expense ratios include 0.01% of interest expense on uncovered collateral or margin obligations with the broker (See Note 2 of the Notes to Financial Statements) that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – 6.4% | Bonds – 6.4% | Bonds – 6.4% |
| U.S. Treasury Obligations – 6.4% | U.S. Treasury Obligations – 6.4% | U.S. Treasury Obligations – 6.4% |
| U.S. Treasury Notes, 1.625%, 12/15/2022 (f) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$999277 |
| U.S. Treasury Notes, 0.5%, 3/15/2023 (f) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988622 |
| U.S. Treasury Notes, 1.375%, 6/30/2023 (f) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980977 |
| U.S. Treasury Notes, 1.375%, 9/30/2023 (f) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972461 |
| U.S. Treasury Notes, 0.75%, 12/31/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958477 |
| U.S. Treasury Notes, 2.25%, 3/31/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969609 |
| **Total Bonds (Identified Cost, $5,993,962)** |  | &nbsp;&nbsp;**$5869423** |
| Investment Companies (h) – 95.3% | Investment Companies (h) – 95.3% | Investment Companies (h) – 95.3% |
| International Stock Funds – 30.8% | International Stock Funds – 30.8% | International Stock Funds – 30.8% |
| MFS International Equity Fund - Class R6 | &nbsp;&nbsp;967538 | &nbsp;&nbsp;&nbsp;$28242429 |
| U.S. Stock Funds – 61.4% | U.S. Stock Funds – 61.4% | U.S. Stock Funds – 61.4% |
| MFS Growth Fund - Class R6 | &nbsp;&nbsp;196101 | &nbsp;&nbsp;&nbsp;$28175749 |
| MFS Value Fund - Class R6 | &nbsp;&nbsp;539377 | &nbsp;&nbsp;&nbsp;&nbsp;28090764 |
|  |  | &nbsp;&nbsp;&nbsp;$56266513 |
| Money Market Funds – 3.1% | Money Market Funds – 3.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | 2848294 | &nbsp;&nbsp;&nbsp;&nbsp;$2848294 |
| **Total Investment Companies (Identified Cost, $60,113,569)** | **Total Investment Companies (Identified Cost, $60,113,569)** | &nbsp;&nbsp;**$87357236** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price** | **Put/Call** | **Counterparty** | **Notional<br> Amount** | &nbsp;&nbsp;&nbsp;**Par Amount/<br> Number of<br> Contracts** |  |
| Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% |  |
| Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% |  |
| Russell 2000 Index – December 2022 @ $1,700 | Put | Exchange Traded | $1131946 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;$1476 |
| Russell 2000 Index – March 2023 @ $1,600 | Put | Exchange Traded | &nbsp;&nbsp; 1131946 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;15480 |
| S&P 500 Index – December 2022 @ $3,500 | Put | Exchange Traded | &nbsp;&nbsp; 4080110 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
| S&P 500 Index – June 2023 @ $3,000 | Put | Exchange Traded | &nbsp;&nbsp; 4080110 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;33100 |
| **Total Purchased Options<br> (Premiums Paid, $288,970)** | **Total Purchased Options<br> (Premiums Paid, $288,970)** | **Total Purchased Options<br> (Premiums Paid, $288,970)** | **Total Purchased Options<br> (Premiums Paid, $288,970)** |  | **$51566** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities – (1.8)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1657383) |
| **Net Assets – 100.0%** | &nbsp;&nbsp;**$91620842** |

---

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Portfolio of Investments (unaudited) – continued

(f) All or a portion of the security has been segregated as collateral for open futures contracts.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $87,357,236 and $5,920,989, respectively.

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

#### Derivative Contracts at 11/30/22

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Long/<br> Short** | **Currency** | **Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** |  |  |
| Mini Russell 1000 Growth Index | Short | USD | 186 | $21769440 | December – 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$375684 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** |  |  |
| Mini MSCI EAFE Index | Short | USD | 221 | $21876790 | December – 2022 | $(1859315) |
| Mini Russell 1000 Value Index | Short | USD | 281 | &nbsp;&nbsp;21979820 | December – 2022 | &nbsp;&nbsp;&nbsp;&nbsp;(843437) |
|  |  |  |  |  |  | $(2702752) |

---

At November 30, 2022, the fund had liquid securities with an aggregate value of $3,895,990 to cover any collateral or margin obligations for certain derivative contracts.

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $6,282,932) | &nbsp;&nbsp;&nbsp;$5920989 |
| Investments in affiliated issuers, at value (identified cost, $60,113,569) | &nbsp;&nbsp;&nbsp;87357236 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23634 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 |
| Total assets | &nbsp;&nbsp;$93428874 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$997 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net daily variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1687150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33205 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61386 |
| Total liabilities | &nbsp;&nbsp;&nbsp;$1808032 |
| Net assets | &nbsp;&nbsp;$91620842 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$89455198 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2165644 |
| Net assets | &nbsp;&nbsp;$91620842 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;8052599 |

---

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$4568492 | &nbsp;&nbsp;&nbsp;&nbsp;402948 | &nbsp;&nbsp;&nbsp;$11.34 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;3245030 | &nbsp;&nbsp;&nbsp;&nbsp;301078 | &nbsp;&nbsp;&nbsp;&nbsp;10.78 |
| Class I | &nbsp;&nbsp;&nbsp;76294517 | &nbsp;&nbsp;&nbsp;6689860 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;11.35 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;7198148 | &nbsp;&nbsp;&nbsp;&nbsp;630387 | &nbsp;&nbsp;&nbsp;&nbsp;11.42 |

---

(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 $12.03 [100 /
94.25 x $11.34]. 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

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$333125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$378861 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$163307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27371 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$369739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33007) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$336732 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42129 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;2496317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;3385226 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$5872322 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$(252206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;(2262782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(2783026) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(5298014) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$574308 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$616437 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$564356 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5872322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634967 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5298014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9257549) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$616437 | &nbsp;&nbsp;&nbsp;&nbsp;$(2058226) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(151087) |
| Change in net assets from fund share transactions | $(12689743) | &nbsp;&nbsp;&nbsp;&nbsp;$(27822282) |
| Total change in net assets | $(12073306) | &nbsp;&nbsp;&nbsp;&nbsp;$(30031595) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;103694148 | &nbsp;&nbsp;&nbsp;&nbsp;133725743 |
| At end of period | &nbsp;&nbsp;$91620842 | &nbsp;&nbsp;&nbsp;$103694148 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

*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 (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $11.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;$11.54 | &nbsp;&nbsp;&nbsp;$10.91 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.14 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from investment operations | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.21) | &nbsp;&nbsp;&nbsp; $(0.06) | &nbsp;&nbsp;&nbsp;&nbsp; $0.69 | &nbsp;&nbsp;&nbsp; $0.58 | &nbsp;&nbsp;&nbsp; $0.31 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.08) |
| Net asset value, end of period (x) | $11.34 | &nbsp;&nbsp;&nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $11.54 | $10.91 | $10.37 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.80(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.93(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.17)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | $4568 | &nbsp;&nbsp;&nbsp;$10280 | $14339 | $12826 | &nbsp;&nbsp;$8205 | &nbsp;&nbsp;$4698 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $10.79 | &nbsp;&nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$11.23 | &nbsp;&nbsp;$10.66 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;&nbsp;&nbsp;$9.98 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from investment operations | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.29) | &nbsp;&nbsp; $(0.15) | &nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp; $0.47 | &nbsp;&nbsp;&nbsp; $0.21 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | $— | $— | $— | $— |
| Net asset value, end of period (x) | $10.83 | &nbsp;&nbsp;&nbsp; $10.79 | $11.08 | $11.23 | $10.66 | $10.19 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.37(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.62) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.86)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$11.18 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;&nbsp;&nbsp;$9.93 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from investment operations | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.28) | &nbsp;&nbsp; $(0.15) | &nbsp;&nbsp;&nbsp; $0.56 | &nbsp;&nbsp;&nbsp; $0.47 | &nbsp;&nbsp;&nbsp; $0.22 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(0.01) | $— | $— | $— |
| Net asset value, end of period (x) | $10.78 | &nbsp;&nbsp;&nbsp; $10.74 | $11.02 | $11.18 | $10.62 | $10.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.37(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.85)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | $3245 | &nbsp;&nbsp;&nbsp;&nbsp;$3870 | &nbsp;&nbsp;$6363 | &nbsp;&nbsp;$2462 | &nbsp;&nbsp;$1074 | &nbsp;&nbsp;&nbsp;&nbsp;$905 |

---

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;&nbsp;&nbsp;$11.57 | &nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;$10.39 | &nbsp;&nbsp;&nbsp;$10.17 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.18) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.04) | &nbsp;&nbsp;&nbsp;&nbsp; $0.69 | &nbsp;&nbsp;&nbsp;&nbsp; $0.59 | &nbsp;&nbsp;&nbsp;&nbsp; $0.32 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $11.40 | &nbsp;&nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $10.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.88(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.14(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | $76295 | &nbsp;&nbsp;&nbsp;$82106 | $105346 | $78292 | $24169 | $14632 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $10.80 | &nbsp;&nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$11.23 | &nbsp;&nbsp;$10.66 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;&nbsp;&nbsp;$9.98 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from investment operations | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.28) | &nbsp;&nbsp; $(0.15) | &nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp; $0.47 | &nbsp;&nbsp;&nbsp; $0.21 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | $— | $— | $— | $— |
| Net asset value, end of period (x) | $10.84 | &nbsp;&nbsp;&nbsp; $10.80 | $11.08 | $11.23 | $10.66 | $10.19 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.37(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.86)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53 |

---

------

[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $11.15 | &nbsp;&nbsp;&nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$11.48 | &nbsp;&nbsp;$10.86 | &nbsp;&nbsp;$10.33 | &nbsp;&nbsp;$10.11 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from investment operations | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.24) | &nbsp;&nbsp; $(0.09) | &nbsp;&nbsp;&nbsp; $0.63 | &nbsp;&nbsp;&nbsp; $0.53 | &nbsp;&nbsp;&nbsp; $0.27 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;$(0.01) | $— | &nbsp;&nbsp;&nbsp;$(0.05) |
| Net asset value, end of period (x) | $11.22 | &nbsp;&nbsp;&nbsp; $11.15 | $11.39 | $11.48 | $10.86 | $10.33 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.63(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.36)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $11.27 | &nbsp;&nbsp;&nbsp;&nbsp;$11.48 | &nbsp;&nbsp;$11.55 | &nbsp;&nbsp;$10.92 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.15 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from investment operations | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.21) | &nbsp;&nbsp; $(0.07) | &nbsp;&nbsp;&nbsp; $0.66 | &nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp; $0.29 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.07) |
| Net asset value, end of period (x) | $11.35 | &nbsp;&nbsp;&nbsp; $11.27 | $11.48 | $11.55 | $10.92 | $10.37 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.71(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.92(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.12)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54 |

---

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Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $11.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$11.57 | &nbsp;&nbsp;$10.93 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.17 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from investment operations | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.18) | &nbsp;&nbsp; $(0.05) | &nbsp;&nbsp;&nbsp; $0.70 | &nbsp;&nbsp;&nbsp; $0.58 | &nbsp;&nbsp;&nbsp; $0.32 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $11.40 | &nbsp;&nbsp;&nbsp; $11.30 | $11.50 | $11.57 | $10.93 | $10.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.88(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.13(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18(i)** |
| Net asset value, beginning of period | $11.31 | &nbsp;&nbsp;&nbsp;&nbsp;$11.51 | &nbsp;&nbsp;$11.57 | &nbsp;&nbsp;&nbsp;$10.93 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.21 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;$(0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Total from investment operations | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.03) | &nbsp;&nbsp;&nbsp;&nbsp; $0.70 | &nbsp;&nbsp;&nbsp; $0.59 | &nbsp;&nbsp;&nbsp; $0.28 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $11.42 | &nbsp;&nbsp;&nbsp; $11.31 | $11.51 | &nbsp;&nbsp; $11.57 | $10.93 | $10.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.97(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.80(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.67(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.53(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.21(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17)(a)(l) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Net assets at end of period (000 omitted) | $7198 | &nbsp;&nbsp;&nbsp;&nbsp;$7125 | &nbsp;&nbsp;$7366 | $14345 | &nbsp;&nbsp;$5621 | &nbsp;&nbsp;$4348 |

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[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Financial Highlights – continued

**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, October 2, 2017, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

**(w)** **Per share amount was less than $0.01.** 

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

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### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

**General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in derivatives as part of its principal investment strategy. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicators on which the derivative is based. Derivatives can involve leverage.**

The fund is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (underlying funds), which may have different fiscal year ends than the fund. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds can invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.

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[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Notes to Financial Statements (unaudited) - continued

The investment objective of each of the underlying funds held by the fund at November 30, 2022 was to seek capital appreciation. Prior to October 24, 2022, the MFS International Equity Fund was known as the MFS Institutional International Equity Fund.

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

**Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

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

Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange

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[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Notes to Financial Statements (unaudited) - continued

as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service.

Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. 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

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[**Table of Contents**](#JOB_MGW_-_23ddf447-8c29-4bad-8bcd-f68a1139d817_TOC)

Notes to Financial Statements (unaudited) - continued

the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15480 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51566 |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5869423 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869423 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;87357236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;87357236 |
| Total | &nbsp;&nbsp;$87393322 | &nbsp;&nbsp;&nbsp;$5884903 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$93278225 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$375684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$375684 |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(2702752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2702752) |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' shareholder reports for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

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

The derivative instruments used by the fund during the period were purchased options and futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

------

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Notes to Financial Statements (unaudited) - continued

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at November 30, 2022 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Fair Value (a)** | &nbsp;&nbsp;**Fair Value (a)** |
| **Risk** | &nbsp;&nbsp;**Derivative Contracts** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| Equity | &nbsp;&nbsp;Purchased Option Contracts | &nbsp;&nbsp;&nbsp;$51566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Equity | &nbsp;&nbsp;Future Contracts | &nbsp;&nbsp;&nbsp;375684 | &nbsp;&nbsp;&nbsp;(2702752) |
| Total |  | &nbsp;&nbsp;$427250 | &nbsp;&nbsp;$(2702752) |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. Values presented in this table
for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and
Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended November 30, 2022 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | &nbsp;&nbsp;**Futures<br> Contracts** |
| Equity | &nbsp;&nbsp;$3385226 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended November 30, 2022 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Unaffiliated Issuers<br> (Purchased<br> Options)** |
| Equity | &nbsp;&nbsp;$(2783026) | &nbsp;&nbsp;$(210624) |

---

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

Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g.,

------

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Notes to Financial Statements (unaudited) - continued

forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of:** | **Derivative Assets** | &nbsp;&nbsp;**Derivative Liabilities** |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(1687150) |
| Purchased Options | &nbsp;&nbsp;51566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Gross Amount of Derivative Assets<br> and Liabilities Presented in the<br> Statement of Assets & Liabilities | $51566 | &nbsp;&nbsp;$(1687150) |
| Less: Derivatives Assets and Liabilities Not Subject<br> to a Master Netting Agreement or<br> Similar Arrangement | &nbsp;&nbsp;51566 | &nbsp;&nbsp;&nbsp;&nbsp;(1687150) |
| Total Gross Amount of Derivative Assets and<br> Liabilities Subject to a Master Netting Agreement or<br> Similar Arrangement | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

(a) The amount presented here represents the fund's current day net variation margin for futures contracts. This amount, which is recognized within the Statement of Assets and
Liabilities, differs from the fair value of the futures contracts which is presented in the tables that follow the Portfolio of Investments.

**Purchased Options — The fund purchased put options for a premium. Purchased put options entitle the holder to sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund's exposure to an underlying instrument.**

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

------

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Notes to Financial Statements (unaudited) - continued

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

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

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

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

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

**Investment Transactions and Income — Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.**

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Notes to Financial Statements (unaudited) - continued

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

**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 a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.**

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

Book/tax differences primarily relate to wash sale loss deferrals and derivative transactions.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$151087 |

---

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$67644520 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;25995649 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361944) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$25633705 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562419 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(27188685) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;28175473 |

---

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

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Notes to Financial Statements (unaudited) - continued

As of May 31, 2022, 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 | $(14495161) |
| Long-Term | &nbsp;&nbsp;(12693524) |
| Total | $(27188685) |

---

**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> 11/30/22** | **Year ended<br> 5/31/22** |
| Class I | $— | $133675 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17323 |
| Total | $— | $151087 |

---

(3) Transactions with Affiliates

**Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.35% of the fund's average daily net assets.**

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $6,476, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.34% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (such as fees and expenses

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Notes to Financial Statements (unaudited) - continued

associated with investments in investment companies and other similar investment vehicles), such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Classes** |  |  |  |  |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.91% | 1.66% | 1.66% | 0.66% | 1.66% | 1.16% | 0.91% | 0.66% | 0.63% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $26,531, which is included in the reduction of total expenses in the Statement of Operations.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $318 for the six months ended November 30, 2022, 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.

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$6446 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;17444 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$24783 |

---

(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 November 30, 2022 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 November 30, 2022, there were no service fee rebates.

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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. There were no contingent deferred sales charges imposed during the six months ended November 30, 2022.

**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 November 30, 2022, the fee was $1,547, which equated to 0.0033% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $37,298.**

**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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0263% 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. 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 June 18, 2021, MFS redeemed 5,215 shares of Class C for an aggregate amount of $57,419, 107,896 shares of Class I for an aggregate amount of $1,240,805, and 5,007 shares of Class R6 for an aggregate amount of $57,632.

At November 30, 2022, MFS held approximately 70% of the outstanding shares of Class B and 100% of the outstanding shares of Class R1, Class R2, Class R3, and Class R4.

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Notes to Financial Statements (unaudited) - continued

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than purchased options with an expiration date of less than one year from the time of purchase, and short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;**Sales** |
| U.S. Government securities | &nbsp;&nbsp;$970980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Non-U.S. Government securities | 12809635 | &nbsp;&nbsp;22483367 |

---

(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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$629116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305058 | &nbsp;&nbsp;&nbsp;&nbsp;$3514808 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467117 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;1271594 | &nbsp;&nbsp;&nbsp;&nbsp;14320374 | &nbsp;&nbsp;&nbsp;3433370 | &nbsp;&nbsp;&nbsp;&nbsp;39470696 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845380 |
|  | &nbsp;&nbsp;1347071 | &nbsp;&nbsp;&nbsp;$15154301 | &nbsp;&nbsp;&nbsp;3941284 | &nbsp;&nbsp;&nbsp;$45308001 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132667 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132967 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(567851) | &nbsp;&nbsp;&nbsp;&nbsp;$(6299556) | &nbsp;&nbsp;&nbsp;&nbsp;(642334) | &nbsp;&nbsp;&nbsp;&nbsp;$(7261632) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2119) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(70036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745712) | &nbsp;&nbsp;&nbsp;&nbsp;(259488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2851807) |
| &nbsp;&nbsp;&nbsp;Class I | (1845613) | &nbsp;&nbsp;&nbsp;&nbsp;(20714359) | &nbsp;&nbsp;(5338533) | &nbsp;&nbsp;&nbsp;&nbsp;(61202601) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84174) | &nbsp;&nbsp;&nbsp;&nbsp;(169394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1945091) |
|  | (2490976) | &nbsp;&nbsp;$(27844044) | &nbsp;&nbsp;(6409945) | &nbsp;&nbsp;$(73263250) |

---

------

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Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(511101) | &nbsp;&nbsp;&nbsp;&nbsp;$(5670440) | &nbsp;&nbsp;&nbsp;&nbsp;(337276) | &nbsp;&nbsp;&nbsp;&nbsp;$(3746824) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(59347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631755) | &nbsp;&nbsp;&nbsp;&nbsp;(216917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2384690) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(574019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6393985) | &nbsp;&nbsp;(1893756) | &nbsp;&nbsp;&nbsp;&nbsp;(21599238) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99500) |
|  | (1143905) | &nbsp;&nbsp;$(12689743) | &nbsp;&nbsp;(2457229) | &nbsp;&nbsp;$(27822282) |

---

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

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $236 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

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Notes to Financial Statements (unaudited) - continued

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Growth Fund | $29971176 | $4869489 | &nbsp;&nbsp; $5978545 | &nbsp;&nbsp; $364987 | &nbsp;&nbsp; $(1051358) | &nbsp;&nbsp; $28175749 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp; 3547981 | 63275893 | &nbsp;&nbsp; 63974459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2848294 |
| MFS International Equity Fund | 31678368 | &nbsp;&nbsp;&nbsp; 4671018 | &nbsp;&nbsp;&nbsp; 8262370 | &nbsp;&nbsp;&nbsp;&nbsp; 826482 | &nbsp;&nbsp;&nbsp;&nbsp; (671069) | &nbsp;&nbsp;&nbsp; 28242429 |
| MFS Value Fund | 32007066 | &nbsp;&nbsp;&nbsp; 3560537 | &nbsp;&nbsp;&nbsp; 8242453 | &nbsp;&nbsp; 1305969 | &nbsp;&nbsp;&nbsp;&nbsp; (540355) | &nbsp;&nbsp;&nbsp; 28090764 |
|  | $97204591 | $76376937 | &nbsp;&nbsp;$86457827 | &nbsp;&nbsp;$2496317 | &nbsp;&nbsp;&nbsp;$(2262782) | &nbsp;&nbsp;&nbsp;$87357236 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| MFS Institutional Money Market Portfolio | 41718 | &nbsp;&nbsp;&nbsp; — |
| MFS International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| MFS Value Fund | 291407 | &nbsp;&nbsp;&nbsp; — |
|  | $333125 | &nbsp;&nbsp;&nbsp;$— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

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Notes to Financial Statements (unaudited) - continued

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS Managed Wealth Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed continued concern to MFS about the substandard investment performance of the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year, as to MFS' efforts to improve the Fund's performance. In addition, the Trustees requested that they receive a separate update on the Fund's performance at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an

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Board Review of Investment Advisory Agreement - continued

expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account the expense limitation noted above, the Trustees determined not to recommend any advisory fee breakpoints for the Fund at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees

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Board Review of Investment Advisory Agreement - continued

also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](imgfab065aa5.gif)

------

#### Save paper with eDelivery.
![](imgd5567c736.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](img55be29bc1.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Emerging Markets

Equity Fund

![](img7430661c2.gif)

FEM-SEM

------

MFS<sup>®</sup> Emerging Markets

Equity Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_699764b6-7a5a-433d-9d90-b6b11d309282_1)<br>| 1 |
| [Portfolio composition](#xx_87741fe4-b83f-4864-bcf3-2a9ce0e0636d_1)<br>| 2 |
| [Expense table](#xx_b6b0d71d-9322-4903-a35d-efa6aa968d98_1)<br>| 4 |
| [Portfolio of investments](#xx_a6ab8327-7423-4ea0-bf45-2dce8ccd52d5_1)<br>| 6 |
| [Statement of assets and liabilities](#xx_f1d5d6a6-888d-445c-a9a7-28f2535ed4a0_1)<br>| 11 |
| [Statement of operations](#xx_f1d5d6a6-888d-445c-a9a7-28f2535ed4a0_3)<br>| 13 |
| [Statements of changes in net assets](#xx_f1d5d6a6-888d-445c-a9a7-28f2535ed4a0_4)<br>| 14 |
| [Financial highlights](#xx_0c1d6694-5192-43e3-b9c6-aadd7a8e6951_1)<br>| 15 |
| [Notes to financial statements](#xx_2d95fa8f-816f-4e9f-8271-99047a3d41de_1)<br>| 21 |
| [Board review of investment advisory agreement](#xx_0eee8ad3-991d-4a2f-ae86-dabb7259b125_1)<br>| 34 |
| [Proxy voting policies and information](#xx_ef31a457-43b8-45d4-b7b1-078afb45b1da_1)<br>| 38 |
| [Quarterly portfolio disclosure](#xx_ef31a457-43b8-45d4-b7b1-078afb45b1da_1)<br>| 38 |
| [Further information](#xx_ef31a457-43b8-45d4-b7b1-078afb45b1da_1)<br>| 38 |
| [Information about fund contracts and legal claims](#xx_ef31a457-43b8-45d4-b7b1-078afb45b1da_1)<br>| 38 |
| [Provision of financial reports and summary prospectuses](#xx_ef31a457-43b8-45d4-b7b1-078afb45b1da_1)<br>| 38 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_6df05f2c-480d-485a-8347-0a3a88da21a7_6)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img149f1e173.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](imgad56f5c04.gif)

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio Composition

#### Portfolio structure
![](img0a2ff98d5.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.9% |
| Samsung Electronics Co. Ltd. | 6.0% |
| Tencent Holdings Ltd. | 5.3% |
| Alibaba Group Holding Ltd. | 3.7% |
| Yum China Holdings, Inc. | 2.5% |
| Tata Consultancy Services Ltd. | 2.1% |
| Ping An Insurance Co. of China Ltd., "H" | 2.1% |
| HDFC Bank Ltd. | 2.0% |
| UPL Ltd. | 2.0% |
| Credicorp Ltd. | 1.8% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Information Technology | 21.3% |
| Financials | 19.5% |
| Consumer Discretionary | 14.7% |
| Communication Services | 11.5% |
| Consumer Staples | 10.6% |
| Materials | &nbsp;&nbsp;6.2% |
| Energy | &nbsp;&nbsp;5.9% |
| Industrials | &nbsp;&nbsp;3.3% |
| Real Estate | &nbsp;&nbsp;2.6% |
| Health Care | &nbsp;&nbsp;1.5% |
| Utilities | &nbsp;&nbsp;1.2% |

---

#### Issuer country weightings (x)

---

| | |
|:---|:---|
| China | 30.3% |
| South Korea | 13.0% |
| India | 12.5% |
| Taiwan | 10.9% |
| Brazil | &nbsp;&nbsp;7.2% |
| Hong Kong | &nbsp;&nbsp;4.5% |
| United States | &nbsp;&nbsp;2.9% |
| Mexico | &nbsp;&nbsp;2.8% |
| South Africa | &nbsp;&nbsp;2.6% |
| Other Countries | 13.3% |

---

#### Currency exposure weightings (y)

---

| | |
|:---|:---|
| Hong Kong Dollar | 25.3% |
| South Korean Won | 13.0% |
| Indian Rupee | 11.8% |
| Taiwan Dollar | 10.9% |
| United States Dollar | &nbsp;&nbsp;7.9% |
| Brazilian Real | &nbsp;&nbsp;7.2% |
| Chinese Renminbi | &nbsp;&nbsp;7.0% |
| Euro | &nbsp;&nbsp;3.3% |
| Mexican Peso | &nbsp;&nbsp;2.8% |
| Other Currencies | 10.8% |

---

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio Composition - continued

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

(x) Represents the portfolio's exposure to issuer countries as a percentage of a portfolio's net assets. For purposes of this presentation, United States includes Cash &
Cash Equivalents.

(y) Represents the portfolio's exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash
& Cash Equivalents.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22–11/30/22 |
| &nbsp;&nbsp;&nbsp;&nbsp;*A* | *Actual* | *1.31%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$932.53* | &nbsp;&nbsp;&nbsp;*$6.35* |
| &nbsp;&nbsp;&nbsp;&nbsp;*A* | *Hypothetical (h)* | *1.31%* | *$1000.00* | *$1018.50* | &nbsp;&nbsp;&nbsp;*$6.63* |
| &nbsp;&nbsp;&nbsp;&nbsp;*B* | *Actual* | *2.06%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$928.80* | &nbsp;&nbsp;&nbsp;*$9.96* |
| &nbsp;&nbsp;&nbsp;&nbsp;*B* | *Hypothetical (h)* | *2.06%* | *$1000.00* | *$1014.74* | *$10.40* |
| &nbsp;&nbsp;&nbsp;&nbsp;*C* | *Actual* | *2.06%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$929.12* | &nbsp;&nbsp;&nbsp;*$9.96* |
| &nbsp;&nbsp;&nbsp;&nbsp;*C* | *Hypothetical (h)* | *2.06%* | *$1000.00* | *$1014.74* | *$10.40* |
| &nbsp;&nbsp;&nbsp;&nbsp;*I* | *Actual* | *1.06%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$933.33* | &nbsp;&nbsp;&nbsp;*$5.14* |
| &nbsp;&nbsp;&nbsp;&nbsp;*I* | *Hypothetical (h)* | *1.06%* | *$1000.00* | *$1019.75* | &nbsp;&nbsp;&nbsp;*$5.37* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R1* | *Actual* | *2.06%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$928.84* | &nbsp;&nbsp;&nbsp;*$9.96* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R1* | *Hypothetical (h)* | *2.06%* | *$1000.00* | *$1014.74* | *$10.40* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R2* | *Actual* | *1.56%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$931.22* | &nbsp;&nbsp;&nbsp;*$7.55* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.56%* | *$1000.00* | *$1017.25* | &nbsp;&nbsp;&nbsp;*$7.89* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R3* | *Actual* | *1.31%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$932.18* | &nbsp;&nbsp;&nbsp;*$6.35* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R3* | *Hypothetical (h)* | *1.31%* | *$1000.00* | *$1018.50* | &nbsp;&nbsp;&nbsp;*$6.63* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R4* | *Actual* | *1.06%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$933.62* | &nbsp;&nbsp;&nbsp;*$5.14* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R4* | *Hypothetical (h)* | *1.06%* | *$1000.00* | *$1019.75* | &nbsp;&nbsp;&nbsp;*$5.37* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R6* | *Actual* | *0.91%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$934.30* | &nbsp;&nbsp;&nbsp;*$4.41* |
| &nbsp;&nbsp;&nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.91%* | *$1000.00* | *$1020.51* | &nbsp;&nbsp;&nbsp;*$4.61* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.3% | Common Stocks – 98.3% | Common Stocks – 98.3% |
| Alcoholic Beverages – 4.5% | Alcoholic Beverages – 4.5% |  |
| Ambev S.A., ADR | 27001730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82355276 |
| China Resources Beer Holdings Co. Ltd. | 12662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87712952 |
| Jiangsu Yanghe Brewery JSC Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;795344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785694 |
| Kweichow Moutai Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;448409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100763787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$286617709 |
| Automotive – 2.5% | Automotive – 2.5% |  |
| BYD Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;946500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23775132 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;1683937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59351244 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;4958793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80262631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$163389007 |
| Biotechnology – 1.0% | Biotechnology – 1.0% |  |
| Hugel, Inc. (a)(h) | &nbsp;&nbsp;&nbsp;&nbsp;703732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61796033 |
| Brokerage & Asset Managers – 1.2% | Brokerage & Asset Managers – 1.2% |  |
| B3 Brasil Bolsa Balcao S.A. | 31856000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78145987 |
| Moscow Exchange MICEX-RTS PJSC (a)(u) | 65313565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78145987 |
| Business Services – 4.6% | Business Services – 4.6% |  |
| Cognizant Technology Solutions Corp., "A" | &nbsp;&nbsp;1241572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77238194 |
| Kingsoft Cloud Holdings, ADR (a) | &nbsp;&nbsp;2985027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014781 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;3222023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135531749 |
| Tech Mahindra Ltd. | &nbsp;&nbsp;5392065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72413888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294198612 |
| Chemicals – 2.0% | Chemicals – 2.0% |  |
| UPL Ltd. | 12903011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125951819 |
| Computer Software – 2.7% | Computer Software – 2.7% |  |
| Naver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;639187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92938808 |
| NetEase.com, Inc., ADR | &nbsp;&nbsp;1140733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81128931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174067739 |
| Computer Software - Systems – 7.6% | Computer Software - Systems – 7.6% |  |
| Hon Hai Precision Industry Co. Ltd. | 30132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98947689 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;8068111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387460703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486408392 |
| Conglomerates – 0.5% | Conglomerates – 0.5% |  |
| LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;496775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32091081 |

---

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 4.4% | Construction – 4.4% |  |
| Anhui Conch Cement Co. Ltd. | &nbsp;&nbsp;16304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59229367 |
| Gree Electric Appliances, Inc., "A" | &nbsp;&nbsp;11824538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53457030 |
| Midea Group Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;6317532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42654214 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96420792 |
| Zhejiang Supor Co. Ltd., "A" | &nbsp;&nbsp;&nbsp;&nbsp;4858452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31271086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$283032489 |
| Consumer Products – 0.5% | Consumer Products – 0.5% |  |
| AmorePacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34887453 |
| Electronics – 8.8% | Electronics – 8.8% |  |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54313991 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;31998695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511217521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$565531512 |
| Energy - Independent – 2.2% | Energy - Independent – 2.2% |  |
| PT United Tractors Tbk | &nbsp;&nbsp;43029400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84245337 |
| PTT Global Chemical PLC | &nbsp;&nbsp;44066500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59979923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144225260 |
| Energy - Integrated – 4.5% | Energy - Integrated – 4.5% |  |
| China Petroleum & Chemical Corp. | 193942000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92077428 |
| Galp Energia SGPS S.A., "B" | &nbsp;&nbsp;&nbsp;&nbsp;8608001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105785342 |
| LUKOIL PJSC (u) | &nbsp;&nbsp;&nbsp;&nbsp;1176212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Petroleo Brasileiro S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;8093543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94613518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$292476288 |
| Engineering - Construction – 0.7% | Engineering - Construction – 0.7% |  |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1679162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45993803 |
| Food & Beverages – 3.7% | Food & Beverages – 3.7% |  |
| Gruma S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;4915782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61359375 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | &nbsp;&nbsp;23593400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95880460 |
| Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56165460 |
| Tingyi (Cayman Islands) Holding Corp. | &nbsp;&nbsp;16762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27382472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$240787767 |
| Food & Drug Stores – 0.6% | Food & Drug Stores – 0.6% |  |
| BIM Birlesik Magazalar A.S. | &nbsp;&nbsp;&nbsp;&nbsp;3720150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26936924 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3176614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14109851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41046775 |
| Forest & Paper Products – 0.2% | Forest & Paper Products – 0.2% |  |
| Suzano S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9882632 |

---

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 6.3% | Insurance – 6.3% |  |
| AIA Group Ltd. | &nbsp;&nbsp;10822800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110381577 |
| Discovery Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7174776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53410546 |
| Ping An Insurance Co. of China Ltd., "H" | &nbsp;&nbsp;21412500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132647723 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111832022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$408271868 |
| Internet – 6.4% | Internet – 6.4% |  |
| Baidu, Inc., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28879129 |
| MakeMyTrip Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1465360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43506538 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9112300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342410233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$414795900 |
| Leisure & Toys – 0.5% | Leisure & Toys – 0.5% |  |
| NCsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18390250 |
| VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2560800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16244841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34635091 |
| Machinery & Tools – 0.6% | Machinery & Tools – 0.6% |  |
| AirTAC International Group | &nbsp;&nbsp;&nbsp;&nbsp;1228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38183867 |
| Major Banks – 2.3% | Major Banks – 2.3% |  |
| Bandhan Bank Ltd. (a) | &nbsp;&nbsp;12657236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37251724 |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1858678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58514248 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3716086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49132977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144898949 |
| Medical & Health Technology & Services – 0.1% | Medical & Health Technology & Services – 0.1% |  |
| Burning Rock Biotech Ltd., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;3493786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8769403 |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% |  |
| Vale S.A., ADR | &nbsp;&nbsp;&nbsp;&nbsp;4006357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66104890 |
| Natural Gas - Distribution – 1.2% | Natural Gas - Distribution – 1.2% |  |
| China Resources Gas Group Ltd. | &nbsp;&nbsp;22046300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78216116 |
| Network & Telecom – 0.1% | Network & Telecom – 0.1% |  |
| GDS Holdings Ltd., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;4419700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8527602 |
| Other Banks & Diversified Financials – 9.7% | Other Banks & Diversified Financials – 9.7% |  |
| China Construction Bank Corp. | 124280490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75495797 |
| China Merchants Bank Co Ltd. "A" | &nbsp;&nbsp;&nbsp;&nbsp;7025700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34661366 |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114976551 |
| Emirates NBD PJSC | &nbsp;&nbsp;12915170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46588985 |
| Grupo Financiero Inbursa S.A. de C.V. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6263268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11631227 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6439680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128442007 |
| Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3103614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103455791 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| Komercní banka A.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25193311 |
| Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1286827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17077632 |
| Sberbank of Russia PJSC (a)(u) | &nbsp;&nbsp;50760059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Tisco Financial Group PCL | &nbsp;&nbsp;25099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69393237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$626915904 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |  |
| Genomma Lab Internacional S.A., "B" | &nbsp;&nbsp;32495767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26274177 |
| Precious Metals & Minerals – 1.3% | Precious Metals & Minerals – 1.3% |  |
| Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;5559705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61990711 |
| Polymetal International PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;6292661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18071764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80062475 |
| Real Estate – 2.2% | Real Estate – 2.2% |  |
| Emaar Properties PJSC | &nbsp;&nbsp;42104483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69932473 |
| ESR Group Ltd. | &nbsp;&nbsp;15881200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36261121 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp;18386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33959781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140153375 |
| Restaurants – 2.5% | Restaurants – 2.5% |  |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2933432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$161690772 |
| Specialty Stores – 8.7% | Specialty Stores – 8.7% |  |
| Alibaba Group Holding Ltd. (a) | &nbsp;&nbsp;21727148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$237124418 |
| JD.com, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;1133559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32281262 |
| JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188956 |
| Lojas Renner S.A. | &nbsp;&nbsp;20322177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90658444 |
| Meituan, "B" (a) | &nbsp;&nbsp;&nbsp;&nbsp;1048500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22518831 |
| Multiplan Empreendimentos Imobiliarios S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6598228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29155360 |
| Vipshop Holdings Ltd., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;5616687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62626060 |
| Walmart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;20288294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80673677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$562227008 |
| Telecommunications - Wireless – 2.0% | Telecommunications - Wireless – 2.0% |  |
| Advanced Info Service Public Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5931800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31791017 |
| Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;5791353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56230467 |
| PT Telekom Indonesia | 167525800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43022231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$131043715 |
| Telephone Services – 0.8% | Telephone Services – 0.8% |  |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3209507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49262244 |
| **Total Common Stocks (Identified Cost, $6,772,369,094)** |  | **$6340563714** |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 2.2% | Investment Companies (h) – 2.2% | Investment Companies (h) – 2.2% |
| Money Market Funds – 2.2% | Money Market Funds – 2.2% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $142,548,300) | 142545404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$142545404 |
| Other Assets, Less Liabilities – (0.5)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33182734) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$6449926384** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $204,341,437 and $6,278,767,681, respectively.

(u) The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the
fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> PCL Public Company Limited

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $6,676,214,532) | &nbsp;&nbsp;$6278767681 |
| Investments in affiliated issuers, at value (identified cost, $238,702,862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204341437 |
| Foreign currency, at value (identified cost, $21,084,023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21096396 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43440742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126826 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44478 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26485 |
| Total assets | &nbsp;&nbsp;$6562410041 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2129631 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89392946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9409470 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
| Deferred country tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361455 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073691 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$112483657 |
| Net assets | &nbsp;&nbsp;$6449926384 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$7537067716 |
| Total distributable earnings (loss) | &nbsp;&nbsp;(1087141332) |
| Net assets | &nbsp;&nbsp;$6449926384 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214327291 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$152877598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370302 | &nbsp;&nbsp;&nbsp;$28.47 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30107 | &nbsp;&nbsp;&nbsp;&nbsp;25.96 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171344 | &nbsp;&nbsp;&nbsp;&nbsp;25.29 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87971446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922319 | &nbsp;&nbsp;&nbsp;&nbsp;30.10 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49390 | &nbsp;&nbsp;&nbsp;&nbsp;24.80 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84735 | &nbsp;&nbsp;&nbsp;&nbsp;25.86 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43318 | &nbsp;&nbsp;&nbsp;&nbsp;28.45 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142349 | &nbsp;&nbsp;&nbsp;&nbsp;28.41 |
| Class R6 | &nbsp;&nbsp;&nbsp;6195268987 | &nbsp;&nbsp;&nbsp;205513427 | &nbsp;&nbsp;&nbsp;&nbsp;30.15 |

---

(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 $30.21 [100 /
94.25 x $28.47]. 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

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;$102114319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9992997) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$93926967 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$27379845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234599 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$30112843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1887055) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$28225788 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$65701179 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $5,618,350 country tax) | &nbsp;&nbsp;$(266780841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1708731) |
| Net realized gain (loss) | &nbsp;&nbsp;$(269158837) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $2,651,732 increase in deferred country tax) | &nbsp;&nbsp;$(218943342) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5098336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193004) |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(224234682) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(493393519) |
| Change in net assets from operations | &nbsp;&nbsp;$(427692340) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$65701179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129143215 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(269158837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264573890) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(224234682) | &nbsp;&nbsp;&nbsp;&nbsp;(1931641505) |
| Change in net assets from operations | &nbsp;&nbsp;$(427692340) | &nbsp;&nbsp;&nbsp;$(2067072180) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(166001001) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$75894522 | &nbsp;&nbsp;&nbsp;&nbsp;$1602080719 |
| Total change in net assets | &nbsp;&nbsp;$(351797818) | &nbsp;&nbsp;&nbsp;&nbsp;$(630992462) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;6801724202 | &nbsp;&nbsp;&nbsp;&nbsp;7432716664 |
| At end of period | $6449926384 | &nbsp;&nbsp;&nbsp;&nbsp;$6801724202 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$30.53 | &nbsp;&nbsp;&nbsp;&nbsp;$41.38 | &nbsp;&nbsp;&nbsp;&nbsp;$28.13 | &nbsp;&nbsp;&nbsp;&nbsp;$31.63 | &nbsp;&nbsp;&nbsp;&nbsp;$34.99 | &nbsp;&nbsp;&nbsp;&nbsp;$30.39 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(10.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(2.06) | &nbsp;&nbsp;&nbsp; $(10.15) | &nbsp;&nbsp;&nbsp;&nbsp; $13.45 | &nbsp;&nbsp;&nbsp;&nbsp; $(2.92) | &nbsp;&nbsp;&nbsp;&nbsp; $(3.22) | &nbsp;&nbsp;&nbsp;&nbsp; $4.63 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $28.47 | &nbsp;&nbsp;&nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp;&nbsp; $28.13 | &nbsp;&nbsp;&nbsp;&nbsp; $31.63 | &nbsp;&nbsp;&nbsp;&nbsp; $34.99 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(6.75)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(24.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.24 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $152878 | $168750 | $204557 | $118726 | $120862 | $154713 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $27.95 | &nbsp;&nbsp;$37.84 | &nbsp;&nbsp;$25.78 | &nbsp;&nbsp;$29.01 | &nbsp;&nbsp;$32.18 | &nbsp;&nbsp;$28.15 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;(9.73) | &nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Total from investment operations | $(1.99) | &nbsp;&nbsp; $(9.53) | $12.06 | &nbsp;&nbsp; $(2.91) | &nbsp;&nbsp; $(3.17) | &nbsp;&nbsp;&nbsp; $4.03 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.36) | $— | &nbsp;&nbsp;&nbsp;$(0.32) | $— | $— |
| Net asset value, end of period (x) | $25.96 | $27.95 | $37.84 | $25.78 | $29.01 | $32.18 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(7.12)(n) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;46.78 | &nbsp;&nbsp;&nbsp;(10.24) | &nbsp;&nbsp;&nbsp;&nbsp;(9.85) | &nbsp;&nbsp;&nbsp;&nbsp;14.32 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$782 | &nbsp;&nbsp;$1166 | &nbsp;&nbsp;$2396 | &nbsp;&nbsp;$2393 | &nbsp;&nbsp;$3672 | &nbsp;&nbsp;$5385 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $27.23 | &nbsp;&nbsp;$36.91 | &nbsp;&nbsp;&nbsp;$25.15 | &nbsp;&nbsp;&nbsp;$28.33 | &nbsp;&nbsp;&nbsp;$31.42 | &nbsp;&nbsp;&nbsp;$27.49 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;(9.49) | &nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 |
| Total from investment operations | $(1.94) | &nbsp;&nbsp; $(9.29) | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp;&nbsp; $(2.84) | &nbsp;&nbsp;&nbsp; $(3.09) | &nbsp;&nbsp;&nbsp;&nbsp; $3.93 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.39) | $— | &nbsp;&nbsp;&nbsp;$(0.34) | $— | $— |
| Net asset value, end of period (x) | $25.29 | $27.23 | &nbsp;&nbsp; $36.91 | &nbsp;&nbsp; $25.15 | &nbsp;&nbsp; $28.33 | &nbsp;&nbsp; $31.42 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(7.12)(n) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;46.76 | &nbsp;&nbsp;&nbsp;(10.23) | &nbsp;&nbsp;&nbsp;&nbsp;(9.83) | &nbsp;&nbsp;&nbsp;&nbsp;14.30 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $4334 | &nbsp;&nbsp;$5427 | $10467 | $10082 | $14116 | $17790 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$32.24 | &nbsp;&nbsp;&nbsp;$43.63 | &nbsp;&nbsp;&nbsp;&nbsp;$29.64 | &nbsp;&nbsp;&nbsp;$33.29 | &nbsp;&nbsp;&nbsp;$36.85 | &nbsp;&nbsp;&nbsp;$32.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;(11.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Total from investment operations | $(2.14) | $(10.61) | &nbsp;&nbsp;&nbsp;&nbsp; $14.27 | &nbsp;&nbsp;&nbsp; $(2.99) | &nbsp;&nbsp;&nbsp; $(3.31) | &nbsp;&nbsp;&nbsp;&nbsp; $4.95 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $30.10 | &nbsp;&nbsp; $32.24 | &nbsp;&nbsp;&nbsp;&nbsp; $43.63 | &nbsp;&nbsp; $29.64 | &nbsp;&nbsp; $33.29 | &nbsp;&nbsp; $36.85 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(6.64)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(24.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.24 | &nbsp;&nbsp;&nbsp;&nbsp;(9.32) | &nbsp;&nbsp;&nbsp;&nbsp;(8.96) | &nbsp;&nbsp;&nbsp;&nbsp;15.48 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.04(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $87971 | $93329 | $168061 | $94350 | $69443 | $62565 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $26.70 | &nbsp;&nbsp;$36.41 | &nbsp;&nbsp;$24.80 | &nbsp;&nbsp;$27.97 | &nbsp;&nbsp;$31.17 | &nbsp;&nbsp;$27.26 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;(9.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.56 | &nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| Total from investment operations | $(1.90) | &nbsp;&nbsp; $(9.14) | $11.61 | &nbsp;&nbsp; $(2.79) | &nbsp;&nbsp; $(3.09) | &nbsp;&nbsp;&nbsp; $3.91 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.57) | $— | &nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;$(0.11) | $— |
| Net asset value, end of period (x) | $24.80 | $26.70 | $36.41 | $24.80 | $27.97 | $31.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(7.12)(n) | &nbsp;&nbsp;&nbsp;(25.33) | &nbsp;&nbsp;&nbsp;&nbsp;46.81 | &nbsp;&nbsp;&nbsp;(10.22) | &nbsp;&nbsp;&nbsp;&nbsp;(9.89) | &nbsp;&nbsp;&nbsp;&nbsp;14.34 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;2.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.04(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $1225 | &nbsp;&nbsp;$1414 | &nbsp;&nbsp;&nbsp;&nbsp;$725 | &nbsp;&nbsp;$1742 | &nbsp;&nbsp;$1844 | &nbsp;&nbsp;&nbsp;&nbsp;$637 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $27.77 | &nbsp;&nbsp;$37.68 | &nbsp;&nbsp;$25.64 | &nbsp;&nbsp;$28.87 | &nbsp;&nbsp;$31.96 | &nbsp;&nbsp;$27.81 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;(9.68) | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Total from investment operations | $(1.91) | &nbsp;&nbsp; $(9.32) | $12.16 | &nbsp;&nbsp; $(2.73) | &nbsp;&nbsp; $(3.01) | &nbsp;&nbsp;&nbsp; $4.15 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.08) | $— |
| Net asset value, end of period (x) | $25.86 | $27.77 | $37.68 | $25.64 | $28.87 | $31.96 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(6.88)(n) | &nbsp;&nbsp;&nbsp;(24.96) | &nbsp;&nbsp;&nbsp;&nbsp;47.47 | &nbsp;&nbsp;&nbsp;&nbsp;(9.76) | &nbsp;&nbsp;&nbsp;&nbsp;(9.42) | &nbsp;&nbsp;&nbsp;&nbsp;14.92 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.62(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.56(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.54(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $2191 | &nbsp;&nbsp;$2427 | &nbsp;&nbsp;$4227 | &nbsp;&nbsp;$3431 | &nbsp;&nbsp;$4614 | &nbsp;&nbsp;$6067 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $30.51 | &nbsp;&nbsp;&nbsp;$41.17 | &nbsp;&nbsp;$27.95 | &nbsp;&nbsp;$31.47 | &nbsp;&nbsp;$34.84 | &nbsp;&nbsp;$30.27 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(10.69) | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;(3.42) | &nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| Total from investment operations | $(2.06) | $(10.13) | $13.37 | &nbsp;&nbsp; $(2.90) | &nbsp;&nbsp; $(3.21) | &nbsp;&nbsp;&nbsp; $4.60 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;$(0.03) |
| Net asset value, end of period (x) | $28.45 | &nbsp;&nbsp; $30.51 | $41.17 | $27.95 | $31.47 | $34.84 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(6.75)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(24.78) | &nbsp;&nbsp;&nbsp;&nbsp;47.89 | &nbsp;&nbsp;&nbsp;&nbsp;(9.55) | &nbsp;&nbsp;&nbsp;&nbsp;(9.19) | &nbsp;&nbsp;&nbsp;&nbsp;15.20 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $1232 | &nbsp;&nbsp;&nbsp;$1406 | &nbsp;&nbsp;$5103 | &nbsp;&nbsp;$6246 | &nbsp;&nbsp;$2405 | &nbsp;&nbsp;$2465 |

---

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Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $30.43 | &nbsp;&nbsp;&nbsp;$41.24 | &nbsp;&nbsp;$28.03 | &nbsp;&nbsp;$31.47 | &nbsp;&nbsp;$34.85 | &nbsp;&nbsp;$30.26 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.81 | &nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;(10.62) | &nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| Total from investment operations | $(2.02) | $(10.02) | $13.49 | &nbsp;&nbsp; $(2.82) | &nbsp;&nbsp; $(3.13) | &nbsp;&nbsp;&nbsp; $4.69 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.10) |
| Net asset value, end of period (x) | $28.41 | &nbsp;&nbsp; $30.43 | $41.24 | $28.03 | $31.47 | $34.85 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(6.64)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(24.57) | &nbsp;&nbsp;&nbsp;&nbsp;48.20 | &nbsp;&nbsp;&nbsp;&nbsp;(9.31) | &nbsp;&nbsp;&nbsp;&nbsp;(8.97) | &nbsp;&nbsp;&nbsp;&nbsp;15.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.94(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $4044 | &nbsp;&nbsp;&nbsp;$3264 | &nbsp;&nbsp;$3037 | &nbsp;&nbsp;$2673 | &nbsp;&nbsp;$6917 | &nbsp;&nbsp;$7023 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$32.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $(2.11) | &nbsp;&nbsp;&nbsp;&nbsp; $(10.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.99 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.13) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $30.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.86 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.54)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Net assets at end of period (000 omitted) | $6195269 | $6524541 | $7034144 | $3336889 | $1817161 | $1327862 |

---

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Financial Highlights – continued

**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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**

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Notes to Financial Statements (unaudited) - continued

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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.**

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 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

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[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;$386680504 | &nbsp;&nbsp;&nbsp;$1566490498 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1953171002 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841555613 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841555613 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60584170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742660853 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803245023 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702663068 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702663068 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465025958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465025958 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16244841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277023271 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293268112 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179938456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179938456 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111123688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53410546 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164534234 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161164177 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161164177 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471564009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304434062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775998071 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142545404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142545404 |
| Total | &nbsp;&nbsp;$1833707030 | &nbsp;&nbsp;&nbsp;$4649402088 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$6483109118 |

---

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

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity<br> Securities** |
| Balance as of 5/31/22 | $9364582 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | (9364582) |
| Balance as of 11/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

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Notes to Financial Statements (unaudited) - continued

The net change in unrealized appreciation or depreciation from investments held as level 3 at November 30, 2022 is $(9,364,582). At November 30, 2022, the fund held three level 3 securities.

**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, State Street Bank and Trust Company, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At November 30, 2022, 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.**

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

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

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.

**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 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, foreign taxes, and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166001001 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$7051964082 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829674337 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1398529301) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(568854964) |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18141574 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328502043) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1623505) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347465018) |

---

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

As of May 31, 2022, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | &nbsp;&nbsp;$(70477063) |
| Long-Term | &nbsp;&nbsp;(258024980) |
| Total | $(328502043) |

---

**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> 11/30/22** | **Year ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp;$3746308 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19273 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92736 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540071 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30209 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60871 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24405 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67017 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;159420111 |
| Total | $— | $166001001 |

---

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $500 million | 1.05% |
| In excess of $500 million and up to $1 billion | 0.95% |
| In excess of $1 billion and up to $4 billion | 0.90% |
| In excess of $4 billion and up to $10 billion | 0.85% |
| In excess of $10 billion | 0.80% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $423,108, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.89% 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** |
| 1.31% | 2.06% | 2.06% | 1.06% | 2.06% | 1.56% | 1.31% | 1.06% | 0.95% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $1,463,931, 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 $19,663 for the six months ended November 30, 2022, 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.

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$188965 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22948 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$229462 |

---

(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 November 30, 2022 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 November 30, 2022, this rebate amounted to $16 for Class A shares and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $4669 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;687 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |

---

**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 November 30, 2022, the fee was $38,272, which equated to 0.0013% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $209,134.**

**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**

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0115% 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. 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.**

The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. During the six months ended November 30, 2022, the fund engaged in sale transactions pursuant to this policy, which amounted to $402,275. The sales transactions resulted in net realized gains (losses) of $(44,962).

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 November 30, 2022, this reimbursement amounted to $644,731, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $1,323,641,272 and $1,145,096,170, respectively.

------

[**Table of Contents**](#JOB_FEM_-_502163dd-0ecd-4dc4-8260-d9bb6e83c3ed_TOC)

Notes to Financial Statements (unaudited) - continued

(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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591869 | &nbsp;&nbsp;&nbsp;&nbsp;$16125469 | &nbsp;&nbsp;&nbsp;&nbsp;1679530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60751635 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31949 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296195 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21384555 | &nbsp;&nbsp;&nbsp;&nbsp;1072350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40125547 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236444 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502926 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670524 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450523 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;16367194 | &nbsp;&nbsp;&nbsp;&nbsp;465310447 | &nbsp;&nbsp;40873031 | &nbsp;&nbsp;&nbsp;&nbsp;1604441159 |
|  | &nbsp;&nbsp;17771402 | &nbsp;&nbsp;&nbsp;$504862936 | &nbsp;&nbsp;43811498 | &nbsp;&nbsp;$1711506902 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3671014 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18679 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84368 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305538 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30209 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60076 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24404 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67017 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4230665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159411469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;4403212 | &nbsp;&nbsp;&nbsp;&nbsp;$165672774 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(749032) | &nbsp;&nbsp;&nbsp;&nbsp;$(20365217) | &nbsp;&nbsp;&nbsp;(1198700) | &nbsp;&nbsp;&nbsp;&nbsp;$(41848332) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723772) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825933) | &nbsp;&nbsp;&nbsp;&nbsp;(127255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3991921) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(706646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20118721) | &nbsp;&nbsp;&nbsp;(2090700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76600389) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137415) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371669) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3639461) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1471477) |
| &nbsp;&nbsp;&nbsp;Class R6 | (13072377) | &nbsp;&nbsp;&nbsp;&nbsp;(386177241) | &nbsp;&nbsp;&nbsp;(3973878) | &nbsp;&nbsp;&nbsp;&nbsp;(145314521) |
|  | (14619451) | &nbsp;&nbsp;$(428968414) | &nbsp;&nbsp;&nbsp;(7600279) | &nbsp;&nbsp;&nbsp;&nbsp;$(275098957) |

---

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Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(157163) | &nbsp;&nbsp;&nbsp;$(4239748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22574317 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(11624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673144) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(27950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2611358) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;27794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265834 | &nbsp;&nbsp;&nbsp;&nbsp;(957163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34169304) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(3589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129238 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(2663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(808667) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(2766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2944533) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;35095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046063 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3294817 | &nbsp;&nbsp;&nbsp;&nbsp;79133206 | &nbsp;&nbsp;41129818 | &nbsp;&nbsp;&nbsp;&nbsp;1618538107 |
|  | 3151951 | &nbsp;&nbsp;$75894522 | &nbsp;&nbsp;40614431 | &nbsp;&nbsp;$1602080719 |

---

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 Aggresive Growth Allocation Fund, and the MFS Moderate Allocation Fund were the owners of record of approximately 90%, 2%, 1%, and 1% of the value of outstanding voting shares of the fund, respectively. In addition, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime 2065 Fund were each the owners of record of less than 1% of the value of the outstanding voting shares of the fund.

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

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $15,565 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

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Notes to Financial Statements (unaudited) - continued

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| Hugel, Inc. | $47738861 | &nbsp;&nbsp; $20193966 | &nbsp;&nbsp;&nbsp;&nbsp; $377074 | &nbsp;&nbsp; $(664280) | &nbsp;&nbsp; $(5095440) | &nbsp;&nbsp; $61796033 |
| MFS Institutional Money Market Portfolio | 149697470 | &nbsp;&nbsp; 751175037 | &nbsp;&nbsp; 758319222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2896) | &nbsp;&nbsp; 142545404 |
|  | $197436331 | &nbsp;&nbsp;$771369003 | &nbsp;&nbsp;$758696296 | &nbsp;&nbsp;&nbsp;$(669265) | &nbsp;&nbsp;&nbsp;$(5098336) | &nbsp;&nbsp;$204341437 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| Hugel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| MFS Institutional Money Market Portfolio | 1149129 | &nbsp;&nbsp;&nbsp; — |
|  | $1149129 | &nbsp;&nbsp;&nbsp;$— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints

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Notes to Financial Statements (unaudited) - continued

or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Management continues to monitor these events and to evaluate the related impacts on fund performance.

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### Board Review of Investment Advisory Agreement

#### MFS Emerging Markets Equity Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 5<sup>th</sup> quintile relative to the other funds in the universe for this five-year period (the 1<sup>st</sup> quintile being the best performers and the 5<sup>th</sup> quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 5<sup>th</sup> quintile for each of the one- and three-year periods ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to MFS about the substandard investment performance of the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year, as to MFS' efforts to improve the Fund's performance, including assigning an additional portfolio manager for the Fund effective August 2021. In addition, the Trustees requested that they receive a separate update on the Fund's performance at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee

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Board Review of Investment Advisory Agreement - continued

and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $500 million, $1 billion, $4 billion and $10 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the

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Board Review of Investment Advisory Agreement - continued

Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](img4b11c8d66.gif)

------

#### Save paper with eDelivery.
![](imga7fb4d787.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](imgc82b52cd1.gif)

#### Semiannual Report
November 30, 2022

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

![](imgba204e332.gif)

FGF-SEM

------

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

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_680a0c02-47bc-4927-b352-2d393386906d_1)<br>| 1 |
| [Portfolio composition](#xx_cc284400-7d39-4aab-9687-280525d347ad_1)<br>| 2 |
| [Expense table](#xx_e3472730-d6b1-4796-9bb0-ad402d9ac7b3_1)<br>| 4 |
| [Portfolio of investments](#xx_3f6514c8-611e-4175-9f52-e7f3be22024e_1)<br>| 6 |
| [Statement of assets and liabilities](#xx_873790f9-5b7e-428e-b081-f59f397ad4ac_1)<br>| 11 |
| [Statement of operations](#xx_873790f9-5b7e-428e-b081-f59f397ad4ac_3)<br>| 13 |
| [Statements of changes in net assets](#xx_873790f9-5b7e-428e-b081-f59f397ad4ac_4)<br>| 14 |
| [Financial highlights](#xx_42f7d51c-3e5c-439f-854d-f7aaf88e42db_1)<br>| 15 |
| [Notes to financial statements](#xx_0660d9ab-f45f-4b6e-a326-b75ca8647ea2_1)<br>| 24 |
| [Board review of investment advisory agreement](#xx_0c532578-5375-4325-9dac-afcb39266892_1)<br>| 37 |
| [Proxy voting policies and information](#xx_d02b25c1-7d9b-4d9e-82e4-8c3418f4fff3_1)<br>| 41 |
| [Quarterly portfolio disclosure](#xx_d02b25c1-7d9b-4d9e-82e4-8c3418f4fff3_1)<br>| 41 |
| [Further information](#xx_d02b25c1-7d9b-4d9e-82e4-8c3418f4fff3_1)<br>| 41 |
| [Information about fund contracts and legal claims](#xx_d02b25c1-7d9b-4d9e-82e4-8c3418f4fff3_1)<br>| 41 |
| [Provision of financial reports and summary prospectuses](#xx_d02b25c1-7d9b-4d9e-82e4-8c3418f4fff3_1)<br>| 41 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_3939d087-83e3-4474-a24c-9299d677ab31_3)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](imgb3555c293.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img63fbb2e74.gif)

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio Composition

#### Portfolio structure
![](img257b32c65.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Nestle S.A. | 4.6% |
| Roche Holding AG | 4.2% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
| Hitachi Ltd. | 3.5% |
| SAP SE | 3.3% |
| Schneider Electric SE | 3.1% |
| Linde PLC | 3.0% |
| Novartis AG | 3.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| EssilorLuxottica | 2.8% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Industrials | 16.8% |
| Health Care | 15.3% |
| Consumer Staples | 14.3% |
| Information Technology | 12.8% |
| Materials | 12.3% |
| Financials | 11.4% |
| Consumer Discretionary | 11.1% |
| Communication Services | &nbsp;&nbsp;2.4% |
| Energy | &nbsp;&nbsp;0.8% |
| Utilities | &nbsp;&nbsp;0.7% |

---

#### Issuer country weightings (x)

---

| | |
|:---|:---|
| France | 15.9% |
| Switzerland | 13.5% |
| Germany | &nbsp;&nbsp;9.9% |
| United Kingdom | &nbsp;&nbsp;8.9% |
| Japan | &nbsp;&nbsp;8.7% |
| Canada | &nbsp;&nbsp;7.8% |
| United States | &nbsp;&nbsp;5.2% |
| Taiwan | &nbsp;&nbsp;4.3% |
| China | &nbsp;&nbsp;4.3% |
| Other Countries | 21.5% |

---

#### Currency exposure weightings (y)

---

| | |
|:---|:---|
| Euro | 33.9% |
| Swiss Franc | 13.5% |
| British Pound Sterling | 10.5% |
| Japanese Yen | &nbsp;&nbsp;8.7% |
| Hong Kong Dollar | &nbsp;&nbsp;6.5% |
| Canadian Dollar | &nbsp;&nbsp;6.2% |
| United States Dollar | &nbsp;&nbsp;5.2% |
| Taiwan Dollar | &nbsp;&nbsp;4.3% |
| Indian Rupee | &nbsp;&nbsp;3.9% |
| Other Currencies | &nbsp;&nbsp;7.3% |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio Composition - continued

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

(x) Represents the portfolio's exposure to issuer countries as a percentage of a portfolio's net assets. For purposes of this presentation, United States includes Cash &
Cash Equivalents.

(y) Represents the portfolio's exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash
& Cash Equivalents.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *1.08%* | *$1000.00* | *$1015.72* | *$5.46* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *1.08%* | *$1000.00* | *$1019.65* | *$5.47* |
| &nbsp;&nbsp;*B* | *Actual* | *1.83%* | *$1000.00* | *$1011.79* | *$9.23* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.83%* | *$1000.00* | *$1015.89* | *$9.25* |
| &nbsp;&nbsp;*C* | *Actual* | *1.83%* | *$1000.00* | *$1011.90* | *$9.23* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.83%* | *$1000.00* | *$1015.89* | *$9.25* |
| &nbsp;&nbsp;*I* | *Actual* | *0.83%* | *$1000.00* | *$1016.94* | *$4.20* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.83%* | *$1000.00* | *$1020.91* | *$4.20* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.83%* | *$1000.00* | *$1011.61* | *$9.23* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.83%* | *$1000.00* | *$1015.89* | *$9.25* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.33%* | *$1000.00* | *$1014.17* | *$6.72* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.33%* | *$1000.00* | *$1018.40* | *$6.73* |
| &nbsp;&nbsp;*R3* | *Actual* | *1.08%* | *$1000.00* | *$1015.59* | *$5.46* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *1.08%* | *$1000.00* | *$1019.65* | *$5.47* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.83%* | *$1000.00* | *$1016.96* | *$4.20* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.83%* | *$1000.00* | *$1020.91* | *$4.20* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.71%* | *$1000.00* | *$1017.75* | *$3.59* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.71%* | *$1000.00* | *$1021.51* | *$3.60* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

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### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 97.9% | Common Stocks – 97.9% | Common Stocks – 97.9% |
| Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% |  |
| Rolls-Royce Holdings PLC (a) | 85075430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94125057 |
| Alcoholic Beverages – 4.5% | Alcoholic Beverages – 4.5% |  |
| Diageo PLC | &nbsp;&nbsp;7038069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327027143 |
| Pernod Ricard S.A. (l) | &nbsp;&nbsp;1289679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257958525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$584985668 |
| Apparel Manufacturers – 5.8% | Apparel Manufacturers – 5.8% |  |
| Burberry Group PLC | &nbsp;&nbsp;4619161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$121908086 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;249863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151540258 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;617935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478442817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$751891161 |
| Automotive – 0.4% | Automotive – 0.4% |  |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;3205400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51149076 |
| Brokerage & Asset Managers – 1.7% | Brokerage & Asset Managers – 1.7% |  |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;861136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$157966499 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;673232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67693935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$225660434 |
| Business Services – 1.6% | Business Services – 1.6% |  |
| Experian PLC | &nbsp;&nbsp;5753587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$204567044 |
| Chemicals – 0.8% | Chemicals – 0.8% |  |
| UPL Ltd. | 11351241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110804327 |
| Computer Software – 5.9% | Computer Software – 5.9% |  |
| Aveva Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;815953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31282838 |
| Dassault Systemes SE | &nbsp;&nbsp;1731711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64971138 |
| Kingsoft Corp. | 11739200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37521486 |
| Naver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;501327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72893744 |
| NICE Systems Ltd., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;235757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45776937 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;915500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54261254 |
| SAP SE | &nbsp;&nbsp;4001052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433035480 |
| Wisetech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;816167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32455801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$772198678 |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 5.6% | Computer Software - Systems – 5.6% |  |
| Amadeus IT Group S.A. (a) | &nbsp;&nbsp;2696066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$146786021 |
| Cap Gemini S.A. | &nbsp;&nbsp;&nbsp;&nbsp;708720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129036894 |
| Hitachi Ltd. | &nbsp;&nbsp;8403800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451626576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$727449491 |
| Construction – 0.3% | Construction – 0.3% |  |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;663134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37180451 |
| Consumer Products – 4.1% | Consumer Products – 4.1% |  |
| AmorePacific Corp. | &nbsp;&nbsp;1107208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111612271 |
| Kao Corp. | &nbsp;&nbsp;1757000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70116846 |
| KOSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;502100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53485968 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;4135967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299239525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$534454610 |
| Electrical Equipment – 4.3% | Electrical Equipment – 4.3% |  |
| Prysmian S.p.A. | &nbsp;&nbsp;4414516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$155416652 |
| Schneider Electric SE | &nbsp;&nbsp;2690013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398924852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$554341504 |
| Electronics – 5.6% | Electronics – 5.6% |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;207990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$126514314 |
| Delta Electronics, Inc. | 18601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184125122 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;563912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300721 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;4566600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378936468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$726876625 |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% |  |
| Reliance Industries Ltd. | &nbsp;&nbsp;3112806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104918219 |
| Entertainment – 0.2% | Entertainment – 0.2% |  |
| Lottery Corp. Ltd. (a) | &nbsp;&nbsp;8523284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26987064 |
| Food & Beverages – 4.6% | Food & Beverages – 4.6% |  |
| Nestle S.A. | &nbsp;&nbsp;4986802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$593425422 |
| Food & Drug Stores – 0.5% | Food & Drug Stores – 0.5% |  |
| Ocado Group PLC (a) | &nbsp;&nbsp;1756375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13326177 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp;1191800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54090639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67416816 |
| Gaming & Lodging – 2.3% | Gaming & Lodging – 2.3% |  |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;3345598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80915247 |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;1445207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217314115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$298229362 |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 3.2% | Insurance – 3.2% |  |
| AIA Group Ltd. | 35068400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357662091 |
| Ping An Insurance Co. of China Ltd., "H" | 10096500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62546537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$420208628 |
| Internet – 1.6% | Internet – 1.6% |  |
| Tencent Holdings Ltd. | &nbsp;&nbsp;3443300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129387877 |
| Z Holdings Corp. | 27180300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74065955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$203453832 |
| Leisure & Toys – 0.5% | Leisure & Toys – 0.5% |  |
| Prosus N.V. | &nbsp;&nbsp;&nbsp;&nbsp;913052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60046175 |
| Machinery & Tools – 3.7% | Machinery & Tools – 3.7% |  |
| Assa Abloy AB | &nbsp;&nbsp;8342528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$192635163 |
| GEA Group AG | &nbsp;&nbsp;3531407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142560067 |
| Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;2646372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145091577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$480286807 |
| Major Banks – 1.5% | Major Banks – 1.5% |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;7733300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201077388 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |  |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;559092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38681463 |
| Medical Equipment – 5.6% | Medical Equipment – 5.6% |  |
| EssilorLuxottica | &nbsp;&nbsp;1914335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$359241898 |
| QIAGEN N.V. (a) | &nbsp;&nbsp;3737265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184385877 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;291059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74594642 |
| Terumo Corp. | &nbsp;&nbsp;3618400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107150324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$725372741 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |  |
| China Resources Gas Group Ltd. | 26505300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94035807 |
| Other Banks & Diversified Financials – 4.8% | Other Banks & Diversified Financials – 4.8% |  |
| AEON Financial Service Co. Ltd. (l) | &nbsp;&nbsp;4761900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51172377 |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;737216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113199517 |
| Element Fleet Management Corp. | 11248752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159388331 |
| Grupo Financiero Banorte S.A. de C.V. | 12036196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96257129 |
| HDFC Bank Ltd. | 10563209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210687451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$630704805 |
| Pharmaceuticals – 9.5% | Pharmaceuticals – 9.5% |  |
| Bayer AG | &nbsp;&nbsp;3113816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$180005095 |
| Hypera S.A. | &nbsp;&nbsp;5706172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48865905 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;361918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65574406 |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – continued | Pharmaceuticals – continued |  |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;4385329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$390978411 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1685557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548284750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1233708567 |
| Precious Metals & Minerals – 2.6% | Precious Metals & Minerals – 2.6% |  |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3209502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$161650195 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1248122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182316836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$343967031 |
| Railroad & Shipping – 2.8% | Railroad & Shipping – 2.8% |  |
| Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;1565697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201082466 |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2016652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165107151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366189617 |
| Restaurants – 0.8% | Restaurants – 0.8% |  |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1404839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77434726 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110682771 |
| Specialty Chemicals – 8.8% | Specialty Chemicals – 8.8% |  |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1492589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107982835 |
| L'Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1604326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234889477 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;1186543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395232818 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1633700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103464535 |
| Showa Denko K. K. | &nbsp;&nbsp;&nbsp;&nbsp;4008800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64493016 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111131121 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;1145742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129896638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1147090440 |
| Specialty Stores – 1.1% | Specialty Stores – 1.1% |  |
| Alibaba Group Holding Ltd. (a) | &nbsp;&nbsp;11803500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128820316 |
| Just Eat Takeaway (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17285579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$146105895 |
| Tobacco – 0.7% | Tobacco – 0.7% |  |
| ITC Ltd. | &nbsp;&nbsp;20337966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85499851 |
| **Total Common Stocks (Identified Cost, $10,275,224,508)** |  | **$12753772827** |
| Investment Companies (h) – 2.1% | Investment Companies (h) – 2.1% | Investment Companies (h) – 2.1% |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $276,291,118) | 276295687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276295687 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $2,608,176) | 2608176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2608176 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604205 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$13033280895** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $276,295,687 and $12,756,381,003, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value, including $2,865,846 of securities on loan (identified cost, $10,277,832,684) | &nbsp;&nbsp;$12756381003 |
| Investments in affiliated issuers, at value (identified cost, $276,291,118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276295687 |
| Foreign currency, at value (identified cost, $88,147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89121 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15147090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40664667 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72011 |
| Total assets | &nbsp;&nbsp;$13088649579 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123363 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15832167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18795635 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608176 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12447 |
| Deferred country tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14850106 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224610 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55368684 |
| Net assets | &nbsp;&nbsp;$13033280895 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$10134106886 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2899174009 |
| Net assets | &nbsp;&nbsp;$13033280895 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330294471 |

---

(c) Non-cash collateral is not included.

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$548796704 | &nbsp;&nbsp;&nbsp;&nbsp;14392844 | &nbsp;&nbsp;&nbsp;$38.13 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36543 | &nbsp;&nbsp;&nbsp;&nbsp;35.18 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27987433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822928 | &nbsp;&nbsp;&nbsp;&nbsp;34.01 |
| Class I | &nbsp;&nbsp;&nbsp;3250050925 | &nbsp;&nbsp;&nbsp;&nbsp;75202651 | &nbsp;&nbsp;&nbsp;&nbsp;43.22 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205879 | &nbsp;&nbsp;&nbsp;&nbsp;33.11 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39276273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143244 | &nbsp;&nbsp;&nbsp;&nbsp;34.36 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;160929657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259800 | &nbsp;&nbsp;&nbsp;&nbsp;37.78 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;225818776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883606 | &nbsp;&nbsp;&nbsp;&nbsp;38.38 |
| Class R6 | &nbsp;&nbsp;&nbsp;8772317880 | &nbsp;&nbsp;&nbsp;228346976 | &nbsp;&nbsp;&nbsp;&nbsp;38.42 |

---

(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 $40.46 [100 /
94.25 x $38.13]. 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

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;$63752771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6465263) |
| Total investment income | &nbsp;&nbsp;&nbsp;$58977756 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$40790079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326024 |
| Total expenses | &nbsp;&nbsp;&nbsp;$46100275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818489) |
| Net expenses | &nbsp;&nbsp;&nbsp;$45281786 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$13695970 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $4,780,668 country tax) | &nbsp;&nbsp;$210915854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573138 |
| Net realized gain (loss) | &nbsp;&nbsp;$212489037 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $696,805 increase in deferred country tax) | &nbsp;&nbsp;&nbsp;&nbsp;$3458166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200790 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$3663052 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$216152089 |
| Change in net assets from operations | &nbsp;&nbsp;$229848059 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13695970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116011781 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212489037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543815219 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663052 | &nbsp;&nbsp;&nbsp;&nbsp;(2408457443) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$229848059 | &nbsp;&nbsp;&nbsp;&nbsp;$(1748630443) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(922994870) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$240589885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$714185698 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;$470437944 | &nbsp;&nbsp;&nbsp;&nbsp;$(1957439615) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;12562842951 | &nbsp;&nbsp;&nbsp;&nbsp;14520282566 |
| At end of period | $13033280895 | &nbsp;&nbsp;&nbsp;$12562842951 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$37.54 | &nbsp;&nbsp;&nbsp;&nbsp;$45.69 | &nbsp;&nbsp;&nbsp;&nbsp;$33.66 | &nbsp;&nbsp;&nbsp;&nbsp;$32.76 | &nbsp;&nbsp;&nbsp;&nbsp;$34.20 | &nbsp;&nbsp;&nbsp;&nbsp;$31.09 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.59 | &nbsp;&nbsp;&nbsp;&nbsp; $(5.27) | &nbsp;&nbsp;&nbsp;&nbsp; $12.27 | &nbsp;&nbsp;&nbsp;&nbsp; $1.43 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp;&nbsp; $3.87 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.88) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.24) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.53) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.13) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.76) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp;&nbsp; $37.54 | &nbsp;&nbsp;&nbsp;&nbsp; $45.69 | &nbsp;&nbsp;&nbsp;&nbsp; $33.66 | &nbsp;&nbsp;&nbsp;&nbsp; $32.76 | &nbsp;&nbsp;&nbsp;&nbsp; $34.20 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.53 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $548797 | &nbsp;&nbsp;$534840 | $650731 | $546391 | $402964 | $360401 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $34.77 | &nbsp;&nbsp;&nbsp;$42.52 | &nbsp;&nbsp;$31.38 | &nbsp;&nbsp;$30.67 | &nbsp;&nbsp;$32.01 | &nbsp;&nbsp;$29.15 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(5.06) | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| Total from investment operations | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp;&nbsp; $(5.19) | $11.14 | &nbsp;&nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $(0.50) | &nbsp;&nbsp;&nbsp; $3.39 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;$(0.20) | $— | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(2.56) | $— | &nbsp;&nbsp; $(0.38) | &nbsp;&nbsp; $(0.84) | &nbsp;&nbsp; $(0.53) |
| Net asset value, end of period (x) | $35.18 | &nbsp;&nbsp; $34.77 | $42.52 | $31.38 | $30.67 | $32.01 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;1.18(n) | &nbsp;&nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;35.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;11.68 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.82)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $1286 | &nbsp;&nbsp;&nbsp;$1559 | &nbsp;&nbsp;$2439 | &nbsp;&nbsp;$2922 | &nbsp;&nbsp;$4599 | &nbsp;&nbsp;$6537 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$33.61 | &nbsp;&nbsp;&nbsp;&nbsp;$41.19 | &nbsp;&nbsp;&nbsp;$30.40 | &nbsp;&nbsp;&nbsp;$29.76 | &nbsp;&nbsp;&nbsp;$31.15 | &nbsp;&nbsp;&nbsp;$28.43 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| Total from investment operations | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp;&nbsp;&nbsp; $(5.02) | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp;&nbsp;&nbsp; $1.06 | &nbsp;&nbsp;&nbsp; $(0.50) | &nbsp;&nbsp;&nbsp;&nbsp; $3.30 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) | $— | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.56) | $— | &nbsp;&nbsp;&nbsp; $(0.42) | &nbsp;&nbsp;&nbsp; $(0.89) | &nbsp;&nbsp;&nbsp; $(0.58) |
| Net asset value, end of period (x) | $34.01 | &nbsp;&nbsp;&nbsp; $33.61 | &nbsp;&nbsp; $41.19 | &nbsp;&nbsp; $30.40 | &nbsp;&nbsp; $29.76 | &nbsp;&nbsp; $31.15 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;1.19(n) | &nbsp;&nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;35.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $27987 | &nbsp;&nbsp;$30292 | $41907 | $39530 | $42015 | $42981 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.52 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.40 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.31) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.84) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.08 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $3250051 | &nbsp;&nbsp;$3251727 | $3722298 | $2457330 | $1974109 | $1371442 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $32.73 | &nbsp;&nbsp;&nbsp;$40.23 | &nbsp;&nbsp;$29.72 | &nbsp;&nbsp;$29.12 | &nbsp;&nbsp;$30.57 | &nbsp;&nbsp;$27.93 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Total from investment operations | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp;&nbsp; $(4.89) | $10.56 | &nbsp;&nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $(0.50) | &nbsp;&nbsp;&nbsp; $3.25 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.08) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(2.61) | &nbsp;&nbsp; $(0.05) | &nbsp;&nbsp; $(0.44) | &nbsp;&nbsp; $(0.95) | &nbsp;&nbsp; $(0.61) |
| Net asset value, end of period (x) | $33.11 | &nbsp;&nbsp; $32.73 | $40.23 | $29.72 | $29.12 | $30.57 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;1.16(n) | &nbsp;&nbsp;&nbsp;&nbsp;(12.99) | &nbsp;&nbsp;&nbsp;&nbsp;35.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.82)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $6818 | &nbsp;&nbsp;&nbsp;$6895 | &nbsp;&nbsp;$7424 | &nbsp;&nbsp;$4890 | &nbsp;&nbsp;$4266 | &nbsp;&nbsp;$3663 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$33.87 | &nbsp;&nbsp;&nbsp;&nbsp;$41.51 | &nbsp;&nbsp;&nbsp;$30.63 | &nbsp;&nbsp;&nbsp;$29.92 | &nbsp;&nbsp;&nbsp;$31.31 | &nbsp;&nbsp;&nbsp;$28.54 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96) | &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| Total from investment operations | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp;&nbsp;&nbsp; $(4.86) | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp;&nbsp;&nbsp; $1.22 | &nbsp;&nbsp;&nbsp; $(0.36) | &nbsp;&nbsp;&nbsp;&nbsp; $3.48 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.18) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.78) | &nbsp;&nbsp;&nbsp; $(0.19) | &nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp;&nbsp; $(1.03) | &nbsp;&nbsp;&nbsp; $(0.71) |
| Net asset value, end of period (x) | $34.36 | &nbsp;&nbsp;&nbsp; $33.87 | &nbsp;&nbsp; $41.51 | &nbsp;&nbsp; $30.63 | &nbsp;&nbsp; $29.92 | &nbsp;&nbsp; $31.31 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;1.45(n) | &nbsp;&nbsp;&nbsp;&nbsp;(12.55) | &nbsp;&nbsp;&nbsp;&nbsp;36.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $39276 | &nbsp;&nbsp;$34618 | $40886 | $34149 | $18890 | $23650 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$37.20 | &nbsp;&nbsp;&nbsp;&nbsp;$45.30 | &nbsp;&nbsp;&nbsp;&nbsp;$33.38 | &nbsp;&nbsp;&nbsp;&nbsp;$32.51 | &nbsp;&nbsp;&nbsp;$33.96 | &nbsp;&nbsp;&nbsp;$30.89 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;$0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.58 | &nbsp;&nbsp;&nbsp;&nbsp; $(5.22) | &nbsp;&nbsp;&nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp;&nbsp; $1.41 | &nbsp;&nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp;&nbsp; $3.84 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;$(0.24) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.88) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.25) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp; $(1.14) | &nbsp;&nbsp;&nbsp; $(0.77) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $37.78 | &nbsp;&nbsp;&nbsp;&nbsp; $37.20 | &nbsp;&nbsp;&nbsp;&nbsp; $45.30 | &nbsp;&nbsp;&nbsp;&nbsp; $33.38 | &nbsp;&nbsp; $32.51 | &nbsp;&nbsp; $33.96 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;12.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $160930 | &nbsp;&nbsp;$149194 | $182926 | $124732 | $59575 | $30465 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$37.74 | &nbsp;&nbsp;&nbsp;&nbsp;$45.91 | &nbsp;&nbsp;&nbsp;&nbsp;$33.79 | &nbsp;&nbsp;&nbsp;&nbsp;$32.83 | &nbsp;&nbsp;&nbsp;&nbsp;$34.28 | &nbsp;&nbsp;&nbsp;&nbsp;$31.17 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.64 | &nbsp;&nbsp;&nbsp;&nbsp; $(5.18) | &nbsp;&nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp;&nbsp; $1.51 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.23) | &nbsp;&nbsp;&nbsp;&nbsp; $3.97 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.99) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.55) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.22) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.86) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $38.38 | &nbsp;&nbsp;&nbsp;&nbsp; $37.74 | &nbsp;&nbsp;&nbsp;&nbsp; $45.91 | &nbsp;&nbsp;&nbsp;&nbsp; $33.79 | &nbsp;&nbsp;&nbsp;&nbsp; $32.83 | &nbsp;&nbsp;&nbsp;&nbsp; $34.28 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.81 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $225819 | &nbsp;&nbsp;$224116 | $273949 | $262925 | $209454 | $167066 |

---

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.15 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.00 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.35) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.88) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $38.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.27 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.95 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net assets at end of period (000 omitted) | $8772318 | &nbsp;&nbsp;$8329602 | $9597724 | $7506854 | $6016478 | $4347824 |

---

(a) Annualized.

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

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio
may differ.

(n) Not annualized.

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

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

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

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

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

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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**

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Notes to Financial Statements (unaudited) - continued

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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.**

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 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

------

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Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2075005859 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2075005859 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548284750 | &nbsp;&nbsp;&nbsp;&nbsp;1208811059 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757095809 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129896638 | &nbsp;&nbsp;&nbsp;&nbsp;1163527424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293424062 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31282838 | &nbsp;&nbsp;&nbsp;&nbsp;1127886967 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159169805 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1135076566 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135076566 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;1014636556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014636556 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378936468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184125122 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563061590 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77434726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485560068 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562994794 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511909848 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511909848 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699332306 | &nbsp;&nbsp;&nbsp;&nbsp;1982065632 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681397938 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278903863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278903863 |
| Total | &nbsp;&nbsp;$3158708145 | &nbsp;&nbsp;&nbsp;$9873968545 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$13032676690 |

---

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**

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Notes to Financial Statements (unaudited) - continued

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, State Street Bank and Trust Company, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. 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 $2,865,846. The fair value of the fund's investment securities on loan and a related liability of $2,608,176 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $350,300 held by the lending agent. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.**

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

**Investment Transactions and Income — Investment transactions are recorded on the trade date. 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.**

------

[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Notes to Financial Statements (unaudited) - continued

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. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

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.

**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 a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.**

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$270917484 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652077386 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$922994870 |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$10632844292 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386630501 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(986798103) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$2399832398 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116493776 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216006542 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10037803) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3963547) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350826982 |

---

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;$40847465 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125004 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420107 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;215860122 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494877 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697084 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11487587 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16174642 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;632887982 |
| Total | $— | $922994870 |

---

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

Notes to Financial Statements (unaudited) - continued

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion and up to $5 billion | 0.70% |
| In excess of $5 billion and up to $10 billion | 0.65% |
| In excess of $10 billion and up to $20 billion | 0.62% |
| In excess of $20 billion | 0.60% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $818,478, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.68% of the fund's average daily net assets.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $17,798 for the six months ended November 30, 2022, 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.

------

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Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$628595 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134048 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31872 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82550 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178471 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$1062198 |

---

(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 November 30, 2022 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 November 30, 2022, this rebate amounted to $11 for Class A shares, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $3273 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;841 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;616 |

---

**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 November 30, 2022, the fee was $85,525, which equated to 0.0014% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,431,007.**

**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**

------

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Notes to Financial Statements (unaudited) - continued

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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0059% 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. 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.**

The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. During the six months ended November 30, 2022, the fund engaged in purchase transactions pursuant to this policy, which amounted to $11,471,676.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $1,069,317,433 and $936,221,141, respectively.

------

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Notes to Financial Statements (unaudited) - continued

(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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;1533324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53561998 | &nbsp;&nbsp;&nbsp;&nbsp;2493395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106890437 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100489 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;15398736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608187929 | &nbsp;&nbsp;&nbsp;19757359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939764882 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982428 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8332877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647471 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28238407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41597776 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32060328 | &nbsp;&nbsp;&nbsp;&nbsp;2067677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86536916 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;22782790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804841479 | &nbsp;&nbsp;&nbsp;22626945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985839048 |
|  | &nbsp;&nbsp;41761919 | &nbsp;&nbsp;&nbsp;$1537587313 | &nbsp;&nbsp;&nbsp;48436237 | &nbsp;&nbsp;&nbsp;$2180364581 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30857117 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122629 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189925 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4036074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196072454 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494877 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684269 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487587 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937302 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13956815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601957439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;19446053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$859803599 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(1387095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(48789477) | &nbsp;&nbsp;&nbsp;&nbsp;(3207148) | &nbsp;&nbsp;&nbsp;&nbsp;$(134098035) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(629324) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(125293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3926097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9625780) |
| &nbsp;&nbsp;&nbsp;Class I | (16712296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(658391476) | &nbsp;&nbsp;(19801953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934132572) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1008756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1521928) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(145567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4593503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15887122) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(559561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19621515) | &nbsp;&nbsp;&nbsp;&nbsp;(1268584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53863640) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(951213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33473905) | &nbsp;&nbsp;&nbsp;&nbsp;(2418992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104302465) |
| &nbsp;&nbsp;&nbsp;Class R6 | (15064400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526917602) | &nbsp;&nbsp;(24900996) | &nbsp;&nbsp;&nbsp;&nbsp;(1071921616) |
|  | (34987078) | &nbsp;&nbsp;$(1296997428) | &nbsp;&nbsp;(52324554) | &nbsp;&nbsp;$(2325982482) |

---

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Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;146229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4772521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3649519 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501561) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(78343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423174) | &nbsp;&nbsp;&nbsp;&nbsp;(116120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4335366) |
| &nbsp;&nbsp;&nbsp;Class I | (1313560) | &nbsp;&nbsp;&nbsp;&nbsp;(50203547) | &nbsp;&nbsp;&nbsp;&nbsp;3991480 | &nbsp;&nbsp;&nbsp;&nbsp;201704764 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955377 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;121089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444618 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;248723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8616892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778277) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(54589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1413577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3828247) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;7718390 | &nbsp;&nbsp;&nbsp;&nbsp;277923877 | &nbsp;&nbsp;11682764 | &nbsp;&nbsp;&nbsp;&nbsp;515874871 |
|  | &nbsp;&nbsp;6774841 | &nbsp;&nbsp;$240589885 | &nbsp;&nbsp;15557736 | &nbsp;&nbsp;$714185698 |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS International Diversification Fund, the MFS Growth Allocation Fund, and the MFS Moderate Allocation Fund were the owners of record of approximately 38%, 1%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Conservative Allocation Fund, the MFS Aggressive Growth Allocation Fund, the MFS Lifetime 2025 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, the MFS Lifetime 2065 Fund, 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.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $28,815 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

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Notes to Financial Statements (unaudited) - continued

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $95663451 | &nbsp;&nbsp; $923592412 | &nbsp;&nbsp; $742964317 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $4096 | &nbsp;&nbsp; $276295687 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $1677735 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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Notes to Financial Statements (unaudited) - continued

(10) Subsequent Event

On December 2, 2022, the fund recorded redemption proceeds for a distribution in-kind of portfolio securities and cash that were valued at $32,966,952. The redeeming shareholder generally receives a pro rata share of the securities held by the fund. The distribution of such securities generated a realized gain (loss) of $15,899,298 for the fund.

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### Board Review of Investment Advisory Agreement

#### MFS International Growth Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion, $2 billion, $5 billion, $10 billion and $20 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The

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Board Review of Investment Advisory Agreement - continued

Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

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[**Table of Contents**](#JOB_FGF_-_209c743d-ff2c-4062-8f48-4adad205d6ec_TOC)

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#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> International Intrinsic Value Fund

![](img42369e3c2.gif)

FGI-SEM

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MFS<sup>®</sup> International Intrinsic Value Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_833e6e8d-2260-4807-8bd1-f74b1f29640c_1)<br>| 1 |
| [Portfolio composition](#xx_4548048e-1dcc-44f1-b8d8-825becedd3ae_1)<br>| 2 |
| [Expense table](#xx_51f52a5d-f9fb-4598-8cc4-cfad981a83f4_1)<br>| 4 |
| [Portfolio of investments](#xx_c57768e2-6a79-482d-88e3-8225c6b3400a_1)<br>| 6 |
| [Statement of assets and liabilities](#xx_77415e7b-dc4d-4a41-808b-c0e703691bd8_1)<br>| 11 |
| [Statement of operations](#xx_77415e7b-dc4d-4a41-808b-c0e703691bd8_3)<br>| 13 |
| [Statements of changes in net assets](#xx_77415e7b-dc4d-4a41-808b-c0e703691bd8_4)<br>| 14 |
| [Financial highlights](#xx_b3048324-7fd4-4a96-802f-7178966cc49b_1)<br>| 15 |
| [Notes to financial statements](#xx_b5694652-00f5-4490-9896-823a3be0827f_1)<br>| 24 |
| [Board review of investment advisory agreement](#xx_16b8f10e-49bd-4e4e-8674-639155dba143_1)<br>| 37 |
| [Proxy voting policies and information](#xx_72e95705-1b2c-4cee-b5bc-ff26dae09814_1)<br>| 41 |
| [Quarterly portfolio disclosure](#xx_72e95705-1b2c-4cee-b5bc-ff26dae09814_1)<br>| 41 |
| [Further information](#xx_72e95705-1b2c-4cee-b5bc-ff26dae09814_1)<br>| 41 |
| [Information about fund contracts and legal claims](#xx_72e95705-1b2c-4cee-b5bc-ff26dae09814_1)<br>| 41 |
| [Provision of financial reports and summary prospectuses](#xx_72e95705-1b2c-4cee-b5bc-ff26dae09814_1)<br>| 41 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_875e5d4f-db9a-444b-9ec9-656910c31498_3)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img8a0caef63.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img341d927f4.gif)

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio Composition

#### Portfolio structure
![](img177c74235.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Nestle S.A. | 4.5% |
| Schneider Electric SE | 3.8% |
| Franco-Nevada Corp. | 3.1% |
| Cadence Design Systems, Inc. | 2.6% |
| Pernod Ricard S.A. | 2.6% |
| Legrand S.A. | 2.4% |
| TotalEnergies SE | 2.4% |
| Diageo PLC | 2.4% |
| Analog Devices, Inc. | 2.2% |
| Samsung Electronics Co. Ltd. | 2.1% |

---

#### GICS equity industries (g)

---

| | |
|:---|:---|
| Consumer Staples | 20.9% |
| Industrials | 20.5% |
| Information Technology | 20.5% |
| Materials | 12.5% |
| Financials | &nbsp;&nbsp;7.3% |
| Health Care | &nbsp;&nbsp;5.9% |
| Energy | &nbsp;&nbsp;4.1% |
| Consumer Discretionary | &nbsp;&nbsp;3.0% |
| Real Estate | &nbsp;&nbsp;1.0% |
| Equity Warrants (o) | &nbsp;&nbsp;0.0% |

---

#### Issuer country weightings (x)

---

| | |
|:---|:---|
| France | 17.8% |
| Japan | 15.4% |
| Switzerland | 14.2% |
| United States | 12.2% |
| United Kingdom | 11.6% |
| Germany | 10.2% |
| Canada | &nbsp;&nbsp;4.5% |
| Denmark | &nbsp;&nbsp;2.4% |
| South Korea | &nbsp;&nbsp;2.1% |
| Other Countries | &nbsp;&nbsp;9.6% |

---

#### Currency exposure weightings (y)

---

| | |
|:---|:---|
| Euro | 32.7% |
| Japanese Yen | 15.4% |
| Swiss Franc | 14.2% |
| United States Dollar | 12.2% |
| British Pound Sterling | 11.6% |
| Canadian Dollar | &nbsp;&nbsp;4.5% |
| Danish Krone | &nbsp;&nbsp;2.4% |
| South Korean Won | &nbsp;&nbsp;2.1% |
| Australian Dollar | &nbsp;&nbsp;1.7% |
| Other Currencies | &nbsp;&nbsp;3.2% |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio Composition - continued

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

(o) Less than 0.1%.

(x) Represents the portfolio's exposure to issuer countries as a percentage of a portfolio's net assets. For purposes of this presentation, United States includes Cash &
Cash Equivalents and Other.

(y) Represents the portfolio's exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash
& Cash Equivalents.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *1.01%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.98* | *$5.03* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *1.01%* | *$1000.00* | *$1020.00* | *$5.11* |
| &nbsp;&nbsp;*B* | *Actual* | *1.76%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$984.14* | *$8.75* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.76%* | *$1000.00* | *$1016.24* | *$8.90* |
| &nbsp;&nbsp;*C* | *Actual* | *1.76%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$984.23* | *$8.75* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.76%* | *$1000.00* | *$1016.24* | *$8.90* |
| &nbsp;&nbsp;*I* | *Actual* | *0.76%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$989.13* | *$3.79* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.76%* | *$1000.00* | *$1021.26* | *$3.85* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.76%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$984.16* | *$8.75* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.76%* | *$1000.00* | *$1016.24* | *$8.90* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.26%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$986.68* | *$6.28* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.26%* | *$1000.00* | *$1018.75* | *$6.38* |
| &nbsp;&nbsp;*R3* | *Actual* | *1.01%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.87* | *$5.03* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *1.01%* | *$1000.00* | *$1020.00* | *$5.11* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.76%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$989.21* | *$3.79* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.76%* | *$1000.00* | *$1021.26* | *$3.85* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.66%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$989.70* | *$3.29* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.66%* | *$1000.00* | *$1021.76* | *$3.35* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 94.5% | Common Stocks – 94.5% | Common Stocks – 94.5% |
| Airlines – 0.7% | Airlines – 0.7% |  |
| Ryanair Holdings PLC, ADR (a) | &nbsp;&nbsp;2069998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156678148 |
| Alcoholic Beverages – 4.9% | Alcoholic Beverages – 4.9% |  |
| Diageo PLC | 11141915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$517714252 |
| Pernod Ricard S.A. (l) | &nbsp;&nbsp;2809408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561931103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1079645355 |
| Apparel Manufacturers – 2.3% | Apparel Manufacturers – 2.3% |  |
| Adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;927377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118256464 |
| Compagnie Financiere Richemont S.A. | &nbsp;&nbsp;1518382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201976783 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;233692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180938543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$501171790 |
| Automotive – 1.0% | Automotive – 1.0% |  |
| Compagnie Generale des Establissments Michelin | &nbsp;&nbsp;3899672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110226539 |
| Knorr-Bremse AG | &nbsp;&nbsp;1887895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106855952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217082491 |
| Brokerage & Asset Managers – 2.6% | Brokerage & Asset Managers – 2.6% |  |
| Deutsche Boerse AG | &nbsp;&nbsp;2160899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$396394589 |
| Euronext N.V. | &nbsp;&nbsp;2403295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184699204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$581093793 |
| Business Services – 5.6% | Business Services – 5.6% |  |
| Experian PLC | &nbsp;&nbsp;9483972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$337199754 |
| Intertek Group PLC | &nbsp;&nbsp;3733679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182876907 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;7469854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165780955 |
| Secom Co. Ltd. | &nbsp;&nbsp;3326700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206249403 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;127800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298829773 |
| Sohgo Security Services Co. Ltd. | &nbsp;&nbsp;1562900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42531705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1233468497 |
| Chemicals – 1.5% | Chemicals – 1.5% |  |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$317761028 |
| Computer Software – 6.8% | Computer Software – 6.8% |  |
| ANSYS, Inc. (a) | &nbsp;&nbsp;1107563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$281653271 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;3376053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580816158 |
| Dassault Systemes SE | &nbsp;&nbsp;4837772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181505777 |
| NICE Systems Ltd., ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;337429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65518589 |
| OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108143296 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – continued | Computer Software – continued |  |
| SAP SE | &nbsp;&nbsp;2572010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278369685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1496006776 |
| Computer Software - Systems – 3.8% | Computer Software - Systems – 3.8% |  |
| Amadeus IT Group S.A. (a) | &nbsp;&nbsp;3990335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217251875 |
| Cap Gemini S.A. | &nbsp;&nbsp;&nbsp;&nbsp;906717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165086276 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;9456193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454121564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$836459715 |
| Construction – 1.5% | Construction – 1.5% |  |
| CRH PLC | &nbsp;&nbsp;4161420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166588647 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;316618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153415550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320004197 |
| Consumer Products – 7.7% | Consumer Products – 7.7% |  |
| Beiersdorf AG | &nbsp;&nbsp;1645064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178250947 |
| Kao Corp. | &nbsp;&nbsp;2538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101284322 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp;2273100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141076777 |
| KOSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50141097 |
| Lion Corp. | &nbsp;&nbsp;6167500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65821643 |
| L'Oréal | &nbsp;&nbsp;&nbsp;&nbsp;945964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357769019 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;5986209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433105568 |
| ROHTO Pharmaceutical Co. Ltd. (h) | &nbsp;&nbsp;7665500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250464483 |
| Svenska Cellulosa Aktiebolaget | &nbsp;&nbsp;7751914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106158067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1684071923 |
| Electrical Equipment – 7.3% | Electrical Equipment – 7.3% |  |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;978618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26156262 |
| Legrand S.A. | &nbsp;&nbsp;6419063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530813748 |
| OMRON Corp. | &nbsp;&nbsp;1841200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96069359 |
| Schneider Electric SE | &nbsp;&nbsp;5703827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845868901 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;6106100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115171698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1614079968 |
| Electronics – 6.6% | Electronics – 6.6% |  |
| Analog Devices, Inc. | &nbsp;&nbsp;2836413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$487607759 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;198948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121014326 |
| DISCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;467600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140527400 |
| Hirose Electric Co. Ltd. (h) | &nbsp;&nbsp;2563900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346494169 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;4194999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348101017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1443744671 |
| Energy - Independent – 1.7% | Energy - Independent – 1.7% |  |
| Woodside Energy Group Ltd. | 14720810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371443152 |

---

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Integrated – 2.4% | Energy - Integrated – 2.4% |  |
| TotalEnergies SE (l) | &nbsp;&nbsp;8423325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$526176253 |
| Food & Beverages – 7.0% | Food & Beverages – 7.0% |  |
| Chocoladefabriken Lindt & Sprungli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68852099 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp;3071100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80048998 |
| ITO EN Ltd. | &nbsp;&nbsp;3454400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133651202 |
| Nestle S.A. | &nbsp;&nbsp;8367858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995768364 |
| Toyo Suisan Kaisha Ltd. (h) | &nbsp;&nbsp;6070300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254936575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1533257238 |
| Food & Drug Stores – 0.1% | Food & Drug Stores – 0.1% |  |
| Ocado Group PLC (a) | &nbsp;&nbsp;3229077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24500036 |
| Insurance – 0.4% | Insurance – 0.4% |  |
| Hiscox Ltd. | &nbsp;&nbsp;7739693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95233252 |
| Machinery & Tools – 6.2% | Machinery & Tools – 6.2% |  |
| Epiroc AB | &nbsp;&nbsp;9906832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$192891011 |
| GEA Group AG | &nbsp;&nbsp;5237413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211430160 |
| IMI PLC (h) | 16960315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275550464 |
| Schindler Holding AG | &nbsp;&nbsp;1187002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226202487 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;555600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254148411 |
| Spirax-Sarco Engineering PLC | &nbsp;&nbsp;1521402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209482054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1369704587 |
| Major Banks – 2.2% | Major Banks – 2.2% |  |
| Bank of Ireland Group PLC | 12524808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103320921 |
| Resona Holdings, Inc. | 28711100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138487382 |
| UBS Group AG | 12716560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236630756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$478439059 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |  |
| Haleon PLC (a) | 32895141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$113274209 |
| Medical Equipment – 4.5% | Medical Equipment – 4.5% |  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;1322122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$204902468 |
| Bruker BioSciences Corp. | &nbsp;&nbsp;2686646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181106807 |
| EssilorLuxottica | &nbsp;&nbsp;1457414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273496630 |
| Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;578500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527231 |
| Shimadzu Corp. | 10331500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318570702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$991603838 |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% |  |
| Glencore PLC | 33965379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229779850 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 2.0% | Other Banks & Diversified Financials – 2.0% |  |
| Chiba Bank Ltd. | 15995900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97271178 |
| Hachijuni Bank Ltd. | 10338900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39302408 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;1512252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87576048 |
| Jyske Bank A.S. (a) | &nbsp;&nbsp;1312546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80654489 |
| Mebuki Financial Group, Inc. | 22597670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51367616 |
| North Pacific Bank Ltd. | 15497700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27775653 |
| Sydbank A.S. | &nbsp;&nbsp;1740408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64335546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$448282938 |
| Pharmaceuticals – 2.8% | Pharmaceuticals – 2.8% |  |
| Bayer AG | &nbsp;&nbsp;3221744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$186244253 |
| Roche Holding AG | &nbsp;&nbsp;1060993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345124064 |
| Santen Pharmaceutical Co. Ltd. | 10770200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87985528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$619353845 |
| Precious Metals & Minerals – 4.5% | Precious Metals & Minerals – 4.5% |  |
| Agnico Eagle Mines Ltd. (l) | &nbsp;&nbsp;3377598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170116541 |
| Franco-Nevada Corp. | &nbsp;&nbsp;4612540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673767226 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp;3645261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142271273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$986155040 |
| Printing & Publishing – 1.2% | Printing & Publishing – 1.2% |  |
| Wolters Kluwer N.V. | &nbsp;&nbsp;2417681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$267046138 |
| Real Estate – 1.1% | Real Estate – 1.1% |  |
| LEG Immobilien SE | &nbsp;&nbsp;1195086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75181800 |
| TAG Immobilien AG | &nbsp;&nbsp;5004797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29685555 |
| Vonovia SE, REIT | &nbsp;&nbsp;5170613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126871189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231738544 |
| Specialty Chemicals – 4.3% | Specialty Chemicals – 4.3% |  |
| Croda International PLC | &nbsp;&nbsp;1186752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97461392 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp;4955300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68335826 |
| Novozymes A.S. | &nbsp;&nbsp;6458401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377165487 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;719163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185447519 |
| Symrise AG | &nbsp;&nbsp;1978301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224286662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$952696886 |
| Specialty Stores – 0.2% | Specialty Stores – 0.2% |  |
| Zalando SE (a) | &nbsp;&nbsp;1525982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47225245 |
| **Total Common Stocks (Identified Cost, $15,661,313,135)** |  | **$20767178462** |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Preferred Stocks – 1.2% | Preferred Stocks – 1.2% | Preferred Stocks – 1.2% |
| Consumer Products – 1.2% |  |  |
| Henkel AG & Co. KGaA (Identified Cost, $285,857,904) | 3651489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260054181 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike<br> Price** | **First<br> Exercise** |  |  |
| Warrants – 0.0% |  |  |  |  |
| Apparel Manufacturers – 0.0% | Apparel Manufacturers – 0.0% | Apparel Manufacturers – 0.0% | Apparel Manufacturers – 0.0% | Apparel Manufacturers – 0.0% |
| Compagnie Financiere Richemont S.A. (1 share for 2 warrants, Expiration 12/04/23) (a) (Identified Cost, $0) | CHF 67.00 | 11/20/23 | 4568796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4055787 |

---

---

| | | |
|:---|:---|:---|
| Investment Companies (h) – 3.9% | Investment Companies (h) – 3.9% | Investment Companies (h) – 3.9% |
| Money Market Funds – 3.9% | Money Market Funds – 3.9% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $866,641,921) | 866710383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$866710383 |
| Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $100,168,778) | 100168778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100168778 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13133886) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$21985033705** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,994,156,074 and $20,004,011,517, respectively.

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

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

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | 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 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 abbreviations is shown below: |
| CHF | Swiss Franc |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value, including $131,605,014 of securities on loan (identified cost, $15,174,276,049) | &nbsp;&nbsp;$20004011517 |
| Investments in affiliated issuers, at value (identified cost, $1,739,705,689) | &nbsp;&nbsp;&nbsp;&nbsp;1994156074 |
| Foreign currency, at value (identified cost, $3,649,762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678376 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18842684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18683564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98069490 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40187 |
| Total assets | &nbsp;&nbsp;$22137481892 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132576 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6626862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39614125 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100168778 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49560 |
| Deferred country tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243813 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612655 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152448187 |
| Net assets | &nbsp;&nbsp;$21985033705 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$13676629767 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8308403938 |
| Net assets | &nbsp;&nbsp;$21985033705 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512474542 |

---

(c) Non-cash collateral is not included.

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$2056142664 | &nbsp;&nbsp;&nbsp;&nbsp;49039804 | &nbsp;&nbsp;&nbsp;$41.93 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152243 | &nbsp;&nbsp;&nbsp;&nbsp;39.09 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79126433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149151 | &nbsp;&nbsp;&nbsp;&nbsp;36.82 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;7332847952 | &nbsp;&nbsp;&nbsp;164420525 | &nbsp;&nbsp;&nbsp;&nbsp;44.60 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217353 | &nbsp;&nbsp;&nbsp;&nbsp;37.28 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142551930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702044 | &nbsp;&nbsp;&nbsp;&nbsp;38.51 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979388267 | &nbsp;&nbsp;&nbsp;&nbsp;23572144 | &nbsp;&nbsp;&nbsp;&nbsp;41.55 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721264024 | &nbsp;&nbsp;&nbsp;&nbsp;17103092 | &nbsp;&nbsp;&nbsp;&nbsp;42.17 |
| Class R6 | &nbsp;&nbsp;&nbsp;10659657385 | &nbsp;&nbsp;&nbsp;252118186 | &nbsp;&nbsp;&nbsp;&nbsp;42.28 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $44.49 [100 /
94.25 x $41.93]. 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

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92250297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16238953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8468300) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$100036314 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71360003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701248 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84682556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524134) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83158422 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16877892 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1924991482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19662688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1691344) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$1942962826 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(2387075184) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715271 |
| Net unrealized gain (loss) | &nbsp;&nbsp;$(2372626277) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(429663451) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(412785559) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16877892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$194762942 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1942962826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354393584 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2372626277) | &nbsp;&nbsp;&nbsp;&nbsp;(6880011146) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(412785559) | &nbsp;&nbsp;&nbsp;&nbsp;$(4330854620) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(2264172425) |
| Change in net assets from fund share transactions | $(2124101117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(889370986) |
| Total change in net assets | $(2536886676) | &nbsp;&nbsp;&nbsp;&nbsp;$(7484398031) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;24521920381 | &nbsp;&nbsp;&nbsp;&nbsp;32006318412 |
| At end of period | $21985033705 | &nbsp;&nbsp;&nbsp;$24521920381 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.88 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.10 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.07) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $41.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $2056143 | &nbsp;&nbsp;$2345833 | $3046287 | $2651120 | $2959958 | $3594359 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $39.72 | &nbsp;&nbsp;&nbsp;$50.76 | &nbsp;&nbsp;&nbsp;$42.18 | &nbsp;&nbsp;&nbsp;$39.99 | &nbsp;&nbsp;&nbsp;$40.80 | &nbsp;&nbsp;&nbsp;$38.94 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(7.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| Total from investment operations | $(0.63) | &nbsp;&nbsp;&nbsp; $(7.26) | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp;&nbsp; $3.60 | &nbsp;&nbsp;&nbsp;&nbsp; $0.52 | &nbsp;&nbsp;&nbsp;&nbsp; $2.64 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15) | $— | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;$(0.32) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(3.78) | &nbsp;&nbsp;&nbsp; $(2.53) | &nbsp;&nbsp;&nbsp; $(1.41) | &nbsp;&nbsp;&nbsp; $(1.33) | &nbsp;&nbsp;&nbsp; $(0.78) |
| Net asset value, end of period (x) | $39.09 | &nbsp;&nbsp; $39.72 | &nbsp;&nbsp; $50.76 | &nbsp;&nbsp; $42.18 | &nbsp;&nbsp; $39.99 | &nbsp;&nbsp; $40.80 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(1.59)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(15.74) | &nbsp;&nbsp;&nbsp;&nbsp;26.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.86)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $5951 | &nbsp;&nbsp;&nbsp;$8336 | $19911 | $25231 | $35571 | $46522 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$37.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.04 | &nbsp;&nbsp;&nbsp;&nbsp;$40.04 | &nbsp;&nbsp;&nbsp;&nbsp;$38.05 | &nbsp;&nbsp;&nbsp;&nbsp;$38.91 | &nbsp;&nbsp;&nbsp;&nbsp;$37.19 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from investment operations | $(0.59) | &nbsp;&nbsp;&nbsp;&nbsp; $(6.83) | &nbsp;&nbsp;&nbsp;&nbsp; $10.53 | &nbsp;&nbsp;&nbsp;&nbsp; $3.43 | &nbsp;&nbsp;&nbsp;&nbsp; $0.49 | &nbsp;&nbsp;&nbsp;&nbsp; $2.51 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3.80) | &nbsp;&nbsp;&nbsp;&nbsp; $(2.53) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.44) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.35) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.79) |
| Net asset value, end of period (x) | $36.82 | &nbsp;&nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp;&nbsp; $48.04 | &nbsp;&nbsp;&nbsp;&nbsp; $40.04 | &nbsp;&nbsp;&nbsp;&nbsp; $38.05 | &nbsp;&nbsp;&nbsp;&nbsp; $38.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.58)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $79126 | &nbsp;&nbsp;$117583 | $264432 | $395411 | $496745 | $627662 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.85 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 |
|  Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.35 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.72) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.18) |
|  Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $44.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45.02 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $7332848 | &nbsp;&nbsp;$8888439 | $12285870 | $10468862 | $10871918 | $11680254 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $37.88 | &nbsp;&nbsp;&nbsp;$48.67 | &nbsp;&nbsp;&nbsp;$40.54 | &nbsp;&nbsp;$38.51 | &nbsp;&nbsp;&nbsp;$39.39 | &nbsp;&nbsp;&nbsp;$37.64 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(6.74) | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Total from investment operations | $(0.60) | &nbsp;&nbsp;&nbsp; $(6.91) | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $3.48 | &nbsp;&nbsp;&nbsp;&nbsp; $0.49 | &nbsp;&nbsp;&nbsp;&nbsp; $2.55 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.25) | $— | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.34) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(3.88) | &nbsp;&nbsp;&nbsp; $(2.53) | &nbsp;&nbsp; $(1.45) | &nbsp;&nbsp;&nbsp; $(1.37) | &nbsp;&nbsp;&nbsp; $(0.80) |
| Net asset value, end of period (x) | $37.28 | &nbsp;&nbsp; $37.88 | &nbsp;&nbsp; $48.67 | $40.54 | &nbsp;&nbsp; $38.51 | &nbsp;&nbsp; $39.39 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(1.58)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(15.73) | &nbsp;&nbsp;&nbsp;&nbsp;26.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.85)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $8104 | &nbsp;&nbsp;&nbsp;$8909 | $11648 | &nbsp;&nbsp;$9836 | $11321 | $12943 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$39.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.87 | &nbsp;&nbsp;&nbsp;&nbsp;$41.36 | &nbsp;&nbsp;&nbsp;&nbsp;$39.25 | &nbsp;&nbsp;&nbsp;&nbsp;$40.13 | &nbsp;&nbsp;&nbsp;&nbsp;$38.32 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.52) | &nbsp;&nbsp;&nbsp;&nbsp; $(6.88) | &nbsp;&nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp; $3.76 | &nbsp;&nbsp;&nbsp;&nbsp; $0.68 | &nbsp;&nbsp;&nbsp;&nbsp; $2.80 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3.96) | &nbsp;&nbsp;&nbsp;&nbsp; $(2.62) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.65) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.56) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.99) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $38.51 | &nbsp;&nbsp;&nbsp;&nbsp; $39.03 | &nbsp;&nbsp;&nbsp;&nbsp; $49.87 | &nbsp;&nbsp;&nbsp;&nbsp; $41.36 | &nbsp;&nbsp;&nbsp;&nbsp; $39.25 | &nbsp;&nbsp;&nbsp;&nbsp; $40.13 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $142552 | &nbsp;&nbsp;$153967 | $224998 | $219474 | $295690 | $358138 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$42.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.63 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.08 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.09) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $41.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.62 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.21)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10)(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $979388 | &nbsp;&nbsp;$1034115 | $1383344 | $1320257 | $1353427 | $1450342 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$42.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.01 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.46) | &nbsp;&nbsp;&nbsp;&nbsp; $(7.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.21 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.73) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.19) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $42.17 | &nbsp;&nbsp;&nbsp;&nbsp; $42.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.03 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $721264 | &nbsp;&nbsp;$781557 | $1183942 | $1019909 | $1048956 | $1157723 |

---

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;**5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.06 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 |
|  Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.26 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.77) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.23) |
|  Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43.09 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.97 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25(a)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Net assets at end of period (000 omitted) | $10659657 | &nbsp;&nbsp;$11183181 | $13585886 | $11561818 | $10706826 | $10625510 |

---

(a) Annualized.

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

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio
may differ.

(n) Not annualized.

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

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

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

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

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

**General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.**

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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.**

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

**Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.**

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 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

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3918511993 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3918511993 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395165017 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395165017 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349179851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772460407 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121640258 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275550464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266783536 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542334000 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561251643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677855039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239106682 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1736086463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736086463 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986155040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986155040 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64335546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457819976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522155522 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454121564 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454121564 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570297754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545714137 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116011891 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966879161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966879161 |
| Total | &nbsp;&nbsp;$5509735922 | &nbsp;&nbsp;&nbsp;$16488431669 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$21998167591 |

---

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, State Street Bank and Trust Company, 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**

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. 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 $131,605,014. The fair value of the fund's investment securities on loan and a related liability of $100,168,778 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $35,369,323 held by the lending agent. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

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

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

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

**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 a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.**

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$358168433 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906003992 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2264172425 |

---

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$16943427101 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6172399821 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1117659331) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$5054740490 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195336522 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105404050 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8633112) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429082037 |

---

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp;$217763508 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129603 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17012360 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;832113114 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901313 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15548735 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102200406 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78381372 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;999122014 |
| Total | $— | $2264172425 |

---

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion and up to $10 billion | 0.70% |
| In excess of $10 billion and up to $15 billion | 0.65% |
| In excess of $15 billion and up to $20 billion | 0.55% |
| In excess of $20 billion and up to $25 billion | 0.50% |
| In excess of $25 billion and up to $30 billion | 0.45% |
| In excess of $30 billion and up to $35 billion | 0.43% |
| In excess of $35 billion | 0.41% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $1,523,607, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.64% of the fund's average daily net assets.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $6,887 for the six months ended November 30, 2022, 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.

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$2627087 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33435 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460346 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39806 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344408 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;1179837 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$4684919 |

---

(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 November 30, 2022 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 November 30, 2022, this rebate amounted to $526 and $1 for Class A and Class R3 shares, respectively, and is included in the reduction of total expenses in the
Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $464 |
| Class B | 1069 |
| Class C | &nbsp;&nbsp;321 |

---

**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 November 30, 2022, the fee was $155,242, which equated to 0.0014% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $6,026,662.**

**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**

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0032% 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. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.**

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

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $1,973,984,068 and $4,024,566,231, 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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;8037241 | &nbsp;&nbsp;&nbsp;&nbsp;$307303880 | &nbsp;&nbsp;10279910 | &nbsp;&nbsp;&nbsp;&nbsp;$495582124 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94710 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610985 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;7315616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304848719 | &nbsp;&nbsp;20052793 | &nbsp;&nbsp;&nbsp;&nbsp;1069026618 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099404 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;277903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169895 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;1503391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58566698 | &nbsp;&nbsp;&nbsp;&nbsp;7979778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410670659 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;1432847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57226908 | &nbsp;&nbsp;&nbsp;&nbsp;3231877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164071767 |
| &nbsp;&nbsp;&nbsp;Class R6 | 11932088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467518884 | &nbsp;&nbsp;33455875 | &nbsp;&nbsp;&nbsp;&nbsp;1649747940 |
|  | 30523603 | &nbsp;&nbsp;$1206355557 | &nbsp;&nbsp;75567864 | &nbsp;&nbsp;$3815074102 |

---

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193620921 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014099 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16731614 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13385203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742878767 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901313 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15496148 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102200405 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70607593 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18110430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951884189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;39238412 | &nbsp;&nbsp;&nbsp;$2095335049 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14271827) | &nbsp;&nbsp;&nbsp;&nbsp;$(551396292) | &nbsp;&nbsp;&nbsp;&nbsp;(15293387) | &nbsp;&nbsp;&nbsp;&nbsp;$(762719283) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2120461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9719254) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;(1004465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34491862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2757292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121228370) |
| &nbsp;&nbsp;&nbsp;Class I | (40039347) | &nbsp;&nbsp;&nbsp;&nbsp;(1672086737) | &nbsp;&nbsp;&nbsp;&nbsp;(52340999) | &nbsp;&nbsp;&nbsp;&nbsp;(2750887414) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1112876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2169741) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(521202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18744852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1394678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66449940) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;(2520493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97593476) | &nbsp;&nbsp;&nbsp;&nbsp;(11275088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571149040) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(2661908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102584105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8176489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416568844) |
| &nbsp;&nbsp;&nbsp;Class R6 | (21585538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850326013) | &nbsp;&nbsp;&nbsp;&nbsp;(41125810) | &nbsp;&nbsp;&nbsp;&nbsp;(2098888251) |
|  | (82694537) | &nbsp;&nbsp;$(3330456674) | &nbsp;&nbsp;(132615988) | &nbsp;&nbsp;$(6799780137) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(6234586) | &nbsp;&nbsp;&nbsp;&nbsp;$(244092412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(73516238) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2117576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8610445) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(994231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34138534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2360681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102885771) |
| &nbsp;&nbsp;&nbsp;Class I | (32723731) | &nbsp;&nbsp;&nbsp;&nbsp;(1367238018) | &nbsp;&nbsp;&nbsp;&nbsp;(18903003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938982029) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169024) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(243299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8705227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27783897) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;(1017102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39026778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1323471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58277976) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;(1229061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45357197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3599193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181889484) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(9653450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382807129) | &nbsp;&nbsp;&nbsp;&nbsp;10440495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502743878 |
|  | (52170934) | &nbsp;&nbsp;$(2124101117) | &nbsp;&nbsp;&nbsp;&nbsp;(17809712) | &nbsp;&nbsp;&nbsp;&nbsp;$(889370986) |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS International Diversification Fund was the owner of record of approximately 22% of the value of outstanding voting shares of the fund. In addition, the MFS Aggressive Growth Allocation Fund, the

------

[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

Notes to Financial Statements (unaudited) - continued

MFS Conservative Allocation Fund, the MFS Growth Allocation Fund, the MFS Lifetime 2025 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2060 Fund, the MFS Lifetime 2065 Fund, the MFS Lifetime Income Fund, and the MFS Moderate Allocation Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

Effective at the close of business on May 29, 2015, purchases of the fund were closed to new investors subject to certain exceptions. Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $57,343 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

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Notes to Financial Statements (unaudited) - continued

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| Hirose Electric Co. Ltd. | $356896633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(10402464) | &nbsp;&nbsp; $346494169 |
| IMI PLC | &nbsp;&nbsp; 301554515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26004051) | &nbsp;&nbsp;&nbsp;&nbsp; 275550464 |
| ITO EN Ltd.\* | &nbsp;&nbsp; 191926495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 42587764 | &nbsp;&nbsp; 17571268 | &nbsp;&nbsp;&nbsp; (33258797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 919522220 | &nbsp;&nbsp; 2129710321 | &nbsp;&nbsp; 2182476023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39665) | &nbsp;&nbsp;&nbsp;&nbsp; 866710383 |
| ROHTO Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 196795568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53668915 | &nbsp;&nbsp;&nbsp;&nbsp; 250464483 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 266668004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42599017 | &nbsp;&nbsp;&nbsp; 2097890 | &nbsp;&nbsp;&nbsp;&nbsp; 28769698 | &nbsp;&nbsp;&nbsp;&nbsp; 254936575 |
|  | $2233363435 | &nbsp;&nbsp;$2129710321 | &nbsp;&nbsp;$2267662804 | &nbsp;&nbsp;$19662688 | &nbsp;&nbsp;&nbsp;&nbsp;$12733636 | &nbsp;&nbsp;$1994156074 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| Hirose Electric Co. Ltd. | $3514867 | &nbsp;&nbsp; $— |
| IMI PLC | 1720921 | &nbsp;&nbsp;&nbsp; — |
| ITO EN Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| MFS Institutional Money Market Portfolio | 8409149 | &nbsp;&nbsp;&nbsp; — |
| ROHTO Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp; 955335 | &nbsp;&nbsp;&nbsp; — |
| Toyo Suisan Kaisha Ltd. | 1638681 | &nbsp;&nbsp;&nbsp; — |
|  | $16238953 | &nbsp;&nbsp;&nbsp;$— |

---

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

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements

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Notes to Financial Statements (unaudited) - continued

of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

### Board Review of Investment Advisory Agreement

#### MFS International Intrinsic Value Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion, $2 billion, $10 billion, $15 billion, $20 billion, $25 billion, $30 billion and $35 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The

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Board Review of Investment Advisory Agreement - continued

Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

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[**Table of Contents**](#JOB_FGI_-_c8ed5805-ca0c-43e9-bbbe-387fb8bd786c_TOC)

![](img086027e66.gif)

------

#### Save paper with eDelivery.
![](img8c772e407.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](imga6ac10541.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> International Diversification<sup>SM</sup> Fund

![](img74b61a242.gif)

MDI-SEM

------

MFS<sup>®</sup> International Diversification<sup>SM</sup> Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_17a326c9-f9dd-4585-b0c6-38b0d842c95b_1)<br>| 1 |
| [Portfolio composition](#xx_66cfb7c3-dbe6-4c71-8f3b-20864689bf9c_1)<br>| 2 |
| [Expense table](#xx_8317320d-79c0-4142-bed1-19aa21c38847_1)<br>| 3 |
| [Portfolio of investments](#xx_b35d9fa4-b331-4cf1-b567-80b9857aff30_1)<br>| 5 |
| [Statement of assets and liabilities](#xx_9ee198e1-1c7d-4fde-9490-194354c607b4_1)<br>| 6 |
| [Statement of operations](#xx_9ee198e1-1c7d-4fde-9490-194354c607b4_3)<br>| 8 |
| [Statements of changes in net assets](#xx_9ee198e1-1c7d-4fde-9490-194354c607b4_4)<br>| 9 |
| [Financial highlights](#xx_8b547cad-9232-4f35-a48d-b09b266985c9_1)<br>| 10 |
| [Notes to financial statements](#xx_31022333-ac4d-457b-9d60-94517f77aa68_1)<br>| 20 |
| [Board review of investment advisory agreement](#xx_a62ca5da-de36-4fc6-bff9-81a0f7e629fd_1)<br>| 31 |
| [Proxy voting policies and information](#xx_9cd589e8-8437-443e-8cae-b6bda1b99997_1)<br>| 34 |
| [Quarterly portfolio disclosure](#xx_9cd589e8-8437-443e-8cae-b6bda1b99997_1)<br>| 34 |
| [Further information](#xx_9cd589e8-8437-443e-8cae-b6bda1b99997_1)<br>| 34 |
| [Information about fund contracts and legal claims](#xx_9cd589e8-8437-443e-8cae-b6bda1b99997_1)<br>| 34 |
| [Provision of financial reports and summary prospectuses](#xx_9cd589e8-8437-443e-8cae-b6bda1b99997_1)<br>| 34 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_475c46ab-998d-451b-aa33-f36f034ff271_2)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

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[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](imgaebdc0403.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img0bd417694.gif)

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[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Portfolio Composition

#### Portfolio target allocation
![](img2e4b2f3d5.jpg)

#### Portfolio actual allocation
![](img4a0cf71a6.jpg)

#### Portfolio holdings

---

| | |
|:---|:---|
| MFS Research International Fund | 27.5% |
| MFS Emerging Markets Equity Fund | 17.5% |
| MFS International Growth Fund | 15.0% |
| MFS International Large Cap Value Fund | 15.0% |
| MFS International Intrinsic Value Fund | 14.9% |
| MFS International New Discovery Fund | &nbsp;&nbsp;9.9% |
| Cash & Cash Equivalents | &nbsp;&nbsp;0.2% |

---

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the fund's Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Because the underlying funds have varied expenses and fee levels and the fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. If these transactional and indirect costs were included, your costs would have been higher.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.35%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$977.54* | *$1.74* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.35%* | *$1000.00* | *$1023.31* | *$1.78* |
| &nbsp;&nbsp;*B* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$973.49* | *$5.44* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*C* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$973.56* | *$5.44* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*I* | *Actual* | *0.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.73* | *$0.50* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.10%* | *$1000.00* | *$1024.57* | *$0.51* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$973.59* | *$5.44* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.10%* | *$1000.00* | *$1019.55* | *$5.57* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.60%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$976.17* | *$2.97* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.60%* | *$1000.00* | *$1022.06* | *$3.04* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.35%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$977.35* | *$1.73* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.35%* | *$1000.00* | *$1023.31* | *$1.78* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.10%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.66* | *$0.50* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.10%* | *$1000.00* | *$1024.57* | *$0.51* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.00%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$978.76* | *$0.00* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.00%* | *$1000.00* | *$1025.07* | *$0.00* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the
fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your
costs would have been higher.

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% | Investment Companies (h) – 99.9% |
| International Stock Funds – 99.8% | International Stock Funds – 99.8% | International Stock Funds – 99.8% |
| MFS Emerging Markets Equity Fund - Class R6 | 192325311 | &nbsp;&nbsp;&nbsp;&nbsp;$5798608135 |
| MFS International Growth Fund - Class R6 | 129175599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962926515 |
| MFS International Intrinsic Value Fund - Class R6 | 116879339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941658458 |
| MFS International Large Cap Value Fund - Class R6 | 403489388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954849687 |
| MFS International New Discovery Fund - Class R6 | 105741290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289611514 |
| MFS Research International Fund - Class R6 | 444156132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087434452 |
|  |  | &nbsp;&nbsp;&nbsp;$33035088761 |
| Money Market Funds – 0.1% | Money Market Funds – 0.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) | &nbsp;&nbsp;40811715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40811715 |
| **Total Investment Companies (Identified Cost, $30,955,693,964)** | **Total Investment Companies (Identified Cost, $30,955,693,964)** | &nbsp;&nbsp;**$33075900476** |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33677865 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$33109578341** |

---

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate value of the fund's investments in affiliated issuers was $33,075,900,476.

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in affiliated issuers, at value (identified cost, $30,955,693,964) | &nbsp;&nbsp;$33075900476 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35846063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56578803 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376689 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34807 |
| Total assets | &nbsp;&nbsp;$33168736838 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8393 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47413004 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81358 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336481 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59158497 |
| Net assets | &nbsp;&nbsp;$33109578341 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$31027377907 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2082200434 |
| Net assets | &nbsp;&nbsp;$33109578341 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1567606727 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$3450590829 | &nbsp;&nbsp;&nbsp;165191483 | &nbsp;&nbsp;&nbsp;$20.89 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526354 | &nbsp;&nbsp;&nbsp;&nbsp;20.56 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323945540 | &nbsp;&nbsp;&nbsp;&nbsp;15999961 | &nbsp;&nbsp;&nbsp;&nbsp;20.25 |
| Class I | &nbsp;&nbsp;&nbsp;13909469252 | &nbsp;&nbsp;&nbsp;657140269 | &nbsp;&nbsp;&nbsp;&nbsp;21.17 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345606 | &nbsp;&nbsp;&nbsp;&nbsp;19.91 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60328602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945783 | &nbsp;&nbsp;&nbsp;&nbsp;20.48 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;1160191256 | &nbsp;&nbsp;&nbsp;&nbsp;56023112 | &nbsp;&nbsp;&nbsp;&nbsp;20.71 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992793935 | &nbsp;&nbsp;&nbsp;&nbsp;47062348 | &nbsp;&nbsp;&nbsp;&nbsp;21.10 |
| Class R6 | &nbsp;&nbsp;&nbsp;13194555660 | &nbsp;&nbsp;&nbsp;622371811 | &nbsp;&nbsp;&nbsp;&nbsp;21.20 |

---

(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 $22.16 [100 /
94.25 x $20.89]. 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

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$522341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$525619 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7359175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10303100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511320 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$19293530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2115472) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$17178058 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$(16652439) |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;$(454852128) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;$(354335686) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(809187814) |
| Change in net assets from operations | &nbsp;&nbsp;$(825840253) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(16652439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$735326573 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(454852128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658157333 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(354335686) | &nbsp;&nbsp;&nbsp;&nbsp;(7082594212) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(825840253) | &nbsp;&nbsp;&nbsp;&nbsp;$(5689110306) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1060185290) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$(668116884) | &nbsp;&nbsp;&nbsp;&nbsp;$2882410782 |
| Total change in net assets | $(1493957137) | &nbsp;&nbsp;&nbsp;&nbsp;$(3866884814) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;34603535478 | &nbsp;&nbsp;&nbsp;&nbsp;38470420292 |
| At end of period | $33109578341 | &nbsp;&nbsp;&nbsp;$34603535478 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

*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 (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.07 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.89 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.28) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.28) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $20.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $3450591 | $3644253 | $4381231 | $2778815 | $2458587 | $2263605 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$21.12 | &nbsp;&nbsp;&nbsp;$25.16 | &nbsp;&nbsp;&nbsp;$18.61 | &nbsp;&nbsp;&nbsp;$18.50 | &nbsp;&nbsp;&nbsp;$19.43 | &nbsp;&nbsp;&nbsp;$17.84 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(3.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total from investment operations | $(0.56) | &nbsp;&nbsp;&nbsp; $(3.65) | &nbsp;&nbsp;&nbsp;&nbsp; $6.78 | &nbsp;&nbsp;&nbsp;&nbsp; $0.41 | &nbsp;&nbsp;&nbsp; $(0.60) | &nbsp;&nbsp;&nbsp;&nbsp; $1.73 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.18) | $— | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;$(0.14) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(0.39) | &nbsp;&nbsp;&nbsp; $(0.23) | &nbsp;&nbsp;&nbsp; $(0.30) | &nbsp;&nbsp;&nbsp; $(0.33) | &nbsp;&nbsp;&nbsp; $(0.14) |
| Net asset value, end of period (x) | $20.56 | &nbsp;&nbsp; $21.12 | &nbsp;&nbsp; $25.16 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $18.50 | &nbsp;&nbsp; $19.43 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.65)(n) | &nbsp;&nbsp;&nbsp;(14.73) | &nbsp;&nbsp;&nbsp;&nbsp;36.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.71 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $10823 | $13672 | $21542 | $20424 | $27434 | $34421 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$20.80 | &nbsp;&nbsp;&nbsp;&nbsp;$24.83 | &nbsp;&nbsp;&nbsp;&nbsp;$18.36 | &nbsp;&nbsp;&nbsp;&nbsp;$18.28 | &nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;$17.65 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.55) | &nbsp;&nbsp;&nbsp;&nbsp; $(3.60) | &nbsp;&nbsp;&nbsp;&nbsp; $6.70 | &nbsp;&nbsp;&nbsp;&nbsp; $0.40 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.59) | &nbsp;&nbsp;&nbsp;&nbsp; $1.71 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(0.43) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.23) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.32) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.33) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.16) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $20.25 | &nbsp;&nbsp;&nbsp;&nbsp; $20.80 | &nbsp;&nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp;&nbsp; $18.36 | &nbsp;&nbsp;&nbsp;&nbsp; $18.28 | &nbsp;&nbsp;&nbsp;&nbsp; $19.20 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.64)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(14.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $323946 | $379572 | $489683 | $419045 | $472251 | $517523 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.25 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.96 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.32) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.89 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $13909469 | $15504823 | $17850569 | $9936595 | $7848998 | $5199628 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $20.45 | &nbsp;&nbsp;$24.40 | &nbsp;&nbsp;&nbsp;$18.04 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$18.93 | &nbsp;&nbsp;$17.39 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | $(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Total from investment operations | $(0.54) | &nbsp;&nbsp; $(3.55) | &nbsp;&nbsp;&nbsp;&nbsp; $6.59 | &nbsp;&nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $(0.59) | &nbsp;&nbsp;&nbsp; $1.69 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.19) | $— | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;$(0.15) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.40) | &nbsp;&nbsp;&nbsp; $(0.23) | &nbsp;&nbsp; $(0.35) | &nbsp;&nbsp; $(0.35) | &nbsp;&nbsp; $(0.15) |
| Net asset value, end of period (x) | $19.91 | $20.45 | &nbsp;&nbsp; $24.40 | $18.04 | $17.99 | $18.93 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(2.64)(n) | &nbsp;&nbsp;&nbsp;(14.78) | &nbsp;&nbsp;&nbsp;&nbsp;36.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;9.70 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;1.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;(1.10)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $6880 | &nbsp;&nbsp;$7056 | $10359 | &nbsp;&nbsp;$7756 | &nbsp;&nbsp;$8625 | &nbsp;&nbsp;$8912 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;&nbsp;$25.05 | &nbsp;&nbsp;&nbsp;$18.49 | &nbsp;&nbsp;&nbsp;$18.39 | &nbsp;&nbsp;&nbsp;$19.34 | &nbsp;&nbsp;&nbsp;$17.76 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;$0.33 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Total from investment operations | $(0.50) | &nbsp;&nbsp;&nbsp; $(3.51) | &nbsp;&nbsp;&nbsp;&nbsp; $6.86 | &nbsp;&nbsp;&nbsp;&nbsp; $0.52 | &nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp;&nbsp;&nbsp; $1.81 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;$(0.23) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(0.56) | &nbsp;&nbsp;&nbsp; $(0.30) | &nbsp;&nbsp;&nbsp; $(0.42) | &nbsp;&nbsp;&nbsp; $(0.44) | &nbsp;&nbsp;&nbsp; $(0.23) |
| Net asset value, end of period (x) | $20.48 | &nbsp;&nbsp; $20.98 | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $18.49 | &nbsp;&nbsp; $18.39 | &nbsp;&nbsp; $19.34 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38)(n) | &nbsp;&nbsp;&nbsp;(14.34) | &nbsp;&nbsp;&nbsp;&nbsp;37.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;0.60(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $60329 | $65430 | $74611 | $53110 | $61929 | $73998 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.66 | &nbsp;&nbsp;&nbsp;&nbsp;$18.57 | &nbsp;&nbsp;&nbsp;&nbsp;$19.54 | &nbsp;&nbsp;&nbsp;&nbsp;$17.95 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.99 | &nbsp;&nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.47) | &nbsp;&nbsp;&nbsp;&nbsp; $1.87 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.35) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.48) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.50) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.28) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $20.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp;&nbsp; $18.66 | &nbsp;&nbsp;&nbsp;&nbsp; $18.57 | &nbsp;&nbsp;&nbsp;&nbsp; $19.54 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.44 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $1160191 | $1178451 | $1318182 | $724023 | $523367 | $391082 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.95 | &nbsp;&nbsp;&nbsp;&nbsp;$18.85 | &nbsp;&nbsp;&nbsp;&nbsp;$19.82 | &nbsp;&nbsp;&nbsp;&nbsp;$18.19 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.17 | &nbsp;&nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.43) | &nbsp;&nbsp;&nbsp;&nbsp; $1.95 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.32) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.40) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.52) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.32) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $21.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.72 | &nbsp;&nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp;&nbsp; $18.85 | &nbsp;&nbsp;&nbsp;&nbsp; $19.82 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(2.13)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net assets at end of period (000 omitted) | $992794 | $1017358 | $1277938 | $721937 | $779264 | $948409 |

---

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18(i)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.09 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d)(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.14 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.33) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.90 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03(a) |
| Expenses after expense reductions (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(a) |
| Net investment income (loss) (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1(n) |
| Net assets at end of period (000 omitted) | $13194556 | $12792920 | $13046306 | $6984049 | $4526554 | $2698739 |

---

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Financial Highlights – continued

**(a)** **Annualized.** 

**(d)** **Per share data is based on average shares outstanding.** 

**(h)** **In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.** 

**(i)** **For Class R6, the period is from the class inception, October 2, 2017, through the stated period end.** 

**(l)** **Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.** 

**(n)** **Not annualized.** 

**(r)** **Certain expenses have been reduced without which performance would have been lower.** 

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

**(t)** **Total returns do not include any applicable sales charges.** 

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

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### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

The fund is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (underlying funds), which may have different fiscal year ends than the fund. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds can invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.

The investment objective of each of the international stock funds held by the fund at November 30, 2022 was to seek capital appreciation.

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Notes to Financial Statements (unaudited) - continued

**Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

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. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses.

Open-end investment companies are generally valued at net asset value per share. 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.

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Notes to Financial Statements (unaudited) - continued

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Mutual Funds | &nbsp;&nbsp;$33075900476 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$33075900476 |

---

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Notes to Financial Statements (unaudited) - continued

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' shareholder reports for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives — The fund does not invest in derivatives directly. The fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.**

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

**Investment Transactions and Income — Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.**

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

**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 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

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Notes to Financial Statements (unaudited) - continued

to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$738095672 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322089618 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1060185290 |

---

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$31125292478 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973035633 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1022427635) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$1950607998 |
| **As of 5/31/22** |  |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616528315 |
| Late year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13431312) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304943684 |

---

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**

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Notes to Financial Statements (unaudited) - continued

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp;$102576698 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284895 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8280369 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;495699263 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137313 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683327 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32728112 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32021282 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;386774031 |
| Total | $— | $1060185290 |

---

(3) Transactions with Affiliates

**Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.**

The investment adviser has agreed in writing to pay a portion of the fund's operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles) ("Other Expenses") such that fund operating expenses do not exceed 0.10% annually of average daily net assets for Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, and Class R4 shares and 0.00% annually of average daily net assets for Class R6 shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $2,115,407, which is included in the reduction of total expenses in the Statement of Operations.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $138,350 for the six months ended November 30, 2022, 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.

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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.

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$4129353 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56859 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1643186 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32232 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147764 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;1349781 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$7359175 |

---

(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 November 30, 2022 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 November 30, 2022, this rebate amounted to $58, $1, and $6 for Class A, Class C, and Class R3 shares, respectively, and is included in the reduction of total
expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $37906 |
| Class B | &nbsp;&nbsp;&nbsp;9621 |
| Class C | &nbsp;&nbsp;13166 |

---

**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 November 30, 2022, the fee was $361,572, which equated to 0.0023% 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**

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Notes to Financial Statements (unaudited) - continued

providers. Class R6 shares do not incur sub-accounting fees. For the six months ended November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $9,941,528.

**Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund pays an annual fixed amount of $17,500. The administrative services fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0001% 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. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.**

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

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $827,187,678 and $1,514,541,686, 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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;11610453 | &nbsp;&nbsp;&nbsp;&nbsp;$227221552 | &nbsp;&nbsp;&nbsp;&nbsp;31079218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752544000 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132851 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9203910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54187044 |
| &nbsp;&nbsp;&nbsp;Class I | 110713900 | &nbsp;&nbsp;&nbsp;&nbsp;2196227677 | &nbsp;&nbsp;221220798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381413886 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672639 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19908525 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;5662849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109114670 | &nbsp;&nbsp;&nbsp;&nbsp;13456389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322800274 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;3741753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74083293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184547758 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;89514971 | &nbsp;&nbsp;&nbsp;&nbsp;1762917028 | &nbsp;&nbsp;156784794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836352557 |
|  | 222123889 | &nbsp;&nbsp;$4386447175 | &nbsp;&nbsp;433334559 | &nbsp;&nbsp;$10553559534 |

---

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[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$93578375 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277227 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7372464 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17086810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427853723 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137313 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659616 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32728103 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31162393 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14853691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372084952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;38692311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966854166 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;(16913083) | &nbsp;&nbsp;&nbsp;&nbsp;$(328681527) | &nbsp;&nbsp;&nbsp;&nbsp;(36108897) | &nbsp;&nbsp;&nbsp;&nbsp;$(871737061) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2366985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5334966) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(2733272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51585025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4040802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93133886) |
| &nbsp;&nbsp;&nbsp;Class I | (170314834) | &nbsp;&nbsp;&nbsp;&nbsp;(3335916532) | &nbsp;&nbsp;(213070176) | &nbsp;&nbsp;&nbsp;&nbsp;(5032296815) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3746980) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10097846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(758075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18129820) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(5250057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102167024) | &nbsp;&nbsp;&nbsp;&nbsp;(11274550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270832851) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(3868055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76855760) | &nbsp;&nbsp;&nbsp;&nbsp;(11361347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277056068) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(57879296) | &nbsp;&nbsp;&nbsp;&nbsp;(1146376279) | &nbsp;&nbsp;&nbsp;&nbsp;(85835831) | &nbsp;&nbsp;&nbsp;&nbsp;(2065734471) |
|  | (257650370) | &nbsp;&nbsp;$(5054564059) | &nbsp;&nbsp;(362834608) | &nbsp;&nbsp;$(8638002918) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(5302630) | &nbsp;&nbsp;&nbsp;&nbsp;$(101459975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(25614686) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2318458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4924888) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(2252207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42381115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1470907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31574378) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(59600934) | &nbsp;&nbsp;&nbsp;&nbsp;(1139688855) | &nbsp;&nbsp;&nbsp;&nbsp;25237432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776970794 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1937028) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2998662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438321 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84695526 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2772467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2493603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61345917) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;31635675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616540749 | &nbsp;&nbsp;&nbsp;&nbsp;85802654 | &nbsp;&nbsp;&nbsp;&nbsp;2142703038 |
|  | &nbsp;&nbsp;(35526481) | &nbsp;&nbsp;&nbsp;&nbsp;$(668116884) | &nbsp;&nbsp;&nbsp;109192262 | &nbsp;&nbsp;&nbsp;$2882410782 |

---

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

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Notes to Financial Statements (unaudited) - continued

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $78,825 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Emerging Markets Equity Fund | $6124405478 | &nbsp;&nbsp; $426455705 | &nbsp;&nbsp; $368607954 | &nbsp;&nbsp; $(162113916) | &nbsp;&nbsp; $(221531178) | &nbsp;&nbsp; $5798608135 |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 44389736 | &nbsp;&nbsp;&nbsp;&nbsp; 662230565 | &nbsp;&nbsp;&nbsp;&nbsp; 665799304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40811715 |
| MFS International Growth Fund | 5171427369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5641668 | &nbsp;&nbsp;&nbsp;&nbsp; 275424980 | &nbsp;&nbsp;&nbsp;&nbsp; (77445318) | &nbsp;&nbsp;&nbsp;&nbsp; 138727776 | &nbsp;&nbsp;&nbsp; 4962926515 |
| MFS International Intrinsic Value Fund | 5116992818 | &nbsp;&nbsp;&nbsp;&nbsp; 119528697 | &nbsp;&nbsp;&nbsp;&nbsp; 228227082 | &nbsp;&nbsp;&nbsp;&nbsp; (81972062) | &nbsp;&nbsp;&nbsp;&nbsp; 15336087 | &nbsp;&nbsp;&nbsp; 4941658458 |
| MFS International Large Cap Value Fund | 5183541096 | &nbsp;&nbsp;&nbsp;&nbsp; 143382325 | &nbsp;&nbsp;&nbsp;&nbsp; 293429032 | &nbsp;&nbsp;&nbsp;&nbsp; (27105598) | &nbsp;&nbsp;&nbsp;&nbsp; (51539104) | &nbsp;&nbsp;&nbsp; 4954849687 |
| MFS International New Discovery Fund | 3429640120 | &nbsp;&nbsp;&nbsp;&nbsp; 60312996 | &nbsp;&nbsp;&nbsp;&nbsp; 102363553 | &nbsp;&nbsp;&nbsp;&nbsp; (38425254) | &nbsp;&nbsp;&nbsp;&nbsp; (59552795) | &nbsp;&nbsp;&nbsp; 3289611514 |
| MFS Research International Fund | 9505614419 | &nbsp;&nbsp;&nbsp;&nbsp; 71866287 | &nbsp;&nbsp;&nbsp;&nbsp; 246489084 | &nbsp;&nbsp;&nbsp;&nbsp; (67780744) | &nbsp;&nbsp;&nbsp; (175776426) | &nbsp;&nbsp;&nbsp; 9087434452 |
|  | $34576011036 | &nbsp;&nbsp;$1489418243 | &nbsp;&nbsp;$2180340989 | &nbsp;&nbsp;&nbsp;$(454852128) | &nbsp;&nbsp;&nbsp;$(354335686) | &nbsp;&nbsp;$33075900476 |

---

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[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| MFS Institutional Money Market Portfolio | 522341 | &nbsp;&nbsp;&nbsp; — |
| MFS International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| MFS International Intrinsic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| MFS International Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| MFS International New Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| MFS Research International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | $522341 | &nbsp;&nbsp;&nbsp;$— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS International Diversification Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Fund, (iv) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (v) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to

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Board Review of Investment Advisory Agreement - continued

the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 4th quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

The Trustees considered that MFS does not charge an advisory fee for providing investment advisory services to the Fund, but that the Fund pays its pro rata share of the advisory fees paid by the underlying funds in which it invests (the "Underlying Funds").

In assessing the reasonableness of the Fund's expenses, the Trustees considered, among other information, the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in

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Board Review of Investment Advisory Agreement - continued

effect during the Fund's last fiscal year), the Fund's total expense ratio was approximately at the Broadridge expense group median. Because the Fund does not pay an advisory fee, the Trustees did not consider the extent to which economies of scale would be realized due to the Fund's growth of assets, whether fee levels reflect economies of scale for shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's or the Underlying Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

------

[**Table of Contents**](#JOB_MDI_-_1a23732b-8a76-4e7b-b1e1-a067b35f6fe0_TOC)

![](imga6ac10541.gif)

------

#### Save paper with eDelivery.
![](imge808cd437.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](imga1702a2d1.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

![](imgd9f836ac2.gif)

BRW-SEM

------

MFS<sup>®</sup> Blended Research<sup>®</sup>

Growth Equity Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_65f3159c-0593-46cc-b4f0-9ac645b9750a_1)<br>| 1 |
| [Portfolio composition](#xx_e4645b24-2f71-47c1-9e8a-0978d203a513_1)<br>| 2 |
| [Expense table](#xx_f450ac8b-036a-4f1a-bc47-1d816f3d9193_1)<br>| 3 |
| [Portfolio of investments](#xx_03333107-c2d7-423a-b9c8-15e69b7ff693_1)<br>| 5 |
| [Statement of assets and liabilities](#xx_d1653a9e-8c09-491e-8dd4-1b4868c8bec0_1)<br>| 10 |
| [Statement of operations](#xx_d1653a9e-8c09-491e-8dd4-1b4868c8bec0_3)<br>| 12 |
| [Statements of changes in net assets](#xx_d1653a9e-8c09-491e-8dd4-1b4868c8bec0_4)<br>| 13 |
| [Financial highlights](#xx_f31c124c-83cc-4b02-8dcd-79e4c4af9dcc_1)<br>| 14 |
| [Notes to financial statements](#xx_0e15c55e-2788-48bf-a756-e6b4f82f8b5e_1)<br>| 23 |
| [Board review of investment advisory agreement](#xx_0b23c433-8b71-49f8-adef-aae99cde112f_1)<br>| 34 |
| [Proxy voting policies and information](#xx_b01bd0bb-c371-4626-b889-aaf16bb97dec_1)<br>| 38 |
| [Quarterly portfolio disclosure](#xx_b01bd0bb-c371-4626-b889-aaf16bb97dec_1)<br>| 38 |
| [Further information](#xx_b01bd0bb-c371-4626-b889-aaf16bb97dec_1)<br>| 38 |
| [Information about fund contracts and legal claims](#xx_b01bd0bb-c371-4626-b889-aaf16bb97dec_1)<br>| 38 |
| [Provision of financial reports and summary prospectuses](#xx_b01bd0bb-c371-4626-b889-aaf16bb97dec_1)<br>| 38 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_a5d24874-58b6-4a35-8832-3af123a5acc0_6)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](imgc0ee95b33.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img65d696f84.gif)

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Portfolio Composition

#### Portfolio structure
![](img6891e8e55.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Apple, Inc. | 11.9% |
| Microsoft Corp. | 11.1% |
| Amazon.com, Inc. | &nbsp;&nbsp;4.6% |
| Alphabet, Inc., "A" | &nbsp;&nbsp;3.4% |
| Alphabet, Inc., "C" | &nbsp;&nbsp;3.2% |
| Visa, Inc., "A" | &nbsp;&nbsp;2.3% |
| Home Depot, Inc. | &nbsp;&nbsp;2.1% |
| Tesla, Inc. | &nbsp;&nbsp;2.0% |
| Applied Materials, Inc. | &nbsp;&nbsp;1.9% |
| McKesson Corp. | &nbsp;&nbsp;1.9% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Information Technology | 42.8% |
| Consumer Discretionary | 15.7% |
| Health Care | 11.6% |
| Communication Services | &nbsp;&nbsp;7.9% |
| Industrials | &nbsp;&nbsp;6.8% |
| Consumer Staples | &nbsp;&nbsp;4.7% |
| Financials | &nbsp;&nbsp;3.8% |
| Energy | &nbsp;&nbsp;2.3% |
| Real Estate | &nbsp;&nbsp;1.6% |
| Utilities | &nbsp;&nbsp;1.0% |
| Materials | &nbsp;&nbsp;0.8% |

---

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$960.35* | *$3.64* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*B* | *Actual* | *1.49%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$957.06* | *$7.31* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.49%* | *$1000.00* | *$1017.60* | *$7.54* |
| &nbsp;&nbsp;*C* | *Actual* | *1.49%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$957.03* | *$7.31* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.49%* | *$1000.00* | *$1017.60* | *$7.54* |
| &nbsp;&nbsp;*I* | *Actual* | *0.49%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$961.88* | *$2.41* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.49%* | *$1000.00* | *$1022.61* | *$2.48* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.49%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$957.03* | *$7.31* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.49%* | *$1000.00* | *$1017.60* | *$7.54* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.99%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$959.15* | *$4.86* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.99%* | *$1000.00* | *$1020.10* | *$5.01* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$960.55* | *$3.64* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.49%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$961.32* | *$2.41* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.49%* | *$1000.00* | *$1022.61* | *$2.48* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.42%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$961.95* | *$2.07* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.42%* | *$1000.00* | *$1022.96* | *$2.13* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% |  |
| General Dynamics Corp. | &nbsp;&nbsp;10767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2717483 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;53004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996661 |
| Textron, Inc. | &nbsp;&nbsp;12485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5605323 |
| Apparel Manufacturers – 0.7% | Apparel Manufacturers – 0.7% |  |
| NIKE, Inc., "B" | &nbsp;&nbsp;16312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1789263 |
| Automotive – 2.1% | Automotive – 2.1% |  |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320320 |
| Tesla, Inc. (a) | &nbsp;&nbsp;24535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5097284 |
| Biotechnology – 0.3% | Biotechnology – 0.3% |  |
| Exelixis, Inc. (a) | &nbsp;&nbsp;39437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$673584 |
| Brokerage & Asset Managers – 1.1% | Brokerage & Asset Managers – 1.1% |  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;23235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2716171 |
| Business Services – 3.8% | Business Services – 3.8% |  |
| Accenture PLC, "A" | &nbsp;&nbsp;12009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3613869 |
| Dropbox, Inc. (a) | 119279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810213 |
| GoDaddy, Inc. (a) | &nbsp;&nbsp;34684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9168627 |
| Cable TV – 0.3% | Cable TV – 0.3% |  |
| Charter Communications, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$589283 |
| Computer Software – 14.3% | Computer Software – 14.3% |  |
| Adobe Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3275800 |
| Atlassian Corp. (a) | &nbsp;&nbsp;16086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116114 |
| CrowdStrike Holdings, Inc. (a) | &nbsp;&nbsp;16874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985226 |
| Microsoft Corp. | 105543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26928241 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$34741514 |
| Computer Software - Systems – 13.3% | Computer Software - Systems – 13.3% |  |
| Apple, Inc. | 195399 | &nbsp;&nbsp;&nbsp;&nbsp;$28924914 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$32262807 |
| Construction – 0.3% | Construction – 0.3% |  |
| Masco Corp. | &nbsp;&nbsp;14033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$712596 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 1.0% | Consumer Products – 1.0% |  |
| Colgate-Palmolive Co. | 31543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2443952 |
| Consumer Services – 2.9% | Consumer Services – 2.9% |  |
| Airbnb, Inc., "A" (a) | &nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$391809 |
| Booking Holdings, Inc. (a) | &nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844903 |
| Expedia Group, Inc. (a) | 26562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7074596 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |  |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294790 |
| Electronics – 6.3% | Electronics – 6.3% |  |
| Applied Materials, Inc. | 41371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4534262 |
| Lam Research Corp. | &nbsp;&nbsp;7603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591505 |
| Micron Technology, Inc. | &nbsp;&nbsp;8982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517812 |
| NVIDIA Corp. | 12425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102683 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;8195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441009 |
| Texas Instruments, Inc. | 16688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15198787 |
| Energy - Renewables – 0.5% | Energy - Renewables – 0.5% |  |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1276589 |
| Food & Beverages – 2.3% | Food & Beverages – 2.3% |  |
| Archer Daniels Midland Co. | 24918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2429505 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147180 |
| PepsiCo, Inc. | 15511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5454130 |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Albertsons Cos., Inc., "A" | 97034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2032862 |
| Gaming & Lodging – 0.7% | Gaming & Lodging – 0.7% |  |
| Marriott International, Inc., "A" | &nbsp;&nbsp;9741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1610674 |
| Health Maintenance Organizations – 2.9% | Health Maintenance Organizations – 2.9% |  |
| Cigna Corp. | &nbsp;&nbsp;9474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3115904 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373932 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;6231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6902928 |
| Insurance – 2.4% | Insurance – 2.4% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1274688 |
| Equitable Holdings, Inc. | 91529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905130 |
| MetLife, Inc. | 17553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346315 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – continued | Insurance – continued |  |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$351181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5877314 |
| Internet – 8.6% | Internet – 8.6% |  |
| Alphabet, Inc., "A" (a) | 81619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8242703 |
| Alphabet, Inc., "C" (a) | 75922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702287 |
| Gartner, Inc. (a) | 11286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954276 |
| Meta Platforms, Inc., "A" (a) | &nbsp;&nbsp;8632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$20918705 |
| Leisure & Toys – 2.0% | Leisure & Toys – 2.0% |  |
| Brunswick Corp. | 19860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1473612 |
| Mattel, Inc. (a) | &nbsp;&nbsp;7606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138657 |
| Polaris, Inc. | 13713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564105 |
| Roblox Corp., "A" (a) | 53014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4860629 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |  |
| Ingersoll Rand, Inc. | 21348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1152152 |
| Medical & Health Technology & Services – 2.8% | Medical & Health Technology & Services – 2.8% |  |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$332179 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;3110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678042 |
| McKesson Corp. | 11774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493901 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434472 |
| Syneos Health, Inc. (a) | 22665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6738215 |
| Medical Equipment – 1.6% | Medical Equipment – 1.6% |  |
| Abbott Laboratories | &nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140499 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130992 |
| Bruker BioSciences Corp. | &nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168795 |
| Danaher Corp. | &nbsp;&nbsp;5243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433489 |
| Envista Holdings Corp. (a) | 10086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344134 |
| Maravai Lifesciences Holdings, Inc., "A" (a) | 43824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3870010 |
| Natural Gas - Pipeline – 2.3% | Natural Gas - Pipeline – 2.3% |  |
| Cheniere Energy, Inc. | 24288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4259144 |
| Targa Resources Corp. | 17883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5589460 |
| Network & Telecom – 1.2% | Network & Telecom – 1.2% |  |
| Equinix, Inc., REIT | &nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2880010 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 3.2% | Other Banks & Diversified Financials – 3.2% |  |
| Mastercard, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1501157 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260865 |
| SLM Corp. | &nbsp;&nbsp;22091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385709 |
| Visa, Inc., "A" | &nbsp;&nbsp;25270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7631321 |
| Pharmaceuticals – 4.1% | Pharmaceuticals – 4.1% |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$726438 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859853 |
| Merck & Co., Inc. | &nbsp;&nbsp;34582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808170 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;11282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9964086 |
| Railroad & Shipping – 1.4% | Railroad & Shipping – 1.4% |  |
| CSX Corp. | &nbsp;&nbsp;87138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2848541 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3483437 |
| Real Estate – 0.4% | Real Estate – 0.4% |  |
| Extra Space Storage, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;5759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$925414 |
| Specialty Chemicals – 1.1% | Specialty Chemicals – 1.1% |  |
| Chemours Co. | &nbsp;&nbsp;57784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1794193 |
| Univar Solutions, Inc. (a) | &nbsp;&nbsp;28871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2750689 |
| Specialty Stores – 8.7% | Specialty Stores – 8.7% |  |
| Amazon.com, Inc. (a) | 115828 | &nbsp;&nbsp;&nbsp;&nbsp;$11182035 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256453 |
| Home Depot, Inc. | &nbsp;&nbsp;15872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142369 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966748 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926195 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412313 |
| Wal-Mart Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$21167938 |
| Trucking – 1.7% | Trucking – 1.7% |  |
| United Parcel Service, Inc., "B" | &nbsp;&nbsp;21187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4019810 |
| Utilities - Electric Power – 1.0% | Utilities - Electric Power – 1.0% |  |
| Vistra Corp. | 102805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2501246 |
| **Total Common Stocks (Identified Cost, $179,132,701)** |  | **$239976196** |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $1,587,876) | 1587876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1587876 |
| Other Assets, Less Liabilities – 0.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752677 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$242316749** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,587,876 and $239,976,196, respectively.

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

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $179,132,701) | &nbsp;&nbsp;$239976196 |
| Investments in affiliated issuers, at value (identified cost, $1,587,876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587876 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866513 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20646 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40146 |
| Total assets | &nbsp;&nbsp;$242626632 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1189 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251337 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32619 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$309883 |
| Net assets | &nbsp;&nbsp;$242316749 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$180962025 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;61354724 |
| Net assets | &nbsp;&nbsp;$242316749 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;15737215 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$15768369 | &nbsp;&nbsp;&nbsp;&nbsp;1033221 | &nbsp;&nbsp;&nbsp;$15.26 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29289 | &nbsp;&nbsp;&nbsp;&nbsp;14.71 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55292 | &nbsp;&nbsp;&nbsp;&nbsp;14.70 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;54458291 | &nbsp;&nbsp;&nbsp;&nbsp;3538991 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55463 | &nbsp;&nbsp;&nbsp;&nbsp;14.70 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14268 | &nbsp;&nbsp;&nbsp;&nbsp;15.26 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |
| Class R6 | &nbsp;&nbsp;&nbsp;169569699 | &nbsp;&nbsp;&nbsp;10994823 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $16.19 [100 /
94.25 x $15.26]. 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

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;$1805915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3594) |
| Total investment income | &nbsp;&nbsp;&nbsp;$1829156 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$450344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$663531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135778) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$527753 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$1301403 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(5508274) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453) |
| Net realized gain (loss) | &nbsp;&nbsp;$(5508727) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(2676255) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(8184982) |
| Change in net assets from operations | &nbsp;&nbsp;$(6883579) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1301403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$735983 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5508727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31068981 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2676255) | &nbsp;&nbsp;&nbsp;&nbsp;(43439427) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$(6883579) | &nbsp;&nbsp;&nbsp;&nbsp;$(11634463) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(39168208) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$19825411 | &nbsp;&nbsp;&nbsp;&nbsp;$16530203 |
| Total change in net assets | &nbsp;&nbsp;$12941832 | &nbsp;&nbsp;&nbsp;&nbsp;$(34272468) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;229374917 | &nbsp;&nbsp;&nbsp;&nbsp;263647385 |
| At end of period | $242316749 | &nbsp;&nbsp;&nbsp;$229374917 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;$20.10 | &nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;$13.25 | &nbsp;&nbsp;&nbsp;$14.09 | &nbsp;&nbsp;&nbsp;$12.07 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Total from investment operations | $(0.63) | &nbsp;&nbsp;&nbsp; $(0.75) | &nbsp;&nbsp;&nbsp;&nbsp; $5.52 | &nbsp;&nbsp;&nbsp;&nbsp; $3.18 | &nbsp;&nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp;&nbsp; $2.20 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(3.46) | &nbsp;&nbsp;&nbsp; $(1.21) | &nbsp;&nbsp;&nbsp; $(0.64) | &nbsp;&nbsp;&nbsp; $(0.89) | &nbsp;&nbsp;&nbsp; $(0.18) |
| Net asset value, end of period (x) | $15.26 | &nbsp;&nbsp; $15.89 | &nbsp;&nbsp; $20.10 | &nbsp;&nbsp; $15.79 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $14.09 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.96)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(6.92) | &nbsp;&nbsp;&nbsp;&nbsp;35.89 | &nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.28 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.86(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | $15768 | $15472 | $71049 | $57531 | $52918 | $55474 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $15.37 | &nbsp;&nbsp;$19.67 | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$13.08 | &nbsp;&nbsp;$13.95 | &nbsp;&nbsp;$11.98 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Total from investment operations | $(0.66) | &nbsp;&nbsp; $(0.84) | &nbsp;&nbsp;&nbsp; $5.29 | &nbsp;&nbsp;&nbsp; $3.03 | &nbsp;&nbsp; $(0.05) | &nbsp;&nbsp;&nbsp; $2.08 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.46) | &nbsp;&nbsp; $(1.17) | &nbsp;&nbsp; $(0.56) | &nbsp;&nbsp; $(0.82) | &nbsp;&nbsp; $(0.11) |
| Net asset value, end of period (x) | $14.71 | $15.37 | $19.67 | $15.55 | $13.08 | $13.95 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(4.29)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.89 | &nbsp;&nbsp;&nbsp;&nbsp;23.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;17.40 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$431 | &nbsp;&nbsp;&nbsp;&nbsp;$467 | &nbsp;&nbsp;&nbsp;&nbsp;$550 | &nbsp;&nbsp;&nbsp;&nbsp;$408 | &nbsp;&nbsp;&nbsp;&nbsp;$428 | &nbsp;&nbsp;&nbsp;&nbsp;$333 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $15.36 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$15.54 | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$13.95 | &nbsp;&nbsp;$11.97 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Total from investment operations | $(0.66) | &nbsp;&nbsp; $(0.84) | &nbsp;&nbsp;&nbsp; $5.29 | &nbsp;&nbsp;&nbsp; $3.03 | &nbsp;&nbsp; $(0.06) | &nbsp;&nbsp;&nbsp; $2.09 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;$(0.00)(w) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.46) | &nbsp;&nbsp; $(1.17) | &nbsp;&nbsp; $(0.56) | &nbsp;&nbsp; $(0.82) | &nbsp;&nbsp; $(0.11) |
| Net asset value, end of period (x) | $14.70 | $15.36 | $19.66 | $15.54 | $13.07 | $13.95 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(4.30)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;23.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;17.50 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$813 | &nbsp;&nbsp;&nbsp;&nbsp;$874 | &nbsp;&nbsp;&nbsp;&nbsp;$859 | &nbsp;&nbsp;&nbsp;&nbsp;$613 | &nbsp;&nbsp;&nbsp;&nbsp;$525 | &nbsp;&nbsp;&nbsp;&nbsp;$338 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;$15.87 | &nbsp;&nbsp;$13.31 | &nbsp;&nbsp;$14.17 | &nbsp;&nbsp;$12.10 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| Total from investment operations | $(0.61) | &nbsp;&nbsp;&nbsp; $(0.70) | &nbsp;&nbsp;&nbsp; $5.60 | &nbsp;&nbsp;&nbsp; $3.24 | &nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp; $2.24 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(3.51) | &nbsp;&nbsp; $(1.26) | &nbsp;&nbsp; $(0.68) | &nbsp;&nbsp; $(0.94) | &nbsp;&nbsp; $(0.17) |
| Net asset value, end of period (x) | $15.39 | &nbsp;&nbsp; $16.00 | $20.21 | $15.87 | $13.31 | $14.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.81)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;36.23 | &nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;18.57 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | $54458 | $53045 | &nbsp;&nbsp;$4866 | &nbsp;&nbsp;$2366 | &nbsp;&nbsp;$1560 | &nbsp;&nbsp;&nbsp;&nbsp;$195 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $15.36 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$15.54 | &nbsp;&nbsp;$13.08 | &nbsp;&nbsp;$13.95 | &nbsp;&nbsp;$11.98 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Total from investment operations | $(0.66) | &nbsp;&nbsp; $(0.84) | &nbsp;&nbsp;&nbsp; $5.29 | &nbsp;&nbsp;&nbsp; $3.02 | &nbsp;&nbsp; $(0.05) | &nbsp;&nbsp;&nbsp; $2.08 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.46) | &nbsp;&nbsp; $(1.17) | &nbsp;&nbsp; $(0.56) | &nbsp;&nbsp; $(0.82) | &nbsp;&nbsp; $(0.11) |
| Net asset value, end of period (x) | $14.70 | $15.36 | $19.66 | $15.54 | $13.08 | $13.95 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(4.30)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;23.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;17.40 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$815 | &nbsp;&nbsp;&nbsp;&nbsp;$495 | &nbsp;&nbsp;&nbsp;&nbsp;$320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;$170 | &nbsp;&nbsp;&nbsp;&nbsp;$166 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $15.91 | &nbsp;&nbsp;$20.15 | &nbsp;&nbsp;$15.84 | &nbsp;&nbsp;$13.29 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$12.06 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| Total from investment operations | $(0.65) | &nbsp;&nbsp; $(0.78) | &nbsp;&nbsp;&nbsp; $5.49 | &nbsp;&nbsp;&nbsp; $3.16 | &nbsp;&nbsp;&nbsp; $0.01 | &nbsp;&nbsp;&nbsp; $2.17 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.05) | $— | &nbsp;&nbsp;&nbsp;$(0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.46) | &nbsp;&nbsp; $(1.18) | &nbsp;&nbsp; $(0.61) | &nbsp;&nbsp; $(0.82) | &nbsp;&nbsp; $(0.13) |
| Net asset value, end of period (x) | $15.26 | $15.91 | $20.15 | $15.84 | $13.29 | $14.10 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(4.09)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.07) | &nbsp;&nbsp;&nbsp;&nbsp;35.52 | &nbsp;&nbsp;&nbsp;&nbsp;24.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;18.04 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.64(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$218 | &nbsp;&nbsp;&nbsp;&nbsp;$200 | &nbsp;&nbsp;&nbsp;&nbsp;$182 | &nbsp;&nbsp;&nbsp;&nbsp;$266 | &nbsp;&nbsp;&nbsp;&nbsp;$106 | &nbsp;&nbsp;&nbsp;&nbsp;$175 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $15.97 | &nbsp;&nbsp;$20.17 | &nbsp;&nbsp;$15.85 | &nbsp;&nbsp;$13.30 | &nbsp;&nbsp;$14.14 | &nbsp;&nbsp;$12.09 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Total from investment operations | $(0.63) | &nbsp;&nbsp; $(0.74) | &nbsp;&nbsp;&nbsp; $5.54 | &nbsp;&nbsp;&nbsp; $3.20 | &nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp; $2.20 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.46) | &nbsp;&nbsp; $(1.22) | &nbsp;&nbsp; $(0.65) | &nbsp;&nbsp; $(0.89) | &nbsp;&nbsp; $(0.15) |
| Net asset value, end of period (x) | $15.34 | $15.97 | $20.17 | $15.85 | $13.30 | $14.14 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(3.94)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(6.85) | &nbsp;&nbsp;&nbsp;&nbsp;35.85 | &nbsp;&nbsp;&nbsp;&nbsp;24.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;18.23 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.86(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.93(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$132 | &nbsp;&nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;&nbsp;$130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $16.03 | &nbsp;&nbsp;$20.23 | &nbsp;&nbsp;$15.87 | &nbsp;&nbsp;$13.32 | &nbsp;&nbsp;$14.17 | &nbsp;&nbsp;$12.10 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Total from investment operations | $(0.62) | &nbsp;&nbsp; $(0.70) | &nbsp;&nbsp;&nbsp; $5.62 | &nbsp;&nbsp;&nbsp; $3.23 | &nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp; $2.25 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.50) | &nbsp;&nbsp; $(1.26) | &nbsp;&nbsp; $(0.68) | &nbsp;&nbsp; $(0.93) | &nbsp;&nbsp; $(0.18) |
| Net asset value, end of period (x) | $15.41 | $16.03 | $20.23 | $15.87 | $13.32 | $14.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(3.87)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(6.64) | &nbsp;&nbsp;&nbsp;&nbsp;36.34 | &nbsp;&nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;18.65 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;&nbsp;$124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;&nbsp;$20.23 | &nbsp;&nbsp;&nbsp;&nbsp;$15.89 | &nbsp;&nbsp;&nbsp;&nbsp;$13.32 | &nbsp;&nbsp;&nbsp;&nbsp;$14.18 | &nbsp;&nbsp;&nbsp;&nbsp;$12.11 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.61) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.68) | &nbsp;&nbsp;&nbsp;&nbsp; $5.61 | &nbsp;&nbsp;&nbsp;&nbsp; $3.27 | &nbsp;&nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp;&nbsp; $2.26 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3.52) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.27) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.70) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.94) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.19) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp;&nbsp;&nbsp; $16.03 | &nbsp;&nbsp;&nbsp;&nbsp; $20.23 | &nbsp;&nbsp;&nbsp;&nbsp; $15.89 | &nbsp;&nbsp;&nbsp;&nbsp; $13.32 | &nbsp;&nbsp;&nbsp;&nbsp; $14.18 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(3.81)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.71 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Net assets at end of period (000 omitted) | $169570 | $158585 | $185568 | $145833 | $126840 | $128183 |

---

(a) Annualized.

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

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and
losses at such time.

(n) Not annualized.

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

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

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

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

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

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the**

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

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 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.

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities | &nbsp;&nbsp;$239976196 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$239976196 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587876 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587876 |
| Total | &nbsp;&nbsp;$241564072 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$241564072 |

---

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

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

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

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.

**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 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**

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

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

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14461131 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24707077 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39168208 |

---

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$181461968 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68764449 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8662345) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$60102104 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743727 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715998 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62778578 |

---

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**

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;$2461208 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93259 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175029 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10085787 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54367 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32290 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;26222396 |
| Total | $— | $39168208 |

---

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | &nbsp;&nbsp;0.40% |
| In excess of $1 billion and up to $2.5 billion | 0.375% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.35% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $15,632, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Classes** |  |  |  |  |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $120,145, 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 $2,519 for the six months ended November 30, 2022, 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.

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$18937 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$29487 |

---

(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 November 30, 2022 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 November 30, 2022, 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

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $447 |
| Class B | &nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;11 |

---

**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 November 30, 2022, the fee was $4,917, which equated to 0.0044% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $30,587.**

**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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0204% 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. 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 June 18, 2021, MFS redeemed 6,144 shares of Class I for an aggregate amount of $126,999.

At November 30, 2022, MFS held approximately 83% of the outstanding shares of Class R3 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 November 30, 2022, this reimbursement amounted to $3,272, which is included in "Other" income in the Statement of Operations.

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $85,511,251 and $63,852,456, 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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;201408 | &nbsp;&nbsp;&nbsp;&nbsp;$3074000 | &nbsp;&nbsp;&nbsp;&nbsp;558522 | &nbsp;&nbsp;&nbsp;&nbsp;$11123957 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51520 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153404 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;934771 | &nbsp;&nbsp;&nbsp;&nbsp;13923425 | &nbsp;&nbsp;3225480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70888946 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;23267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237520 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35541 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1709369 | &nbsp;&nbsp;&nbsp;&nbsp;25341452 | &nbsp;&nbsp;2084953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37340839 |
|  | 2877784 | &nbsp;&nbsp;$42818276 | &nbsp;&nbsp;5947323 | &nbsp;&nbsp;$120832707 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;126281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2461208 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93259 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171304 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;514290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10085224 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54367 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32290 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1335153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26222396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;1996476 | &nbsp;&nbsp;&nbsp;&nbsp;$39163920 |

---

------

[**Table of Contents**](#JOB_BRW_-_7c0d90e8-e89a-4393-a003-47c407b32052_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(141923) | &nbsp;&nbsp;&nbsp;&nbsp;$(2145880) | &nbsp;&nbsp;(3246554) | &nbsp;&nbsp;&nbsp;&nbsp;$(71734979) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99573) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945146) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(710912) | &nbsp;&nbsp;&nbsp;&nbsp;(11020234) | &nbsp;&nbsp;&nbsp;&nbsp;(665416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12973803) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27220) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(607080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9698298) | &nbsp;&nbsp;(2700684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57684609) |
|  | (1468844) | &nbsp;&nbsp;$(22992865) | &nbsp;&nbsp;(6674450) | &nbsp;&nbsp;$(143466424) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$928120 | &nbsp;&nbsp;(2561751) | &nbsp;&nbsp;&nbsp;&nbsp;$(58149814) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45206 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379562 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;223859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903191 | &nbsp;&nbsp;&nbsp;3074354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000367 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264667 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66780 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23309 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;1102289 | &nbsp;&nbsp;&nbsp;&nbsp;15643154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878626 |
|  | &nbsp;&nbsp;1408940 | &nbsp;&nbsp;&nbsp;$19825411 | &nbsp;&nbsp;&nbsp;1269349 | &nbsp;&nbsp;&nbsp;&nbsp;$16530203 |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Lifetime 2040 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2025 Fund, and the MFS Lifetime 2060 Fund were the owners of record of approximately 13%, 11%, 10%, 9%, 9%, 6%, 5%, 4%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

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

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2)

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Notes to Financial Statements (unaudited) - continued

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 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $517 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $1776491 | &nbsp;&nbsp; $39491110 | &nbsp;&nbsp; $39679272 | &nbsp;&nbsp; $(453) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1587876 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $23526 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

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Notes to Financial Statements (unaudited) - continued

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS Blended Research Growth Equity Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In addition to considering the performance information provided in connection with the contract review meetings, the Trustees noted that, in light of the Fund's substandard relative performance at the time of their contract review meetings in 2021, they had met at each of their regular meetings since then with MFS' senior investment management personnel to discuss the Fund's performance and MFS' efforts to improve the Fund's performance. The Trustees further noted that the Fund's five-year performance as compared to its Broadridge performance universe improved for the period ended December 31, 2021, as compared to the prior year. Taking this information into account, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees'

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Board Review of Investment Advisory Agreement - continued

approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](imga1702a2d1.gif)

------

#### Save paper with eDelivery.
![](img951b54e56.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](img773fc7f81.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

![](img4bb89fda2.gif)

BRS-SEM

------

MFS<sup>®</sup> Blended Research<sup>®</sup>

Small Cap Equity Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_9a6ab260-315d-4f89-9491-bda9f148c4d4_1)<br>| 1 |
| [Portfolio composition](#xx_d1b892f9-b594-40ff-9b97-cbac43d2632a_1)<br>| 2 |
| [Expense table](#xx_209195b7-afc9-4973-9931-df8d231cb033_1)<br>| 3 |
| [Portfolio of investments](#xx_d054f188-be8b-4a2c-a9ed-2a6ec8b17a7d_1)<br>| 5 |
| [Statement of assets and liabilities](#xx_a18dec5e-1853-4b5d-a15f-77138960e938_1)<br>| 12 |
| [Statement of operations](#xx_a18dec5e-1853-4b5d-a15f-77138960e938_3)<br>| 14 |
| [Statements of changes in net assets](#xx_a18dec5e-1853-4b5d-a15f-77138960e938_4)<br>| 15 |
| [Financial highlights](#xx_9aca2c9d-1e59-4b8c-9dc1-41d9c99e2853_1)<br>| 16 |
| [Notes to financial statements](#xx_bc404808-fe4e-4c9f-b373-41c43732f3d2_1)<br>| 25 |
| [Board review of investment advisory agreement](#xx_3b619bcf-e983-41a5-82d7-f58c413b3aea_1)<br>| 38 |
| [Proxy voting policies and information](#xx_98afae0b-5e36-4b74-9b2c-903fbb258a87_1)<br>| 42 |
| [Quarterly portfolio disclosure](#xx_98afae0b-5e36-4b74-9b2c-903fbb258a87_1)<br>| 42 |
| [Further information](#xx_98afae0b-5e36-4b74-9b2c-903fbb258a87_1)<br>| 42 |
| [Information about fund contracts and legal claims](#xx_98afae0b-5e36-4b74-9b2c-903fbb258a87_1)<br>| 42 |
| [Provision of financial reports and summary prospectuses](#xx_98afae0b-5e36-4b74-9b2c-903fbb258a87_1)<br>| 42 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_338f5b7f-8640-4401-9938-8a399a543e30_2)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](imgaa6e435a3.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](imgdfc6dd904.gif)

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[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio Composition

#### Portfolio structure
![](imgae052caf5.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Prestige Consumer Healthcare, Inc. | 1.7% |
| Portland General Electric Co. | 1.7% |
| Cathay General Bancorp, Inc. | 1.6% |
| Reinsurance Group of America, Inc. | 1.6% |
| Grand Canyon Education, Inc. | 1.5% |
| Magnolia Oil & Gas Corp., "A" | 1.5% |
| Umpqua Holdings Corp. | 1.5% |
| SLM Corp. | 1.4% |
| Silicon Laboratories, Inc. | 1.4% |
| Hostess Brands, Inc. | 1.4% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Health Care | 16.9% |
| Financials | 16.6% |
| Industrials | 15.3% |
| Information Technology | 12.8% |
| Consumer Discretionary | 11.8% |
| Real Estate | &nbsp;&nbsp;7.6% |
| Energy | &nbsp;&nbsp;6.5% |
| Materials | &nbsp;&nbsp;3.8% |
| Communication Services | &nbsp;&nbsp;2.6% |
| Consumer Staples | &nbsp;&nbsp;2.2% |
| Utilities | &nbsp;&nbsp;2.2% |

---

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

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### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.99%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$990.92* | *$4.94* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.99%* | *$1000.00* | *$1020.10* | *$5.01* |
| &nbsp;&nbsp;*B* | *Actual* | *1.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$986.97* | *$8.67* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.74%* | *$1000.00* | *$1016.34* | *$8.80* |
| &nbsp;&nbsp;*C* | *Actual* | *1.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.67* | *$8.67* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.74%* | *$1000.00* | *$1016.34* | *$8.80* |
| &nbsp;&nbsp;*I* | *Actual* | *0.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$992.36* | *$3.70* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.68* | *$8.67* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.74%* | *$1000.00* | *$1016.34* | *$8.80* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.24%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$990.17* | *$6.19* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.24%* | *$1000.00* | *$1018.85* | *$6.28* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.99%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$990.93* | *$4.94* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.99%* | *$1000.00* | *$1020.10* | *$5.01* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.74%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$992.37* | *$3.70* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.63%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$992.38* | *$3.15* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.63%* | *$1000.00* | *$1021.91* | *$3.19* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.3% | Common Stocks – 98.3% | Common Stocks – 98.3% |
| Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% |  |
| CACI International, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;&nbsp;9605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2999642 |
| Apparel Manufacturers – 1.5% | Apparel Manufacturers – 1.5% |  |
| FIGS, Inc. (a) | 132660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1038728 |
| Skechers USA, Inc., "A" (a) | &nbsp;&nbsp;96410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5104338 |
| Automotive – 2.2% | Automotive – 2.2% |  |
| REV Group, Inc. | 159991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2222275 |
| Titan International, Inc. (a) | 120841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731651 |
| Visteon Corp. (a) | &nbsp;&nbsp;22831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7305517 |
| Biotechnology – 4.1% | Biotechnology – 4.1% |  |
| Adaptive Biotechnologies Corp. (a) | 201144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1766044 |
| Alector, Inc. (a) | &nbsp;&nbsp;61590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522899 |
| AlloVir, Inc. (a) | 112825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847316 |
| BioAtla, Inc. (a) | &nbsp;&nbsp;97436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072771 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;16042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199081 |
| Exelixis, Inc. (a) | &nbsp;&nbsp;44733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764040 |
| iTeos Therapeutics, Inc. (a) | &nbsp;&nbsp;98312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980987 |
| Lyell Immunopharma, Inc. (a) | 178711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752373 |
| Novavax, Inc. (a)(l) | &nbsp;&nbsp;14790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243887 |
| Sana Biotechnology, Inc. (a) | 184046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918390 |
| Sangamo Therapeutics, Inc. (a) | 171994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629498 |
| Varex Imaging Corp. (a) | &nbsp;&nbsp;75968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613560 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;84678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$13700459 |
| Broadcasting – 0.5% | Broadcasting – 0.5% |  |
| Entravision Communications Corp., "A" | 312116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1735365 |
| Business Services – 4.3% | Business Services – 4.3% |  |
| BlueLinx Holdings, Inc. (a) | &nbsp;&nbsp;24695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1713833 |
| Boise Cascade Corp. | &nbsp;&nbsp;31367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322413 |
| Forrester Research, Inc. (a) | &nbsp;&nbsp;79158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784779 |
| HireRight Holdings Corp. (a) | &nbsp;&nbsp;80451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019314 |
| Paya, Inc. (a) | &nbsp;&nbsp;72319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673290 |
| StoneCo Ltd., "A" (a) | &nbsp;&nbsp;33650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393032 |
| TaskUs, Inc., "A" (a) | 183388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607242 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| Yext, Inc. (a) | 357219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1903977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$14417880 |
| Cable TV – 0.1% | Cable TV – 0.1% |  |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$280300 |
| Chemicals – 1.7% | Chemicals – 1.7% |  |
| Avient Corp. | &nbsp;&nbsp;38459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1331066 |
| Element Solutions, Inc. | 214171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5520251 |
| Computer Software – 4.3% | Computer Software – 4.3% |  |
| Clear Secure, Inc., "A" | &nbsp;&nbsp;49464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1537341 |
| Domo, Inc., "B" (a) | &nbsp;&nbsp;&nbsp;&nbsp;6562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93837 |
| Elastic N.V. (a) | &nbsp;&nbsp;21555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318950 |
| Eventbrite, Inc. (a) | 422043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076694 |
| Everbridge, Inc. (a) | &nbsp;&nbsp;56742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852059 |
| Paycor HCM, Inc. (a) | &nbsp;&nbsp;97572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821782 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;16928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$14388089 |
| Computer Software - Systems – 2.3% | Computer Software - Systems – 2.3% |  |
| Box, Inc., "A" (a) | 156931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4307756 |
| Rapid7, Inc. (a) | &nbsp;&nbsp;29320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862008 |
| Rimini Street, Inc. (a) | 261044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096385 |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;39885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7834826 |
| Construction – 1.3% | Construction – 1.3% |  |
| AZEK Co., Inc. (a) | &nbsp;&nbsp;78407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1516391 |
| GMS, Inc. (a) | &nbsp;&nbsp;58609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4394093 |
| Consumer Products – 2.2% | Consumer Products – 2.2% |  |
| Herbalife Ltd. (a) | &nbsp;&nbsp;52146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$913598 |
| Nu Skin Enterprises, Inc., "A" | &nbsp;&nbsp;16172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674534 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;93275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7320814 |
| Consumer Services – 2.0% | Consumer Services – 2.0% |  |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;44999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5088037 |
| TravelCenters of America LLC (a) | &nbsp;&nbsp;33684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6810974 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – 0.5% | Electrical Equipment – 0.5% |  |
| Vertiv Holdings Co. | 131101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1815749 |
| Electronics – 5.1% | Electronics – 5.1% |  |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;42566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3943314 |
| Alpha and Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;49340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730847 |
| Photronics, Inc. (a) | &nbsp;&nbsp;76207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432692 |
| Plexus Corp. (a) | &nbsp;&nbsp;40708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486836 |
| Sanmina Corp. (a) | &nbsp;&nbsp;11510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760696 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;32724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$17113763 |
| Energy - Independent – 3.0% | Energy - Independent – 3.0% |  |
| Alpha Metallurgical Resources | &nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$557011 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577932 |
| CVR Energy, Inc. | &nbsp;&nbsp;57292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111210 |
| Magnolia Oil & Gas Corp., "A" | 193965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058607 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;74237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$10044133 |
| Energy - Integrated – 0.5% | Energy - Integrated – 0.5% |  |
| National Gas Fuel Co. | &nbsp;&nbsp;24695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1635550 |
| Engineering - Construction – 1.9% | Engineering - Construction – 1.9% |  |
| APi Group, Inc. (a) | 112744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2166940 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;44354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6209363 |
| Food & Beverages – 1.5% | Food & Beverages – 1.5% |  |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$299676 |
| Hostess Brands, Inc. (a) | 172174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4845069 |
| Food & Drug Stores – 0.3% | Food & Drug Stores – 0.3% |  |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;19156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$913358 |
| Gaming & Lodging – 1.9% | Gaming & Lodging – 1.9% |  |
| International Game Technology PLC | 180760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4435850 |
| Target Hospitality Corp. (a) | 119823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6168491 |
| General Merchandise – 0.6% | General Merchandise – 0.6% |  |
| Dillards, Inc., "A" (l) | &nbsp;&nbsp;&nbsp;&nbsp;5710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2053887 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 4.8% | Insurance – 4.8% |  |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;38067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2121855 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;18231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685426 |
| Jackson Financial, Inc. | &nbsp;&nbsp;53629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003043 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153703 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;36685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297314 |
| Voya Financial, Inc. | &nbsp;&nbsp;55653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15933326 |
| Internet – 0.6% | Internet – 0.6% |  |
| ZipRecruiter, Inc., "A" (a) | 116115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1922864 |
| Leisure & Toys – 2.9% | Leisure & Toys – 2.9% |  |
| Brunswick Corp. | &nbsp;&nbsp;46708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3465734 |
| Funko, Inc., "A" (a) | 172471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638474 |
| Malibu Boats, Inc., "A" (a) | &nbsp;&nbsp;33498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933170 |
| MasterCraft Boat Holdings, Inc. | &nbsp;&nbsp;12782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328753 |
| Polaris, Inc. | &nbsp;&nbsp;20320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9683830 |
| Machinery & Tools – 3.3% | Machinery & Tools – 3.3% |  |
| Flowserve Corp. | &nbsp;&nbsp;39810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1248442 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358618 |
| Regal Rexnord Corp. | &nbsp;&nbsp;28827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779508 |
| Timken Co. | &nbsp;&nbsp;54054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107023 |
| Titan Machinery, Inc. (a) | &nbsp;&nbsp;37507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11145024 |
| Major Banks – 0.5% | Major Banks – 0.5% |  |
| First Financial Corp. | &nbsp;&nbsp;37063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1781618 |
| Medical & Health Technology & Services – 2.3% | Medical & Health Technology & Services – 2.3% |  |
| Cross Country Healthcare, Inc. (a) | &nbsp;&nbsp;34701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1241602 |
| Health Catalyst, Inc. (a) | &nbsp;&nbsp;79920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837562 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;39388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500350 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556124 |
| ModivCare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122430 |
| Syneos Health, Inc. (a) | &nbsp;&nbsp;44669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7833990 |
| Medical Equipment – 5.4% | Medical Equipment – 5.4% |  |
| AngioDynamics, Inc. (a) | &nbsp;&nbsp;50504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$654027 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;57083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535533 |
| Bioventus, Inc., "A" (a) | 119033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232114 |
| CareDx, Inc. (a) | &nbsp;&nbsp;15951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206565 |
| Envista Holdings Corp. (a) | 113636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877260 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Inogen, Inc. (a) | &nbsp;&nbsp;36079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$805283 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;21821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621737 |
| Maravai Lifesciences Holdings, Inc., "A" (a) | 221132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290444 |
| Organogenesis Holdings, Inc. (a) | 233805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640626 |
| Quidel Corp. (a) | &nbsp;&nbsp;48419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241989 |
| Zynex, Inc. (l) | &nbsp;&nbsp;56424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$17879715 |
| Metals & Mining – 0.8% | Metals & Mining – 0.8% |  |
| Ryerson Holding Corp. | &nbsp;&nbsp;87241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2572737 |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2790576 |
| Natural Gas - Pipeline – 1.1% | Natural Gas - Pipeline – 1.1% |  |
| Equitrans Midstream Corp. | 438333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3677614 |
| Oil Services – 2.0% | Oil Services – 2.0% |  |
| Cactus, Inc., "A" | &nbsp;&nbsp;43391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2360036 |
| ChampionX Corp. | 135895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6551038 |
| Other Banks & Diversified Financials – 11.3% | Other Banks & Diversified Financials – 11.3% |  |
| Amalgamated Financial Corp. | &nbsp;&nbsp;65414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1744591 |
| Atlanticus Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184925 |
| Bank OZK | &nbsp;&nbsp;14615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674482 |
| Cathay General Bancorp, Inc. | 116547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415939 |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293232 |
| First BanCorp. | &nbsp;&nbsp;91401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405747 |
| First Hawaiian, Inc. | 125013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319095 |
| Navient Corp. | &nbsp;&nbsp;67350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115990 |
| OFG Bancorp | &nbsp;&nbsp;65444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895913 |
| Preferred Bank | &nbsp;&nbsp;20636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559875 |
| Silvergate Capital Corp., "A" (a) | &nbsp;&nbsp;14421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395568 |
| SLM Corp. | 274903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799807 |
| UMB Financial Corp. | &nbsp;&nbsp;47715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080587 |
| Umpqua Holdings Corp. | 242527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916022 |
| United Community Bank, Inc. | &nbsp;&nbsp;39591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542861 |
| Wintrust Financial Corp. | &nbsp;&nbsp;48203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$37751834 |
| Pharmaceuticals – 3.1% | Pharmaceuticals – 3.1% |  |
| Alkermes PLC (a) | &nbsp;&nbsp;19536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$484102 |
| Coherus BioSciences, Inc. (a) | &nbsp;&nbsp;88022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603831 |
| Eagle Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;15314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556205 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – continued | Pharmaceuticals – continued |  |
| Emergent BioSolutions, Inc. (a) | &nbsp;&nbsp;22458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276233 |
| Intercept Pharmaceuticals, Inc. (a) | 126581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887323 |
| Macrogenics, Inc. (a) | &nbsp;&nbsp;78267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503257 |
| Phibro Animal Health Corp., "A" | &nbsp;&nbsp;42737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526092 |
| REGENXBIO, Inc. (a) | &nbsp;&nbsp;35358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845056 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218735 |
| Vanda Pharmaceuticals, Inc. (a) | 122272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$10234822 |
| Railroad & Shipping – 0.9% | Railroad & Shipping – 0.9% |  |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;18598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$948870 |
| Teekay Tankers LTD., "A" (a) | &nbsp;&nbsp;59970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2972258 |
| Real Estate – 7.6% | Real Estate – 7.6% |  |
| DiamondRock Hospitality Co., REIT | 121806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1146195 |
| Empire State Realty Trust, REIT, "A" | 313223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414949 |
| EPR Properties, REIT | &nbsp;&nbsp;78360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260560 |
| Equity Commonwealth, REIT | &nbsp;&nbsp;39593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072574 |
| National Storage Affiliates Trust, REIT | &nbsp;&nbsp;91701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650617 |
| Phillips Edison & Co., REIT | 122545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949625 |
| Piedmont Office Realty Trust, Inc., REIT | 240440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502980 |
| Spirit Realty Capital, Inc., REIT | &nbsp;&nbsp;98371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074527 |
| STAG Industrial, Inc., REIT | &nbsp;&nbsp;56219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850167 |
| Uniti Group, Inc., REIT | 173982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$25247937 |
| Restaurants – 0.8% | Restaurants – 0.8% |  |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2729214 |
| Specialty Chemicals – 2.4% | Specialty Chemicals – 2.4% |  |
| Chemours Co. | 120945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3755342 |
| Univar Solutions, Inc. (a) | 128082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7998699 |
| Specialty Stores – 2.3% | Specialty Stores – 2.3% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;51804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3311830 |
| Urban Outfitters, Inc. (a) | 123085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562080 |
| Zumiez, Inc. (a) | &nbsp;&nbsp;39057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7781985 |
| Telephone Services – 0.5% | Telephone Services – 0.5% |  |
| EchoStar Corp., "A" (a) | &nbsp;&nbsp;88299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1536403 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Tobacco – 0.0% | Tobacco – 0.0% |  |
| Vector Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153990 |
| Trucking – 1.3% | Trucking – 1.3% |  |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1577924 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4396747 |
| Utilities - Electric Power – 1.7% | Utilities - Electric Power – 1.7% |  |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166679 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;112330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5696685 |
| **Total Common Stocks (Identified Cost, $301,742,288)** |  | **$328312080** |
| Investment Companies (h) – 1.5% | Investment Companies (h) – 1.5% | Investment Companies (h) – 1.5% |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $5,182,434) | 5182447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5182447 |
| Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $308,208) | &nbsp;&nbsp;308208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$308208 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293882 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$334096617** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $5,182,447 and $328,620,288, respectively.

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

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

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

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value, including $1,318,206 of securities on loan (identified cost, $302,050,496) | &nbsp;&nbsp;$328620288 |
| Investments in affiliated issuers, at value (identified cost, $5,182,434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182447 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442584 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26603 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43144 |
| Total assets | &nbsp;&nbsp;$334721904 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1589 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181826 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308208 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51813 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$625287 |
| Net assets | &nbsp;&nbsp;$334096617 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$300148440 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;33948177 |
| Net assets | &nbsp;&nbsp;$334096617 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;23418777 |

---

(c) Non-cash collateral is not included.

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$38700954 | &nbsp;&nbsp;&nbsp;2728780 | &nbsp;&nbsp;&nbsp;$14.18 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38271 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678567 | &nbsp;&nbsp;&nbsp;&nbsp;490325 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 |
| Class I | &nbsp;&nbsp;&nbsp;121030186 | &nbsp;&nbsp;&nbsp;8466608 | &nbsp;&nbsp;&nbsp;&nbsp;14.30 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773264 | &nbsp;&nbsp;&nbsp;&nbsp;276801 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;14786403 | &nbsp;&nbsp;&nbsp;1049001 | &nbsp;&nbsp;&nbsp;&nbsp;14.10 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45799 | &nbsp;&nbsp;&nbsp;&nbsp;14.21 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;19418532 | &nbsp;&nbsp;&nbsp;1356589 | &nbsp;&nbsp;&nbsp;&nbsp;14.31 |
| Class R6 | &nbsp;&nbsp;&nbsp;128536058 | &nbsp;&nbsp;&nbsp;8966603 | &nbsp;&nbsp;&nbsp;&nbsp;14.33 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $15.05 [100 /
94.25 x $14.18]. 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

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;$2440476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4929) |
| Total investment income | &nbsp;&nbsp;&nbsp;$2495537 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$1027055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84836 |
| Total expenses | &nbsp;&nbsp;&nbsp;$1476126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238045) |
| Net expenses | &nbsp;&nbsp;&nbsp;$1238081 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$1257456 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(2656673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Net realized gain (loss) | &nbsp;&nbsp;$(2656352) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$(598826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(598813) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(3255165) |
| Change in net assets from operations | &nbsp;&nbsp;$(1997709) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1257456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1513260 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2656352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41868598 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598813) | &nbsp;&nbsp;&nbsp;&nbsp;(69290970) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$(1997709) | &nbsp;&nbsp;&nbsp;&nbsp;$(25909112) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(42864222) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;$(1766185) | &nbsp;&nbsp;&nbsp;&nbsp;$48713888 |
| Total change in net assets | &nbsp;&nbsp;&nbsp;$(3763894) | &nbsp;&nbsp;&nbsp;&nbsp;$(20059446) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;337860511 | &nbsp;&nbsp;&nbsp;&nbsp;357919957 |
| At end of period | $334096617 | &nbsp;&nbsp;&nbsp;$337860511 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.31 | &nbsp;&nbsp;&nbsp;$17.57 | &nbsp;&nbsp;&nbsp;$11.33 | &nbsp;&nbsp;&nbsp;$12.77 | &nbsp;&nbsp;&nbsp;$13.83 | &nbsp;&nbsp;&nbsp;$11.91 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Total from investment operations | $(0.13) | &nbsp;&nbsp;&nbsp; $(1.15) | &nbsp;&nbsp;&nbsp;&nbsp; $6.30 | &nbsp;&nbsp;&nbsp; $(1.22) | &nbsp;&nbsp;&nbsp; $(0.38) | &nbsp;&nbsp;&nbsp;&nbsp; $2.37 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(2.11) | &nbsp;&nbsp;&nbsp; $(0.06) | &nbsp;&nbsp;&nbsp; $(0.22) | &nbsp;&nbsp;&nbsp; $(0.68) | &nbsp;&nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | $14.18 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $13.83 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.52) | &nbsp;&nbsp;&nbsp;&nbsp;55.75 | &nbsp;&nbsp;&nbsp;&nbsp;(9.87) | &nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;20.15 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $38701 | $40921 | $73141 | $57133 | $60929 | $43682 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $13.81 | &nbsp;&nbsp;$17.15 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$12.56 | &nbsp;&nbsp;$13.67 | &nbsp;&nbsp;$11.81 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.01) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| Total from investment operations | $(0.18) | &nbsp;&nbsp; $(1.23) | &nbsp;&nbsp;&nbsp; $6.05 | &nbsp;&nbsp; $(1.29) | &nbsp;&nbsp; $(0.47) | &nbsp;&nbsp;&nbsp; $2.25 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.11) | $— | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.64) | &nbsp;&nbsp; $(0.39) |
| Net asset value, end of period (x) | $13.63 | $13.81 | $17.15 | $11.10 | $12.56 | $13.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(1.30)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(8.21) | &nbsp;&nbsp;&nbsp;&nbsp;54.50 | &nbsp;&nbsp;&nbsp;(10.53) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;19.28 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.17)(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$522 | &nbsp;&nbsp;&nbsp;&nbsp;$664 | &nbsp;&nbsp;&nbsp;&nbsp;$615 | &nbsp;&nbsp;&nbsp;&nbsp;$387 | &nbsp;&nbsp;&nbsp;&nbsp;$500 | &nbsp;&nbsp;&nbsp;&nbsp;$403 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $13.79 | &nbsp;&nbsp;$17.14 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$12.55 | &nbsp;&nbsp;$13.66 | &nbsp;&nbsp;$11.80 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.01) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| Total from investment operations | $(0.17) | &nbsp;&nbsp; $(1.24) | &nbsp;&nbsp;&nbsp; $6.05 | &nbsp;&nbsp; $(1.29) | &nbsp;&nbsp; $(0.47) | &nbsp;&nbsp;&nbsp; $2.25 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.11) | $— | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.64) | &nbsp;&nbsp; $(0.39) |
| Net asset value, end of period (x) | $13.62 | $13.79 | $17.14 | $11.09 | $12.55 | $13.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(1.23)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(8.27) | &nbsp;&nbsp;&nbsp;&nbsp;54.55 | &nbsp;&nbsp;&nbsp;(10.53) | &nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;19.30 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.16)(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $6679 | &nbsp;&nbsp;$6593 | &nbsp;&nbsp;$7503 | &nbsp;&nbsp;$5133 | &nbsp;&nbsp;$3234 | &nbsp;&nbsp;&nbsp;&nbsp;$406 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$14.40 | &nbsp;&nbsp;&nbsp;&nbsp;$17.67 | &nbsp;&nbsp;&nbsp;$11.39 | &nbsp;&nbsp;&nbsp;$12.83 | &nbsp;&nbsp;&nbsp;$13.90 | &nbsp;&nbsp;&nbsp;$11.94 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.10) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.13) | &nbsp;&nbsp;&nbsp;&nbsp; $6.38 | &nbsp;&nbsp;&nbsp; $(1.18) | &nbsp;&nbsp;&nbsp; $(0.36) | &nbsp;&nbsp;&nbsp;&nbsp; $2.41 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.14) | &nbsp;&nbsp;&nbsp; $(0.10) | &nbsp;&nbsp;&nbsp; $(0.26) | &nbsp;&nbsp;&nbsp; $(0.71) | &nbsp;&nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $13.90 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.39) | &nbsp;&nbsp;&nbsp;&nbsp;56.17 | &nbsp;&nbsp;&nbsp;&nbsp;(9.58) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;20.49 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $121030 | $115533 | $80950 | $53562 | $39397 | $12225 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $13.80 | &nbsp;&nbsp;$17.15 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$12.56 | &nbsp;&nbsp;$13.67 | &nbsp;&nbsp;$11.81 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | $(0.01) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| Total from investment operations | $(0.17) | &nbsp;&nbsp; $(1.24) | &nbsp;&nbsp;&nbsp; $6.06 | &nbsp;&nbsp; $(1.30) | &nbsp;&nbsp; $(0.47) | &nbsp;&nbsp;&nbsp; $2.25 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | $— | &nbsp;&nbsp;&nbsp;$(0.00)(w) | $— | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.11) | $— | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.64) | &nbsp;&nbsp; $(0.39) |
| Net asset value, end of period (x) | $13.63 | $13.80 | $17.15 | $11.09 | $12.56 | $13.67 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(1.23)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(8.26) | &nbsp;&nbsp;&nbsp;&nbsp;54.64 | &nbsp;&nbsp;&nbsp;(10.59) | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;19.28 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;(0.16)(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $3773 | &nbsp;&nbsp;$3853 | &nbsp;&nbsp;$4996 | &nbsp;&nbsp;$2897 | &nbsp;&nbsp;$3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.24 | &nbsp;&nbsp;&nbsp;$17.54 | &nbsp;&nbsp;&nbsp;$11.32 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$13.84 | &nbsp;&nbsp;$11.89 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58)(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Total from investment operations | $(0.14) | &nbsp;&nbsp;&nbsp; $(1.19) | &nbsp;&nbsp;&nbsp;&nbsp; $6.26 | &nbsp;&nbsp; $(1.24) | &nbsp;&nbsp; $(0.42) | &nbsp;&nbsp;&nbsp; $2.34 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;$(0.00)(w) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(2.11) | &nbsp;&nbsp;&nbsp; $(0.04) | &nbsp;&nbsp; $(0.22) | &nbsp;&nbsp; $(0.64) | &nbsp;&nbsp; $(0.39) |
| Net asset value, end of period (x) | $14.10 | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp; $17.54 | $11.32 | $12.78 | $13.84 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;55.37 | &nbsp;&nbsp;&nbsp;(10.07) | &nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;19.91 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $14786 | $14633 | $16870 | &nbsp;&nbsp;$9315 | &nbsp;&nbsp;$9647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.34 | &nbsp;&nbsp;$17.61 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$12.83 | &nbsp;&nbsp;$13.88 | &nbsp;&nbsp;$11.92 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Total from investment operations | $(0.13) | &nbsp;&nbsp; $(1.16) | &nbsp;&nbsp;&nbsp; $6.32 | &nbsp;&nbsp; $(1.22) | &nbsp;&nbsp; $(0.37) | &nbsp;&nbsp;&nbsp; $2.38 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;$(0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.11) | &nbsp;&nbsp; $(0.06) | &nbsp;&nbsp; $(0.26) | &nbsp;&nbsp; $(0.68) | &nbsp;&nbsp; $(0.42) |
| Net asset value, end of period (x) | $14.21 | $14.34 | $17.61 | $11.35 | $12.83 | $13.88 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;(0.91)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.55) | &nbsp;&nbsp;&nbsp;&nbsp;55.83 | &nbsp;&nbsp;&nbsp;&nbsp;(9.92) | &nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;20.21 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.62(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$651 | &nbsp;&nbsp;&nbsp;&nbsp;$450 | &nbsp;&nbsp;&nbsp;&nbsp;$667 | &nbsp;&nbsp;&nbsp;&nbsp;$537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;&nbsp;$17.68 | &nbsp;&nbsp;&nbsp;$11.40 | &nbsp;&nbsp;&nbsp;$12.84 | &nbsp;&nbsp;$13.91 | &nbsp;&nbsp;$11.94 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Total from investment operations | $(0.11) | &nbsp;&nbsp;&nbsp; $(1.13) | &nbsp;&nbsp;&nbsp;&nbsp; $6.37 | &nbsp;&nbsp;&nbsp; $(1.18) | &nbsp;&nbsp; $(0.36) | &nbsp;&nbsp;&nbsp; $2.42 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(2.13) | &nbsp;&nbsp;&nbsp; $(0.09) | &nbsp;&nbsp;&nbsp; $(0.26) | &nbsp;&nbsp; $(0.71) | &nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | $14.31 | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $11.40 | $12.84 | $13.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76)(n) | &nbsp;&nbsp;&nbsp;&nbsp;(7.34) | &nbsp;&nbsp;&nbsp;&nbsp;56.09 | &nbsp;&nbsp;&nbsp;&nbsp;(9.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;20.54 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.89(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $19419 | $20000 | $23281 | $19044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73 |

---

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$14.44 | &nbsp;&nbsp;&nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;$11.40 | &nbsp;&nbsp;&nbsp;&nbsp;$12.85 | &nbsp;&nbsp;&nbsp;$13.91 | &nbsp;&nbsp;&nbsp;$11.94 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; $(0.11) | &nbsp;&nbsp;&nbsp;&nbsp; $(1.11) | &nbsp;&nbsp;&nbsp;&nbsp; $6.41 | &nbsp;&nbsp;&nbsp;&nbsp; $(1.18) | &nbsp;&nbsp;&nbsp; $(0.34) | &nbsp;&nbsp;&nbsp;&nbsp; $2.43 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
|  Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2.15) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.11) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.27) | &nbsp;&nbsp;&nbsp; $(0.72) | &nbsp;&nbsp;&nbsp; $(0.46) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp;&nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $12.85 | &nbsp;&nbsp; $13.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.59) | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;20.62 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Net assets at end of period (000 omitted) | $128536 | $135216 | $136883 | $102332 | $53947 | $49503 |

---

(a) Annualized.

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

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and
losses at such time.

(n) Not annualized.

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

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

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

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

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

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the**

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Notes to Financial Statements (unaudited) - continued

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 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.

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities | &nbsp;&nbsp;$328312080 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$328312080 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490655 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490655 |
| Total | &nbsp;&nbsp;$333802735 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$333802735 |

---

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

**Security Loans — Under its Securities Lending Agency Agreement with the fund, State Street Bank and Trust Company, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. 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 $1,318,206. The fair value of the fund's investment securities on loan and a related liability of $308,208 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $1,063,803 held by the lending agent. 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**

------

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Notes to Financial Statements (unaudited) - continued

fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

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

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.

**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 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.

------

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Notes to Financial Statements (unaudited) - continued

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13674761 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29189461 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42864222 |

---

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$310402833 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57601873 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(34201971) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$23399902 |
| **As of 5/31/22** |  |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569661 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622490) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23998715 |

---

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, service, and program manager 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. Effective March 21, 2022, all Class 529B and Class 529C shares were converted into Class 529A shares. Effective**

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Notes to Financial Statements (unaudited) - continued

May 20, 2022, all Class 529A shares were redeemed. 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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;$4830087 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96826 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874950 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14641868 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638480 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2046590 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69834 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2676974 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15393649 |
| Class 529A | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1419650 |
| Class 529B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33079 |
| Class 529C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142235 |
| Total | $— | $42864222 |

---

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | &nbsp;&nbsp;0.65% |
| In excess of $1 billion and up to $2.5 billion | &nbsp;&nbsp;0.60% |
| In excess of $2.5 billion | 0.575% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $21,932, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.64% of the fund's average daily net assets.

For the period from June 1, 2022 through July 31, 2022, the investment adviser had agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing

------

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Notes to Financial Statements (unaudited) - continued

agreement expenses), and investment-related expenses, such that total fund operating expenses did not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Classes** |  |  |  |  |
| **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% | 0.70% |

---

This written agreement terminated on July 31, 2022. For the period from June 1, 2022 through July 31, 2022, this reduction amounted to $74,251, which is included in the reduction of total expenses in the Statement of Operations.

Effective August 1, 2022, 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** |
| 0.99% | 1.74% | 1.74% | 0.74% | 1.74% | 1.24% | 0.99% | 0.74% | 0.67% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the period from August 1, 2022 through November 30, 2022, this reduction amounted to $141,862, 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 $5,594 for the six months ended November 30, 2022, 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.

------

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Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$48088 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31675 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18201 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34965 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$136466 |

---

(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 November 30, 2022 based on each class's average daily net assets. MFD
has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or
its affiliates' seed money. There were no service fee rebates for the six months ended November 30, 2022.

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 November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $5446 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;107 |

---

**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 November 30, 2022, the fee was $13,406, 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $123,245.**

**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**

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Notes to Financial Statements (unaudited) - continued

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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0192% 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. 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.**

The fund is permitted to engage in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") pursuant to a policy adopted by the Board of Trustees. This policy has been designed to ensure that cross-trades conducted by the fund comply with Rule 17a-7 under the Investment Company Act of 1940. During the six months ended November 30, 2022, the fund engaged in purchase transactions pursuant to this policy, which amounted to $2,225,647.

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 November 30, 2022, this reimbursement amounted to $17,200, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $94,514,547 and $98,041,003, respectively.

------

[**Table of Contents**](#JOB_BRS_-_7288a52b-36a0-45c8-afb4-3431210ad7b2_TOC)

Notes to Financial Statements (unaudited) - continued

(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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;268850 | &nbsp;&nbsp;&nbsp;&nbsp;$3636749 | &nbsp;&nbsp;1256363 | &nbsp;&nbsp;&nbsp;&nbsp;$20990656 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576506 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;50379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659814 | &nbsp;&nbsp;&nbsp;&nbsp;138797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200234 |
| &nbsp;&nbsp;&nbsp;Class I | 1709991 | &nbsp;&nbsp;&nbsp;&nbsp;22705198 | &nbsp;&nbsp;4313598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73991621 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;26183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895793 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;101549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350133 | &nbsp;&nbsp;&nbsp;&nbsp;313139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308871 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;14899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90920 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;43086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592268 | &nbsp;&nbsp;&nbsp;&nbsp;125161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069619 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;745650 | &nbsp;&nbsp;&nbsp;&nbsp;10203748 | &nbsp;&nbsp;2970062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45165924 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819477 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83524 |
|  | 2963555 | &nbsp;&nbsp;$39740215 | &nbsp;&nbsp;9391099 | &nbsp;&nbsp;$154198145 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;310316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4822317 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96826 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874950 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;936438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14636522 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638480 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;132209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046590 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69834 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;171053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676974 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;983361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15389599 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406356 |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33079 |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;2746998 | &nbsp;&nbsp;&nbsp;&nbsp;$42833286 |

---

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Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(399990) | &nbsp;&nbsp;&nbsp;&nbsp;$(5356360) | &nbsp;&nbsp;(2868509) | &nbsp;&nbsp;&nbsp;&nbsp;$(50253172) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;(12751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451937) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(38030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493037) | &nbsp;&nbsp;&nbsp;&nbsp;(156734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2435474) |
| &nbsp;&nbsp;&nbsp;Class I | (1264282) | &nbsp;&nbsp;&nbsp;&nbsp;(17392366) | &nbsp;&nbsp;(1811319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29563854) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;(28460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367521) | &nbsp;&nbsp;&nbsp;&nbsp;(109895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717307) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;(80221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1083440) | &nbsp;&nbsp;&nbsp;&nbsp;(379309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6276757) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281779) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(73117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1009192) | &nbsp;&nbsp;&nbsp;&nbsp;(226318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3809944) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1145586) | &nbsp;&nbsp;&nbsp;&nbsp;(15632341) | &nbsp;&nbsp;(2322334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39218688) |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(911535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12586970) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306317) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1415344) |
|  | (3042889) | &nbsp;&nbsp;$(41506400) | &nbsp;&nbsp;(8942905) | &nbsp;&nbsp;$(148317543) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(131140) | &nbsp;&nbsp;&nbsp;&nbsp;$(1719611) | &nbsp;&nbsp;(1301830) | &nbsp;&nbsp;&nbsp;&nbsp;$(24440199) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221395 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639710 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;445709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312832 | &nbsp;&nbsp;&nbsp;3438717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59064289 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183034) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078704 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121025) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;(30031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936649 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(399936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5428593) | &nbsp;&nbsp;&nbsp;1631089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336835 |
| &nbsp;&nbsp;&nbsp;Class 529A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(648005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8361137) |
| &nbsp;&nbsp;&nbsp;Class 529B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268238) |
| &nbsp;&nbsp;&nbsp;Class 529C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190061) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(79334) | &nbsp;&nbsp;&nbsp;&nbsp;$(1766185) | &nbsp;&nbsp;&nbsp;3195192 | &nbsp;&nbsp;&nbsp;&nbsp;$48713888 |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Lifetime 2040 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2055 Fund, and the MFS Lifetime 2025 Fund were the owners of record of approximately 4%, 3%, 3%, 3%, 3%, 2%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2020 Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime 2065 Fund were the owners of record of less than 1% of the value of outstanding voting shares of the fund.

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Notes to Financial Statements (unaudited) - continued

Effective June 1, 2019, purchases of the fund's Class B and Class 529B shares were closed to new and existing investors subject to certain exceptions. Effective after the close of business on March 18, 2022, all sales of Class 529B and Class 529C shares were suspended, and Class 529B and Class 529C shares were converted into Class 529A shares of the fund effective March 21, 2022. Effective after the close of business on May 13, 2022, all sales and redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $763 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $2378593 | &nbsp;&nbsp; $33373250 | &nbsp;&nbsp; $30569730 | &nbsp;&nbsp; $321 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $5182447 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $39598 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication

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Notes to Financial Statements (unaudited) - continued

of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS Blended Research Small Cap Equity Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate

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Board Review of Investment Advisory Agreement - continued

and total expense ratio were each lower than the Broadridge expense group median. The Trustees also noted that MFS has agreed to further reduce the expense limitation for Class R6 shares of the Fund effective August 1, 2022, which may not be changed without the Trustees' approval.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](img62626fd56.gif)

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#### Save paper with eDelivery.
![](imge9c027827.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

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![](img6e2fce1d1.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

![](imgd26ad7d72.gif)

BRU-SEM

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MFS<sup>®</sup> Blended Research<sup>®</sup>

Value Equity Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_12191e3a-072f-4113-8510-67370824b239_1)<br>| 1 |
| [Portfolio composition](#xx_17a6702b-ca7c-4faf-9ed2-c4e42da30528_1)<br>| 2 |
| [Expense table](#xx_6ec9e953-d654-4006-ae04-099f326371e5_1)<br>| 3 |
| [Portfolio of investments](#xx_c05bbda8-10e6-4a00-9f98-953e66042fb5_1)<br>| 5 |
| [Statement of assets and liabilities](#xx_5e0c36b0-e056-4fa6-a060-c32f9d17b27a_1)<br>| 11 |
| [Statement of operations](#xx_5e0c36b0-e056-4fa6-a060-c32f9d17b27a_3)<br>| 13 |
| [Statements of changes in net assets](#xx_5e0c36b0-e056-4fa6-a060-c32f9d17b27a_4)<br>| 14 |
| [Financial highlights](#xx_8bb0573b-ed7c-4be4-80e5-dd47795378e8_1)<br>| 15 |
| [Notes to financial statements](#xx_b8dab98e-71fb-4c4d-8e98-42b55ff7d5ac_1)<br>| 24 |
| [Board review of investment advisory agreement](#xx_8c1791f4-eb5a-4cc1-9f8f-5b53ef2b9f40_1)<br>| 35 |
| [Proxy voting policies and information](#xx_4c02e446-317a-46d3-ad37-caae494ccf88_1)<br>| 39 |
| [Quarterly portfolio disclosure](#xx_4c02e446-317a-46d3-ad37-caae494ccf88_1)<br>| 39 |
| [Further information](#xx_4c02e446-317a-46d3-ad37-caae494ccf88_1)<br>| 39 |
| [Information about fund contracts and legal claims](#xx_4c02e446-317a-46d3-ad37-caae494ccf88_1)<br>| 39 |
| [Provision of financial reports and summary prospectuses](#xx_4c02e446-317a-46d3-ad37-caae494ccf88_1)<br>| 39 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_d68dc53e-053c-4e84-9d98-0925e6d0a1e2_5)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img2ac6b78c3.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img64450cab4.gif)

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio Composition

#### Portfolio structure
![](img5fd0c41b5.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| Merck & Co., Inc. | 2.3% |
| Johnson & Johnson | 2.3% |
| Wells Fargo & Co. | 2.1% |
| Alphabet, Inc., "A" | 2.0% |
| Goldman Sachs Group, Inc. | 1.9% |
| Cigna Corp. | 1.8% |
| Valero Energy Corp. | 1.7% |
| Chubb Ltd. | 1.6% |
| General Dynamics Corp. | 1.6% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Financials | 20.9% |
| Health Care | 17.1% |
| Industrials | 10.0% |
| Information Technology | &nbsp;&nbsp;9.3% |
| Energy | &nbsp;&nbsp;7.9% |
| Communication Services | &nbsp;&nbsp;7.7% |
| Consumer Staples | &nbsp;&nbsp;6.3% |
| Consumer Discretionary | &nbsp;&nbsp;6.0% |
| Real Estate | &nbsp;&nbsp;5.0% |
| Utilities | &nbsp;&nbsp;4.9% |
| Materials | &nbsp;&nbsp;3.6% |

---

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.74%* | *$1000.00* | *$1028.57* | *$3.76* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*B* | *Actual* | *1.49%* | *$1000.00* | *$1024.24* | *$7.56* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.49%* | *$1000.00* | *$1017.60* | *$7.54* |
| &nbsp;&nbsp;*C* | *Actual* | *1.49%* | *$1000.00* | *$1024.36* | *$7.56* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.49%* | *$1000.00* | *$1017.60* | *$7.54* |
| &nbsp;&nbsp;*I* | *Actual* | *0.49%* | *$1000.00* | *$1030.14* | *$2.49* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.49%* | *$1000.00* | *$1022.61* | *$2.48* |
| &nbsp;&nbsp;*R1* | *Actual* | *0.74%* | *$1000.00* | *$1028.30* | *$3.76* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*R2* | *Actual* | *0.99%* | *$1000.00* | *$1026.86* | *$5.03* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *0.99%* | *$1000.00* | *$1020.10* | *$5.01* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.74%* | *$1000.00* | *$1028.86* | *$3.76* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.74%* | *$1000.00* | *$1021.36* | *$3.75* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.49%* | *$1000.00* | *$1029.41* | *$2.49* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.49%* | *$1000.00* | *$1022.61* | *$2.48* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.41%* | *$1000.00* | *$1030.06* | *$2.09* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.41%* | *$1000.00* | *$1023.01* | *$2.08* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

#### Notes to Expense Table
For the period from June 1, 2022 through November 30, 2022, the distribution fee for Class R1 was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense ratio, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 1.49%, $7.58, and $7.54 for Class R1. See Note 3 in the Notes to Financial Statements for additional information.

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Aerospace & Defense – 4.7% | Aerospace & Defense – 4.7% |  |
| CACI International, Inc., "A" (a) | &nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$445964 |
| General Dynamics Corp. | 15491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909774 |
| Honeywell International, Inc. | 15871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484478 |
| Raytheon Technologies Corp. | 38623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11653079 |
| Airlines – 0.3% | Airlines – 0.3% |  |
| United Airlines Holdings, Inc. (a) | 16822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$743028 |
| Alcoholic Beverages – 0.4% | Alcoholic Beverages – 0.4% |  |
| Constellation Brands, Inc., "A" | &nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1055392 |
| Automotive – 0.4% | Automotive – 0.4% |  |
| General Motors Co. | 23469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$951903 |
| Biotechnology – 2.5% | Biotechnology – 2.5% |  |
| Biogen, Inc. (a) | &nbsp;&nbsp;9895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3019657 |
| Gilead Sciences, Inc. | 24044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111785 |
| Moderna, Inc. (a) | &nbsp;&nbsp;6384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6254451 |
| Broadcasting – 1.1% | Broadcasting – 1.1% |  |
| Walt Disney Co. (a) | 28263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2766100 |
| Brokerage & Asset Managers – 1.5% | Brokerage & Asset Managers – 1.5% |  |
| Citigroup, Inc. | 14517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$702768 |
| Invesco Ltd. | 29963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572593 |
| Raymond James Financial, Inc. | 21730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3815598 |
| Business Services – 3.6% | Business Services – 3.6% |  |
| Accenture PLC, "A" | &nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1357194 |
| Amdocs Ltd. | 24177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148368 |
| Cognizant Technology Solutions Corp., "A" | 11222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698121 |
| Fidelity National Information Services, Inc. | 29949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173698 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;7544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787292 |
| GoDaddy, Inc. (a) | 13915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101094 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;9326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8997019 |

---

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Cable TV – 2.2% | Cable TV – 2.2% |  |
| Charter Communications, Inc., "A" (a) | &nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2590340 |
| Comcast Corp., "A" | 77328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5423638 |
| Computer Software – 0.8% | Computer Software – 0.8% |  |
| Microsoft Corp. | &nbsp;&nbsp;8196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2091127 |
| Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% |  |
| Block, Inc., "A" (a) | &nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$426544 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Colgate-Palmolive Co. | 37351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2893955 |
| Consumer Services – 1.7% | Consumer Services – 1.7% |  |
| Booking Holdings, Inc. (a) | &nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3231465 |
| Expedia Group, Inc. (a) | &nbsp;&nbsp;8727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4163858 |
| Electrical Equipment – 1.0% | Electrical Equipment – 1.0% |  |
| Amphenol Corp., "A" | 32056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2578264 |
| Electronics – 3.6% | Electronics – 3.6% |  |
| Applied Materials, Inc. | 20745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2273652 |
| Corning, Inc. | 21684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740075 |
| Intel Corp. | 51417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546109 |
| Lam Research Corp. | &nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708098 |
| Micron Technology, Inc. | 17706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020751 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;7133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254267 |
| Texas Instruments, Inc. | &nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8989519 |
| Energy - Independent – 4.9% | Energy - Independent – 4.9% |  |
| ConocoPhillips | 19622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2423513 |
| EOG Resources, Inc. | 23404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321730 |
| Marathon Petroleum Corp. | 18913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303793 |
| Valero Energy Corp. | 31897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$12311113 |
| Energy - Integrated – 1.5% | Energy - Integrated – 1.5% |  |
| Chevron Corp. | &nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1107559 |
| Exxon Mobil Corp. | 23421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3715253 |

---

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Beverages – 3.2% | Food & Beverages – 3.2% |  |
| Archer Daniels Midland Co. | 35534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3464565 |
| Mondelez International, Inc. | 48077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250486 |
| Tyson Foods, Inc., "A" | 20761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8091090 |
| Food & Drug Stores – 0.3% | Food & Drug Stores – 0.3% |  |
| Albertsons Cos., Inc., "A" | 37669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$789166 |
| Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% |  |
| Weyerhaeuser Co., REIT | 24379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$797437 |
| Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% |  |
| Marriott International, Inc., "A" | &nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1343138 |
| Health Maintenance Organizations – 3.2% | Health Maintenance Organizations – 3.2% |  |
| Cigna Corp. | 13650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4489348 |
| Humana, Inc. | &nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7976814 |
| Insurance – 8.3% | Insurance – 8.3% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;5855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1943567 |
| Berkshire Hathaway, Inc., "B" (a) | 11413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636182 |
| Chubb Ltd. | 18691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104357 |
| Equitable Holdings, Inc. | 90870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884214 |
| Everest Re Group Ltd. | &nbsp;&nbsp;5401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825214 |
| Hartford Financial Services Group, Inc. | 11226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857329 |
| MetLife, Inc. | 43977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373036 |
| Reinsurance Group of America, Inc. | 14106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$20660805 |
| Internet – 2.3% | Internet – 2.3% |  |
| Alphabet, Inc., "A" (a) | 50005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5050005 |
| Meta Platforms, Inc., "A" (a) | &nbsp;&nbsp;6541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5822497 |
| Leisure & Toys – 1.3% | Leisure & Toys – 1.3% |  |
| Brunswick Corp. | 22392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1661486 |
| Polaris, Inc. | 13224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3169816 |
| Machinery & Tools – 1.6% | Machinery & Tools – 1.6% |  |
| Eaton Corp. PLC | 14153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2313308 |
| PACCAR, Inc. | 10134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073292 |
| Wabtec Corp. | &nbsp;&nbsp;6915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4085637 |

---

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[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Major Banks – 9.6% | Major Banks – 9.6% |  |
| Bank of America Corp. | &nbsp;&nbsp;94418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3573721 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;12015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639592 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;43262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977943 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;9163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852801 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;17708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979548 |
| Regions Financial Corp. | &nbsp;&nbsp;27150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630152 |
| Wells Fargo & Co. | 110473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$23950937 |
| Medical & Health Technology & Services – 1.9% | Medical & Health Technology & Services – 1.9% |  |
| McKesson Corp. | &nbsp;&nbsp;10158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3877105 |
| Syneos Health, Inc. (a) | &nbsp;&nbsp;25696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4783660 |
| Medical Equipment – 2.1% | Medical Equipment – 2.1% |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;7038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$757148 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;21079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954246 |
| Medtronic PLC | &nbsp;&nbsp;30039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374283 |
| Quidel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433669 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5244271 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% |  |
| United States Steel Corp. | &nbsp;&nbsp;39751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1045054 |
| Natural Gas - Distribution – 1.0% | Natural Gas - Distribution – 1.0% |  |
| UGI Corp. | &nbsp;&nbsp;64963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2510820 |
| Natural Gas - Pipeline – 0.8% | Natural Gas - Pipeline – 0.8% |  |
| Cheniere Energy, Inc. | &nbsp;&nbsp;11499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2016465 |
| Oil Services – 0.6% | Oil Services – 0.6% |  |
| NOV, Inc. | &nbsp;&nbsp;69768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1566989 |
| Other Banks & Diversified Financials – 1.5% | Other Banks & Diversified Financials – 1.5% |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$706949 |
| SLM Corp. | 127182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220597 |
| Zions Bancorp NA | &nbsp;&nbsp;13706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3637791 |
| Pharmaceuticals – 7.4% | Pharmaceuticals – 7.4% |  |
| Johnson & Johnson | &nbsp;&nbsp;32459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5777702 |
| Merck & Co., Inc. | &nbsp;&nbsp;52843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819071 |
| Organon & Co. | &nbsp;&nbsp;14548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378539 |
| Pfizer, Inc. | &nbsp;&nbsp;62372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126708 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – continued | Pharmaceuticals – continued |  |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;10817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3422499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$18524519 |
| Pollution Control – 0.3% | Pollution Control – 0.3% |  |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$602847 |
| Railroad & Shipping – 1.2% | Railroad & Shipping – 1.2% |  |
| CSX Corp. | &nbsp;&nbsp;92895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3036738 |
| Real Estate – 4.7% | Real Estate – 4.7% |  |
| EPR Properties, REIT | &nbsp;&nbsp;34437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1432924 |
| Extra Space Storage, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;8438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355902 |
| Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp;75844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436485 |
| Life Storage, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;7239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778120 |
| Prologis, Inc., REIT | &nbsp;&nbsp;10011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179196 |
| Public Storage, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460852 |
| Spirit Realty Capital, Inc., REIT | &nbsp;&nbsp;22795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944169 |
| VICI Properties, Inc., REIT | &nbsp;&nbsp;27006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923605 |
| W.P. Carey, Inc., REIT | &nbsp;&nbsp;14788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11676547 |
| Restaurants – 0.7% | Restaurants – 0.7% |  |
| Starbucks Corp. | &nbsp;&nbsp;16068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1642150 |
| Specialty Chemicals – 4.0% | Specialty Chemicals – 4.0% |  |
| Chemours Co. | 108400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3365820 |
| Corteva, Inc. | &nbsp;&nbsp;10307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692218 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;29261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063193 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764501 |
| Univar Solutions, Inc. (a) | &nbsp;&nbsp;61609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9926839 |
| Specialty Stores – 3.0% | Specialty Stores – 3.0% |  |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;22357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1429283 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767532 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984984 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009771 |
| Wal-Mart Stores, Inc. | &nbsp;&nbsp;15250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7515975 |
| Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% |  |
| T-Mobile US, Inc. (a) | &nbsp;&nbsp;19740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2989820 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Telephone Services – 0.9% | Telephone Services – 0.9% |  |
| Altice USA, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;114550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$522348 |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441874 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2298817 |
| Tobacco – 0.3% | Tobacco – 0.3% |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$668237 |
| Trucking – 0.6% | Trucking – 0.6% |  |
| United Parcel Service, Inc., "B" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1474771 |
| Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% |  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2881252 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435613 |
| PG&E Corp. (a) | &nbsp;&nbsp;&nbsp;106594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673526 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9597850 |
| **Total Common Stocks (Identified Cost, $194,451,510)** |  | **$246277338** |
| Investment Companies (h) – 1.1% | Investment Companies (h) – 1.1% | Investment Companies (h) – 1.1% |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $2,841,731) | 2841727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2841727 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553708 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$249672773** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,841,727 and $246,277,338, respectively.

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

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $194,451,510) | &nbsp;&nbsp;$246277338 |
| Investments in affiliated issuers, at value (identified cost, $2,841,731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841727 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703706 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39885 |
| Total assets | &nbsp;&nbsp;$249927855 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1253 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186478 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40821 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$255082 |
| Net assets | &nbsp;&nbsp;$249672773 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$179139130 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;70533643 |
| Net assets | &nbsp;&nbsp;$249672773 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16196702 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$23580050 | &nbsp;&nbsp;&nbsp;&nbsp;1523314 | &nbsp;&nbsp;&nbsp;$15.48 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48705 | &nbsp;&nbsp;&nbsp;&nbsp;15.21 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74097 | &nbsp;&nbsp;&nbsp;&nbsp;15.14 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;54370811 | &nbsp;&nbsp;&nbsp;&nbsp;3535946 | &nbsp;&nbsp;&nbsp;&nbsp;15.38 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp;15.26 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;&nbsp;&nbsp;15.29 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20970 | &nbsp;&nbsp;&nbsp;&nbsp;15.33 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 | &nbsp;&nbsp;&nbsp;&nbsp;15.40 |
| Class R6 | &nbsp;&nbsp;&nbsp;169228100 | &nbsp;&nbsp;&nbsp;10973451 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $16.42 [100 /
94.25 x $15.48]. 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

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$2811538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1239) |
| Total investment income | &nbsp;&nbsp;$2841319 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$456406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15546 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$670790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;(135831) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$534959 |
| Net investment income (loss) | &nbsp;&nbsp;$2306360 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$5695700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218) |
| Net realized gain (loss) | &nbsp;&nbsp;$5695482 |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$(463777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$(463781) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$5231701 |
| Change in net assets from operations | &nbsp;&nbsp;$7538061 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$2306360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3818870 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5695482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31722729 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463781) | &nbsp;&nbsp;&nbsp;&nbsp;(27171160) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$7538061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8370439 |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(28729192) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$3042342 | &nbsp;&nbsp;&nbsp;&nbsp;$(2957326) |
| Total change in net assets | &nbsp;&nbsp;$10580403 | &nbsp;&nbsp;&nbsp;&nbsp;$(23316079) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;239092370 | &nbsp;&nbsp;&nbsp;&nbsp;262408449 |
| At end of period | $249672773 | &nbsp;&nbsp;&nbsp;$239092370 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;&nbsp;$16.28 | &nbsp;&nbsp;&nbsp;$11.48 | &nbsp;&nbsp;&nbsp;$12.07 | &nbsp;&nbsp;&nbsp;$12.84 | &nbsp;&nbsp;&nbsp;$11.85 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Total from investment operations | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp;&nbsp;&nbsp; $0.48 | &nbsp;&nbsp;&nbsp;&nbsp; $5.02 | &nbsp;&nbsp;&nbsp; $(0.33) | &nbsp;&nbsp;&nbsp; $(0.24) | &nbsp;&nbsp;&nbsp;&nbsp; $1.44 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(1.71) | &nbsp;&nbsp;&nbsp; $(0.22) | &nbsp;&nbsp;&nbsp; $(0.26) | &nbsp;&nbsp;&nbsp; $(0.53) | &nbsp;&nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | $15.48 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $12.84 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.86(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;44.17 | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.86(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | $23580 | $17572 | $68612 | $52735 | $51642 | $53388 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.85 | &nbsp;&nbsp;$16.28 | &nbsp;&nbsp;$11.46 | &nbsp;&nbsp;$12.07 | &nbsp;&nbsp;$12.81 | &nbsp;&nbsp;$11.79 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp;&nbsp; $0.37 | &nbsp;&nbsp;&nbsp; $4.92 | &nbsp;&nbsp; $(0.44) | &nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp; $1.34 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.80) | &nbsp;&nbsp; $(0.10) | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.43) | &nbsp;&nbsp; $(0.32) |
| Net asset value, end of period (x) | $15.21 | $14.85 | $16.28 | $11.46 | $12.07 | $12.81 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.42(n) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;43.10 | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;11.36 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.01(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$741 | &nbsp;&nbsp;&nbsp;&nbsp;$439 | &nbsp;&nbsp;&nbsp;&nbsp;$140 | &nbsp;&nbsp;&nbsp;&nbsp;$132 | &nbsp;&nbsp;&nbsp;&nbsp;$163 | &nbsp;&nbsp;&nbsp;&nbsp;$164 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.78 | &nbsp;&nbsp;$16.22 | &nbsp;&nbsp;$11.45 | &nbsp;&nbsp;$12.05 | &nbsp;&nbsp;$12.76 | &nbsp;&nbsp;$11.74 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Total from investment operations | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp;&nbsp; $0.36 | &nbsp;&nbsp;&nbsp; $4.91 | &nbsp;&nbsp; $(0.43) | &nbsp;&nbsp; $(0.32) | &nbsp;&nbsp;&nbsp; $1.33 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.80) | &nbsp;&nbsp; $(0.14) | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.39) | &nbsp;&nbsp; $(0.31) |
| Net asset value, end of period (x) | $15.14 | $14.78 | $16.22 | $11.45 | $12.05 | $12.76 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.44(n) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;43.08 | &nbsp;&nbsp;&nbsp;&nbsp;(3.76) | &nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;11.33 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.00(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | $1122 | &nbsp;&nbsp;&nbsp;&nbsp;$974 | &nbsp;&nbsp;&nbsp;&nbsp;$873 | &nbsp;&nbsp;&nbsp;&nbsp;$456 | &nbsp;&nbsp;&nbsp;&nbsp;$470 | &nbsp;&nbsp;&nbsp;&nbsp;$539 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.93 | &nbsp;&nbsp;&nbsp;$16.37 | &nbsp;&nbsp;$11.54 | &nbsp;&nbsp;$12.13 | &nbsp;&nbsp;$12.91 | &nbsp;&nbsp;$11.89 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | &nbsp;&nbsp; $0.45 | &nbsp;&nbsp;&nbsp;&nbsp; $0.52 | &nbsp;&nbsp;&nbsp; $5.08 | &nbsp;&nbsp; $(0.30) | &nbsp;&nbsp; $(0.21) | &nbsp;&nbsp;&nbsp; $1.47 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(1.96) | &nbsp;&nbsp; $(0.25) | &nbsp;&nbsp; $(0.29) | &nbsp;&nbsp; $(0.57) | &nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | $15.38 | &nbsp;&nbsp; $14.93 | $16.37 | $11.54 | $12.13 | $12.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;3.01(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | $54371 | $56857 | &nbsp;&nbsp;$1517 | &nbsp;&nbsp;&nbsp;&nbsp;$488 | &nbsp;&nbsp;&nbsp;&nbsp;$923 | &nbsp;&nbsp;&nbsp;&nbsp;$822 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.84 | &nbsp;&nbsp;$16.22 | &nbsp;&nbsp;$11.45 | &nbsp;&nbsp;$12.05 | &nbsp;&nbsp;$12.81 | &nbsp;&nbsp;$11.80 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $0.48 | &nbsp;&nbsp;&nbsp; $4.90 | &nbsp;&nbsp; $(0.43) | &nbsp;&nbsp; $(0.33) | &nbsp;&nbsp;&nbsp; $1.34 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.86) | &nbsp;&nbsp; $(0.13) | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp; $(0.43) | &nbsp;&nbsp; $(0.33) |
| Net asset value, end of period (x) | $15.26 | $14.84 | $16.22 | $11.45 | $12.05 | $12.81 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.83(n) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;43.07 | &nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;11.37 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.86(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.75(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.89 | &nbsp;&nbsp;$16.31 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$12.10 | &nbsp;&nbsp;$12.87 | &nbsp;&nbsp;$11.85 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Total from investment operations | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp;&nbsp; $0.45 | &nbsp;&nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $(0.36) | &nbsp;&nbsp; $(0.27) | &nbsp;&nbsp;&nbsp; $1.41 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.87) | &nbsp;&nbsp; $(0.19) | &nbsp;&nbsp; $(0.24) | &nbsp;&nbsp; $(0.50) | &nbsp;&nbsp; $(0.39) |
| Net asset value, end of period (x) | $15.29 | $14.89 | $16.31 | $11.50 | $12.10 | $12.87 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.69(n) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;43.83 | &nbsp;&nbsp;&nbsp;&nbsp;(3.31) | &nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.99(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$115 | &nbsp;&nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;&nbsp;$104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.90 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$11.53 | &nbsp;&nbsp;$12.13 | &nbsp;&nbsp;$12.90 | &nbsp;&nbsp;$11.87 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 | &nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp;&nbsp; $0.48 | &nbsp;&nbsp;&nbsp; $5.05 | &nbsp;&nbsp; $(0.33) | &nbsp;&nbsp; $(0.24) | &nbsp;&nbsp;&nbsp; $1.45 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;&nbsp;$(0.13) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.94) | &nbsp;&nbsp; $(0.22) | &nbsp;&nbsp; $(0.27) | &nbsp;&nbsp; $(0.53) | &nbsp;&nbsp; $(0.42) |
| Net asset value, end of period (x) | $15.33 | $14.90 | $16.36 | $11.53 | $12.13 | $12.90 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.89(n) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;44.17 | &nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.86(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.74(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$321 | &nbsp;&nbsp;&nbsp;&nbsp;$312 | &nbsp;&nbsp;&nbsp;&nbsp;$103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;&nbsp;$187 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $14.96 | &nbsp;&nbsp;$16.37 | &nbsp;&nbsp;$11.54 | &nbsp;&nbsp;$12.14 | &nbsp;&nbsp;$12.91 | &nbsp;&nbsp;$11.88 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Total from investment operations | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp;&nbsp; $0.54 | &nbsp;&nbsp;&nbsp; $5.08 | &nbsp;&nbsp; $(0.30) | &nbsp;&nbsp; $(0.21) | &nbsp;&nbsp;&nbsp; $1.48 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.95) | &nbsp;&nbsp; $(0.25) | &nbsp;&nbsp; $(0.30) | &nbsp;&nbsp; $(0.56) | &nbsp;&nbsp; $(0.45) |
| Net asset value, end of period (x) | $15.40 | $14.96 | $16.37 | $11.54 | $12.14 | $12.91 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;2.94(n) | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;44.52 | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;12.49 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.00(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$14.97 | &nbsp;&nbsp;&nbsp;&nbsp;$16.39 | &nbsp;&nbsp;&nbsp;&nbsp;$11.56 | &nbsp;&nbsp;&nbsp;&nbsp;$12.15 | &nbsp;&nbsp;&nbsp;&nbsp;$12.92 | &nbsp;&nbsp;&nbsp;&nbsp;$11.89 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.45 | &nbsp;&nbsp;&nbsp;&nbsp; $0.54 | &nbsp;&nbsp;&nbsp;&nbsp; $5.10 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.28) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.19) | &nbsp;&nbsp;&nbsp;&nbsp; $1.49 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.17) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1.96) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.27) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.31) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.58) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.46) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp;&nbsp;&nbsp; $14.97 | &nbsp;&nbsp;&nbsp;&nbsp; $16.39 | &nbsp;&nbsp;&nbsp;&nbsp; $11.56 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp; $12.92 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Net assets at end of period (000 omitted) | $169228 | $162638 | $190875 | $140463 | $121952 | $120575 |

---

(a) Annualized.

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

(n) Not annualized.

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

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

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

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

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the**

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

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 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.

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities | &nbsp;&nbsp;$246277338 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$246277338 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841727 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841727 |
| Total | &nbsp;&nbsp;$249119065 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$249119065 |

---

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

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

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

**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 a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.**

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10329068 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400124 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28729192 |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$198923292 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56146147 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5950374) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$50195773 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182343 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12046393 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50766846 |

---

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;$1156935 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16608 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95418 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7070348 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11959 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45837 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20310678 |
| Total | $— | $28729192 |

---

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | &nbsp;&nbsp;0.40% |
| In excess of $1 billion and up to $2.5 billion | 0.375% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.35% |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $15,843, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $119,988, 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 $5,075 for the six months ended November 30, 2022, 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.

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$24200 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$32937 |

---

(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 November 30, 2022 based on each class's average daily net assets. MFD
has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or
its affiliates' seed money. There were no service fee rebates for the six months ended November 30, 2022. For the six months ended November 30, 2022, the 0.75% distribution fee was not imposed for Class R1 shares due
to the sales charge limitations contained in Financial Industry Regulatory Authority ("FINRA") Rule 2341.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $605 |
| Class B | &nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

**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 November 30, 2022, the fee was $3,304, which equated to 0.0029% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $32,993.**

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

**Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0203% 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. 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 November 30, 2022, MFS held approximately 84% of the outstanding shares of Class R2 and 100% of the outstanding shares of Class R1 and Class R4.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended November 30, 2022, this reimbursement amounted to $2,864, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $57,812,543 and $52,831,514, respectively.

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

(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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;489440 | &nbsp;&nbsp;&nbsp;&nbsp;$6909668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808927 | &nbsp;&nbsp;&nbsp;&nbsp;$12548262 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309690 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360431 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;424475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818786 | &nbsp;&nbsp;&nbsp;4029472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66121385 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313928 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;848115 | &nbsp;&nbsp;&nbsp;&nbsp;12241515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12264658 |
|  | &nbsp;&nbsp;1797606 | &nbsp;&nbsp;&nbsp;$25465423 | &nbsp;&nbsp;&nbsp;5680923 | &nbsp;&nbsp;&nbsp;&nbsp;$91924018 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1123177 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16608 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95418 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070348 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11959 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45837 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1366802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;1931584 | &nbsp;&nbsp;&nbsp;&nbsp;$28695427 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(133526) | &nbsp;&nbsp;&nbsp;&nbsp;$(1879105) | &nbsp;&nbsp;(3932274) | &nbsp;&nbsp;&nbsp;&nbsp;$(64548934) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13815) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280448) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(695642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9873820) | &nbsp;&nbsp;&nbsp;&nbsp;(791836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12255820) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102978) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(737305) | &nbsp;&nbsp;&nbsp;&nbsp;(10556497) | &nbsp;&nbsp;(2928911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46373038) |
|  | (1574592) | &nbsp;&nbsp;$(22423081) | &nbsp;&nbsp;(7678952) | &nbsp;&nbsp;$(123576771) |

---

------

[**Table of Contents**](#JOB_BRU_-_9e158e91-3fdd-4f14-a0d9-1f01b6ae36ac_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;355914 | &nbsp;&nbsp;$5030563 | &nbsp;&nbsp;(3048268) | &nbsp;&nbsp;$(50877495) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;19161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312483 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;8178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175401 |
| &nbsp;&nbsp;&nbsp;Class I | (271167) | &nbsp;&nbsp;&nbsp;(4055034) | &nbsp;&nbsp;&nbsp;3714396 | &nbsp;&nbsp;&nbsp;&nbsp;60935913 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15885 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256787 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;110810 | &nbsp;&nbsp;&nbsp;&nbsp;1685018 | &nbsp;&nbsp;&nbsp;&nbsp;(782729) | &nbsp;&nbsp;&nbsp;&nbsp;(13797702) |
|  | &nbsp;&nbsp;223014 | &nbsp;&nbsp;$3042342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66445) | &nbsp;&nbsp;&nbsp;&nbsp;$(2957326) |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Lifetime 2040 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime 2025 Fund, and the MFS Lifetime 2060 Fund,were the owners of record of approximately 13%, 11%, 9%, 9%, 9%, 5%, 5%, 4%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

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

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $520 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

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Notes to Financial Statements (unaudited) - continued

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $2413907 | &nbsp;&nbsp; $22064380 | &nbsp;&nbsp; $21636338 | &nbsp;&nbsp; $(218) | &nbsp;&nbsp; $(4) | &nbsp;&nbsp; $2841727 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $28120 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS Blended Research Value Equity Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services

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Board Review of Investment Advisory Agreement - continued

MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](imgc4a4fd476.gif)

------

#### Save paper with eDelivery.
![](imgfd1f795d7.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](img7d2f70641.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

![](img31a460a12.gif)

BMS-SEM

------

MFS<sup>®</sup> Blended Research<sup>®</sup>

Mid Cap Equity Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_84a1f5fb-466c-4843-8de2-54de9d0d0c8c_1)<br>| 1 |
| [Portfolio composition](#xx_0c0ef63e-a132-4a51-81b8-043b4f5d07f1_1)<br>| 2 |
| [Expense table](#xx_9a575bd2-b8b3-4784-b280-7001b717793a_1)<br>| 3 |
| [Portfolio of investments](#xx_dca08c18-02d7-4b3d-ad1c-f0a29be632b9_1)<br>| 5 |
| [Statement of assets and liabilities](#xx_01c8cbb8-c952-430d-9261-9b64c856acac_1)<br>| 11 |
| [Statement of operations](#xx_01c8cbb8-c952-430d-9261-9b64c856acac_3)<br>| 13 |
| [Statements of changes in net assets](#xx_01c8cbb8-c952-430d-9261-9b64c856acac_4)<br>| 14 |
| [Financial highlights](#xx_448d4cc2-459e-4df6-83c2-67ea060db17b_1)<br>| 15 |
| [Notes to financial statements](#xx_15fc0885-2f00-49b8-b841-a92f135e43b2_1)<br>| 24 |
| [Board review of investment advisory agreement](#xx_bc713588-30c2-4a45-822d-e58b94e69b6b_1)<br>| 36 |
| [Proxy voting policies and information](#xx_42bbed29-b759-41f5-820e-cd4603d05e04_1)<br>| 40 |
| [Quarterly portfolio disclosure](#xx_42bbed29-b759-41f5-820e-cd4603d05e04_1)<br>| 40 |
| [Further information](#xx_42bbed29-b759-41f5-820e-cd4603d05e04_1)<br>| 40 |
| [Information about fund contracts and legal claims](#xx_42bbed29-b759-41f5-820e-cd4603d05e04_1)<br>| 40 |
| [Provision of financial reports and summary prospectuses](#xx_42bbed29-b759-41f5-820e-cd4603d05e04_1)<br>| 40 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_ec3b7257-67ef-425e-8422-431a3fc27f36_4)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](imgf28c8f083.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img75e3349c4.gif)

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[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio Composition

#### Portfolio structure
![](imgd1640fc55.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Ameriprise Financial, Inc. | 1.9% |
| Gartner, Inc. | 1.8% |
| Cadence Design Systems, Inc. | 1.8% |
| Everest Re Group Ltd. | 1.8% |
| Corteva, Inc. | 1.7% |
| Valero Energy Corp. | 1.7% |
| PG&E Corp. | 1.6% |
| Hartford Financial Services Group, Inc. | 1.6% |
| Cheniere Energy, Inc. | 1.6% |
| Reinsurance Group of America, Inc. | 1.6% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Information Technology | 16.9% |
| Industrials | 14.9% |
| Financials | 14.9% |
| Consumer Discretionary | 13.3% |
| Health Care | &nbsp;&nbsp;9.8% |
| Real Estate | &nbsp;&nbsp;7.5% |
| Energy | &nbsp;&nbsp;5.9% |
| Materials | &nbsp;&nbsp;5.1% |
| Utilities | &nbsp;&nbsp;4.6% |
| Communication Services | &nbsp;&nbsp;3.5% |
| Consumer Staples | &nbsp;&nbsp;2.4% |

---

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

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### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.84%* | *$1000.00* | *$1004.04* | *$4.22* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.84%* | *$1000.00* | *$1020.86* | *$4.26* |
| &nbsp;&nbsp;*B* | *Actual* | *1.59%* | *$1000.00* | *$1000.82* | *$7.98* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.59%* | *$1000.00* | *$1017.10* | *$8.04* |
| &nbsp;&nbsp;*C* | *Actual* | *1.59%* | *$1000.00* | *$1000.82* | *$7.98* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.59%* | *$1000.00* | *$1017.10* | *$8.04* |
| &nbsp;&nbsp;*I* | *Actual* | *0.59%* | *$1000.00* | *$1005.69* | *$2.97* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.59%* | *$1000.00* | *$1022.11* | *$2.99* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.59%* | *$1000.00* | *$1000.82* | *$7.98* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.59%* | *$1000.00* | *$1017.10* | *$8.04* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.09%* | *$1000.00* | *$1003.26* | *$5.47* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.09%* | *$1000.00* | *$1019.60* | *$5.52* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.84%* | *$1000.00* | *$1004.07* | *$4.22* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.84%* | *$1000.00* | *$1020.86* | *$4.26* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.59%* | *$1000.00* | *$1005.68* | *$2.97* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.59%* | *$1000.00* | *$1022.11* | *$2.99* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.50%* | *$1000.00* | *$1006.48* | *$2.51* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.50%* | *$1000.00* | *$1022.56* | *$2.54* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |  |
| CACI International, Inc., "A" (a) | &nbsp;&nbsp;12412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3876268 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;23087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355260 |
| Textron, Inc. | &nbsp;&nbsp;84961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15296044 |
| Airlines – 1.2% | Airlines – 1.2% |  |
| Southwest Airlines Co. (a) | &nbsp;&nbsp;59491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2374286 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;77841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5812523 |
| Automotive – 1.3% | Automotive – 1.3% |  |
| Lear Corp. | &nbsp;&nbsp;12575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1813818 |
| LKQ Corp. | &nbsp;&nbsp;35672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938060 |
| Visteon Corp. (a) | &nbsp;&nbsp;17388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6304436 |
| Biotechnology – 2.3% | Biotechnology – 2.3% |  |
| AbCellera Biologics, Inc. (a) | &nbsp;&nbsp;45290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$582882 |
| Beam Therapeutics, Inc. (a) | &nbsp;&nbsp;20577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950452 |
| Biogen, Inc. (a) | &nbsp;&nbsp;24175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377485 |
| Exelixis, Inc. (a) | 152303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11512154 |
| Broadcasting – 0.4% | Broadcasting – 0.4% |  |
| Fox Corp. | &nbsp;&nbsp;57694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1760821 |
| Brokerage & Asset Managers – 1.5% | Brokerage & Asset Managers – 1.5% |  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;65047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7603994 |
| Business Services – 4.6% | Business Services – 4.6% |  |
| Amdocs Ltd. | &nbsp;&nbsp;34559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3070913 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;27491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227871 |
| Dropbox, Inc. (a) | 305983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208959 |
| GoDaddy, Inc. (a) | &nbsp;&nbsp;87304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6908365 |
| WEX, Inc. (a) | &nbsp;&nbsp;20613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$22902591 |
| Chemicals – 0.7% | Chemicals – 0.7% |  |
| Avient Corp. | &nbsp;&nbsp;76455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2646108 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3257922 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 3.2% | Computer Software – 3.2% |  |
| Atlassian Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1291821 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;52378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9011111 |
| CrowdStrike Holdings, Inc. (a) | &nbsp;&nbsp;42578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009302 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15815203 |
| Computer Software - Systems – 2.4% | Computer Software - Systems – 2.4% |  |
| Box, Inc., "A" (a) | &nbsp;&nbsp;80127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2199486 |
| Dell Technologies, Inc. | &nbsp;&nbsp;94257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221771 |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;30348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193587 |
| Western Digital Corp. (a) | &nbsp;&nbsp;18677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686380 |
| Zebra Technologies Corp., "A" (a) | &nbsp;&nbsp;12452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11666750 |
| Construction – 2.5% | Construction – 2.5% |  |
| Beacon Roofing Supply, Inc. (a) | &nbsp;&nbsp;63172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3688613 |
| Eagle Materials, Inc. | &nbsp;&nbsp;23756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238893 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200226 |
| Toll Brothers, Inc. | &nbsp;&nbsp;86989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167643 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$12285357 |
| Consumer Services – 1.6% | Consumer Services – 1.6% |  |
| Expedia Group, Inc. (a) | &nbsp;&nbsp;71819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7673142 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;16817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8016041 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |  |
| AMETEK, Inc. | &nbsp;&nbsp;20126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2866345 |
| nVent Electric PLC | &nbsp;&nbsp;41921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4543604 |
| Electronics – 4.4% | Electronics – 4.4% |  |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253648 |
| Amkor Technology, Inc. | 126420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542289 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;38182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852577 |
| Corning, Inc. | 186103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351696 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658583 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200882 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;27227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$21819570 |
| Energy - Independent – 1.7% | Energy - Independent – 1.7% |  |
| Valero Energy Corp. | &nbsp;&nbsp;61576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8227785 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Renewables – 0.5% | Energy - Renewables – 0.5% |  |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2432958 |
| Engineering - Construction – 0.2% | Engineering - Construction – 0.2% |  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$868940 |
| Entertainment – 0.7% | Entertainment – 0.7% |  |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;48044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3495681 |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% |  |
| Archer Daniels Midland Co. | &nbsp;&nbsp;72630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7081425 |
| Tyson Foods, Inc., "A" | &nbsp;&nbsp;11889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7869428 |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Albertsons Cos., Inc., "A" | 182160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3816252 |
| Gaming & Lodging – 2.3% | Gaming & Lodging – 2.3% |  |
| International Game Technology PLC | 220004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5398898 |
| Marriott International, Inc., "A" | &nbsp;&nbsp;35337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11241871 |
| General Merchandise – 0.7% | General Merchandise – 0.7% |  |
| Dillards, Inc., "A" | &nbsp;&nbsp;&nbsp;&nbsp;9938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3574699 |
| Insurance – 8.8% | Insurance – 8.8% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;28153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9345388 |
| Equitable Holdings, Inc. | 135678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306420 |
| Everest Re Group Ltd. | &nbsp;&nbsp;26350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8904719 |
| Hartford Financial Services Group, Inc. | 105158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030916 |
| Lincoln National Corp. | &nbsp;&nbsp;26196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020072 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;55167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966115 |
| Voya Financial, Inc. | &nbsp;&nbsp;60569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$43569973 |
| Internet – 1.8% | Internet – 1.8% |  |
| Gartner, Inc. (a) | &nbsp;&nbsp;25735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9016772 |
| Leisure & Toys – 4.0% | Leisure & Toys – 4.0% |  |
| Brunswick Corp. | &nbsp;&nbsp;79966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5933477 |
| Electronic Arts, Inc. | &nbsp;&nbsp;46758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115011 |
| Polaris, Inc. | &nbsp;&nbsp;42450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841847 |
| Roblox Corp., "A" (a) | &nbsp;&nbsp;98938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$20033596 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 4.8% | Machinery & Tools – 4.8% |  |
| AGCO Corp. | &nbsp;&nbsp;18054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2396127 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064667 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;32859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773400 |
| Kennametal, Inc. | &nbsp;&nbsp;40335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065651 |
| PACCAR, Inc. | &nbsp;&nbsp;74125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850579 |
| Timken Co. | &nbsp;&nbsp;46990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570300 |
| Wabtec Corp. | &nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952619 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;85736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$23749012 |
| Major Banks – 0.2% | Major Banks – 0.2% |  |
| Regions Financial Corp. | &nbsp;&nbsp;35786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$830593 |
| Medical & Health Technology & Services – 3.8% | Medical & Health Technology & Services – 3.8% |  |
| McKesson Corp. | &nbsp;&nbsp;20431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7798104 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;33114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950297 |
| Syneos Health, Inc. (a) | 115899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$18837318 |
| Medical Equipment – 2.6% | Medical Equipment – 2.6% |  |
| Align Technology, Inc. (a) | &nbsp;&nbsp;11356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2233271 |
| Hologic, Inc. (a) | 101240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710438 |
| Maravai Lifesciences Holdings, Inc., "A" (a) | 123573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838766 |
| Quidel Corp. (a) | &nbsp;&nbsp;12467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$12874709 |
| Metals & Mining – 0.8% | Metals & Mining – 0.8% |  |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;12608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2663944 |
| United States Steel Corp. | &nbsp;&nbsp;58448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4200542 |
| Natural Gas - Distribution – 1.3% | Natural Gas - Distribution – 1.3% |  |
| NiSource, Inc. | &nbsp;&nbsp;10797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$301668 |
| UGI Corp. | 157076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6372656 |
| Natural Gas - Pipeline – 3.0% | Natural Gas - Pipeline – 3.0% |  |
| Cheniere Energy, Inc. | &nbsp;&nbsp;45709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8015530 |
| Targa Resources Corp. | &nbsp;&nbsp;95115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15091135 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Network & Telecom – 0.4% | Network & Telecom – 0.4% |  |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216999 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2067687 |
| Oil Services – 1.2% | Oil Services – 1.2% |  |
| NOV, Inc. | 258539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5806786 |
| Other Banks & Diversified Financials – 4.4% | Other Banks & Diversified Financials – 4.4% |  |
| East West Bancorp, Inc. | &nbsp;&nbsp;89834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6307245 |
| SLM Corp. | 400268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6988679 |
| Umpqua Holdings Corp. | 114448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319861 |
| Zions Bancorp NA | 118923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6162590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$21778375 |
| Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% |  |
| Organon & Co. | 199198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5183132 |
| Pollution Control – 0.7% | Pollution Control – 0.7% |  |
| Republic Services, Inc. | &nbsp;&nbsp;25965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3616665 |
| Real Estate – 7.6% | Real Estate – 7.6% |  |
| Apple Hospitality, Inc., REIT | &nbsp;&nbsp;72394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1235042 |
| EPR Properties, REIT | &nbsp;&nbsp;83616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479262 |
| Extra Space Storage, Inc., REIT | &nbsp;&nbsp;37273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5989398 |
| Host Hotels & Resorts, Inc., REIT | 176483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342588 |
| Life Storage, Inc., REIT | &nbsp;&nbsp;52061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596037 |
| National Retail Properties, Inc., REIT | 100372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653246 |
| National Storage Affiliates Trust, REIT | &nbsp;&nbsp;84635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369319 |
| Phillips Edison & Co., REIT | 105246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392078 |
| Spirit Realty Capital, Inc., REIT | &nbsp;&nbsp;17128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709442 |
| STORE Capital Corp., REIT | &nbsp;&nbsp;47791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524533 |
| VICI Properties, Inc., REIT | 121040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$37430513 |
| Restaurants – 1.2% | Restaurants – 1.2% |  |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;58937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5853623 |
| Specialty Chemicals – 3.6% | Specialty Chemicals – 3.6% |  |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$527355 |
| Chemours Co. | 148318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605274 |
| Corteva, Inc. | 123259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278074 |
| Univar Solutions, Inc. (a) | 140284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$18058312 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 4.8% | Specialty Stores – 4.8% |  |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5635115 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;114349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310331 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637120 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614369 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$23785965 |
| Telephone Services – 0.5% | Telephone Services – 0.5% |  |
| Altice USA, Inc., "A" (a) | &nbsp;&nbsp;&nbsp;263432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1201250 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;209779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2348741 |
| Trucking – 0.4% | Trucking – 0.4% |  |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1929964 |
| Utilities - Electric Power – 3.3% | Utilities - Electric Power – 3.3% |  |
| Constellation Energy | &nbsp;&nbsp;&nbsp;&nbsp;18173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1746789 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460096 |
| PG&E Corp. (a) | &nbsp;&nbsp;&nbsp;516619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110918 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;258573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$16608884 |
| **Total Common Stocks (Identified Cost, $434,858,043)** |  | **$489169577** |
| Investment Companies (h) – 0.8% | Investment Companies (h) – 0.8% | Investment Companies (h) – 0.8% |
| Money Market Funds – 0.8% | Money Market Funds – 0.8% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $4,126,145) | 4126121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4126121 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041247 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$495336945** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $4,126,121 and $489,169,577, respectively.

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

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

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $434,858,043) | &nbsp;&nbsp;$489169577 |
| Investments in affiliated issuers, at value (identified cost, $4,126,145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126121 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860412 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16451 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43520 |
| Total assets | &nbsp;&nbsp;$495566833 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$141148 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39063 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229888 |
| Net assets | &nbsp;&nbsp;$495336945 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$424843651 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;70493294 |
| Net assets | &nbsp;&nbsp;$495336945 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;39929805 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;$27360052 | &nbsp;&nbsp;&nbsp;&nbsp;2200547 | &nbsp;&nbsp;&nbsp;$12.43 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17363 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303020 | &nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| Class I | &nbsp;&nbsp;&nbsp;121461313 | &nbsp;&nbsp;&nbsp;&nbsp;9810753 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32033 | &nbsp;&nbsp;&nbsp;&nbsp;12.30 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194281 | &nbsp;&nbsp;&nbsp;&nbsp;12.35 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71931 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| Class R6 | &nbsp;&nbsp;&nbsp;338792281 | &nbsp;&nbsp;&nbsp;27288575 | &nbsp;&nbsp;&nbsp;&nbsp;12.42 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $13.19 [100 /
94.25 x $12.43]. 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

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;$4675676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 |
| Total investment income | &nbsp;&nbsp;&nbsp;$4742835 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$1115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78811 |
| Total expenses | &nbsp;&nbsp;&nbsp;$1414445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194307) |
| Net expenses | &nbsp;&nbsp;&nbsp;$1220119 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$3522716 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$(3902480) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| Net realized gain (loss) | &nbsp;&nbsp;$(3902276) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$5692543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$5692512 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$1790236 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$5312952 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$3522716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4066017 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(3902276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58379846 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5692512 | &nbsp;&nbsp;&nbsp;&nbsp;(61160411) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$5312952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1285452 |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(78786915) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$30358095 | &nbsp;&nbsp;&nbsp;&nbsp;$86053579 |
| Total change in net assets | &nbsp;&nbsp;$35671047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8552116 |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;459665898 | &nbsp;&nbsp;&nbsp;&nbsp;451113782 |
| At end of period | $495336945 | &nbsp;&nbsp;&nbsp;$459665898 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

*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** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;&nbsp;$10.70 | &nbsp;&nbsp;&nbsp;$11.14 | &nbsp;&nbsp;&nbsp;$12.07 | &nbsp;&nbsp;&nbsp;$11.03 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Total from investment operations | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.76 | &nbsp;&nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $(0.16) | &nbsp;&nbsp;&nbsp;&nbsp; $1.45 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp; $(3.00) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.10) | &nbsp;&nbsp;&nbsp; $(0.56) | &nbsp;&nbsp;&nbsp; $(0.77) | &nbsp;&nbsp;&nbsp; $(0.41) |
| Net asset value, end of period (x) | $12.43 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $12.07 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.40(n) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.93(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | $27360 | $19061 | &nbsp;&nbsp;$133584 | $74843 | $74051 | $77738 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.17 | &nbsp;&nbsp;$15.26 | &nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$12.03 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.09) | &nbsp;&nbsp;&nbsp;&nbsp; $4.63 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.24) | &nbsp;&nbsp;&nbsp; $1.35 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.00) | &nbsp;&nbsp;&nbsp; $(0.01) | &nbsp;&nbsp; $(0.47) | &nbsp;&nbsp; $(0.71) | &nbsp;&nbsp; $(0.31) |
| Net asset value, end of period (x) | $12.18 | $12.17 | &nbsp;&nbsp; $15.26 | $10.64 | $11.08 | $12.03 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.08(n) | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;12.35 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$212 | &nbsp;&nbsp;&nbsp;&nbsp;$236 | &nbsp;&nbsp;&nbsp;&nbsp;$126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.16 | &nbsp;&nbsp;$15.25 | &nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$12.03 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.01 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.08) | &nbsp;&nbsp;&nbsp;&nbsp; $4.62 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.23) | &nbsp;&nbsp;&nbsp; $1.35 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.00)(w) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.01) | &nbsp;&nbsp;&nbsp; $(0.01) | &nbsp;&nbsp; $(0.49) | &nbsp;&nbsp; $(0.70) | &nbsp;&nbsp; $(0.31) |
| Net asset value, end of period (x) | $12.17 | $12.16 | &nbsp;&nbsp; $15.25 | $10.64 | $11.10 | $12.03 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.08(n) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;43.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.57(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | $3688 | &nbsp;&nbsp;$3161 | &nbsp;&nbsp;&nbsp;&nbsp;$350 | &nbsp;&nbsp;&nbsp;&nbsp;$138 | &nbsp;&nbsp;&nbsp;&nbsp;$109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.31 | &nbsp;&nbsp;&nbsp;&nbsp;$15.38 | &nbsp;&nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$11.16 | &nbsp;&nbsp;$12.11 | &nbsp;&nbsp;$11.04 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp;&nbsp; $4.79 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $(0.14) | &nbsp;&nbsp;&nbsp; $1.48 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3.14) | &nbsp;&nbsp;&nbsp; $(0.12) | &nbsp;&nbsp; $(0.60) | &nbsp;&nbsp; $(0.81) | &nbsp;&nbsp; $(0.41) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp;&nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $15.38 | $10.71 | $11.16 | $12.11 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;44.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | $121461 | $108560 | &nbsp;&nbsp;&nbsp;$5410 | &nbsp;&nbsp;$4368 | &nbsp;&nbsp;$2336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.18 | &nbsp;&nbsp;$15.26 | &nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$12.03 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;$(0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Total from investment operations | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.08) | &nbsp;&nbsp;&nbsp;&nbsp; $4.62 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.24) | &nbsp;&nbsp;&nbsp; $1.35 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;$(0.02) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.00) | &nbsp;&nbsp;&nbsp; $(0.01) | &nbsp;&nbsp; $(0.48) | &nbsp;&nbsp; $(0.70) | &nbsp;&nbsp; $(0.31) |
| Net asset value, end of period (x) | $12.19 | $12.18 | &nbsp;&nbsp; $15.26 | $10.65 | $11.09 | $12.03 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.08(n) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;43.45 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;12.35 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.52(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$138 | &nbsp;&nbsp;&nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;&nbsp;$142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.26 | &nbsp;&nbsp;$15.33 | &nbsp;&nbsp;&nbsp;$10.70 | &nbsp;&nbsp;$11.15 | &nbsp;&nbsp;$12.07 | &nbsp;&nbsp;$11.02 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.01) | &nbsp;&nbsp;&nbsp;&nbsp; $4.72 | &nbsp;&nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $(0.17) | &nbsp;&nbsp;&nbsp; $1.40 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;&nbsp;$(0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.06) | &nbsp;&nbsp;&nbsp; $(0.09) | &nbsp;&nbsp; $(0.54) | &nbsp;&nbsp; $(0.75) | &nbsp;&nbsp; $(0.35) |
| Net asset value, end of period (x) | $12.30 | $12.26 | &nbsp;&nbsp; $15.33 | $10.70 | $11.15 | $12.07 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.33(n) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;44.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;12.82 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$394 | &nbsp;&nbsp;&nbsp;&nbsp;$292 | &nbsp;&nbsp;&nbsp;&nbsp;$253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.30 | &nbsp;&nbsp;$15.36 | &nbsp;&nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$11.16 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$11.03 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Total from investment operations | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp;&nbsp; $4.76 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $(0.15) | &nbsp;&nbsp;&nbsp; $1.44 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;&nbsp;$(0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.09) | &nbsp;&nbsp;&nbsp; $(0.11) | &nbsp;&nbsp; $(0.57) | &nbsp;&nbsp; $(0.78) | &nbsp;&nbsp; $(0.38) |
| Net asset value, end of period (x) | $12.35 | $12.30 | &nbsp;&nbsp; $15.36 | $10.71 | $11.16 | $12.09 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.41(n) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;44.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;13.17 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.93(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | $2400 | &nbsp;&nbsp;$1947 | &nbsp;&nbsp;&nbsp;$1422 | &nbsp;&nbsp;$1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63 |

---

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[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | $12.33 | &nbsp;&nbsp;$15.39 | &nbsp;&nbsp;&nbsp;$10.72 | &nbsp;&nbsp;$11.17 | &nbsp;&nbsp;$12.11 | &nbsp;&nbsp;$11.04 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Total from investment operations | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp;&nbsp; $4.80 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $(0.13) | &nbsp;&nbsp;&nbsp; $1.48 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(3.13) | &nbsp;&nbsp;&nbsp; $(0.13) | &nbsp;&nbsp; $(0.60) | &nbsp;&nbsp; $(0.81) | &nbsp;&nbsp; $(0.41) |
| Net asset value, end of period (x) | $12.40 | $12.33 | &nbsp;&nbsp; $15.39 | $10.72 | $11.17 | $12.11 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;0.57(n) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;44.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.68(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;0.59(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.51(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$892 | &nbsp;&nbsp;&nbsp;&nbsp;$934 | &nbsp;&nbsp;&nbsp;&nbsp;$953 | &nbsp;&nbsp;&nbsp;&nbsp;$685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63 |

---

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[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | &nbsp;&nbsp;**5/31/21** | **5/31/20** | **5/31/19**  | **5/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.34 | &nbsp;&nbsp;&nbsp;&nbsp;$15.40 | &nbsp;&nbsp;&nbsp;&nbsp;$10.73 | &nbsp;&nbsp;&nbsp;&nbsp;$11.17 | &nbsp;&nbsp;&nbsp;&nbsp;$12.11 | &nbsp;&nbsp;&nbsp;&nbsp;$11.04 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4.81 | &nbsp;&nbsp;&nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.12) | &nbsp;&nbsp;&nbsp;&nbsp; $1.48 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3.14) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.14) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.60) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.82) | &nbsp;&nbsp;&nbsp;&nbsp; $(0.41) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $12.42 | &nbsp;&nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp;&nbsp; $15.40 | &nbsp;&nbsp;&nbsp;&nbsp; $10.73 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; $12.11 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52 |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Net assets at end of period (000 omitted) | $338792 | $325339 | &nbsp;&nbsp;$308874 | $233687 | $199437 | $196721 |

---

(a) Annualized.

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

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

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and
losses at such time.

(n) Not annualized.

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

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

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

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

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

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### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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. Effective September 8, 2022, and in accordance with Rule 2a-5 under the**

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Notes to Financial Statements (unaudited) - continued

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 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.

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Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities | &nbsp;&nbsp;$489169577 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$489169577 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126121 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126121 |
| Total | &nbsp;&nbsp;$493295698 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$493295698 |

---

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

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

**Security Loans — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only**

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Notes to Financial Statements (unaudited) - continued

to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At November 30, 2022, 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 — Investment transactions are recorded on the trade date. 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. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.**

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.

**Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the six months ended November 30, 2022, is shown as a reduction of total expenses in the Statement of Operations.**

**Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for 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**

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[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Notes to Financial Statements (unaudited) - continued

applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27978081 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50808834 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78786915 |

---

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$440556997 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80127024 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(27388323) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$52738701 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374917 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17891176 |
| Post-October capital loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131940) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47046182 |

---

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**

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Notes to Financial Statements (unaudited) - continued

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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;$3214828 |
| Class B | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32697 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81663 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17109421 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27402 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52067 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282530 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194232 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;57792075 |
| Total | $— | $78786915 |

---

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $1 billion | &nbsp;&nbsp;0.50% |
| In excess of $1 billion and up to $2.5 billion | 0.475% |
| In excess of $2.5 billion | &nbsp;&nbsp;0.45% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $30,953, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.49% of the fund's average daily net assets.

For the period from June 1, 2022 through July 31, 2022, the investment adviser had agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses did not exceed the following rates annually of each class's average daily net assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Classes** |  |  |  |  |
| **A** | **B** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.84% | 1.59% | 1.59% | 0.59% | 1.59% | 1.09% | 0.84% | 0.59% | 0.55% |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Notes to Financial Statements (unaudited) - continued

This written agreement terminated on July 31, 2022. For the period from June 1, 2022 through July 31, 2022, this reduction amounted to $54,386, which is included in the reduction of total expenses in the Statement of Operations.

Effective August 1, 2022, 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** |
| 0.84% | 1.59% | 1.59% | 0.59% | 1.59% | 1.09% | 0.84% | 0.59% | 0.52% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the period from August 1, 2022 through November 30, 2022, this reduction amounted to $108,968, 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 $2,777 for the six months ended November 30, 2022, 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.

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$27482 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;17361 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$49848 |

---

(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 November 30, 2022 based on each class's average daily net assets. MFD
has

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Notes to Financial Statements (unaudited) - continued

voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the six months ended November 30, 2022.

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 November 30, 2022, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $— |
| Class B | &nbsp;&nbsp;— |
| Class C | 154 |

---

**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 November 30, 2022, the fee was $3,021, which equated to 0.0014% 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 November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $71,609.**

**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 incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.0183% 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. 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 August 3, 2022, MFS redeemed 7,055 shares of Class C and 7,293 shares of Class R3 for an aggregate amount of $153,287.

At November 30, 2022, MFS held approximately 62% of the outstanding shares of Class R1.

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

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 November 30, 2022, this reimbursement amounted to $21,221, which is included in "Other" income in the Statement of Operations.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $180,625,002 and $139,737,546, 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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;763239 | &nbsp;&nbsp;&nbsp;&nbsp;$9000430 | &nbsp;&nbsp;&nbsp;&nbsp;1577326 | &nbsp;&nbsp;&nbsp;&nbsp;$23567383 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154841 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;92593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062382 |
| &nbsp;&nbsp;&nbsp;Class I | 3038563 | &nbsp;&nbsp;&nbsp;&nbsp;34809995 | &nbsp;&nbsp;&nbsp;&nbsp;8351378 | &nbsp;&nbsp;&nbsp;&nbsp;123939516 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49347 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;70535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957641 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131044 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2471561 | &nbsp;&nbsp;&nbsp;&nbsp;28994794 | &nbsp;&nbsp;&nbsp;&nbsp;6125597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76232995 |
|  | 6450743 | &nbsp;&nbsp;$74866578 | &nbsp;&nbsp;16392928 | &nbsp;&nbsp;$228096936 |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3213505 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32697 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81663 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1312072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17109421 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27402 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52067 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282530 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194232 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4425121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57792075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;6033426 | &nbsp;&nbsp;&nbsp;&nbsp;$78785592 |

---

------

[**Table of Contents**](#JOB_BMS_-_c0d67345-c6e6-4088-a4c5-a93888e273b4_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(102901) | &nbsp;&nbsp;&nbsp;&nbsp;$(1204698) | &nbsp;&nbsp;&nbsp;&nbsp;(8980754) | &nbsp;&nbsp;$(141584500) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36663) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(49504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119910) |
| &nbsp;&nbsp;&nbsp;Class I | (2048414) | &nbsp;&nbsp;&nbsp;&nbsp;(23621032) | &nbsp;&nbsp;&nbsp;&nbsp;(1194563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16605615) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5584) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6864) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(34633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411638) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142015) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1556516) | &nbsp;&nbsp;&nbsp;&nbsp;(18545322) | &nbsp;&nbsp;&nbsp;&nbsp;(4229260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61916160) |
|  | (3803755) | &nbsp;&nbsp;$(44508483) | &nbsp;&nbsp;(14457680) | &nbsp;&nbsp;$(220828949) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;660338 | &nbsp;&nbsp;&nbsp;&nbsp;$7795732 | &nbsp;&nbsp;&nbsp;&nbsp;(7158683) | &nbsp;&nbsp;$(114803612) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150875 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024135 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;990149 | &nbsp;&nbsp;&nbsp;&nbsp;11188963 | &nbsp;&nbsp;&nbsp;&nbsp;8468887 | &nbsp;&nbsp;&nbsp;&nbsp;124443322 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23605 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94550 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828533 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183261 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;915045 | &nbsp;&nbsp;&nbsp;&nbsp;10449472 | &nbsp;&nbsp;&nbsp;&nbsp;6321458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72108910 |
|  | &nbsp;&nbsp;2646988 | &nbsp;&nbsp;&nbsp;$30358095 | &nbsp;&nbsp;&nbsp;&nbsp;7968674 | &nbsp;&nbsp;&nbsp;&nbsp;$86053579 |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Lifetime 2040 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2025 Fund, and the MFS Lifetime 2060 Fund were the owners of record of approximately 11%, 9%, 8%, 8%, 8%, 5%, 4%, 3%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

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

(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

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Notes to Financial Statements (unaudited) - continued

the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $925 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $5037629 | &nbsp;&nbsp; $66433992 | &nbsp;&nbsp; $67345680 | &nbsp;&nbsp; $204 | &nbsp;&nbsp; $(24) | &nbsp;&nbsp; $4126121 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $44491 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

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Notes to Financial Statements (unaudited) - continued

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS Blended Research Mid Cap Equity Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2021, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2021 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate

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Board Review of Investment Advisory Agreement - continued

and total expense ratio were each lower than the Broadridge expense group median. The Trustees also noted that MFS has agreed to further reduce the expense limitation for Class R6 shares of the Fund effective August 1, 2022, which may not be changed without the Trustees' approval.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

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Board Review of Investment Advisory Agreement - continued

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](img995988186.gif)

------

#### Save paper with eDelivery.
![](img68e5e6b47.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

![](img463162291.gif)

#### Semiannual Report
November 30, 2022

MFS<sup>®</sup> International Large Cap Value Fund

![](img324e3b522.gif)

MKV-SEM

------

MFS<sup>®</sup> International Large Cap Value Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_5760aacf-b7bc-42fc-8edb-ddd1b189f481_1)<br>| 1 |
| [Portfolio composition](#xx_cc12c366-f95b-4e14-9fe9-1f2fb41c3ae3_1)<br>| 2 |
| [Expense table](#xx_20090d4f-0974-4ded-8a69-3d6296b0f7bd_1)<br>| 4 |
| [Portfolio of investments](#xx_ad60fc7d-23f3-4c12-bb7a-11bee3aeb7fb_1)<br>| 6 |
| [Statement of assets and liabilities](#xx_ce23fd25-e1bb-44df-828e-20a3330742c4_1)<br>| 11 |
| [Statement of operations](#xx_ce23fd25-e1bb-44df-828e-20a3330742c4_3)<br>| 13 |
| [Statements of changes in net assets](#xx_ce23fd25-e1bb-44df-828e-20a3330742c4_4)<br>| 14 |
| [Financial highlights](#xx_50ae70ba-0367-403f-9594-49e67ca7b262_1)<br>| 15 |
| [Notes to financial statements](#xx_0f690847-25e7-4620-8e60-8cddcef53ce6_1)<br>| 23 |
| [Board review of investment advisory agreement](#xx_0b7cf797-aa0f-4347-80e1-0103be06084c_1)<br>| 35 |
| [Proxy voting policies and information](#xx_17f669db-3e84-472e-8ab3-990313515667_1)<br>| 39 |
| [Quarterly portfolio disclosure](#xx_17f669db-3e84-472e-8ab3-990313515667_1)<br>| 39 |
| [Further information](#xx_17f669db-3e84-472e-8ab3-990313515667_1)<br>| 39 |
| [Information about fund contracts and legal claims](#xx_17f669db-3e84-472e-8ab3-990313515667_1)<br>| 39 |
| [Provision of financial reports and summary prospectuses](#xx_17f669db-3e84-472e-8ab3-990313515667_1)<br>| 39 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_67ed2434-a27a-4e61-aa02-1d124631e237_5)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market's focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img2b9e76a83.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](imgb1f8c1a04.gif)

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio Composition

#### Portfolio structure
![](imgc48e55475.jpg)

#### Top ten holdings

---

| | |
|:---|:---|
| Eni S.p.A. | 3.0% |
| BNP Paribas | 2.8% |
| UBS AG | 2.8% |
| Willis Towers Watson PLC | 2.6% |
| NatWest Group PLC | 2.6% |
| Schneider Electric SE | 2.3% |
| Mitsubishi UFJ Financial Group, Inc. | 2.3% |
| Roche Holding AG | 2.2% |
| Rio Tinto PLC | 2.2% |
| Glencore PLC | 2.1% |

---

#### GICS equity sectors (g)

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 16.6% |
| Consumer Staples | 11.3% |
| Information Technology | &nbsp;&nbsp;9.4% |
| Materials | &nbsp;&nbsp;6.5% |
| Consumer Discretionary | &nbsp;&nbsp;6.5% |
| Energy | &nbsp;&nbsp;6.2% |
| Health Care | &nbsp;&nbsp;5.5% |
| Utilities | &nbsp;&nbsp;5.0% |
| Communication Services | &nbsp;&nbsp;4.2% |

---

#### Issuer country weightings (i)(x)

---

| | |
|:---|:---|
| United Kingdom | 25.1% |
| Japan | 12.4% |
| France | 10.4% |
| United States | &nbsp;&nbsp;9.3% |
| Switzerland | &nbsp;&nbsp;9.1% |
| Germany | &nbsp;&nbsp;7.6% |
| Canada | &nbsp;&nbsp;7.5% |
| Ireland | &nbsp;&nbsp;3.2% |
| Spain | &nbsp;&nbsp;3.1% |
| Other Countries | 12.3% |

---

#### Currency exposure weightings (i)(y)

---

| | |
|:---|:---|
| Euro | 33.1% |
| British Pound Sterling | 24.5% |
| Japanese Yen | 12.4% |
| Swiss Franc | &nbsp;&nbsp;9.1% |
| United States Dollar | &nbsp;&nbsp;8.5% |
| Canadian Dollar | &nbsp;&nbsp;7.1% |
| Australian Dollar | &nbsp;&nbsp;1.6% |
| South Korean Won | &nbsp;&nbsp;1.3% |
| Hong Kong Dollar | &nbsp;&nbsp;0.8% |
| Other Currencies | &nbsp;&nbsp;1.6% |

---

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio Composition - continued

(g) The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market
Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity
securities and non-equity securities that are unclassified by GICS.

(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may
be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to
hold at a given point in time to have the same price sensitivity that results from the portfolio's ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more
representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(x) Represents the portfolio's exposure to issuer countries as a percentage of a portfolio's net assets. For purposes of this presentation, United States includes Cash &
Cash Equivalents.

(y) Represents the portfolio's exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash
& Cash Equivalents.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2022.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, June 1, 2022 through November 30, 2022
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period June 1, 2022 through November 30, 2022.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 6/01/22 | Ending<br> Account Value<br> 11/30/22 | Expenses<br> Paid During<br> Period (p)<br> 6/01/22-11/30/22 |
| &nbsp;&nbsp;*A* | *Actual* | *0.96%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$986.30* | *$4.78* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *0.96%* | *$1000.00* | *$1020.26* | *$4.86* |
| &nbsp;&nbsp;*C* | *Actual* | *1.71%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$982.16* | *$8.50* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.71%* | *$1000.00* | *$1016.50* | *$8.64* |
| &nbsp;&nbsp;*I* | *Actual* | *0.71%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$988.74* | *$3.54* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.71%* | *$1000.00* | *$1021.51* | *$3.60* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.71%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$983.01* | *$8.50* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.71%* | *$1000.00* | *$1016.50* | *$8.64* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.21%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$985.50* | *$6.02* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.21%* | *$1000.00* | *$1019.00* | *$6.12* |
| &nbsp;&nbsp;*R3* | *Actual* | *0.96%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$986.32* | *$4.78* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *0.96%* | *$1000.00* | *$1020.26* | *$4.86* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.71%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.15* | *$3.54* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.71%* | *$1000.00* | *$1021.51* | *$3.60* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.64%* | *$1000.00* | &nbsp;&nbsp;&nbsp;*$987.14* | *$3.19* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.64%* | *$1000.00* | *$1021.86* | *$3.24* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

### Portfolio of Investments
11/30/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – 96.4% | Common Stocks – 96.4% | Common Stocks – 96.4% |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |  |
| BAE Systems PLC | &nbsp;&nbsp;3714149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36870015 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;236175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37540877 |
| Safran S.A. | &nbsp;&nbsp;&nbsp;&nbsp;276247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33990139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108401031 |
| Airlines – 1.1% | Airlines – 1.1% |  |
| Ryanair Holdings PLC, ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;804260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60874439 |
| Alcoholic Beverages – 1.2% | Alcoholic Beverages – 1.2% |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;806678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37482651 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp;1771500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27955511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65438162 |
| Apparel Manufacturers – 2.6% | Apparel Manufacturers – 2.6% |  |
| Burberry Group PLC | &nbsp;&nbsp;1498298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39542800 |
| Compagnie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp;&nbsp;577948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76879256 |
| Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;406105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11759127 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144384911 |
| Automotive – 2.8% | Automotive – 2.8% |  |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;247498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26400612 |
| Compagnie Generale des Establissments Michelin | &nbsp;&nbsp;&nbsp;&nbsp;747713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21134550 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;806969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48099846 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;2229800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35581272 |
| Magna International, Inc. (l) | &nbsp;&nbsp;&nbsp;&nbsp;352088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21685100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152901380 |
| Broadcasting – 0.8% | Broadcasting – 0.8% |  |
| WPP Group PLC | &nbsp;&nbsp;4103663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43643765 |
| Brokerage & Asset Managers – 3.5% | Brokerage & Asset Managers – 3.5% |  |
| Barclays PLC | 27370177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53425398 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;491685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90194528 |
| IG Group Holdings PLC | &nbsp;&nbsp;4780815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47637790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191257716 |
| Business Services – 2.8% | Business Services – 2.8% |  |
| CGI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;642382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56083962 |
| Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;450832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16029188 |
| RS Group PLC | &nbsp;&nbsp;4149066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46867303 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;542500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33634022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152614475 |
| Computer Software – 0.4% | Computer Software – 0.4% |  |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;184267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19943291 |
| Computer Software - Systems – 6.3% | Computer Software - Systems – 6.3% |  |
| Amadeus IT Group S.A. (a) | &nbsp;&nbsp;1069858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58247903 |
| Capgemini | &nbsp;&nbsp;&nbsp;&nbsp;461506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84026553 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;476100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64648230 |
| Hitachi Ltd. | &nbsp;&nbsp;1274700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68503343 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;1446875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69484320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$344910349 |
| Construction – 0.8% | Construction – 0.8% |  |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;3893500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46885769 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;933732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67556001 |
| Electrical Equipment – 2.8% | Electrical Equipment – 2.8% |  |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;&nbsp;344200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28463046 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;862199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127862800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156325846 |
| Electronics – 2.5% | Electronics – 2.5% |  |
| Kyocera Corp. | &nbsp;&nbsp;1187700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60889276 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;198441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34893865 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;510110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42328928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$138112069 |
| Energy - Independent – 1.6% | Energy - Independent – 1.6% |  |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;3482916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87882782 |
| Energy - Integrated – 4.6% | Energy - Integrated – 4.6% |  |
| Eni S.p.A. | 11143621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165419840 |
| Galp Energia SGPS S.A., "B" | &nbsp;&nbsp;2691115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33071617 |
| Suncor Energy, Inc. (l) | &nbsp;&nbsp;1658716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54540392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253031849 |
| Food & Beverages – 1.5% | Food & Beverages – 1.5% |  |
| Danone S.A. | &nbsp;&nbsp;&nbsp;&nbsp;736925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38508896 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;369965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44025537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82534433 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Drug Stores – 1.3% | Food & Drug Stores – 1.3% |  |
| Tesco PLC | 26610510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73856645 |
| General Merchandise – 0.6% | General Merchandise – 0.6% |  |
| B&M European Value Retail S.A. | &nbsp;&nbsp;6855236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34216122 |
| Insurance – 5.9% | Insurance – 5.9% |  |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;235825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51784812 |
| Manulife Financial Corp. | &nbsp;&nbsp;3334989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60072693 |
| St. James's Place PLC | &nbsp;&nbsp;4975880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70304472 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;588514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144868606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327030583 |
| Leisure & Toys – 0.4% | Leisure & Toys – 0.4% |  |
| Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;477300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20540948 |
| Machinery & Tools – 3.6% | Machinery & Tools – 3.6% |  |
| Aalberts Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;719102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28918309 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;371100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61413589 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51598166 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30853674 |
| Weir Group PLC | &nbsp;&nbsp;1241042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26838011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199621749 |
| Major Banks – 15.5% | Major Banks – 15.5% |  |
| ABN AMRO Group N.V., GDR | &nbsp;&nbsp;2029481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26351289 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;9880930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81510770 |
| BNP Paribas | &nbsp;&nbsp;2762434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156395205 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;618300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16076726 |
| Lloyds Banking Group PLC | 49327976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28404998 |
| Mitsubishi UFJ Financial Group, Inc. | 23180800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127026741 |
| NatWest Group PLC | 45354360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144208512 |
| Resona Holdings, Inc. | &nbsp;&nbsp;3928600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18949519 |
| Toronto-Dominion Bank | &nbsp;&nbsp;1515145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100844465 |
| UBS AG | &nbsp;&nbsp;8323201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154878784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$854647009 |
| Medical & Health Technology & Services – 1.0% | Medical & Health Technology & Services – 1.0% |  |
| Haleon PLC (a) | &nbsp;&nbsp;7789861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26824325 |
| ICON PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;131484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28326913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55151238 |
| Metals & Mining – 4.3% | Metals & Mining – 4.3% |  |
| Glencore PLC | 17131616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115897378 |
| Rio Tinto PLC | &nbsp;&nbsp;1774969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120581894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$236479272 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% |  |
| LM Ericsson Telephone Co., "B" | &nbsp;&nbsp;4668357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29399477 |
| Other Banks & Diversified Financials – 2.2% | Other Banks & Diversified Financials – 2.2% |  |
| AIB Group PLC | &nbsp;&nbsp;9918620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32245577 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;983386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56948881 |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;603099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33752757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$122947215 |
| Pharmaceuticals – 5.0% | Pharmaceuticals – 5.0% |  |
| Bayer AG | &nbsp;&nbsp;1370918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79250738 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;503707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44908503 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;379372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123403648 |
| Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;294695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26624677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$274187566 |
| Printing & Publishing – 2.0% | Printing & Publishing – 2.0% |  |
| RELX PLC | &nbsp;&nbsp;1236327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34991720 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;662581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73185706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108177426 |
| Railroad & Shipping – 1.2% | Railroad & Shipping – 1.2% |  |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;818339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66998977 |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25566034 |
| Specialty Chemicals – 2.2% | Specialty Chemicals – 2.2% |  |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;282931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94243202 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;476100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30152088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124395290 |
| Telecommunications - Wireless – 2.3% | Telecommunications - Wireless – 2.3% |  |
| KDDI Corp. | &nbsp;&nbsp;1769500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52959887 |
| Vodafone Group PLC | 67784010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75316494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128276381 |
| Telephone Services – 0.7% | Telephone Services – 0.7% |  |
| Quebecor, Inc., "B" | &nbsp;&nbsp;1813511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39083882 |
| Tobacco – 3.7% | Tobacco – 3.7% |  |
| British American Tobacco PLC | &nbsp;&nbsp;1319066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54128169 |
| Imperial Brands PLC | &nbsp;&nbsp;4251285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109206192 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39389584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202723945 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – 5.0% | Utilities - Electric Power – 5.0% |  |
| E.ON SE | &nbsp;&nbsp;8024976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76375775 |
| Iberdrola S.A. | 10186075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115295013 |
| National Grid PLC | &nbsp;&nbsp;6635774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81934600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273605388 |
| **Total Common Stocks (Identified Cost, $4,791,484,540)** |  | **$5313603415** |
| Preferred Stocks – 1.9% | Preferred Stocks – 1.9% | Preferred Stocks – 1.9% |
| Consumer Products – 1.9% |  |  |
| Henkel AG & Co. KGaA (Identified Cost, $136,909,149) | &nbsp;&nbsp;1454826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103610765 |
| Investment Companies (h) – 0.5% | Investment Companies (h) – 0.5% | Investment Companies (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $24,093,558) | 24094028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24094028 |
| Collateral for Securities Loaned – 0.2% | Collateral for Securities Loaned – 0.2% | Collateral for Securities Loaned – 0.2% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.57% (j) (Identified Cost, $12,392,468) | 12392468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12392468 |
| Other Assets, Less Liabilities – 1.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56501442 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;**$5510202118** |

---

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common
control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $24,094,028 and $5,429,606,648, respectively.

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

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

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> GDR Global Depositary Receipt

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 11/30/22 (unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value, including $15,207,422 of securities on loan (identified cost, $4,940,786,157) | &nbsp;&nbsp;$5429606648 |
| Investments in affiliated issuers, at value (identified cost, $24,093,558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24094028 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863004 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57922066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26415395 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352700 |
| Total assets | &nbsp;&nbsp;$5539436084 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1145884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15343421 |
| Collateral for securities loaned, at value (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392468 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346625 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29233966 |
| Net assets | &nbsp;&nbsp;$5510202118 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$4916289781 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593912337 |
| Net assets | &nbsp;&nbsp;$5510202118 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448664425 |

---

(c) Non-cash collateral is not included.

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3453332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282296 | &nbsp;&nbsp;&nbsp;$12.23 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90595 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335100 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966 | &nbsp;&nbsp;&nbsp;&nbsp;12.26 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| Class R6 | &nbsp;&nbsp;&nbsp;5501193690 | &nbsp;&nbsp;&nbsp;447928654 | &nbsp;&nbsp;&nbsp;&nbsp;12.28 |

---

(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 $12.98 [100 /
94.25 x $12.23]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price
per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 11/30/22 (unaudited)

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.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;$87307937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3810215) |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;$84232185 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;&nbsp;$18924618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114285 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;$19889771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3204907) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;$16679170 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$67553015 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$(68173554) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2247305) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;$(70422289) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$(81514847) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363784 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$(81150593) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;$(151572882) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$(84019867) |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

*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** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **11/30/22<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**5/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$67553015 | &nbsp;&nbsp;&nbsp;&nbsp;$155423700 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(70422289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78863875 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(81150593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582365618) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(84019867) | &nbsp;&nbsp;&nbsp;&nbsp;$(348078043) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(252705889) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;$(156618607) | &nbsp;&nbsp;&nbsp;&nbsp;$546188105 |
| Total change in net assets | &nbsp;&nbsp;$(240638474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(54595827) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;5750840592 | &nbsp;&nbsp;&nbsp;&nbsp;5805436419 |
| At end of period | $5510202118 | &nbsp;&nbsp;&nbsp;$5750840592 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

*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 (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;&nbsp;$13.66 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp; $(0.76) | &nbsp;&nbsp;&nbsp; $3.71 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.49) | &nbsp;&nbsp; $(0.05) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.16(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1187 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;$13.61 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp; $(0.86) | &nbsp;&nbsp;&nbsp; $3.61 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.20) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.42) | &nbsp;&nbsp; $(0.00)(w) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.61 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.78)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.11(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1111 | &nbsp;&nbsp;&nbsp;&nbsp; $636 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.69 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp; $(0.75) | &nbsp;&nbsp;&nbsp; $3.75 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp; $(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.29 | &nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.69 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.58(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2775 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.36 | &nbsp;&nbsp;&nbsp;&nbsp;$13.61 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.22) | &nbsp;&nbsp; $(0.87) | &nbsp;&nbsp;&nbsp; $3.61 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | $— |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.38) | &nbsp;&nbsp; $(0.00)(w) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.61 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.78)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.11(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $84 | &nbsp;&nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp;&nbsp; $91 |

---

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;&nbsp;$13.66 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.19) | &nbsp;&nbsp; $(0.80) | &nbsp;&nbsp;&nbsp; $3.66 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.00)(w) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.45) | &nbsp;&nbsp; $(0.00)(w) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.66 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.53)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.63(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp;&nbsp;&nbsp; $92 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.17) | &nbsp;&nbsp; $(0.77) | &nbsp;&nbsp;&nbsp; $3.71 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.48) | &nbsp;&nbsp; $(0.03) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.37)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.15(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp;&nbsp; $92 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;&nbsp;$13.70 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp; $(0.74) | &nbsp;&nbsp;&nbsp; $3.76 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp; $(0.51) | &nbsp;&nbsp; $(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.70 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.67(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp;&nbsp; $92 |

---

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Financial Highlights – continued

---

| | | | |
|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** |
|  | **11/30/22<br> (unaudited)** | **5/31/22** | **5/31/21(c)** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.74 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(w) |
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.06) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $12.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.68 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29)(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.49(n) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78(a) |
| Expenses after expense reductions (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67(a) |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74(a) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18(n) |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5501194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5727457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5800471 |

---

(a) Annualized.

(c) For the period from the commencement of the fund's investment operations, June 30, 2020, through the stated period end.

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

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

(n) Not annualized.

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

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

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

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

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

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

**General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.**

In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which affects all entities that have investments in equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is a characteristic of the reporting entity holding the equity security rather than a characteristic of the asset and, therefore, is not considered in measuring the fair value of the equity security. The fund decided to early adopt ASU 2022-03 effective as of June 30, 2022 as the guidance in ASU 2022-03 was consistent with the fund's existing practices for fair value measurement.

**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.**

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

**Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.** 

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 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

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

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 November 30, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1385764443 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1385764443 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684706266 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684706266 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570750471 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570750471 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123403648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377640961 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501044609 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419907594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419907594 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151710611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265764332 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417474943 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411068598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411068598 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60874439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113756347 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174630786 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173542916 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173542916 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67894962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610428592 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678323554 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36486496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36486496 |
| Total | &nbsp;&nbsp;$1271346348 | &nbsp;&nbsp;&nbsp;$4182354328 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5453700676 |

---

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

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

**Security Loans — Under its Securities Lending Agency Agreement with the fund, JPMorgan Chase and Co., as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related**

------

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Notes to Financial Statements (unaudited) - continued

securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. The loans are collateralized by cash and/or U.S. Treasury and federal agency obligations in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or, when such purchase is commercially impracticable, pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. 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 $15,207,422. The fair value of the fund's investment securities on loan and a related liability of $12,392,468 for cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. Additionally, these loans were collateralized by U.S. Treasury Obligations of $3,181,076 held by the lending agent. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. Treasury and/or federal agency obligations, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

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

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

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

**Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the six months ended November 30, 2022, is shown as a reduction of total expenses in the Statement of Operations.**

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

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 5/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$224222247 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28483642 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$252705889 |

---

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

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

---

| | |
|:---|:---|
| **As of 11/30/22** |  |
| Cost of investments | &nbsp;&nbsp;$4980404124 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776857906 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(303561354) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$473296552 |
| **As of 5/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70635396 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54539676 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2053798) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554810930 |

---

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 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> 11/30/22** | **Year<br> ended<br> 5/31/22** |
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44809 |
| Class C | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20642 |
| Class I | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262931 |
| Class R1 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 |
| Class R2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
| Class R3 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| Class R4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |
| Class R6 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;252365129 |
| Total | $— | $252705889 |

---

(3) Transactions with Affiliates

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

---

| | |
|:---|:---|
| Up to $2.5 billion | 0.75% |
| In excess of $2.5 billion and up to $5 billion | 0.70% |
| In excess of $5 billion and up to $10 billion | 0.65% |
| In excess of $10 billion and up to $20 billion | 0.62% |
| In excess of $20 billion | 0.60% |

---

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this management fee reduction amounted to $364,510, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended November 30, 2022 was equivalent to an annual effective rate of 0.71% 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** | **C** | **I** | **R1** | **R2** | **R3** | **R4** | **R6** |
| 0.96% | 1.71% | 0.71% | 1.71% | 1.21% | 0.96% | 0.71% | 0.67% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until September 30, 2023. For the six months ended November 30, 2022, this reduction amounted to $2,840,397, 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 $19 for the six months ended November 30, 2022, 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.

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$3281 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;5057 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$9018 |

---

(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 November 30, 2022 based on each class's average daily net assets. MFD
has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or
its affiliates' seed money. There were no service fee rebates for the six months ended November 30, 2022.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. There were no contingent deferred sales charges imposed during the six months ended November 30, 2022.

**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 November 30, 2022, the fee was $1,734, which equated to 0.0001% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended November 30, 2022, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $8,198.**

**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 incurred for the six months ended November 30, 2022 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. The fund does not pay**

------

[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

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 June 18, 2021, MFS redeemed 6,729 shares of Class I for an aggregate amount of $89,024.

On August 3, 2022, MFS redeemed 31,476 shares of Class A and 8,851 shares of Class R6 for an aggregate amount of $361,324 and $103,645, respectively.

At November 30, 2022, MFS held approximately 100% of the outstanding shares each of Class R1 and Class R2 and 100% of the outstanding shares each of Class R3 and Class R4.

(4) Portfolio Securities

For the six months ended November 30, 2022, purchases and sales of investments, other than short-term obligations, aggregated $592,604,000 and $735,865,412, 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> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;104073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1170028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2446410 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593169 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;302575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376721 | &nbsp;&nbsp;&nbsp;&nbsp;2181127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28793466 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class R6 | 14827706 | &nbsp;&nbsp;&nbsp;&nbsp;161418355 | &nbsp;&nbsp;70081025 | &nbsp;&nbsp;&nbsp;&nbsp;936904478 |
|  | 15240777 | &nbsp;&nbsp;$166033769 | &nbsp;&nbsp;72505352 | &nbsp;&nbsp;$968737523 |

---

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[**Table of Contents**](#JOB_MKV_-_bb147162-86bf-45f9-bab8-4b0a8e79a917_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 11/30/22** | **Six months ended<br> 11/30/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** | &nbsp;&nbsp;**Year ended<br> 5/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44809 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20642 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262931 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19293970 | &nbsp;&nbsp;&nbsp;&nbsp;252365129 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;19320029 | &nbsp;&nbsp;&nbsp;$252705889 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(677481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(591474) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92261) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(1493236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16596860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11620858) |
| &nbsp;&nbsp;&nbsp;Class R6 | (27438045) | &nbsp;&nbsp;&nbsp;&nbsp;(305311702) | &nbsp;&nbsp;(52799127) | &nbsp;&nbsp;&nbsp;&nbsp;(662950714) |
|  | (28997209) | &nbsp;&nbsp;$(322652376) | &nbsp;&nbsp;(53730883) | &nbsp;&nbsp;$(675255307) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$492547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1899745 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521550 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(1190661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13220139) | &nbsp;&nbsp;&nbsp;&nbsp;1322995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17435539 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |
| &nbsp;&nbsp;&nbsp;Class R6 | (12610339) | &nbsp;&nbsp;&nbsp;&nbsp;(143893347) | &nbsp;&nbsp;&nbsp;36575868 | &nbsp;&nbsp;&nbsp;&nbsp;526318893 |
|  | (13756432) | &nbsp;&nbsp;$(156618607) | &nbsp;&nbsp;&nbsp;38094498 | &nbsp;&nbsp;&nbsp;$546188105 |

---

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, the MFS Aggressive Growth Allocation Fund, and the MFS Conservative Allocation Fund were the owners of record of approximately 90%, 3%, 2%, 2%, and 1%, respectively, of the value of outstanding voting shares of the fund.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to

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Notes to Financial Statements (unaudited) - continued

the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 16, 2023 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 November 30, 2022, the fund's commitment fee and interest expense were $13,417 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $17441567 | &nbsp;&nbsp; $472674207 | &nbsp;&nbsp; $466020786 | &nbsp;&nbsp; $(1430) | &nbsp;&nbsp; $470 | &nbsp;&nbsp; $24094028 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $662924 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. Management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

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Notes to Financial Statements (unaudited) - continued

(9) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

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### Board Review of Investment Advisory Agreement

#### MFS International Large Cap Value Fund
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2022 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2021 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about

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Board Review of Investment Advisory Agreement - continued

MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2021. The total return performance of the Fund's Class I common shares was in the 1st quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on June 30, 2020, and has a limited operating history and performance record; therefore no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have

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Board Review of Investment Advisory Agreement - continued

comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $2.5 billion, $5 billion, $10 billion, and $20 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs,

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Board Review of Investment Advisory Agreement - continued

and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2022.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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![](img463162291.gif)

------

#### Save paper with eDelivery.
![](imgf11d2acc6.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

------

**Item 1(b):**

Not applicable

**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.

**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.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable to the Registrant.

**ITEM 6. INVESTMENTS**

A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable to the Registrant.

**ITEM 10. 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.

**ITEM 11. CONTROLS AND PROCEDURES.**

(a)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.

(b)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.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 13. EXHIBITS.**

(a)(1) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(2)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](f24039d2.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(3)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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Change in the registrant's independent public accountant. Not applicable.

(b)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](f24039d3.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 X

By (Signature and Title)\*

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

David L. DiLorenzo, President

Date: January 13, 2023

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)\*

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

David L. DiLorenzo, President (Principal Executive Officer)

Date: January 13, 2023

By (Signature and Title)\*

<u>/S/ JAMES O. YOST</u>

James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: January 13, 2023

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

------

## Exhibit 99.302

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

**MFS SERIES TRUST X**

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

I, James O. Yost, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;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;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;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;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;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;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;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;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: January 13, 2023

<u>/S/ JAMES O. YOST</u>

James O. Yost

Treasurer (Principal Financial Officer and Accounting Officer)

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

**MFS SERIES TRUST X**

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

I, David L. DiLorenzo, certify that:

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

&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;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;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;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;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;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;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;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;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;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: January 13, 2023

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

David L. DiLorenzo

President (Principal Executive Officer)

## Exhibit 99.906

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

**MFS SERIES TRUST X**

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

I, James O. Yost, certify that, to my knowledge:

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

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

Date: January 13, 2023

<u>/S/ JAMES O. YOST</u>

James O. Yost

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.**

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

**MFS SERIES TRUST X**

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

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

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

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

Date: January 13, 2023

<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.**