Semiannual Report

February 29, 2024

MFS^®  Value Fund

EIF-SEM

MFS^® Value Fund

CONTENTS

Portfolio composition	1
Expense table	2
Portfolio of investments	4
Statement of assets and liabilities	8
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	21
Proxy voting policies and information	32
Quarterly portfolio disclosure	32
Further information	32
Information about fund contracts and legal claims	32
Provision of financial reports and summary prospectuses	32

    

Contact information

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

Portfolio Composition

1

Expense Table

Fund expenses borne by the shareholders during the period,
September 1, 2023 through February 29, 2024

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 September 1, 2023 through February 29, 2024.

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.

2

Expense Table - continued

Share Class		Annualized Expense Ratio	Beginning Account Value 9/01/23	Ending Account Value 2/29/24	Expenses Paid During Period (p) 9/01/23-2/29/24
A	Actual	0.80%	$1,000.00	$1,097.95	$4.17
	Hypothetical (h)	0.80%	$1,000.00	$1,020.89	$4.02
B	Actual	1.55%	$1,000.00	$1,094.03	$8.07
	Hypothetical (h)	1.55%	$1,000.00	$1,017.16	$7.77
C	Actual	1.55%	$1,000.00	$1,093.92	$8.07
	Hypothetical (h)	1.55%	$1,000.00	$1,017.16	$7.77
I	Actual	0.55%	$1,000.00	$1,099.44	$2.87
	Hypothetical (h)	0.55%	$1,000.00	$1,022.13	$2.77
R1	Actual	1.55%	$1,000.00	$1,093.93	$8.07
	Hypothetical (h)	1.55%	$1,000.00	$1,017.16	$7.77
R2	Actual	1.05%	$1,000.00	$1,096.79	$5.47
	Hypothetical (h)	1.05%	$1,000.00	$1,019.64	$5.27
R3	Actual	0.80%	$1,000.00	$1,098.04	$4.17
	Hypothetical (h)	0.80%	$1,000.00	$1,020.89	$4.02
R4	Actual	0.55%	$1,000.00	$1,099.27	$2.87
	Hypothetical (h)	0.55%	$1,000.00	$1,022.13	$2.77
R6	Actual	0.44%	$1,000.00	$1,099.94	$2.30
	Hypothetical (h)	0.44%	$1,000.00	$1,022.68	$2.21

(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 182/366 (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.

3

Portfolio of Investments

2/29/24 (unaudited)

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

Issuer			Shares/Par	Value ($)
Common Stocks – 99.1%
Aerospace & Defense – 8.6%
Boeing Co. (a)			4,080,194	$831,217,122
General Dynamics Corp.			4,118,211	1,125,301,156
Honeywell International, Inc.			4,771,458	948,231,848
Northrop Grumman Corp.			2,488,388	1,147,196,636
RTX Corp.			10,489,011	940,549,616
				$4,992,496,378
Alcoholic Beverages – 1.3%
Diageo PLC			20,097,722	$751,440,001
Brokerage & Asset Managers – 4.8%
BlackRock, Inc.			803,394	$651,825,688
Citigroup, Inc.			14,246,653	790,546,775
KKR & Co., Inc.			5,837,362	573,579,190
NASDAQ, Inc.			14,319,436	804,752,303
				$2,820,703,956
Business Services – 3.1%
Accenture PLC, “A”			3,337,554	$1,250,848,488
Equifax, Inc.			2,026,455	554,417,824
				$1,805,266,312
Cable TV – 2.6%
Charter Communications, Inc., “A” (a)			387,916	$114,020,150
Comcast Corp., “A”			32,547,398	1,394,656,004
				$1,508,676,154
Chemicals – 0.7%
PPG Industries, Inc.			2,842,941	$402,560,446
Construction – 0.8%
Otis Worldwide Corp.			2,118,458	$201,889,047
Sherwin-Williams Co.			824,461	273,745,786
				$475,634,833
Consumer Products – 1.9%
Kenvue, Inc.			29,853,176	$567,210,344
Kimberly-Clark Corp.			3,352,888	406,269,439
Reckitt Benckiser Group PLC			2,614,363	164,939,457
				$1,138,419,240

4

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Electrical Equipment – 0.6%
Johnson Controls International PLC			6,372,973	$377,726,110
Electronics – 6.3%
Analog Devices, Inc.			5,677,008	$1,088,963,674
KLA Corp.			1,542,996	1,052,786,171
NXP Semiconductors N.V.			2,938,000	733,706,740
Texas Instruments, Inc.			4,918,529	823,017,458
				$3,698,474,043
Energy - Independent – 4.8%
ConocoPhillips			13,097,091	$1,473,946,621
EOG Resources, Inc.			4,169,162	477,202,282
Pioneer Natural Resources Co.			3,712,293	873,094,191
				$2,824,243,094
Energy - Integrated – 0.9%
Chevron Corp.			3,434,737	$522,114,371
Food & Beverages – 3.3%
Mondelez International, Inc.			5,139,537	$375,545,968
Nestle S.A.			7,457,524	773,791,375
PepsiCo, Inc.			4,656,214	769,858,423
				$1,919,195,766
Gaming & Lodging – 1.4%
Marriott International, Inc., “A”			3,243,802	$810,528,806
Health Maintenance Organizations – 3.9%
Cigna Group			5,351,788	$1,798,950,018
Elevance Health, Inc.			944,759	473,560,449
				$2,272,510,467
Insurance – 11.7%
Aon PLC			4,181,298	$1,321,248,355
Chubb Ltd.			4,256,758	1,071,298,286
Marsh & McLennan Cos., Inc.			7,304,554	1,477,492,137
Progressive Corp.			9,936,921	1,883,642,745
Travelers Cos., Inc.			4,824,407	1,066,000,971
				$6,819,682,494
Machinery & Tools – 4.2%
Eaton Corp. PLC			2,853,503	$824,662,367
Illinois Tool Works, Inc.			2,455,720	643,766,998
PACCAR, Inc.			3,906,914	433,237,694
Trane Technologies PLC			1,898,659	535,364,878

5

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Machinery & Tools – continued
Veralto Corp.			349,729	$30,223,580
				$2,467,255,517
Major Banks – 7.5%
JPMorgan Chase & Co.			14,935,146	$2,778,833,265
Morgan Stanley			11,910,853	1,024,809,792
PNC Financial Services Group, Inc.			4,075,665	599,937,888
				$4,403,580,945
Medical & Health Technology & Services – 2.5%
McKesson Corp.			2,745,110	$1,431,327,805
Medical Equipment – 2.1%
Abbott Laboratories			5,301,862	$629,012,908
Boston Scientific Corp. (a)			4,773,705	316,067,008
Medtronic PLC			3,046,879	253,987,833
				$1,199,067,749
Other Banks & Diversified Financials – 2.0%
American Express Co.			5,263,117	$1,154,833,132
Pharmaceuticals – 6.7%
AbbVie, Inc.			4,395,935	$773,904,357
Johnson & Johnson			7,998,495	1,290,797,123
Merck & Co., Inc.			6,763,495	859,978,389
Pfizer, Inc.			31,561,289	838,267,836
Roche Holding AG			607,320	159,289,731
				$3,922,237,436
Railroad & Shipping – 2.7%
Canadian National Railway Co.			2,709,635	$351,412,563
Union Pacific Corp.			4,941,619	1,253,639,324
				$1,605,051,887
Real Estate – 2.2%
Prologis, Inc., REIT			7,931,120	$1,056,980,362
Public Storage, Inc., REIT			700,386	198,818,574
				$1,255,798,936
Specialty Chemicals – 1.8%
Corteva, Inc.			5,876,525	$314,511,618
DuPont de Nemours, Inc.			10,680,618	738,991,960
				$1,053,503,578

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Specialty Stores – 3.6%
Lowe's Cos., Inc.			5,277,990	$1,270,253,853
Target Corp.			5,326,479	814,525,169
				$2,084,779,022
Utilities - Electric Power – 7.1%
American Electric Power Co., Inc.			2,817,461	$240,019,503
Dominion Energy, Inc.			16,500,081	789,198,874
Duke Energy Corp.			10,514,291	965,527,342
Exelon Corp.			11,206,709	401,648,451
PG&E Corp.			24,015,458	400,817,994
Southern Co.			14,350,708	965,085,113
Xcel Energy, Inc.			6,851,918	361,027,559
				$4,123,324,836
Total Common Stocks (Identified Cost, $31,978,511,374)				$57,840,433,314
Investment Companies (h) – 0.8%
Money Market Funds – 0.8%
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $437,718,012)			437,718,012	$437,718,012
Other Assets, Less Liabilities – 0.1%				84,552,609
Net Assets – 100.0%				$58,362,703,935

    

(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 $437,718,012 and $57,840,433,314, 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:
REIT	Real Estate Investment Trust

See Notes to Financial Statements

7

Financial Statements

Statement of Assets and Liabilities

At 2/29/24 (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, $31,978,511,374)	$57,840,433,314
Investments in affiliated issuers, at value (identified cost, $437,718,012)	437,718,012
Receivables for
Investments sold	35,992,917
Fund shares sold	42,965,887
Dividends	143,927,301
Other assets	212,130
Total assets	$58,501,249,561
Liabilities
Payables for
Investments purchased	$63,372,094
Fund shares reacquired	60,810,937
Payable to affiliates
Investment adviser	1,350,185
Administrative services fee	3,368
Shareholder servicing costs	11,885,134
Distribution and service fees	177,597
Payable for independent Trustees' compensation	16,186
Accrued expenses and other liabilities	930,125
Total liabilities	$138,545,626
Net assets	$58,362,703,935
Net assets consist of
Paid-in capital	$30,737,669,159
Total distributable earnings (loss)	27,625,034,776
Net assets	$58,362,703,935
Shares of beneficial interest outstanding	1,183,288,418

8

Statement of Assets and Liabilities (unaudited) – continued

	Net assets	Shares outstanding	Net asset value per share (a)
Class A	$7,893,224,832	160,435,409	$49.20
Class B	21,295,302	434,066	49.06
Class C	445,571,148	9,180,101	48.54
Class I	24,697,693,725	498,375,087	49.56
Class R1	9,898,736	206,170	48.01
Class R2	274,952,726	5,661,454	48.57
Class R3	2,659,881,989	54,346,736	48.94
Class R4	1,753,940,361	35,654,797	49.19
Class R6	20,606,245,116	418,994,598	49.18

    

(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 $52.20 [100 / 94.25 x $49.20]. 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

9

Financial Statements

Statement of Operations

Six months ended 2/29/24 (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
Dividends	$663,387,963
Dividends from affiliated issuers	5,898,189
Other	281,788
Income on securities loaned	200,526
Interest	76,121
Foreign taxes withheld	(1,441,479)
Total investment income	$668,403,108
Expenses
Management fee	$122,520,815
Distribution and service fees	15,572,884
Shareholder servicing costs	20,252,709
Administrative services fee	305,292
Independent Trustees' compensation	77,141
Custodian fee	292,063
Shareholder communications	991,326
Audit and tax fees	35,248
Legal fees	150,941
Miscellaneous	656,152
Total expenses	$160,854,571
Reduction of expenses by investment adviser and distributor	(3,581,505)
Net expenses	$157,273,066
Net investment income (loss)	$511,130,042
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$2,650,652,798
Affiliated issuers	(79,268)
Foreign currency	9,483
Net realized gain (loss)	$2,650,583,013
Change in unrealized appreciation or depreciation
Unaffiliated issuers	$2,171,176,652
Affiliated issuers	(15,926)
Translation of assets and liabilities in foreign currencies	(614,832)
Net unrealized gain (loss)	$2,170,545,894
Net realized and unrealized gain (loss)	$4,821,128,907
Change in net assets from operations	$5,332,258,949

See Notes to Financial Statements

10

Financial Statements

Statements of Changes in Net Assets

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

	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23
Change in net assets
From operations
Net investment income (loss)	$511,130,042	$1,097,933,123
Net realized gain (loss)	2,650,583,013	3,510,313,500
Net unrealized gain (loss)	2,170,545,894	(625,627,855)
Change in net assets from operations	$5,332,258,949	$3,982,618,768
Total distributions to shareholders	$(4,106,086,983)	$(4,195,325,497)
Change in net assets from fund share transactions	$40,108,892	$(1,092,875,927)
Total change in net assets	$1,266,280,858	$(1,305,582,656)
Net assets
At beginning of period	57,096,423,077	58,402,005,733
At end of period	$58,362,703,935	$57,096,423,077

See Notes to Financial Statements

11

Financial Statements

Financial Highlights

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

Class A	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$48.21	$48.43	$53.60	$41.31	$41.31	$40.82
Income (loss) from investment operations
Net investment income (loss) (d)	$0.38	$0.80	$0.70	$0.59	$0.63	$0.79
Net realized and unrealized gain (loss)	4.15	2.43	(4.12)	12.77	0.57	1.03
Total from investment operations	$4.53	$3.23	$(3.42)	$13.36	$1.20	$1.82
Less distributions declared to shareholders
From net investment income	$(0.38)	$(0.76)	$(0.69)	$(0.60)	$(0.65)	$(0.79)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.54)	$(3.45)	$(1.75)	$(1.07)	$(1.20)	$(1.33)
Net asset value, end of period (x)	$49.20	$48.21	$48.43	$53.60	$41.31	$41.31
Total return (%) (r)(s)(t)(x)	9.80(n)	6.90	(6.59)	32.85	2.93	4.85
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.81(a)	0.80	0.81	0.80	0.83	0.83
Expenses after expense reductions	0.80(a)	0.79	0.79	0.79	0.82	0.82
Net investment income (loss)	1.61(a)	1.67	1.36	1.25	1.56	2.00
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$7,893,225	$7,661,572	$7,741,830	$8,523,158	$6,460,837	$6,520,132

See Notes to Financial Statements

12

Financial Highlights – continued

Class B	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$48.04	$48.25	$53.38	$41.12	$41.09	$40.59
Income (loss) from investment operations
Net investment income (loss) (d)	$0.20	$0.44	$0.30	$0.23	$0.32	$0.49
Net realized and unrealized gain (loss)	4.15	2.42	(4.08)	12.74	0.58	1.03
Total from investment operations	$4.35	$2.86	$(3.78)	$12.97	$0.90	$1.52
Less distributions declared to shareholders
From net investment income	$(0.17)	$(0.38)	$(0.29)	$(0.24)	$(0.32)	$(0.48)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.33)	$(3.07)	$(1.35)	$(0.71)	$(0.87)	$(1.02)
Net asset value, end of period (x)	$49.06	$48.04	$48.25	$53.38	$41.12	$41.09
Total return (%) (r)(s)(t)(x)	9.40(n)	6.07	(7.29)	31.87	2.15	4.08
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.56(a)	1.55	1.56	1.55	1.58	1.58
Expenses after expense reductions	1.55(a)	1.54	1.54	1.54	1.56	1.57
Net investment income (loss)	0.84(a)	0.92	0.59	0.50	0.79	1.24
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$21,295	$26,011	$35,955	$52,833	$55,897	$84,737

See Notes to Financial Statements

13

Financial Highlights – continued

Class C	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$47.58	$47.82	$52.94	$40.80	$40.80	$40.31
Income (loss) from investment operations
Net investment income (loss) (d)	$0.20	$0.43	$0.30	$0.23	$0.32	$0.49
Net realized and unrealized gain (loss)	4.10	2.42	(4.05)	12.63	0.56	1.03
Total from investment operations	$4.30	$2.85	$(3.75)	$12.86	$0.88	$1.52
Less distributions declared to shareholders
From net investment income	$(0.18)	$(0.40)	$(0.31)	$(0.25)	$(0.33)	$(0.49)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.34)	$(3.09)	$(1.37)	$(0.72)	$(0.88)	$(1.03)
Net asset value, end of period (x)	$48.54	$47.58	$47.82	$52.94	$40.80	$40.80
Total return (%) (r)(s)(t)(x)	9.39(n)	6.11	(7.29)	31.86	2.14	4.10
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.56(a)	1.55	1.56	1.55	1.58	1.58
Expenses after expense reductions	1.55(a)	1.54	1.54	1.54	1.57	1.57
Net investment income (loss)	0.85(a)	0.92	0.60	0.50	0.80	1.24
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$445,571	$476,461	$562,575	$686,442	$650,697	$881,020

See Notes to Financial Statements

14

Financial Highlights – continued

Class I	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$48.54	$48.75	$53.94	$41.56	$41.56	$41.06
Income (loss) from investment operations
Net investment income (loss) (d)	$0.44	$0.93	$0.83	$0.71	$0.74	$0.90
Net realized and unrealized gain (loss)	4.19	2.44	(4.14)	12.85	0.56	1.02
Total from investment operations	$4.63	$3.37	$(3.31)	$13.56	$1.30	$1.92
Less distributions declared to shareholders
From net investment income	$(0.45)	$(0.89)	$(0.82)	$(0.71)	$(0.75)	$(0.88)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.61)	$(3.58)	$(1.88)	$(1.18)	$(1.30)	$(1.42)
Net asset value, end of period (x)	$49.56	$48.54	$48.75	$53.94	$41.56	$41.56
Total return (%) (r)(s)(t)(x)	9.94(n)	7.15	(6.36)	33.20	3.18	5.11
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.56(a)	0.55	0.56	0.55	0.58	0.58
Expenses after expense reductions	0.55(a)	0.54	0.54	0.54	0.57	0.57
Net investment income (loss)	1.86(a)	1.93	1.60	1.50	1.81	2.25
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$24,697,694	$24,247,677	$24,634,555	$27,444,959	$21,027,882	$20,076,773

See Notes to Financial Statements

15

Financial Highlights – continued

Class R1	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$47.10	$47.39	$52.47	$40.45	$40.47	$40.01
Income (loss) from investment operations
Net investment income (loss) (d)	$0.19	$0.43	$0.30	$0.23	$0.32	$0.48
Net realized and unrealized gain (loss)	4.07	2.38	(4.01)	12.52	0.55	1.02
Total from investment operations	$4.26	$2.81	$(3.71)	$12.75	$0.87	$1.50
Less distributions declared to shareholders
From net investment income	$(0.19)	$(0.41)	$(0.31)	$(0.26)	$(0.34)	$(0.50)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.35)	$(3.10)	$(1.37)	$(0.73)	$(0.89)	$(1.04)
Net asset value, end of period (x)	$48.01	$47.10	$47.39	$52.47	$40.45	$40.47
Total return (%) (r)(s)(t)(x)	9.39(n)	6.08	(7.28)	31.88	2.13	4.08
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.56(a)	1.55	1.56	1.55	1.58	1.58
Expenses after expense reductions	1.55(a)	1.54	1.54	1.54	1.57	1.57
Net investment income (loss)	0.84(a)	0.92	0.60	0.50	0.80	1.24
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$9,899	$13,878	$16,339	$20,580	$18,914	$21,820

See Notes to Financial Statements

16

Financial Highlights – continued

Class R2	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$47.62	$47.88	$53.01	$40.86	$40.87	$40.39
Income (loss) from investment operations
Net investment income (loss) (d)	$0.31	$0.67	$0.56	$0.46	$0.52	$0.68
Net realized and unrealized gain (loss)	4.12	2.41	(4.07)	12.64	0.56	1.03
Total from investment operations	$4.43	$3.08	$(3.51)	$13.10	$1.08	$1.71
Less distributions declared to shareholders
From net investment income	$(0.32)	$(0.65)	$(0.56)	$(0.48)	$(0.54)	$(0.69)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.48)	$(3.34)	$(1.62)	$(0.95)	$(1.09)	$(1.23)
Net asset value, end of period (x)	$48.57	$47.62	$47.88	$53.01	$40.86	$40.87
Total return (%) (r)(s)(t)(x)	9.68(n)	6.62	(6.83)	32.53	2.66	4.60
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.06(a)	1.05	1.06	1.05	1.08	1.08
Expenses after expense reductions	1.05(a)	1.04	1.04	1.04	1.07	1.07
Net investment income (loss)	1.35(a)	1.42	1.10	1.00	1.30	1.73
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$274,953	$298,178	$323,438	$409,939	$359,598	$437,221

See Notes to Financial Statements

17

Financial Highlights – continued

Class R3	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$47.97	$48.22	$53.37	$41.14	$41.15	$40.66
Income (loss) from investment operations
Net investment income (loss) (d)	$0.38	$0.80	$0.69	$0.59	$0.63	$0.79
Net realized and unrealized gain (loss)	4.13	2.41	(4.08)	12.71	0.56	1.03
Total from investment operations	$4.51	$3.21	$(3.39)	$13.30	$1.19	$1.82
Less distributions declared to shareholders
From net investment income	$(0.38)	$(0.77)	$(0.70)	$(0.60)	$(0.65)	$(0.79)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.54)	$(3.46)	$(1.76)	$(1.07)	$(1.20)	$(1.33)
Net asset value, end of period (x)	$48.94	$47.97	$48.22	$53.37	$41.14	$41.15
Total return (%) (r)(s)(t)(x)	9.80(n)	6.87	(6.58)	32.85	2.92	4.87
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.81(a)	0.80	0.81	0.80	0.83	0.83
Expenses after expense reductions	0.80(a)	0.79	0.79	0.79	0.82	0.82
Net investment income (loss)	1.61(a)	1.67	1.35	1.25	1.56	1.99
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$2,659,882	$2,553,121	$2,479,059	$2,774,355	$2,036,093	$2,096,743

See Notes to Financial Statements

18

Financial Highlights – continued

Class R4	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$48.21	$48.44	$53.61	$41.31	$41.32	$40.82
Income (loss) from investment operations
Net investment income (loss) (d)	$0.44	$0.92	$0.82	$0.70	$0.73	$0.89
Net realized and unrealized gain (loss)	4.15	2.43	(4.11)	12.78	0.56	1.03
Total from investment operations	$4.59	$3.35	$(3.29)	$13.48	$1.29	$1.92
Less distributions declared to shareholders
From net investment income	$(0.45)	$(0.89)	$(0.82)	$(0.71)	$(0.75)	$(0.88)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.61)	$(3.58)	$(1.88)	$(1.18)	$(1.30)	$(1.42)
Net asset value, end of period (x)	$49.19	$48.21	$48.44	$53.61	$41.31	$41.32
Total return (%) (r)(s)(t)(x)	9.93(n)	7.16	(6.36)	33.20	3.17	5.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.56(a)	0.55	0.56	0.55	0.58	0.58
Expenses after expense reductions	0.55(a)	0.54	0.54	0.54	0.57	0.57
Net investment income (loss)	1.85(a)	1.92	1.59	1.50	1.80	2.24
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$1,753,940	$1,803,820	$1,936,377	$2,625,508	$2,323,830	$2,916,674

See Notes to Financial Statements

19

Financial Highlights – continued

Class R6	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$48.20	$48.43	$53.60	$41.31	$41.32	$40.83
Income (loss) from investment operations
Net investment income (loss) (d)	$0.46	$0.97	$0.88	$0.76	$0.78	$0.93
Net realized and unrealized gain (loss)	4.16	2.43	(4.11)	12.76	0.55	1.02
Total from investment operations	$4.62	$3.40	$(3.23)	$13.52	$1.33	$1.95
Less distributions declared to shareholders
From net investment income	$(0.48)	$(0.94)	$(0.88)	$(0.76)	$(0.79)	$(0.92)
From net realized gain	(3.16)	(2.69)	(1.06)	(0.47)	(0.55)	(0.54)
Total distributions declared to shareholders	$(3.64)	$(3.63)	$(1.94)	$(1.23)	$(1.34)	$(1.46)
Net asset value, end of period (x)	$49.18	$48.20	$48.43	$53.60	$41.31	$41.32
Total return (%) (r)(s)(t)(x)	9.99(n)	7.28	(6.26)	33.33	3.29	5.22
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.45(a)	0.45	0.44	0.45	0.47	0.48
Expenses after expense reductions	0.44(a)	0.44	0.43	0.44	0.46	0.47
Net investment income (loss)	1.96(a)	2.03	1.72	1.60	1.92	2.35
Portfolio turnover	8(n)	12	12	8	16	11
Net assets at end of period (000 omitted)	$20,606,245	$20,015,706	$20,671,878	$22,910,207	$16,158,507	$14,716,194

    

(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.

See Notes to Financial Statements

20

Notes to Financial Statements

(unaudited) 

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

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

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

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

21

Notes to Financial Statements (unaudited) - continued

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.

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

22

Notes to Financial Statements (unaudited) - continued

unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 29, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities	$57,840,433,314	$—	$—	$57,840,433,314
Mutual Funds	437,718,012	—	—	437,718,012
Total	$58,278,151,326	$—	$—	$58,278,151,326

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 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 February 29, 2024, there were no securities on loan or collateral outstanding.

23

Notes to Financial Statements (unaudited) - continued

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

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

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

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

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

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

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

24

Notes to Financial Statements (unaudited) - continued

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 8/31/23
Ordinary income (including any short-term capital gains)	$1,070,687,344
Long-term capital gains	3,124,638,153
Total distributions	$4,195,325,497

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

As of 2/29/24
Cost of investments	$32,524,222,858
Gross appreciation	26,403,670,790
Gross depreciation	(649,742,322)
Net unrealized appreciation (depreciation)	$25,753,928,468
As of 8/31/23
Undistributed ordinary income	205,880,062
Undistributed long-term capital gain	2,587,376,057
Other temporary differences	962,440
Net unrealized appreciation (depreciation)	23,604,644,251

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

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

	Six months ended 2/29/24		Year ended 8/31/23
Class A	$544,441,624		$551,687,615
Class B	1,602,171		2,129,786
Class C	30,852,173		35,146,957
Class I	1,735,756,246		1,755,219,721
Class R1	924,640		1,026,641
Class R2	20,720,921		22,240,355
Class R3	183,140,701		181,399,016
Class R4	129,856,525		138,758,105
Class R6	1,458,791,982		1,507,717,301
Total	$4,106,086,983		$4,195,325,497

25

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

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2024. For the six months ended February 29, 2024, this management fee reduction amounted to $3,581,154, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended February 29, 2024 was equivalent to an annual effective rate of 0.43% of the fund's average daily net assets.

Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $265,817 for the six months ended February 29, 2024, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

26

Notes to Financial Statements (unaudited) - continued

Distribution Plan Fee Table:

	Distribution Fee Rate (d)	Service Fee Rate (d)	Total Distribution Plan (d)	Annual Effective Rate (e)	Distribution and Service Fee
Class A	—	0.25%	0.25%	0.25%	$ 9,349,310
Class B	0.75%	0.25%	1.00%	1.00%	115,527
Class C	0.75%	0.25%	1.00%	1.00%	2,222,782
Class R1	0.75%	0.25%	1.00%	1.00%	60,676
Class R2	0.25%	0.25%	0.50%	0.50%	703,204
Class R3	—	0.25%	0.25%	0.25%	3,121,385
Total Distribution and Service Fees					$15,572,884

(d)

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

(e)

The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 29, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended February 29, 2024, this rebate amounted to $230, $14, and $107 for Class A, Class C, and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase.  All contingent deferred sales charges are paid to MFD and during the six months ended February 29, 2024, were as follows:

	Amount
Class A	$27,202
Class B	4,532
Class C	10,212

Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 29, 2024, the fee was $458,175, which equated to 0.0016% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 29, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $19,794,534.

27

Notes to Financial Statements (unaudited) - continued

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund.  Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services.  The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 29, 2024 was equivalent to an annual effective rate of 0.0011% of the fund's average daily net assets.

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

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

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended February 29, 2024, this reimbursement amounted to $281,788, which is included in “Other” income in the Statement of Operations.

(4) Portfolio Securities

For the six months ended February 29, 2024, purchases and sales of investments, other than in-kind transactions and short-term obligations, aggregated $4,280,969,510 and $7,906,389,610, respectively.

28

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 2/29/24			Year ended 8/31/23
	Shares	Amount		Shares	Amount
Shares sold
Class A	8,977,816	$424,489,708		20,294,433	$967,333,947
Class B	5,922	277,814		15,754	744,064
Class C	634,567	29,637,426		1,350,932	63,865,236
Class I	41,832,133	1,989,869,588		88,474,107	4,248,776,372
Class R1	19,663	907,734		93,477	4,462,218
Class R2	516,666	23,989,517		909,315	42,973,930
Class R3	3,756,361	177,439,518		8,233,341	390,788,500
Class R4	2,201,224	104,262,255		6,512,350	309,671,787
Class R6	23,028,700	1,087,652,532		58,826,001	2,802,427,943
	80,973,052	$3,838,526,092		184,709,710	$8,831,043,997
Shares issued to shareholders in reinvestment of distributions
Class A	9,591,371	$449,144,946		9,622,375	$454,773,857
Class B	33,146	1,549,906		43,305	2,047,339
Class C	559,775	25,895,606		625,070	29,265,383
Class I	30,341,226	1,430,279,639		30,616,507	1,455,075,269
Class R1	20,205	924,640		22,146	1,026,641
Class R2	446,661	20,656,854		473,548	22,137,591
Class R3	3,929,128	183,015,015		3,856,794	181,396,095
Class R4	2,710,815	126,869,217		2,861,279	135,064,057
Class R6	28,668,550	1,340,897,859		29,120,615	1,373,877,958
	76,300,877	$3,579,233,682		77,241,639	$3,654,664,190
Shares reacquired
Class A	(17,066,249)	$(807,125,727)		(30,835,478)	$(1,469,949,612)
Class B	(146,388)	(6,911,572)		(262,928)	(12,473,864)
Class C	(2,028,795)	(94,678,365)		(3,725,416)	(175,284,541)
Class I	(73,344,707)	(3,495,013,166)		(124,906,760)	(6,004,551,022)
Class R1	(128,338)	(5,914,454)		(165,796)	(7,819,288)
Class R2	(1,563,140)	(73,238,730)		(1,876,566)	(88,377,011)
Class R3	(6,557,405)	(307,029,295)		(10,288,096)	(488,102,680)
Class R4	(6,674,796)	(316,120,847)		(11,933,485)	(570,618,867)
Class R6	(47,971,163)	(2,271,618,726)		(99,479,797)	(4,761,407,229)
	(155,480,981)	$(7,377,650,882)		(283,474,322)	$(13,578,584,114)

29

Notes to Financial Statements (unaudited) - continued

	Six months ended 2/29/24			Year ended 8/31/23
	Shares	Amount		Shares	Amount
Net change
Class A	1,502,938	$66,508,927		(918,670)	$(47,841,808)
Class B	(107,320)	(5,083,852)		(203,869)	(9,682,461)
Class C	(834,453)	(39,145,333)		(1,749,414)	(82,153,922)
Class I	(1,171,348)	(74,863,939)		(5,816,146)	(300,699,381)
Class R1	(88,470)	(4,082,080)		(50,173)	(2,330,429)
Class R2	(599,813)	(28,592,359)		(493,703)	(23,265,490)
Class R3	1,128,084	53,425,238		1,802,039	84,081,915
Class R4	(1,762,757)	(84,989,375)		(2,559,856)	(125,883,023)
Class R6	3,726,087	156,931,665		(11,533,181)	(585,101,328)
	1,792,948	$40,108,892		(21,522,973)	$(1,092,875,927)

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

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

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) 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 13, 2025 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

30

Notes to Financial Statements (unaudited) - continued

agreed upon spread. For the six months ended February 29, 2024, the fund’s commitment fee and interest expense were $142,524 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 Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$160,098,874	$3,845,150,483	$3,567,436,151	$(79,268)	$(15,926)	$437,718,012

    

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$5,898,189	$—

(8) Redemptions In-Kind

On December 8, 2023, the fund recorded a redemption in-kind of portfolio securities and cash that was valued at $169,695,866. The redeeming shareholder generally receives a pro rata share of the securities held by the fund. The distribution of such securities generated a realized gain of $90,645,677 for the fund, which is included in Net realized gain (loss) in the Statement of Operations. For tax purposes, no gains or losses were recognized with respect to the portfolio securities redeemed in-kind.

(9) Subsequent Event

On April 5, 2024, the fund recorded redemption proceeds for a distribution in-kind of portfolio securities and cash that were valued at $143,086,385.  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 $81,483,431 for the fund.

31

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.

32

Save paper with eDelivery.

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To sign up:

1. Go to mfs.com.

2. Log in via MFS^® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS^® TALK, MFS^® 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

Semiannual Report

February 29, 2024

MFS^®  Low Volatility Global
Equity Fund

LVO-SEM

MFS^® Low Volatility Global
Equity Fund

CONTENTS

Portfolio composition	1
Expense table	3
Portfolio of investments	5
Statement of assets and liabilities	11
Statement of operations	13
Statements of changes in net assets	14
Financial highlights	15
Notes to financial statements	24
Proxy voting policies and information	35
Quarterly portfolio disclosure	35
Further information	35
Information about fund contracts and legal claims	35
Provision of financial reports and summary prospectuses	35

    

Contact information

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

Portfolio Composition

1

Portfolio Composition - continued

(g)

The Global Industry Classification Standard (GICS®) 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.

(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 February 29, 2024.

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

2

Expense Table

Fund expenses borne by the shareholders during the period,
September 1, 2023 through February 29, 2024

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 September 1, 2023 through February 29, 2024.

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.

3

Expense Table - continued

Share Class		Annualized Expense Ratio	Beginning Account Value 9/01/23	Ending Account Value 2/29/24	Expenses Paid During Period (p) 9/01/23-2/29/24
A	Actual	1.00%	$1,000.00	$1,094.68	$5.21
	Hypothetical (h)	1.00%	$1,000.00	$1,019.89	$5.02
B	Actual	1.75%	$1,000.00	$1,090.27	$9.09
	Hypothetical (h)	1.75%	$1,000.00	$1,016.16	$8.77
C	Actual	1.75%	$1,000.00	$1,090.70	$9.10
	Hypothetical (h)	1.75%	$1,000.00	$1,016.16	$8.77
I	Actual	0.75%	$1,000.00	$1,096.11	$3.91
	Hypothetical (h)	0.75%	$1,000.00	$1,021.13	$3.77
R1	Actual	1.75%	$1,000.00	$1,090.85	$9.10
	Hypothetical (h)	1.75%	$1,000.00	$1,016.16	$8.77
R2	Actual	1.25%	$1,000.00	$1,093.19	$6.51
	Hypothetical (h)	1.25%	$1,000.00	$1,018.65	$6.27
R3	Actual	1.00%	$1,000.00	$1,094.51	$5.21
	Hypothetical (h)	1.00%	$1,000.00	$1,019.89	$5.02
R4	Actual	0.75%	$1,000.00	$1,096.14	$3.91
	Hypothetical (h)	0.75%	$1,000.00	$1,021.13	$3.77
R6	Actual	0.66%	$1,000.00	$1,096.80	$3.44
	Hypothetical (h)	0.66%	$1,000.00	$1,021.58	$3.32

(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 182/366 (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

Expense ratios include approximately 0.01% of interest related expenses that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).

4

Portfolio of Investments

2/29/24 (unaudited)

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

Issuer			Shares/Par	Value ($)
Common Stocks – 98.3%
Aerospace & Defense – 2.2%
General Dynamics Corp.			9,460	$2,584,945
Singapore Technologies Engineering Ltd.			961,000	2,842,540
				$5,427,485
Automotive – 0.5%
Bridgestone Corp.			30,400	$1,307,086
Brokerage & Asset Managers – 0.4%
IG Group Holdings PLC			113,054	$997,529
Business Services – 4.8%
Accenture PLC, “A”			8,588	$3,218,611
Fiserv, Inc. (a)			8,356	1,247,300
NS Solutions Corp.			103,000	3,442,036
Secom Co. Ltd.			20,800	1,515,048
Serco Group PLC			520,712	1,231,112
Sohgo Security Services Co. Ltd.			180,400	999,107
				$11,653,214
Cable TV – 0.7%
Comcast Corp., “A”			41,552	$1,780,503
Computer Software – 4.4%
ACI Worldwide, Inc. (a)			85,666	$2,819,268
Check Point Software Technologies Ltd. (a)			6,436	1,032,463
Microsoft Corp.			16,335	6,756,810
				$10,608,541
Computer Software - Systems – 6.0%
Apple, Inc.			6,423	$1,160,957
Constellation Software, Inc.			2,079	5,788,066
Fujitsu Ltd.			12,800	1,996,585
Hitachi Ltd.			18,000	1,520,611
SS&C Technologies Holdings, Inc.			22,878	1,458,701
Venture Corp. Ltd.			263,300	2,739,549
				$14,664,469
Construction – 0.6%
AvalonBay Communities, Inc., REIT			7,538	$1,334,452

5

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Consumer Products – 3.8%
Colgate-Palmolive Co.			59,903	$5,182,807
Kimberly-Clark Corp.			21,139	2,561,413
Procter & Gamble Co.			9,040	1,436,818
				$9,181,038
Consumer Services – 0.4%
Booking Holdings, Inc.			310	$1,075,337
Electrical Equipment – 0.4%
TE Connectivity Ltd.			7,438	$1,067,799
Electronics – 2.6%
Analog Devices, Inc.			16,364	$3,138,942
Kyocera Corp.			213,300	3,136,472
				$6,275,414
Energy - Integrated – 0.5%
TotalEnergies SE			18,638	$1,188,291
Food & Beverages – 4.7%
General Mills, Inc.			50,745	$3,256,814
J.M. Smucker Co.			13,483	1,620,252
Mondelez International, Inc.			26,666	1,948,485
Nestle S.A.			17,111	1,775,434
PepsiCo, Inc.			17,561	2,903,536
				$11,504,521
Food & Drug Stores – 1.3%
Sundrug Co. Ltd.			50,900	$1,586,551
Tesco PLC			462,165	1,626,493
				$3,213,044
General Merchandise – 0.9%
Dollarama, Inc.			29,165	$2,256,008
Health Maintenance Organizations – 0.7%
Cigna Group			5,214	$1,752,634
Insurance – 6.8%
Chubb Ltd.			8,526	$2,145,739
Everest Group Ltd.			11,331	4,179,779
MetLife, Inc.			30,811	2,148,759
Reinsurance Group of America, Inc.			15,980	2,826,063
Samsung Fire & Marine Insurance Co. Ltd.			15,430	3,453,094
Zurich Insurance Group AG			3,220	1,711,313
				$16,464,747

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Internet – 1.5%
Alphabet, Inc., “A” (a)			25,888	$3,584,452
Leisure & Toys – 2.1%
Electronic Arts, Inc.			29,601	$4,128,748
Sankyo Co. Ltd.			89,000	1,015,141
				$5,143,889
Machinery & Tools – 1.7%
Eaton Corp. PLC			14,163	$4,093,107
Major Banks – 5.9%
DBS Group Holdings Ltd.			253,600	$6,281,809
JPMorgan Chase & Co.			24,565	4,570,564
Mitsubishi UFJ Financial Group, Inc.			115,400	1,186,945
Royal Bank of Canada			11,717	1,137,486
Wells Fargo & Co.			23,384	1,299,917
				$14,476,721
Medical & Health Technology & Services – 3.0%
McKesson Corp.			14,035	$7,317,989
Medical Equipment – 1.0%
Becton, Dickinson and Co.			4,695	$1,105,907
Medtronic PLC			16,162	1,347,265
				$2,453,172
Natural Gas - Distribution – 1.5%
Atmos Energy Corp.			8,778	$991,124
Italgas S.p.A.			471,091	2,568,686
				$3,559,810
Network & Telecom – 0.8%
Motorola Solutions, Inc.			5,725	$1,891,483
Other Banks & Diversified Financials – 2.7%
Banco de Oro Unibank, Inc.			1,567,050	$4,265,030
Mastercard, Inc., “A”			2,587	1,228,204
Visa, Inc., “A”			4,078	1,152,606
				$6,645,840
Pharmaceuticals – 11.9%
Eli Lilly & Co.			7,190	$5,418,959
Johnson & Johnson			35,848	5,785,150
Merck & Co., Inc.			50,635	6,438,240
Novartis AG			14,592	1,476,608
Novo Nordisk A.S., “B”			14,703	1,747,560

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Pharmaceuticals – continued
Roche Holding AG			16,063	$4,213,053
Sanofi			10,910	1,036,357
Vertex Pharmaceuticals, Inc. (a)			7,115	2,993,565
				$29,109,492
Pollution Control – 1.7%
Republic Services, Inc.			22,628	$4,154,501
Precious Metals & Minerals – 1.5%
Franco-Nevada Corp.			35,670	$3,734,554
Railroad & Shipping – 1.1%
Sankyu, Inc.			43,700	$1,542,267
West Japan Railway Co.			24,200	1,005,805
				$2,548,072
Real Estate – 0.7%
Public Storage, Inc., REIT			5,742	$1,629,982
Restaurants – 4.2%
Jollibee Foods Corp.			1,031,760	$5,025,276
McDonald's Corp.			8,598	2,513,024
Starbucks Corp.			29,008	2,752,859
				$10,291,159
Specialty Chemicals – 0.4%
RPM International, Inc.			9,137	$1,053,953
Specialty Stores – 2.6%
AutoZone, Inc. (a)			765	$2,299,605
TJX Cos., Inc.			18,059	1,790,369
Walmart Stores, Inc.			38,493	2,256,075
				$6,346,049
Telecommunications - Wireless – 3.6%
Advanced Info Service Public Co. Ltd.			700,500	$3,984,442
KDDI Corp.			159,500	4,845,004
				$8,829,446
Telephone Services – 2.1%
Koninklijke KPN N.V.			996,501	$3,643,551
Orange S.A.			116,843	1,339,367
				$4,982,918
Tobacco – 0.5%
British American Tobacco PLC			42,164	$1,248,093

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Trucking – 0.6%
Knight-Swift Transportation Holdings, Inc.			27,349	$1,540,843
Utilities - Electric Power – 5.5%
CLP Holdings Ltd.			410,000	$3,416,885
Duke Energy Corp.			13,497	1,239,430
Edison International			40,543	2,757,735
Equatorial Energia S.A.			157,100	1,080,179
Evergy, Inc.			24,960	1,236,518
PG&E Corp.			91,309	1,523,947
Xcel Energy, Inc.			39,509	2,081,729
				$13,336,423
Total Common Stocks (Identified Cost, $178,152,312)				$239,724,060
Preferred Stocks – 1.3%
Computer Software - Systems – 1.3%
Samsung Electronics Co. Ltd. (Identified Cost, $2,789,892)			65,235	$3,115,760

    

	Strike Price	First Exercise
Warrants – 0.0%
Computer Software - Systems – 0.0%
Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a)(Identified Cost, $0)	CAD 11.5	N/A	2,938	$0

    

Investment Companies (h) – 0.2%
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $549,123)			549,123	$549,123
Other Assets, Less Liabilities – 0.2%				428,816
Net Assets – 100.0%				$243,817,759

    

(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 $549,123 and $242,839,820, 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.

9

Portfolio of Investments (unaudited) – continued

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

See Notes to Financial Statements

10

Financial Statements

Statement of Assets and Liabilities

At 2/29/24 (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, $180,942,204)	$242,839,820
Investments in affiliated issuers, at value (identified cost, $549,123)	549,123
Cash	10,174
Foreign currency, at value (identified cost, $22)	22
Receivables for
Fund shares sold	143,227
Dividends	582,335
Receivable from investment adviser	3,868
Other assets	41,494
Total assets	$244,170,063
Liabilities
Payables for
Fund shares reacquired	$225,214
Payable to affiliates
Administrative services fee	247
Shareholder servicing costs	32,539
Distribution and service fees	660
Payable for independent Trustees' compensation	1,221
Deferred foreign capital gains tax expense payable	24,600
Payable for audit and tax fees	31,920
Accrued expenses and other liabilities	35,903
Total liabilities	$352,304
Net assets	$243,817,759
Net assets consist of
Paid-in capital	$176,066,536
Total distributable earnings (loss)	67,751,223
Net assets	$243,817,759
Shares of beneficial interest outstanding	14,924,679

11

Statement of Assets and Liabilities (unaudited) – continued

	Net assets	Shares outstanding	Net asset value per share (a)
Class A	$31,540,331	1,930,069	$16.34
Class B	289,406	17,871	16.19
Class C	3,644,052	225,518	16.16
Class I	101,518,557	6,209,822	16.35
Class R1	157,551	9,689	16.26
Class R2	183,153	11,202	16.35
Class R3	103,319	6,312	16.37
Class R4	101,607	6,214	16.35
Class R6	106,279,783	6,507,982	16.33

    

(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 $17.34 [100 / 94.25 x $16.34]. 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

12

Financial Statements

Statement of Operations

Six months ended 2/29/24 (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
Dividends	$2,512,338
Dividends from affiliated issuers	26,507
Other	8,443
Interest	1,995
Income on securities loaned	1,522
Foreign taxes withheld	(100,839)
Total investment income	$2,449,966
Expenses
Management fee	$697,795
Distribution and service fees	58,432
Shareholder servicing costs	73,956
Administrative services fee	23,194
Independent Trustees' compensation	3,508
Custodian fee	32,615
Shareholder communications	12,559
Audit and tax fees	34,338
Legal fees	766
Registration fees	65,437
Miscellaneous	28,311
Total expenses	$1,030,911
Reduction of expenses by investment adviser	(64,196)
Net expenses	$966,715
Net investment income (loss)	$1,483,251
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers (includes $32,236 foreign capital gains tax)	$8,347,191
Affiliated issuers	(67)
Foreign currency	(19,748)
Net realized gain (loss)	$8,327,376
Change in unrealized appreciation or depreciation
Unaffiliated issuers (includes $64,316 decrease in deferred foreign capital gains tax)	$10,031,201
Affiliated issuers	(187)
Translation of assets and liabilities in foreign currencies	(8,506)
Net unrealized gain (loss)	$10,022,508
Net realized and unrealized gain (loss)	$18,349,884
Change in net assets from operations	$19,833,135

See Notes to Financial Statements

13

Financial Statements

Statements of Changes in Net Assets

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

	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23
Change in net assets
From operations
Net investment income (loss)	$1,483,251	$4,864,434
Net realized gain (loss)	8,327,376	(18,112)
Net unrealized gain (loss)	10,022,508	23,359,410
Change in net assets from operations	$19,833,135	$28,205,732
Total distributions to shareholders	$(3,004,293)	$(10,214,151)
Change in net assets from fund share transactions	$(91,583,396)	$61,624,592
Total change in net assets	$(74,754,554)	$79,616,173
Net assets
At beginning of period	318,572,313	238,956,140
At end of period	$243,817,759	$318,572,313

See Notes to Financial Statements

14

Financial Statements

Financial Highlights

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

Class A	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.08	$14.14	$17.04	$14.18	$13.92	$13.73
Income (loss) from investment operations
Net investment income (loss) (d)	$0.07	$0.22	$0.19	$0.17	$0.23	$0.25
Net realized and unrealized gain (loss)	1.35	1.25	(1.64)	2.90	0.39	0.56
Total from investment operations	$1.42	$1.47	$(1.45)	$3.07	$0.62	$0.81
Less distributions declared to shareholders
From net investment income	$(0.09)	$(0.19)	$(0.16)	$(0.21)	$(0.27)	$(0.23)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.16)	$(0.53)	$(1.45)	$(0.21)	$(0.36)	$(0.62)
Net asset value, end of period (x)	$16.34	$15.08	$14.14	$17.04	$14.18	$13.92
Total return (%) (r)(s)(t)(x)	9.47(n)	10.67	(9.35)	21.83	4.60	6.38
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.05(a)	1.03	1.05	1.04	1.05	1.05
Expenses after expense reductions	1.00(a)	0.99	0.99	0.99	0.99	0.98
Net investment income (loss)	0.88(a)(l)	1.50	1.23	1.14	1.68	1.86
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$31,540	$33,745	$25,531	$25,815	$23,494	$19,981

See Notes to Financial Statements

15

Financial Highlights – continued

Class B	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$14.94	$14.00	$16.90	$14.08	$13.82	$13.63
Income (loss) from investment operations
Net investment income (loss) (d)	$0.01	$0.11	$0.07	$0.06	$0.12	$0.14
Net realized and unrealized gain (loss)	1.34	1.24	(1.62)	2.86	0.40	0.57
Total from investment operations	$1.35	$1.35	$(1.55)	$2.92	$0.52	$0.71
Less distributions declared to shareholders
From net investment income	$(0.03)	$(0.07)	$(0.06)	$(0.10)	$(0.17)	$(0.13)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.10)	$(0.41)	$(1.35)	$(0.10)	$(0.26)	$(0.52)
Net asset value, end of period (x)	$16.19	$14.94	$14.00	$16.90	$14.08	$13.82
Total return (%) (r)(s)(t)(x)	9.03(n)	9.90	(10.03)	20.88	3.81	5.60
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.80(a)	1.78	1.80	1.78	1.80	1.79
Expenses after expense reductions	1.75(a)	1.74	1.74	1.74	1.75	1.74
Net investment income (loss)	0.15(a)(l)	0.75	0.48	0.40	0.88	1.03
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$289	$361	$438	$475	$410	$410

See Notes to Financial Statements

16

Financial Highlights – continued

Class C	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$14.91	$13.98	$16.88	$14.05	$13.80	$13.62
Income (loss) from investment operations
Net investment income (loss) (d)	$0.01	$0.11	$0.07	$0.06	$0.12	$0.14
Net realized and unrealized gain (loss)	1.34	1.24	(1.62)	2.88	0.39	0.57
Total from investment operations	$1.35	$1.35	$(1.55)	$2.94	$0.51	$0.71
Less distributions declared to shareholders
From net investment income	$(0.03)	$(0.08)	$(0.06)	$(0.11)	$(0.17)	$(0.14)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.10)	$(0.42)	$(1.35)	$(0.11)	$(0.26)	$(0.53)
Net asset value, end of period (x)	$16.16	$14.91	$13.98	$16.88	$14.05	$13.80
Total return (%) (r)(s)(t)(x)	9.07(n)	9.89	(10.04)	21.00	3.77	5.57
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.80(a)	1.78	1.80	1.79	1.80	1.80
Expenses after expense reductions	1.75(a)	1.74	1.74	1.74	1.75	1.74
Net investment income (loss)	0.09(a)(l)	0.74	0.49	0.39	0.90	1.02
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$3,644	$3,405	$3,001	$3,133	$3,261	$2,876

See Notes to Financial Statements

17

Financial Highlights – continued

Class I	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.09	$14.14	$17.05	$14.18	$13.92	$13.73
Income (loss) from investment operations
Net investment income (loss) (d)	$0.10	$0.26	$0.24	$0.21	$0.26	$0.28
Net realized and unrealized gain (loss)	1.34	1.25	(1.66)	2.90	0.39	0.56
Total from investment operations	$1.44	$1.51	$(1.42)	$3.11	$0.65	$0.84
Less distributions declared to shareholders
From net investment income	$(0.11)	$(0.22)	$(0.20)	$(0.24)	$(0.30)	$(0.26)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.18)	$(0.56)	$(1.49)	$(0.24)	$(0.39)	$(0.65)
Net asset value, end of period (x)	$16.35	$15.09	$14.14	$17.05	$14.18	$13.92
Total return (%) (r)(s)(t)(x)	9.61(n)	11.02	(9.18)	22.21	4.85	6.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.80(a)	0.78	0.80	0.79	0.80	0.79
Expenses after expense reductions	0.75(a)	0.74	0.74	0.74	0.75	0.74
Net investment income (loss)	1.27(a)(l)	1.77	1.53	1.38	1.88	2.09
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$101,519	$179,777	$124,266	$102,723	$106,849	$118,907

See Notes to Financial Statements

18

Financial Highlights – continued

Class R1	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.00	$14.07	$16.97	$14.13	$13.88	$13.69
Income (loss) from investment operations
Net investment income (loss) (d)	$0.01	$0.11	$0.07	$0.06	$0.12	$0.14
Net realized and unrealized gain (loss)	1.35	1.24	(1.63)	2.89	0.39	0.58
Total from investment operations	$1.36	$1.35	$(1.56)	$2.95	$0.51	$0.72
Less distributions declared to shareholders
From net investment income	$(0.03)	$(0.08)	$(0.05)	$(0.11)	$(0.17)	$(0.14)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.10)	$(0.42)	$(1.34)	$(0.11)	$(0.26)	$(0.53)
Net asset value, end of period (x)	$16.26	$15.00	$14.07	$16.97	$14.13	$13.88
Total return (%) (r)(s)(t)(x)	9.08(n)	9.82	(10.00)	20.96	3.74	5.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.80(a)	1.78	1.80	1.78	1.80	1.79
Expenses after expense reductions	1.75(a)	1.74	1.74	1.74	1.75	1.74
Net investment income (loss)	0.09(a)(l)	0.74	0.48	0.40	0.90	1.03
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$158	$140	$130	$149	$109	$96

See Notes to Financial Statements

19

Financial Highlights – continued

Class R2	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.09	$14.14	$17.04	$14.18	$13.92	$13.73
Income (loss) from investment operations
Net investment income (loss) (d)	$0.05	$0.18	$0.15	$0.15	$0.19	$0.21
Net realized and unrealized gain (loss)	1.35	1.26	(1.65)	2.88	0.40	0.57
Total from investment operations	$1.40	$1.44	$(1.50)	$3.03	$0.59	$0.78
Less distributions declared to shareholders
From net investment income	$(0.07)	$(0.15)	$(0.11)	$(0.17)	$(0.24)	$(0.20)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.14)	$(0.49)	$(1.40)	$(0.17)	$(0.33)	$(0.59)
Net asset value, end of period (x)	$16.35	$15.09	$14.14	$17.04	$14.18	$13.92
Total return (%) (r)(s)(t)(x)	9.32(n)	10.46	(9.63)	21.56	4.33	6.09
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.30(a)	1.28	1.30	1.28	1.30	1.29
Expenses after expense reductions	1.25(a)	1.24	1.24	1.24	1.25	1.24
Net investment income (loss)	0.59(a)(l)	1.25	0.98	0.94	1.37	1.53
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$183	$166	$137	$263	$170	$75

See Notes to Financial Statements

20

Financial Highlights – continued

Class R3	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.11	$14.16	$17.06	$14.20	$13.94	$13.74
Income (loss) from investment operations
Net investment income (loss) (d)	$0.07	$0.22	$0.19	$0.18	$0.23	$0.24
Net realized and unrealized gain (loss)	1.35	1.26	(1.64)	2.89	0.39	0.58
Total from investment operations	$1.42	$1.48	$(1.45)	$3.07	$0.62	$0.82
Less distributions declared to shareholders
From net investment income	$(0.09)	$(0.19)	$(0.16)	$(0.21)	$(0.27)	$(0.23)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.16)	$(0.53)	$(1.45)	$(0.21)	$(0.36)	$(0.62)
Net asset value, end of period (x)	$16.37	$15.11	$14.16	$17.06	$14.20	$13.94
Total return (%) (r)(s)(t)(x)	9.45(n)	10.72	(9.34)	21.81	4.58	6.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	1.05(a)	1.03	1.05	1.04	1.05	1.04
Expenses after expense reductions	1.00(a)	0.99	0.99	0.99	1.00	0.99
Net investment income (loss)	0.86(a)(l)	1.50	1.23	1.15	1.65	1.78
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$103	$104	$92	$98	$79	$71

See Notes to Financial Statements

21

Financial Highlights – continued

Class R4	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.09	$14.15	$17.05	$14.18	$13.92	$13.73
Income (loss) from investment operations
Net investment income (loss) (d)	$0.08	$0.25	$0.23	$0.21	$0.26	$0.27
Net realized and unrealized gain (loss)	1.36	1.25	(1.64)	2.90	0.39	0.57
Total from investment operations	$1.44	$1.50	$(1.41)	$3.11	$0.65	$0.84
Less distributions declared to shareholders
From net investment income	$(0.11)	$(0.22)	$(0.20)	$(0.24)	$(0.30)	$(0.26)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.18)	$(0.56)	$(1.49)	$(0.24)	$(0.39)	$(0.65)
Net asset value, end of period (x)	$16.35	$15.09	$14.15	$17.05	$14.18	$13.92
Total return (%) (r)(s)(t)(x)	9.61(n)	10.94	(9.12)	22.21	4.85	6.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.80(a)	0.78	0.80	0.79	0.81	0.79
Expenses after expense reductions	0.75(a)	0.74	0.74	0.74	0.75	0.74
Net investment income (loss)	1.09(a)(l)	1.75	1.47	1.40	1.89	2.03
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$102	$93	$84	$92	$75	$72

See Notes to Financial Statements

22

Financial Highlights – continued

Class R6	Six months ended	Year ended
	2/29/24 (unaudited)	8/31/23	8/31/22	8/31/21	8/31/20	8/31/19
Net asset value, beginning of period	$15.07	$14.13	$17.03	$14.17	$13.91	$13.72
Income (loss) from investment operations
Net investment income (loss) (d)	$0.09	$0.27	$0.24	$0.22	$0.27	$0.28
Net realized and unrealized gain (loss)	1.36	1.24	(1.64)	2.90	0.40	0.57
Total from investment operations	$1.45	$1.51	$(1.40)	$3.12	$0.67	$0.85
Less distributions declared to shareholders
From net investment income	$(0.12)	$(0.23)	$(0.21)	$(0.26)	$(0.32)	$(0.27)
From net realized gain	(0.07)	(0.34)	(1.29)	—	(0.09)	(0.39)
Total distributions declared to shareholders	$(0.19)	$(0.57)	$(1.50)	$(0.26)	$(0.41)	$(0.66)
Net asset value, end of period (x)	$16.33	$15.07	$14.13	$17.03	$14.17	$13.91
Total return (%) (r)(s)(t)(x)	9.68(n)	11.04	(9.06)	22.25	4.94	6.68
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.72(a)	0.69	0.72	0.71	0.73	0.72
Expenses after expense reductions	0.66(a)	0.66	0.66	0.67	0.67	0.67
Net investment income (loss)	1.18(a)(l)	1.83	1.54	1.44	2.01	2.11
Portfolio turnover	17(n)	25	46	36	43	65
Net assets at end of period (000 omitted)	$106,280	$100,782	$85,277	$94,987	$84,631	$76,901

    

(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.

See Notes to Financial Statements

23

Notes to Financial Statements

(unaudited) 

(1) Business and Organization

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

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

(2) Significant Accounting Policies

General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

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

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

24

Notes to Financial Statements (unaudited) - continued

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.

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

25

Notes to Financial Statements (unaudited) - continued

quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 29, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities:
United States	$141,784,574	$—	$—	$141,784,574
Japan	25,098,658	—	—	25,098,658
Canada	12,916,114	0	—	12,916,114
Singapore	11,863,898	—	—	11,863,898
Philippines	9,290,306	—	—	9,290,306
Switzerland	9,176,408	—	—	9,176,408
South Korea	6,568,854	—	—	6,568,854
United Kingdom	5,103,227	—	—	5,103,227
Thailand	3,984,442	—	—	3,984,442
Other Countries	17,053,339	—	—	17,053,339
Mutual Funds	549,123	—	—	549,123
Total	$243,388,943	$0	$—	$243,388,943

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 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

26

Notes to Financial Statements (unaudited) - continued

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 February 29, 2024, there were no securities on loan or collateral outstanding.

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

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

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

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

Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for 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.

27

Notes to Financial Statements (unaudited) - continued

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

Book/tax differences primarily relate to passive foreign investment companies and wash sale loss deferrals.

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 8/31/23
Ordinary income (including any short-term capital gains)	$4,151,143
Long-term capital gains	6,063,008
Total distributions	$10,214,151

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

As of 2/29/24
Cost of investments	$178,623,472
Gross appreciation	65,812,820
Gross depreciation	(1,047,349)
Net unrealized appreciation (depreciation)	$64,765,471
As of 8/31/23
Undistributed ordinary income	882,991
Undistributed long-term capital gain	1,058,108
Other temporary differences	(81,759)
Net unrealized appreciation (depreciation)	49,063,041

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

28

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 ended 2/29/24		Year ended 8/31/23
Class A	$315,481		$1,112,251
Class B	2,104		12,527
Class C	22,440		89,340
Class I	1,451,816		5,415,928
Class R1	925		4,004
Class R2	1,526		5,190
Class R3	1,026		3,520
Class R4	1,104		3,378
Class R6	1,207,871		3,568,013
Total	$3,004,293		$10,214,151

(3) Transactions with Affiliates

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

Up to $1 billion	0.55%
In excess of $1 billion and up to $2.5 billion	0.525%
In excess of $2.5 billion	0.50%

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until December 31, 2024. For the six months ended February 29, 2024, this management fee reduction amounted to $16,325, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended February 29, 2024 was equivalent to an annual effective rate of 0.54% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:

Classes
A	B	C	I	R1	R2	R3	R4	R6
0.99%	1.74%	1.74%	0.74%	1.74%	1.24%	0.99%	0.74%	0.68%

29

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 December 31, 2024. For the six months ended February 29, 2024, this reduction amounted to $47,871, 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 $2,036 for the six months ended February 29, 2024, as its portion of the initial sales charge on sales of Class A shares of the fund.

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

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

Distribution Plan Fee Table:

	Distribution Fee Rate (d)	Service Fee Rate (d)	Total Distribution Plan (d)	Annual Effective Rate (e)	Distribution and Service Fee
Class A	—	0.25%	0.25%	0.25%	$ 38,271
Class B	0.75%	0.25%	1.00%	1.00%	1,596
Class C	0.75%	0.25%	1.00%	1.00%	17,295
Class R1	0.75%	0.25%	1.00%	1.00%	724
Class R2	0.25%	0.25%	0.50%	0.50%	422
Class R3	—	0.25%	0.25%	0.25%	124
Total Distribution and Service Fees					$58,432

(d)

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

(e)

The annual effective rates represent actual fees incurred under the distribution plan for the six months ended February 29, 2024 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 February 29, 2024.

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

30

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 February 29, 2024, were as follows:

	Amount
Class A	$27
Class B	60
Class C	60

Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended February 29, 2024, the fee was $2,335, which equated to 0.0018% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended February 29, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $71,621.

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund.  Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services.  The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended February 29, 2024 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. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

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

At February 29, 2024, MFS held approximately 59%, 53%, and 96% of the outstanding shares of Class R1, Class R2, and Class R3, respectively, and 100% of the outstanding shares of Class R4.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended February 29, 2024, this reimbursement amounted to $8,443, which is included in “Other” income in the Statement of Operations.

31

Notes to Financial Statements (unaudited) - continued

(4) Portfolio Securities

For the six months ended February 29, 2024, purchases and sales of investments, other than short-term obligations, aggregated $43,391,874 and $132,301,990, 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 2/29/24			Year ended 8/31/23
	Shares	Amount		Shares	Amount
Shares sold
Class A	101,460	$1,581,776		763,945	$10,796,108
Class B	—	—		203	2,836
Class C	15,783	234,038		58,865	857,045
Class I	770,068	11,660,055		5,998,445	86,974,089
Class R1	309	4,729		597	8,588
Class R2	428	6,577		1,835	25,644
Class R3	37	543		358	5,146
Class R6	560,842	8,589,533		1,444,761	21,340,030
	1,448,927	$22,077,251		8,269,008	$120,009,486
Shares issued to shareholders in reinvestment of distributions
Class A	20,453	$315,411		78,207	$1,112,206
Class B	137	2,103		889	12,527
Class C	1,457	22,440		6,347	89,340
Class I	81,421	1,250,325		297,414	4,233,954
Class R1	60	925		283	4,004
Class R2	99	1,526		365	5,190
Class R3	66	1,026		247	3,520
Class R4	72	1,104		237	3,378
Class R6	77,274	1,188,794		246,294	3,498,889
	181,039	$2,783,654		630,284	$8,963,008

32

Notes to Financial Statements (unaudited) - continued

	Six months ended 2/29/24			Year ended 8/31/23
	Shares	Amount		Shares	Amount
Shares reacquired
Class A	(429,444)	$(6,444,993)		(410,326)	$(5,952,978)
Class B	(6,446)	(97,642)		(8,182)	(119,906)
Class C	(20,078)	(303,767)		(51,489)	(743,328)
Class I	(6,557,102)	(97,241,961)		(3,165,950)	(45,242,152)
Class R1	(4)	(58)		(803)	(11,566)
Class R2	(336)	(5,013)		(906)	(13,075)
Class R3	(648)	(9,685)		(230)	(3,504)
Class R6	(816,101)	(12,341,182)		(1,039,716)	(15,261,393)
	(7,830,159)	$(116,444,301)		(4,677,602)	$(67,347,902)
Net change
Class A	(307,531)	$(4,547,806)		431,826	$5,955,336
Class B	(6,309)	(95,539)		(7,090)	(104,543)
Class C	(2,838)	(47,289)		13,723	203,057
Class I	(5,705,613)	(84,331,581)		3,129,909	45,965,891
Class R1	365	5,596		77	1,026
Class R2	191	3,090		1,294	17,759
Class R3	(545)	(8,116)		375	5,162
Class R4	72	1,104		237	3,378
Class R6	(177,985)	(2,562,855)		651,339	9,577,526
	(6,200,193)	$(91,583,396)		4,221,690	$61,624,592