For the twelve months ended February 28, 2025, Class A shares of the MFS Government Securities Fund (fund) provided a total return of 5.23%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class B shares of the MFS Government Securities Fund (fund) provided a total return of 4.45%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class C shares of the MFS Government Securities Fund (fund) provided a total return of 4.44%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class I shares of the MFS Government Securities Fund (fund) provided a total return of 5.49%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class R1 shares of the MFS Government Securities Fund (fund) provided a total return of 4.45%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class R2 shares of the MFS Government Securities Fund (fund) provided a total return of 4.97%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class R3 shares of the MFS Government Securities Fund (fund) provided a total return of 5.23%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class R4 shares of the MFS Government Securities Fund (fund) provided a total return of 5.49%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

For the twelve months ended February 28, 2025, Class R6 shares of the MFS Government Securities Fund (fund) provided a total return of 5.59%, at net asset value. This compares with a return of 5.81% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 5.53%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

The MFS Diversified Income Fund (fund) includes investments in lower quality debt instruments, U.S. government securities, emerging market debt instruments, dividend-paying equity securities, and real estate-related instruments.

For the twelve months ended February 28, 2025, Class A shares of the fund provided a total return of 8.52%, at net asset value. This compares with a return of 18.41% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund’s other benchmark, the MFS Diversified Income Fund Blended Index (Blended Index), generated a return of 10.36%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the MFS Diversified Income Fund Blended Index:

Top detractors from performance relative to the MFS Diversified Income Fund Blended Index:

The MFS Diversified Income Fund (fund) includes investments in lower quality debt instruments, U.S. government securities, emerging market debt instruments, dividend-paying equity securities, and real estate-related instruments.

For the twelve months ended February 28, 2025, Class I shares of the fund provided a total return of 8.78%, at net asset value. This compares with a return of 18.41% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund’s other benchmark, the MFS Diversified Income Fund Blended Index (Blended Index), generated a return of 10.36%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the MFS Diversified Income Fund Blended Index:

Top detractors from performance relative to the MFS Diversified Income Fund Blended Index:

The MFS Diversified Income Fund (fund) includes investments in lower quality debt instruments, U.S. government securities, emerging market debt instruments, dividend-paying equity securities, and real estate-related instruments.

For the twelve months ended February 28, 2025, Class R2 shares of the fund provided a total return of 8.25%, at net asset value. This compares with a return of 18.41% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund’s other benchmark, the MFS Diversified Income Fund Blended Index (Blended Index), generated a return of 10.36%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the MFS Diversified Income Fund Blended Index:

Top detractors from performance relative to the MFS Diversified Income Fund Blended Index:

The MFS Diversified Income Fund (fund) includes investments in lower quality debt instruments, U.S. government securities, emerging market debt instruments, dividend-paying equity securities, and real estate-related instruments.

For the twelve months ended February 28, 2025, Class R4 shares of the fund provided a total return of 8.79%, at net asset value. This compares with a return of 18.41% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund’s other benchmark, the MFS Diversified Income Fund Blended Index (Blended Index), generated a return of 10.36%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the MFS Diversified Income Fund Blended Index:

Top detractors from performance relative to the MFS Diversified Income Fund Blended Index:

For the twelve months ended February 28, 2025, Class A shares of the MFS New Discovery Value Fund (fund) provided a total return of 9.88%, at net asset value. This compares with a return of 17.53% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 2000^® Value Index, generated a return of 7.58%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Russell 2000^® Value Index:

Top detractors from performance relative to the Russell 2000^® Value Index:

For the twelve months ended February 28, 2025, Class B shares of the MFS New Discovery Value Fund (fund) provided a total return of 9.04%, at net asset value. This compares with a return of 17.53% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 2000^® Value Index, generated a return of 7.58%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Russell 2000^® Value Index:

Top detractors from performance relative to the Russell 2000^® Value Index:

For the twelve months ended February 28, 2025, Class C shares of the MFS New Discovery Value Fund (fund) provided a total return of 9.06%, at net asset value. This compares with a return of 17.53% for the fund’s benchmark, the Russell 3000^® Index. The fund's other benchmark, the Russell 2000^® Value Index, generated a return of 7.58%.

Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US.

Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense, especially regarding trade. At the end of the period, China unveiled a sizable stimulus package aimed at shoring up its property sector and the finances of highly indebted local governments while the Trump administration threatened to impose considerable tariffs on its trading partners.

Global equity markets reached record levels late in the period as they withstood the adversity of the unsettled geopolitical climate and a higher interest rate environment but eased back from those highs as policy uncertainty rose. Healthy earnings growth continued though advances in artificial intelligence called into question, at least temporarily, the need for extraordinary levels of infrastructure investment to support the technology.

Global bond yields climbed off mid-period lows on the back of the US election results, resilient economic growth, concerns that global disinflationary progress may have stalled and a rising term premium. Reflecting increased inflation uncertainty, market expectations for future Federal Reserve interest rate cuts in 2025 were largely pared back while other major global central banks, notably the ECB, Bank of Canada and Bank of England, continued their gradual easing cycles. Already compressed credit spreads tightened further as corporate fundamentals remained sound. Bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) index, declined in the fourth quarter after peaking before the US election, but climbed late February amongst heightened tariff uncertainty.

Top contributors to performance relative to the Russell 2000^® Value Index: