UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-04492
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code:
(617) 954-5000
Date of fiscal year end:
May 31*
Date of reporting period:
*This Form N-CSR pertains to the following series of the Registrant: MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Intrinsic Value Fund, MFS International Large Cap Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have fiscal year ends other than May 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Class A-MAAGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.52%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGA-ANN
Class B-MBAGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.72%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGB-ANN
Class C-MCAGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.71%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGC-ANN
Class I-MIAGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.80%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGI-ANN
Class R1-MAAFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 8.72%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGR1-ANN
Class R2-MAWAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.28%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGR2-ANN
Class R3-MAAHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.55%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGR3-ANN
Class R4-MAALX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.84%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGR4-ANN
Class R6-AGGPX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of 9.89%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 12.97%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the international equity segment, the fund's exposure to the MFS International Large Cap Value Fund contributed to relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 60.00% |
| MSCI EAFE Index (net div) | 30.00% |
| Bloomberg Commodity Index | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% |
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Growth Fund | |
| MFS Value Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
AGGR6-ANN
Allocation Fund
Class A-MACFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.09%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONA-ANN
Allocation Fund
Class B-MACBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.30%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONB-ANN
Allocation Fund
Class C-MACVX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.25%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONC-ANN
Allocation Fund
Class I-MACIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.33%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONI-ANN
Allocation Fund
Class R1-MACKX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.26%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONR1-ANN
Allocation Fund
Class R2-MCARX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 6.83%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONR2-ANN
Allocation Fund
Class R3-MACNX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.10%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONR3-ANN
Allocation Fund
Class R4-MACJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.35%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
| ( |
|||
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONR4-ANN
Allocation Fund
Class R6-MACQX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Conservative Allocation Fund (fund) provided a total return of 7.40%, at net asset value. This compares with a return of 5.46% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of 8.50%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund, as well as security selection in MFS Limited Maturity Fund and MFS Total Return Bond Fund supported relative results.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
| ( | ||
|
|
|
|
∆ |
|
The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Bloomberg U.S. Aggregate Bond Index | 60.00% |
| Standard & Poor's 500 Stock Index | 28.00% |
| MSCI EAFE Index (net div) | 8.00% |
| Bloomberg Commodity Index | 2.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% |
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Total Return Bond Fund | |
| MFS Limited Maturity Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Government Securities Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS High Income Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS Global Real Estate Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
CONR6-ANN
Class A-MAGWX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.98%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROA-ANN
Class B-MBGWX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.21%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROB-ANN
Class C-MCGWX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.16%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROC-ANN
Class I-MGWIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.29%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROI-ANN
Class R1-MAGMX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.16%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROR1-ANN
Class R2-MGALX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.69%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROR2-ANN
Class R3-MAGEX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Growth Allocation Fund (fund) provided a total return of 8.98%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROR3-ANN
Class R4-MAGJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.25%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROR4-ANN
Class R6-MAGQX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Growth Allocation Fund (fund) provided a total return of 9.33%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 11.48%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to both the MFS High Income Fund and MFS Emerging Markets Debt Local Currency Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 52.00% |
| Bloomberg U.S. Aggregate Bond Index | 20.00% |
| MSCI EAFE Index (net div) | 20.00% |
| Bloomberg Commodity Index | 4.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.00% |
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Value Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Research International Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Global Real Estate Fund | |
| MFS High Income Fund | |
| MFS Commodity Strategy Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS Total Return Bond Fund | |
| MFS New Discovery Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS New Discovery Value Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
GROR6-ANN
Class A-MAMAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.30%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODA-ANN
Class B-MMABX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.48%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODB-ANN
Class C-MMACX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.46%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODC-ANN
Class I-MMAIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.57%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODI-ANN
Class R1-MAMFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 7.50%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODR1-ANN
Class R2-MARRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODR2-ANN
Class R3-MAMHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.27%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODR3-ANN
Class R4-MAMJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.58%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODR4-ANN
Class R6-MAMPX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Moderate Allocation Fund (fund) provided a total return of 8.64%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of 10.00%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the long term strategic allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Fund Performance.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Blended Index:
-
Within the fixed income segment, the fund's exposure to the MFS High Income Fund, MFS Emerging Markets Debt Local Currency Fund and MFS Emerging Markets Debt Fund supported relative returns.
-
Within the international equity segment, exposure to MFS International Large Cap Value Fund bolstered relative returns.
-
-
Top detractors from performance relative to the Blended Index:
-
Within the US equity funds segment, manager selection was a headwind as most funds underperformed their respective benchmarks. Style selection also held back relative performance. Allocations to all strategies, with the exception of large and mid-cap growth funds, weighed on relative returns as large-cap and growth strategies tended to outperform small-cap and value-oriented strategies.
-
Within the international equity segment, relative performance of the MFS Research International Fund held back results as the fund lagged its respective benchmark.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the end of the reporting period:
| 5/31/25 | |
| Standard & Poor's 500 Stock Index | 41.00% |
| Bloomberg U.S. Aggregate Bond Index | 40.00% |
| MSCI EAFE Index (net div) | 13.00% |
| Bloomberg Commodity Index | 3.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.00% |
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio allocation
Portfolio holdings
| MFS Government Securities Fund | |
| MFS Value Fund | |
| MFS Total Return Bond Fund | |
| MFS Growth Fund | |
| MFS Research Fund | |
| MFS Mid Cap Growth Fund | |
| MFS Mid Cap Value Fund | |
| MFS Inflation-Adjusted Bond Fund | |
| MFS Research International Fund | |
| MFS Global Opportunistic Bond Fund | |
| MFS High Income Fund | |
| MFS Global Real Estate Fund | |
| MFS Commodity Strategy Fund | |
| MFS Emerging Markets Debt Fund | |
| MFS Institutional Money Market Portfolio | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS Emerging Markets Debt Local Currency Fund | |
| MFS New Discovery Fund | |
| MFS New Discovery Value Fund | |
| MFS International New Discovery Fund | |
| MFS Emerging Markets Equity Fund |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MODR6-ANN
Mid Cap Equity Fund
Class A-BMSFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.74%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSA-ANN
Mid Cap Equity Fund
Class B-BMSBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 6.87%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSB-ANN
Mid Cap Equity Fund
Class C-BMSDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 6.82%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSC-ANN
Mid Cap Equity Fund
Class I-BMSLX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.93%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSI-ANN
Mid Cap Equity Fund
Class R1-BMSRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
For the period from October 1, 2024 through May 31, 2025, the distribution fee was not imposed. Had the distribution fee been imposed throughout the entire period, the “Costs of a $10,000 investment” and the “Costs paid as a percentage of a $10,000 investment” would have been approximately $165 and 1.59%, respectively.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.44%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSR1-ANN
Mid Cap Equity Fund
Class R2-BMSSX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.46%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSR2-ANN
Mid Cap Equity Fund
Class R3-BMSTX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.70%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSR3-ANN
Mid Cap Equity Fund
Class R4-BMSVX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 7.97%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSR4-ANN
Mid Cap Equity Fund
Class R6-BMSYX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Mid Cap Equity Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell Midcap® Index, generated a return of 10.32%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell Midcap® Index:
-
Security selection within both the communication services and utilities sectors strengthened the fund's relative performance.
-
The combination of stock selection and an underweight position in the consumer staples sector also helped relative returns.
-
-
Top detractors from performance relative to the Russell Midcap® Index:
-
Stock selection within both the consumer discretionary and industrials sectors held back relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Utilities | |
| Energy | |
| Materials | |
| Communication Services | |
| Consumer Staples |
Top ten holdings
| NRG Energy, Inc. | |
| Ameriprise Financial, Inc. | |
| Wabtec Corp. | |
| Veeva Systems, Inc. | |
| Roblox Corp., "A" | |
| Verisk Analytics, Inc., "A" | |
| TechnipFMC PLC | |
| Spotify Technology S.A. | |
| Corebridge Financial, Inc. | |
| CNH Industrial N.V. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BMSR6-ANN
Small Cap Equity Fund
Class A-BRSDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.62%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSA-ANN
Small Cap Equity Fund
Class B-BRSBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑6.34%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSB-ANN
Small Cap Equity Fund
Class C-BRSHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑6.40%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSC-ANN
Small Cap Equity Fund
Class I-BRSJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.41%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSI-ANN
Small Cap Equity Fund
Class R1-BRSPX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑6.39%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSR1-ANN
Small Cap Equity Fund
Class R2-BRSSX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.84%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSR2-ANN
Small Cap Equity Fund
Class R3-BRSTX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.66%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSR3-ANN
Small Cap Equity Fund
Class R4-BRSUX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.41%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSR4-ANN
Small Cap Equity Fund
Class R6-BRSYX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Small Cap Equity Fund (fund) provided a total return of ‑5.30%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Index, generated a return of 1.19%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 2000® Index:
-
Security selection within both the financials and real estate sectors strengthened relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Index:
-
Stock selection within the information technology, energy, health care, and materials sectors held back the fund's relative results.
-
The combination of security selection and an underweight allocation to the consumer staples sector further weakened relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| ( |
|||
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Information Technology | |
| Consumer Discretionary | |
| Real Estate | |
| Energy | |
| Communication Services | |
| Utilities | |
| Materials | |
| Consumer Staples |
Top ten holdings
| Popular, Inc. | |
| Encompass Health Corp. | |
| APi Group, Inc. | |
| UMB Financial Corp. | |
| Essential Properties Realty Trust, REIT | |
| Grand Canyon Education, Inc. | |
| Portland General Electric Co. | |
| AZEK Co., Inc. | |
| Kemper Corp. | |
| Advanced Energy Industries, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRSR6-ANN
Value Equity Fund
Class A-BRUDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.23%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUA-ANN
Value Equity Fund
Class B-BRUEX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.51%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUB-ANN
Value Equity Fund
Class C-BRUGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.52%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUC-ANN
Value Equity Fund
Class I-BRUHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.48%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUI-ANN
Value Equity Fund
Class R1-BRUJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
For the period from June 1, 2024 through May 31, 2025, the distribution fee was not imposed. Had the distribution fee been imposed throughout the entire period, the “Costs of a $10,000 investment” and the “Costs paid as a percentage of a $10,000 investment” would have been approximately $154 and 1.49%, respectively.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.21%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUR1-ANN
Value Equity Fund
Class R2-BRUKX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 5.99%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUR2-ANN
Value Equity Fund
Class R3-BRULX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.24%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUR3-ANN
Value Equity Fund
Class R4-BRUMX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.54%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUR4-ANN
Value Equity Fund
Class R6-BRUNX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Value Equity Fund (fund) provided a total return of 6.60%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 8.91%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
Security selection within the health care, materials, and real estate sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection within the industrials, consumer staples, utilities, and financials sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Health Care | |
| Consumer Staples | |
| Information Technology | |
| Energy | |
| Consumer Discretionary | |
| Utilities | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Johnson & Johnson | |
| Wells Fargo & Co. | |
| Berkshire Hathaway, Inc., "B" | |
| JPMorgan Chase & Co. | |
| Amphenol Corp., "A" | |
| T-Mobile USA, Inc. | |
| American Express Co. | |
| Citigroup, Inc. | |
| Trane Technologies PLC | |
| Chubb Ltd. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRUR6-ANN
Growth Equity Fund
Class A-BRWAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.64%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWA-ANN
Growth Equity Fund
Class B-BRWBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.76%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWB-ANN
Growth Equity Fund
Class C-BRWCX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.73%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWC-ANN
Growth Equity Fund
Class I-BRWJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.90%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWI-ANN
Growth Equity Fund
Class R1-BRWRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 14.76%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWR1-ANN
Growth Equity Fund
Class R2-BRWSX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.32%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWR2-ANN
Growth Equity Fund
Class R3-BRWTX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.58%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWR3-ANN
Growth Equity Fund
Class R4-BRWUX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.92%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWR4-ANN
Growth Equity Fund
Class R6-BRWVX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Blended Research Growth Equity Fund (fund) provided a total return of 15.97%, at net asset value. This compares with a return of 13.12% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Growth Index, generated a return of 17.62%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the Russell 1000® Growth Index:
-
Security selection within the communication services, information technology, and health care sectors strengthened the fund's relative performance.
-
The combination of an overweight position and security selection within the utilities sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Growth Index:
-
Stock selection within the consumer discretionary, industrials, and consumer staples sectors held back relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Consumer Discretionary | |
| Communication Services | |
| Financials | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Real Estate | |
| Utilities | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Meta Platforms, Inc., "A" | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Tesla, Inc. | |
| ServiceNow, Inc. | |
| Booking Holdings, Inc. |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
BRWR6-ANN
Equity Fund
Class A-MEMAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.88%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMA-ANN
Equity Fund
Class B-MEMBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.03%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMB-ANN
Equity Fund
Class C-MEMCX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.05%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMC-ANN
Equity Fund
Class I-MEMIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.20%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMI-ANN
Equity Fund
Class R1-MEMRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.01%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMR1-ANN
Equity Fund
Class R2-MEMFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.62%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 16.58%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMR2-ANN
Equity Fund
Class R3-MEMGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 16.90%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMR3-ANN
Equity Fund
Class R4-MEMHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.19%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMR4-ANN
Equity Fund
Class R6-MEMJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS Emerging Markets Equity Fund (fund) provided a total return of 17.35%, at net asset value. This compares with a return of 13.04% for the fund’s benchmark, the MSCI Emerging Markets Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI Emerging Markets Index:
-
Security selection and an overweight allocation to the communications services sector strengthened the fund's relative performance.
-
Security selection and an underweight allocation to the materials sector also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI Emerging Markets Index:
-
The fund’s cash and/or cash equivalents position weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Tencent Holdings Ltd. | |
| Alibaba Group Holding Ltd. | |
| Samsung Electronics Co. Ltd. | |
| HDFC Bank Ltd. | |
| China Construction Bank Corp. | |
| Infosys Ltd. | |
| NetEase, Inc., ADR | |
| Kotak Mahindra Bank Ltd. | |
| Vale S.A., ADR |
Issuer country weightings
| China | |
| India | |
| Taiwan | |
| South Korea | |
| Brazil | |
| Indonesia | |
| Hong Kong | |
| Mexico | |
| United Arab Emirates | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FEMR6-ANN
Class A-MGRAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS International Growth Fund (fund) provided a total return of 15.44%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFA-ANN
Class B-MGRBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS International Growth Fund (fund) provided a total return of 14.59%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFB-ANN
Class C-MGRCX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS International Growth Fund (fund) provided a total return of 14.59%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFC-ANN
Class I-MQGIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS International Growth Fund (fund) provided a total return of 15.74%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFI-ANN
Class R1-MGRRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Growth Fund (fund) provided a total return of 14.60%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFR1-ANN
Class R2-MGRQX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Growth Fund (fund) provided a total return of 15.14%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 15.17%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFR2-ANN
Class R3-MGRTX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Growth Fund (fund) provided a total return of 15.45%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 15.43%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFR3-ANN
Class R4-MGRVX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Growth Fund (fund) provided a total return of 15.73%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFR4-ANN
Class R6-MGRDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Growth Fund (fund) provided a total return of 15.88%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 10.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection within the information technology, health care, industrials, and materials sectors strengthened the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:
-
Security selection and an overweight allocation to the consumer staples sector weakened relative performance.
-
An underweight allocation to the communication services sector further weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| SAP SE | |
| Hitachi Ltd. | |
| Schneider Electric SE | |
| Nestle S.A. | |
| Roche Holding AG | |
| EssilorLuxottica | |
| Heineken N.V. | |
| Linde PLC | |
| AIA Group Ltd. |
Issuer country weightings
| France | |
| Germany | |
| Japan | |
| United Kingdom | |
| Switzerland | |
| United States | |
| Canada | |
| Taiwan | |
| Netherlands | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGFR6-ANN
Class A-MGIAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.19%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.22%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIA-ANN
Class B-MGIBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| B | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.35%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.38%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIB-ANN
Class C-MGICX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.32%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.35%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIC-ANN
Class I-MINIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.47%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.49%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGII-ANN
Class R1-MINRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.35%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIR1-ANN
Class R2-MINFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 13.92%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.95%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIR2-ANN
Class R3-MINGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.18%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.21%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIR3-ANN
Class R4-MINHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.47%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.49%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIR4-ANN
Class R6-MINJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Intrinsic Value Fund (fund) provided a total return of 14.60%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Security selection and an underweight position in the health care sector strengthened relative performance.
-
Security selection within the materials sector, coupled with favorable security selection and an overweight allocation to the financials sector, also benefited relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Security selection within the consumer staples sector weakened the fund's relative performance.
-
Not owning any stocks within the communication services sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.63%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Franco-Nevada Corp. | |
| NatWest Group PLC | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Schneider Electric SE | |
| Legrand S.A. | |
| AIB Group PLC | |
| CaixaBank S.A. | |
| Deutsche Boerse AG | |
| TotalEnergies SE | |
| SAP SE |
Issuer country weightings
| United Kingdom | |
| France | |
| Japan | |
| United States | |
| Germany | |
| Switzerland | |
| Canada | |
| Ireland | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
FGIR6-ANN
DiversificationSM Fund
Class A-MDIDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS International Diversification Fund (fund) provided a total return of 13.98%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIA-ANN
DiversificationSM Fund
Class B-MDIFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class B shares of the MFS International Diversification Fund (fund) provided a total return of 13.16%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIB-ANN
DiversificationSM Fund
Class C-MDIGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS International Diversification Fund (fund) provided a total return of 13.13%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIC-ANN
DiversificationSM Fund
Class I-MDIJX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS International Diversification Fund (fund) provided a total return of 14.27%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDII-ANN
DiversificationSM Fund
Class R1-MDIOX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Diversification Fund (fund) provided a total return of 13.19%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIR1-ANN
DiversificationSM Fund
Class R2-MDIKX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Diversification Fund (fund) provided a total return of 13.72%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIR2-ANN
DiversificationSM Fund
Class R3-MDIHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Diversification Fund (fund) provided a total return of 14.00%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIR3-ANN
DiversificationSM Fund
Class R4-MDITX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Diversification Fund (fund) provided a total return of 14.27%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIR4-ANN
DiversificationSM Fund
Class R6-MDIZX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Diversification Fund (fund) provided a total return of 14.38%, at net asset value. This compares with a return of 13.75% for the fund’s benchmark, the MSCI All Country World (ex-US) Index (net div).
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to both the MFS International Large Cap Value Fund and MFS Emerging Markets Equity Fund contributed to relative performance as both funds outperformed their respective market segments.
-
The fund’s exposure to the MFS International Growth Fund and MFS International Intrinsic Value Fund further benefited relative returns.
-
-
Top detractors from performance relative to the MSCI All Country World (ex-US) Index:
-
The fund’s exposure to the MFS Research International Fund weakened relative returns as the fund underperformed its respective benchmark.
-
The fund’s exposure to the MFS International New Discovery Fund further weighed on relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# The fund itself does not pay a management fee but the underlying funds in which the fund invests do pay management fees to MFS.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio target allocation
Portfolio actual allocation
Portfolio holdings
| MFS Research International Fund | |
| MFS Emerging Markets Equity Fund | |
| MFS International Large Cap Value Fund | |
| MFS International Intrinsic Value Fund | |
| MFS International Growth Fund | |
| MFS International New Discovery Fund | |
| MFS Institutional Money Market Portfolio |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MDIR6-ANN
Class A-MNWAX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| A | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class A shares of the fund provided a total return of 5.77%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWA-ANN
Class B-MNWBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| B | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class B shares of the fund provided a total return of 4.98%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) |
||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( |
|||
| Downside Hedge(s) | ( |
|||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWB-ANN
Class C-MNWCX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| C | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class C shares of the fund provided a total return of 5.02%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) |
||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( |
|||
| Downside Hedge(s) | ( |
|||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWC-ANN
Class I-MNWIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| I | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class I shares of the fund provided a total return of 6.09%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWI-ANN
Class R1-MNWRX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R1 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class R1 shares of the fund provided a total return of 5.03%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWR1-ANN
Class R2-MNWSX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R2 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class R2 shares of the fund provided a total return of 5.56%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWR2-ANN
Class R3-MNWTX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R3 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class R3 shares of the fund provided a total return of 5.83%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWR3-ANN
Class R4-MNWUX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R4 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class R4 shares of the fund provided a total return of 6.06%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆ |
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWR4-ANN
Class R6-MNWZX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment ~ |
| R6 | $ |
˜ Expenses are direct expenses and do not include underlying fund fees and expenses.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
The MFS Managed Wealth Fund's (fund) investment objective is to seek total return. MFS seeks to achieve the fund’s objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund’s returns by reducing the fund’s exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure. In addition, MFS may seek to limit the fund’s exposure to certain extreme market events. It is expected that the fund will generally have lower volatility than the overall equity market and will generally underperform the equity markets during periods of rising equity markets.
-
For the twelve months ended May 31, 2025, Class R6 shares of the fund provided a total return of 6.20%, at net asset value. This compares with a return of 13.52% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the ICE BofA 0-3 Month U.S. Treasury Bill Index, generated a return of 4.81%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to absolute performance:
-
The fund's allocation to the MFS Growth Fund, MFS International Equity Fund, and the MFS Value Fund.
-
-
Top detractors from absolute performance:
-
The fund's short exposure to futures contracts on the Russell 1000® Growth Index, MSCI EAFE Stock Index, and Russell 1000® Value Index.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes corresponds to the fund’s investment strategies, over the same periods.
| Share Class | 1-yr | 5-yr | Life* |
| Comparative Benchmark(s) | |||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 5/31/25)
Portfolio structure
| Active Security Selection (a) |
Derivative Overlay Positions (b) |
Net Market Exposure (c) | ||
| Strategic Allocation | MFS Growth Fund | |||
| MFS International Equity Fund | ||||
| MFS Value Fund | ||||
| Market Exposure Overlay | Mini Russell 1000 Value Index Future JUN 20 25 | ( |
||
| Mini MSCI EAFE Index Future JUN 20 25 | ( |
|||
| Mini Russell 1000 Growth Future JUN 20 25 | ( |
|||
| Net Equity Exposure | ||||
| Standard & Poor's 500 Index Option 4900.00 PUT JUN 20 25 | ( |
|||
| Standard & Poor's 500 Index Option 4900.00 PUT MAR 20 26 | ( |
|||
| Standard & Poors Index Option PUT(s) | ( | |||
| Downside Hedge(s) | ( | |||
| Net Equivalent Equity Exposure | ( |
|||
| Limited Maturity U.S. Treasury Notes | ||||
| Cash | Cash & Cash Equivalents (d) | |||
| Other (e) | ||||
| Total Net Exposure Summary | ||||
(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.
(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.
(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.
(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.
(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.
Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MGWR6-ANN
Class A-MKVBX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class A shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.00%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVA-ANN
Class C-MKVCX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class C shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.21%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVC-ANN
Class I-MKVIX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class I shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.33%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVI-ANN
Class R1-MKVDX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R1 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R1 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.14%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVR1-ANN
Class R2-MKVEX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R2 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R2 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 18.81%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVR2-ANN
Class R3-MKVFX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R3 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R3 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.04%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVR3-ANN
Class R4-MKVGX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R4 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
-
For the twelve months ended May 31, 2025, Class R4 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.34%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
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Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
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Top contributors to performance relative to the MSCI EAFE Value Index:
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Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
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An underweight position in the materials sector also benefited the fund's relative returns.
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Top detractors from performance relative to the MSCI EAFE Value Index:
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Security selection and an underweight allocation to the communication services sector weakened relative performance.
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The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
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FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
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∆ |
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Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVR4-ANN
Class R6-MKVHX
Annual Shareholder Report
FUND EXPENSES
What were the fund costs for the last year?
| (based on a hypothetical $10,000 investment) | ||
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| R6 | $ |
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
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For the twelve months ended May 31, 2025, Class R6 shares of the MFS International Large Cap Value Fund (fund) provided a total return of 19.42%, at net asset value. This compares with a return of 13.33% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). The fund's other benchmark, the MSCI EAFE (Europe, Australasia, Far East) Value Index (net div), generated a return of 18.72%.
-
Global equity markets reached record levels during the period but fell back from those highs amid international trade friction in the early months of the second Trump term. In Europe, renewed focus on defense and infrastructure spending brightened the outlook.
-
Market volatility rose toward the end of the period as the Trump administration imposed, then suspended for 90-days, an array of very high tariffs on most US trading partners. A temporary truce was reached separately with China, though tensions remain high. President Trump faces legal challenges to some of his tariff authority but has other mechanisms at his disposal if the challenges are successful. Sectoral tariffs remain in place.
-
Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. However, the pace of disinflation slowed toward the end of the period, particularly in the US, while tariffs made for a more difficult policymaking environment.
-
In fixed income markets, global yields declined during the first quarter of the reporting period, then fluctuated within a narrow band for the remainder of the period as volatility persisted. Credit spreads declined throughout the reporting period, and remain near historical lows, despite a brief period of widening as tariff concerns took hold. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended the period near session lows after increasing around the US election and trade war.
-
Top contributors to performance relative to the MSCI EAFE Value Index:
-
Security selection within both the consumer discretionary and utilities sectors strengthened relative performance.
-
An underweight position in the materials sector also benefited the fund's relative returns.
-
-
Top detractors from performance relative to the MSCI EAFE Value Index:
-
Security selection and an underweight allocation to the communication services sector weakened relative performance.
-
The fund's overweight position and security selection within the information technology sector further weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment*
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 5/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | Life* |
| Comparative Benchmark(s) | ||
|
|
|
|
∆ |
|
Notes to Fund Performance
Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end. Returns less than one year are cumulative, not annualized.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 5/31/25
| Net Assets ($): | Total Management Fee ($)#: | |||
| Total Number of Holdings: | Portfolio Turnover Rate (%): |
# Includes the effect of any management fee waivers, if applicable.
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 5/31/25)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| NatWest Group PLC | |
| Mitsubishi UFJ Financial Group, Inc. | |
| BNP Paribas S.A. | |
| Roche Holding AG | |
| UBS Group AG | |
| Willis Towers Watson PLC | |
| Barclays PLC | |
| National Grid PLC | |
| TotalEnergies SE | |
| Iberdrola S.A. |
Issuer country weightings
| United Kingdom | |
| Japan | |
| France | |
| Switzerland | |
| United States | |
| Germany | |
| Ireland | |
| Canada | |
| Spain | |
| Other Countries |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
MKVR6-ANN