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
811-04777
(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:
August 31
Date of reporting period:
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Class A-MEIAX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class A shares of the MFS Value Fund (fund) provided a total return of 13.53%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFA-ANN
Class B-MFEBX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class B shares of the MFS Value Fund (fund) provided a total return of 12.68%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFB-ANN
Class C-MEICX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class C shares of the MFS Value Fund (fund) provided a total return of 12.70%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 12.67%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFC-ANN
Class I-MEIIX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class I shares of the MFS Value Fund (fund) provided a total return of 13.80%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFI-ANN
Class R1-MEIGX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class R1 shares of the MFS Value Fund (fund) provided a total return of 12.68%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 12.66%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFR1-ANN
Class R2-MVRRX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class R2 shares of the MFS Value Fund (fund) provided a total return of 13.24%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFR2-ANN
Class R3-MEIHX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class R3 shares of the MFS Value Fund (fund) provided a total return of 13.54%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 13.52%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFR3-ANN
Class R4-MEIJX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class R4 shares of the MFS Value Fund (fund) provided a total return of 13.82%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFR4-ANN
Class R6-MEIKX
Annual Shareholder Report
This report describes certain changes to the Fund that occurred during the reporting period.
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 August 31, 2026, Class R6 shares of the MFS Value Fund (fund) provided a total return of 13.93%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 1000® Value Index, generated a return of 29.72%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 1000® Value Index:
-
The fund's underweight position in the consumer discretionary sector benefited relative performance.
-
An underweight position and stock selection in the real estate sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 1000® Value Index:
-
Stock selection and an underweight position in the information technology sector weighed on relative performance.
-
The fund's overweight position and stock selection in the industrials sector detracted from relative returns. An overweight position in the financials sector further weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Financials | |
| Industrials | |
| Information Technology | |
| Health Care | |
| Consumer Discretionary | |
| Utilities | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Materials | |
| Communication Services |
Top ten holdings
| Amazon.com, Inc. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Apple, Inc. | |
| Cigna Group | |
| Johnson & Johnson | |
| ExxonMobil Holdings Corp. | |
| RTX Corp. | |
| Morgan Stanley | |
| ConocoPhillips |
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.
MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at funds.mfs.com or upon request at 1‑800‑225‑2606 .
Effective June 10, 2026 , the MFS Value Fund adopted a policy to invest at least 80% of its net assets in value companies and expanded on the factors used to define value companies.
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIFR6-ANN
Equity Fund
Class A-MVGAX
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 August 31, 2026, Class A shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 11.98%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOA-ANN
Equity Fund
Class B-MVGBX
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 August 31, 2026, Class B shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 11.21%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOB-ANN
Equity Fund
Class C-MVGCX
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 August 31, 2026, Class C shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 11.14%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOC-ANN
Equity Fund
Class I-MVGIX
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 August 31, 2026, Class I shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 12.26%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 12.32%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOI-ANN
Equity Fund
Class R1-MVGJX
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 August 31, 2026, Class R1 shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 11.21%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOR1-ANN
Equity Fund
Class R2-MVGKX
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 August 31, 2026, Class R2 shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 11.74%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOR2-ANN
Equity Fund
Class R3-MVGLX
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 August 31, 2026, Class R3 shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 12.02%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOR3-ANN
Equity Fund
Class R4-MVGMX
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 August 31, 2026, Class R4 shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 12.32%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOR4-ANN
Equity Fund
Class R6-MVGNX
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 August 31, 2026, Class R6 shares of the MFS Low Volatility Global Equity Fund (fund) provided a total return of 12.37%, at net asset value. This compares with a return of 22.35% for the fund’s benchmark, the MSCI All Country World Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI All Country World Index:
-
Stock selection within both the health care and communication services sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI All Country World Index:
-
Stock selection and an underweight position in the information technology sector held back relative returns.
-
The fund's overweight position and stock selection in the consumer staples sector also weakened relative performance.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Johnson & Johnson | |
| McKesson Corp. | |
| Colgate-Palmolive Co. | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | |
| Roche Holding AG | |
| DBS Group Holdings Ltd. | |
| Microsoft Corp. | |
| IG Group Holdings PLC | |
| Koninklijke KPN N.V. | |
| CLP Holdings Ltd. |
Issuer country weightings
| United States | |
| Japan | |
| Canada | |
| United Kingdom | |
| Singapore | |
| Netherlands | |
| Taiwan | |
| Switzerland | |
| Italy | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVOR6-ANN
Equity Fund
Class A-MLVAX
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 August 31, 2026, Class A shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 11.05%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUA-ANN
Equity Fund
Class B-MLVBX
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 August 31, 2026, Class B shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 10.27%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUB-ANN
Equity Fund
Class C-MLVGX
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 August 31, 2026, Class C shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 10.27%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUC-ANN
Equity Fund
Class I-MLVHX
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 August 31, 2026, Class I shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 11.38%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUI-ANN
Equity Fund
Class R1-MLVMX
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 August 31, 2026, Class R1 shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 10.29%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUR1-ANN
Equity Fund
Class R2-MLVOX
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 August 31, 2026, Class R2 shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 10.81%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUR2-ANN
Equity Fund
Class R3-MLVPX
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 August 31, 2026, Class R3 shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 11.05%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUR3-ANN
Equity Fund
Class R4-MLVRX
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 August 31, 2026, Class R4 shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 11.37%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUR4-ANN
Equity Fund
Class R6-MLVTX
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 August 31, 2026, Class R6 shares of the MFS Low Volatility Equity Fund (fund) provided a total return of 11.44%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the communication services sector benefited the fund's relative performance.
-
Stock selection in the financial sector, along with an overweight position and favorable stock selection in the health care sector, also supported relative results.
-
-
Top detractors from performance relative to the Standard & Poor’s 500 Stock Index:
-
Stock selection and an underweight position in the information technology sector held back relative performance.
-
Stock selection and overweight positions in the consumer staples and industrials sectors also weighed on the fund's relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Information Technology | |
| Health Care | |
| Financials | |
| Consumer Staples | |
| Industrials | |
| Utilities | |
| Consumer Discretionary | |
| Energy | |
| Communication Services | |
| Real Estate | |
| Materials |
Top ten holdings
| NVIDIA Corp. | |
| Valero Energy Corp. | |
| Johnson & Johnson | |
| Alphabet, Inc., "A" | |
| McKesson Corp. | |
| Monster Worldwide, Inc. | |
| Teledyne Technologies, Inc. | |
| Apple, Inc. | |
| Merck & Co., Inc. | |
| Microsoft Corp. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LVUR6-ANN
Class A-MSRXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMA-ANN
Class B-MCRXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMB-ANN
Class C-MCCXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMC-ANN
Class I-CRHXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMI-ANN
Class R1-CRVXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMR1-ANN
Class R2-CRMXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMR2-ANN
Class R3-CRJXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMR3-ANN
Class R4-CRKXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMR4-ANN
Class R6-CRRXX
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 | $ |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | Total Management Fee ($)#: | $ |
||
| Total Number of Holdings: |
# Includes the effect of any management fee waivers, if applicable.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities |
Composition including fixed income credit quality
| A-1+ | |
| A-1 |
Maturity breakdown
| 0 - 7 days | |
| 8 - 29 days | |
| 30 - 59 days | |
| 60 - 89 days | |
| 90 - 365 days |
Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at funds.mfs.com. The fund’s holdings as of each month end and the fund’s Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
LMMR6-ANN
Class A-MNDAX
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 August 31, 2026, Class A shares of the MFS New Discovery Fund (fund) provided a total return of 21.88%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFA-ANN
Class B-MNDBX
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 August 31, 2026, Class B shares of the MFS New Discovery Fund (fund) provided a total return of 20.94%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFB-ANN
Class C-MNDCX
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 August 31, 2026, Class C shares of the MFS New Discovery Fund (fund) provided a total return of 20.96%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFC-ANN
Class I-MNDIX
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 August 31, 2026, Class I shares of the MFS New Discovery Fund (fund) provided a total return of 22.13%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 22.16%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFI-ANN
Class R1-MNDGX
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 August 31, 2026, Class R1 shares of the MFS New Discovery Fund (fund) provided a total return of 20.94%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFR1-ANN
Class R2-MNDRX
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 August 31, 2026, Class R2 shares of the MFS New Discovery Fund (fund) provided a total return of 21.51%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 21.56%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFR2-ANN
Class R3-MNDHX
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 August 31, 2026, Class R3 shares of the MFS New Discovery Fund (fund) provided a total return of 21.85%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| ( |
|||
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFR3-ANN
Class R4-MNDJX
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 August 31, 2026, Class R4 shares of the MFS New Discovery Fund (fund) provided a total return of 22.15%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFR4-ANN
Class R6-MNDKX
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 August 31, 2026, Class R6 shares of the MFS New Discovery Fund (fund) provided a total return of 22.28%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index. The fund's other benchmark, the Russell 2000® Growth Index, generated a return of 23.25%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 2000® Growth Index:
-
Stock selection within the information technology sector supported the fund's relative performance.
-
-
Top detractors from performance relative to the Russell 2000® Growth Index:
-
Stock selection within both the consumer discretionary and industrials sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Equity sectors
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Consumer Discretionary | |
| Financials | |
| Energy | |
| Consumer Staples | |
| Real Estate | |
| Communication Services |
Top ten holdings
| CACI International, Inc., "A" | |
| Ligand Pharmaceuticals, Inc. | |
| Merit Medical Systems, Inc. | |
| Charles River Laboratories International, Inc. | |
| Chefs' Warehouse, Inc. | |
| Waystar Holding Corp. | |
| Moog, Inc., "A" | |
| Advanced Energy Industries, Inc. | |
| SSR Mining, Inc. | |
| Element Solutions, 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
NDFR6-ANN
Class A-MRGAX
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 August 31, 2026, Class A shares of the MFS Core Equity Fund (fund) provided a total return of 14.93%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIA-ANN
Class B-MRGBX
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 August 31, 2026, Class B shares of the MFS Core Equity Fund (fund) provided a total return of 14.10%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIB-ANN
Class C-MRGCX
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 August 31, 2026, Class C shares of the MFS Core Equity Fund (fund) provided a total return of 14.06%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
|
×
|
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIC-ANN
Class I-MRGRX
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 August 31, 2026, Class I shares of the MFS Core Equity Fund (fund) provided a total return of 15.21%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGII-ANN
Class R1-MRGGX
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 August 31, 2026, Class R1 shares of the MFS Core Equity Fund (fund) provided a total return of 14.09%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 14.06%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIR1-ANN
Class R2-MRERX
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 August 31, 2026, Class R2 shares of the MFS Core Equity Fund (fund) provided a total return of 14.64%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIR2-ANN
Class R3-MRGHX
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 August 31, 2026, Class R3 shares of the MFS Core Equity Fund (fund) provided a total return of 14.93%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIR3-ANN
Class R4-MRGJX
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 August 31, 2026, Class R4 shares of the MFS Core Equity Fund (fund) provided a total return of 15.22%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIR4-ANN
Class R6-MRGKX
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 August 31, 2026, Class R6 shares of the MFS Core Equity Fund (fund) provided a total return of 15.33%, at net asset value. This compares with a return of 20.10% for the fund’s benchmark, the Russell 3000® Index.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Russell 3000® Index:
-
Stock selection within both the consumer cyclicals and health care sectors benefited the fund's relative performance.
-
Stock selection within the financial services sector further supported relative returns.
-
-
Top detractors from performance relative to the Russell 3000® Index:
-
Stock selection within the technology sector weighed on the fund's relative performance.
-
Stock selection within the capital goods, communication services, and consumer staples sectors also held back relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Global equity sectors
| Technology | |
| Financial Services | |
| Capital Goods | |
| Health Care | |
| Consumer Cyclicals | |
| Communication Services | |
| Energy | |
| Consumer Staples |
Top ten holdings
| NVIDIA Corp. | |
| Microsoft Corp. | |
| Apple, Inc. | |
| Amazon.com, Inc. | |
| Alphabet, Inc., "A" | |
| Broadcom, Inc. | |
| Meta Platforms, Inc., "A" | |
| JPMorgan Chase & Co. | |
| Pfizer, Inc. | |
| Gilead Sciences, Inc. |
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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RGIR6-ANN
International Fund
Class A-MRSAX
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 August 31, 2026, Class A shares of the MFS Research International Fund (fund) provided a total return of 20.81%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFA-ANN
International Fund
Class B-MRIBX
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 August 31, 2026, Class B shares of the MFS Research International Fund (fund) provided a total return of 19.96%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFB-ANN
International Fund
Class C-MRICX
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 August 31, 2026, Class C shares of the MFS Research International Fund (fund) provided a total return of 19.94%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFC-ANN
International Fund
Class I-MRSIX
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 August 31, 2026, Class I shares of the MFS Research International Fund (fund) provided a total return of 21.10%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFI-ANN
International Fund
Class R1-MRSGX
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 August 31, 2026, Class R1 shares of the MFS Research International Fund (fund) provided a total return of 19.92%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFR1-ANN
International Fund
Class R2-MRSRX
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 August 31, 2026, Class R2 shares of the MFS Research International Fund (fund) provided a total return of 20.54%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFR2-ANN
International Fund
Class R3-MRSHX
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 August 31, 2026, Class R3 shares of the MFS Research International Fund (fund) provided a total return of 20.82%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFR3-ANN
International Fund
Class R4-MRSJX
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 August 31, 2026, Class R4 shares of the MFS Research International Fund (fund) provided a total return of 21.11%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFR4-ANN
International Fund
Class R6-MRSKX
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 August 31, 2026, Class R6 shares of the MFS Research International Fund (fund) provided a total return of 21.24%, at net asset value. This compares with a return of 21.62% for the fund’s benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div).
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the MSCI EAFE Index:
-
Stock selection within the financial services and technology sectors benefited the fund's relative performance.
-
-
Top detractors from performance relative to the MSCI EAFE Index:
-
Stock selection within the health care and consumer staples sectors weighed on relative returns.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of a broad measure of market performance over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Schneider Electric SE | |
| Mizuho Financial Group, Inc. | |
| Hitachi Ltd. | |
| ASML Holding N.V. | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | |
| Novartis AG | |
| TotalEnergies SE | |
| Tokyo Electron Ltd. | |
| Banco Bilbao Vizcaya Argentaria S.A. | |
| BNP Paribas S.A. |
Issuer country weightings
| Japan | |
| United Kingdom | |
| France | |
| Switzerland | |
| Netherlands | |
| Germany | |
| United States | |
| Italy | |
| Hong Kong | |
| 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.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
RIFR6-ANN
Class A-MTCAX
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 August 31, 2026, Class A shares of the MFS Technology Fund (fund) provided a total return of 28.97%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class A over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests. This graph includes the deduction of the maximum applicable sales charge.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/a for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTA-ANN
Class B-MTCBX
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 August 31, 2026, Class B shares of the MFS Technology Fund (fund) provided a total return of 27.99%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class B over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/b for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTB-ANN
Class C-MTCCX
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 August 31, 2026, Class C shares of the MFS Technology Fund (fund) provided a total return of 27.98%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class C over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
|
×
|
Assuming redemption at the end of the applicable period.
|
CDSC – Contingent Deferred Sales Charge.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/c for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTC-ANN
Class I-MTCIX
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 August 31, 2026, Class I shares of the MFS Technology Fund (fund) provided a total return of 29.30%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class I over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
If the 1-year without sales charge return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 29.29%.
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/i for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTI-ANN
Class R1-MTCKX
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 August 31, 2026, Class R1 shares of the MFS Technology Fund (fund) provided a total return of 28.00%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R1 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r1 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTR1-ANN
Class R2-MTERX
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 August 31, 2026, Class R2 shares of the MFS Technology Fund (fund) provided a total return of 28.66%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R2 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r2 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTR2-ANN
Class R3-MTCHX
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 August 31, 2026, Class R3 shares of the MFS Technology Fund (fund) provided a total return of 28.97%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R3 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r3 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTR3-ANN
Class R4-MTCJX
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 August 31, 2026, Class R4 shares of the MFS Technology Fund (fund) provided a total return of 29.28%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R4 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r4 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTR4-ANN
Class R6-MTCLX
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 August 31, 2026, Class R6 shares of the MFS Technology Fund (fund) provided a total return of 29.41%, at net asset value. This compares with a return of 20.38% for the fund’s benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 41.03%.
-
Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event distressed markets as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, renewed focus on defense and infrastructure spending brightened the economic outlook in Europe while in Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high globally.
-
While the US Supreme Court struck down part of the Trump administration’s tariff strategy, the administration began deploying other authorities to largely replace the ones that were ruled unconstitutional.
-
Higher energy prices and the lingering impact from tariffs kept inflation elevated in the US, prompting the Federal Reserve to end its easing cycle. Both the European Central Bank and the Bank of Japan raised rates toward the end of the period.
-
In fixed income markets, previously range-bound global bond yields climbed following the February 2026 onset of the conflict in the Middle East and as investors appeared to price in greater fiscal and monetary uncertainty. During the Iran war, global credit spreads widened modestly before stabilizing near pre-conflict levels, supported by strong demand and resilient underlying fundamentals. Similarly, US rate volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index) rose from intra-period lows before retracting back near prior levels.
-
Top contributors to performance relative to the Standard & Poor’s North American Technology Sector Index:
-
The combination of stock selection and an overweight position in the semi & electronic components industry benefited the fund's relative performance.
-
The fund's underweight position in the entertainment & leisure industry also helped relative returns.
-
-
Top detractors from performance relative to the Standard & Poor’s North American Technology Sector Index:
-
Stock selection within the hardware, peripherals & assembly industry held back relative performance.
-
The combination of stock selection and overweight positions in both the software and business services industries further weakened the fund's relative results.
-
FUND PERFORMANCE
Growth of a Hypothetical $10,000 Investment
This graph shows the performance of a hypothetical $10,000 investment in Class R6 over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.
Average Annual Total Returns through 8/31/26
This table shows the average annual total returns of the class of shares noted for the periods shown, both with (if any) and without sales charges. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.
| Share Class | 1-yr | 5-yr | 10-yr |
| Comparative Benchmark(s) | |||
|
∆
|
Source: FactSet Research Systems Inc.
|
Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund’s performance results would be less favorable.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
Visit mfs.com/perf/r6 for more recent performance information.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 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 8/31/26)
Portfolio structure
| Equities | |
| Money Market Funds |
Top ten holdings
| Microsoft Corp. | |
| Alphabet, Inc., "A" | |
| Apple, Inc. | |
| NVIDIA Corp. | |
| Broadcom, Inc. | |
| Cisco Systems, Inc. | |
| Advanced Micro Devices | |
| Arista Networks, Inc. | |
| Shopify, Inc. | |
| JFrog Ltd. |
Top five industries
| Software | |
| Semiconductor & Electronic Components | |
| Hardware, Peripherals, & Assembly | |
| Interactive Media Services | |
| Electrical Equipment |
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1‑800‑225‑2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
SCTR6-ANN