MFS SERIES TRUST I (0000798244) (Filer)

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

MFS SERIES TRUST I

(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:

August 31, 2026

ITEM 1.  REPORTS TO STOCKHOLDERS.

Item 1(a):

MFS^® Value Fund

Class A-MEIAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class B-MFEBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class C-MEICX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class I-MEIIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class R1-MEIGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class R2-MVRRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class R3-MEIHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class R4-MEIJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Value Fund

Class R6-MEIKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Value Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

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?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility Global
Equity Fund

Class A-MVGAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class B-MVGBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class C-MVGCX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class I-MVGIX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class R1-MVGJX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class R2-MVGKX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class R3-MVGLX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class R4-MVGMX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility Global
Equity Fund

Class R6-MVGNX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Global Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Top ten holdings

Issuer country weightings

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

MFS^® Low Volatility
Equity Fund

Class A-MLVAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class B-MLVBX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class C-MLVGX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class I-MLVHX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class R1-MLVMX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class R2-MLVOX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class R3-MLVPX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class R4-MLVRX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® Low Volatility
Equity Fund

Class R6-MLVTX

Annual Shareholder Report

This annual shareholder report contains important information about MFS Low Volatility Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors

Top ten holdings

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

MFS^® U.S. Government Cash Reserve Fund

Class A-MSRXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class B-MCRXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class C-MCCXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class I-CRHXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class R1-CRVXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class R2-CRMXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class R3-CRJXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class R4-CRKXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® U.S. Government Cash Reserve Fund

Class R6-CRRXX

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Cash Reserve Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

FUND STATISTICS AS OF 8/31/26

# Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)

Portfolio structure

Composition including fixed income credit quality

Maturity breakdown

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

MFS^® New Discovery Fund

Class A-MNDAX

Annual Shareholder Report

This annual shareholder report contains important information about MFS New Discovery Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].

FUND EXPENSES

What were the fund costs for the last year?

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

The fund’s past performance is not a good predictor of the fund’s future performance. The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

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.

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

# 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

Equity sectors