N-CSR 1 f25875d1.htm MFS SERIES TRUST X NCSR MFS Series Trust X NCSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04492

MFS SERIES TRUST X

(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

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant's telephone number, including area code: (617) 954-5000

Date of fiscal year end: May 31*

Date of reporting period: May 31, 2023

*This Form N-CSR pertains to the following series of the Registrant: MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Intrinsic Value Fund, MFS International Large Cap Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have fiscal year ends other than May 31.

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
May 31, 2023
MFS® Asset Allocation Funds
MFS® Conservative Allocation Fund
MFS® Moderate Allocation Fund
MFS® Growth Allocation Fund
MFS® Aggressive Growth Allocation Fund
AAF-ANN


MFS® Asset Allocation Funds
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE


Portfolio Composition 
MFS Conservative Allocation Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Total Return Bond Fund 15.1%
MFS Government Securities Fund 10.1%
MFS Limited Maturity Fund 10.0%
MFS Inflation-Adjusted Bond Fund 10.0%
MFS Global Opportunistic Bond Fund 7.0%
MFS Growth Fund 6.1%
MFS Research Fund 6.0%
MFS Value Fund 5.9%
MFS High Income Fund 4.0%
MFS Mid Cap Growth Fund 4.0%
MFS Mid Cap Value Fund 3.9%
MFS Research International Fund 3.4%
MFS Emerging Markets Debt Fund 2.0%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS Global Real Estate Fund 2.0%
MFS Commodity Strategy Fund 1.9%
MFS International Intrinsic Value Fund 1.5%
MFS International Growth Fund 1.5%
MFS International Large Cap Value Fund 1.4%
MFS New Discovery Fund 1.0%
MFS New Discovery Value Fund 0.9%
Cash & Cash Equivalents 0.3%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of May 31, 2023.
The portfolio is actively managed and current holdings may be different.
1

Portfolio Composition - continued
MFS Moderate Allocation Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Government Securities Fund 10.0%
MFS Total Return Bond Fund 9.1%
MFS Growth Fund 8.5%
MFS Research Fund 8.2%
MFS Value Fund 7.8%
MFS Mid Cap Growth Fund 7.1%
MFS Inflation-Adjusted Bond Fund 7.0%
MFS Mid Cap Value Fund 6.7%
MFS Global Opportunistic Bond Fund 5.0%
MFS Research International Fund 5.0%
MFS High Income Fund 4.1%
MFS Emerging Markets Debt Fund 3.0%
MFS Global Real Estate Fund 2.9%
MFS Commodity Strategy Fund 2.7%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS International Intrinsic Value Fund 2.0%
MFS International Growth Fund 2.0%
MFS International Large Cap Value Fund 2.0%
MFS New Discovery Fund 1.4%
MFS New Discovery Value Fund 1.4%
MFS Emerging Markets Equity Fund 1.0%
MFS International New Discovery Fund 1.0%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of May 31, 2023.
The portfolio is actively managed and current holdings may be different.
2

Portfolio Composition - continued
MFS Growth Allocation Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Growth Fund 10.7%
MFS Research Fund 10.3%
MFS Value Fund 9.7%
MFS Mid Cap Growth Fund 9.1%
MFS Mid Cap Value Fund 8.6%
MFS Research International Fund 7.0%
MFS Inflation-Adjusted Bond Fund 5.0%
MFS High Income Fund 4.1%
MFS Global Real Estate Fund 3.8%
MFS Commodity Strategy Fund 3.5%
MFS International Growth Fund 3.1%
MFS International Intrinsic Value Fund 3.0%
MFS Global Opportunistic Bond Fund 3.0%
MFS Total Return Bond Fund 3.0%
MFS Emerging Markets Debt Fund 3.0%
MFS International Large Cap Value Fund 3.0%
MFS Emerging Markets Debt Local Currency Fund 2.1%
MFS International New Discovery Fund 2.0%
MFS Emerging Markets Equity Fund 2.0%
MFS New Discovery Fund 1.9%
MFS New Discovery Value Fund 1.9%
Cash & Cash Equivalents 0.2%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of May 31, 2023.
The portfolio is actively managed and current holdings may be different.
3

Portfolio Composition - continued
MFS Aggressive Growth Allocation Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Growth Fund 12.9%
MFS Value Fund 11.6%
MFS Research Fund 11.3%
MFS Mid Cap Growth Fund 10.1%
MFS Mid Cap Value Fund 9.6%
MFS Research International Fund 8.1%
MFS International Growth Fund 5.1%
MFS International Intrinsic Value Fund 5.1%
MFS International Large Cap Value Fund 5.0%
MFS Global Real Estate Fund 4.8%
MFS Commodity Strategy Fund 4.5%
MFS International New Discovery Fund 4.0%
MFS Emerging Markets Equity Fund 3.0%
MFS New Discovery Fund 2.4%
MFS New Discovery Value Fund 2.4%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of May 31, 2023.
The portfolio is actively managed and current holdings may be different.
4

Management Review 
Market Environment
During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators, setting the stage for a substantial drop in longer-term interest rates. Given the importance of small and mid-sized lenders to the provision of credit in the US, concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. On a more upbeat note, China’s abandonment of its Zero-COVID policy ushered in an uptick in economic activity in the world’s second-largest economy. In developed markets, consumer demand, particularly for services, remained solid.
Policymakers find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act. That juxtaposition suggests that we may be nearing peak monetary policy rates.
Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, the lifting of COVID restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels have peaked were supportive factors for the macroeconomic backdrop.
MFS Conservative Allocation Fund
Summary of Results
For the twelve months ended May 31, 2023, Class A shares of the MFS Conservative Allocation Fund (fund) provided a total return of -1.61%, at net asset value. This compares with a return of -2.14% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Conservative Allocation Fund Blended Index (Blended Index), generated a return of -0.77%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
While equity markets outperformed other asset classes, the absolute performance of the US stock funds segment of the portfolio was slightly negative during the reporting period. Within this segment, value-oriented funds underperformed growth-oriented funds, but we are balanced along this dimension by design. The largest detractor from relative performance was the fund’s allocation to small and mid-capitalization funds, notably the MFS New Discovery Value Fund and MFS Mid Cap Value Fund, as small and mid-capitalization funds underperformed the large cap US equity policy benchmark. In addition, growth-oriented funds underperformed their respective growth benchmarks, due to weak stock selection in the health care sector and a combination of weak stock selection and an underweight position in the information technology sector.
The international equity segment was the strongest contributor in absolute terms however, the fund's allocation to this segment marginally detracted from relative performance. Within this segment, strong relative performance of the MFS International Growth Fund was offset by weak relative performance of the MFS Research International Fund.
Within the specialty funds segment, both commodity and real estate investments detracted from performance in absolute terms as both markets experienced meaningful negative returns over the period. In addition, weak relative performance of the MFS Commodity Strategy Fund further detracted from relative results as the fund lagged its respective benchmark.
Despite negative absolute performance, the fund’s broad diversification across the fixed income segment contributed to relative performance. Notably within this segment, the fund’s exposure to the MFS Limited Maturity Fund, MFS Emerging Markets Debt Local Currency Fund and MFS High Income Fund supported relative returns and outweighed the negative impact from the fund’s investment in the MFS Inflation-Adjusted Bond Fund. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund further aided relative returns as the fund outpaced its respective benchmark.
5

Management Review - continued
MFS Moderate Allocation Fund
Summary of Results
For the twelve months ended May 31, 2023, Class A shares of the MFS Moderate Allocation Fund (fund) provided a total return of -1.99%, at net asset value. This compares with a return of 2.92% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Moderate Allocation Fund Blended Index (Blended Index), generated a return of -0.20%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
While equity markets outperformed other asset classes, the absolute performance of the US stock funds segment of the portfolio was slightly negative during the reporting period. Within this segment, value-oriented funds underperformed growth-oriented funds, but we are balanced along this dimension by design. The largest detractor from relative performance was the fund’s allocation to small and mid-capitalization funds, notably the MFS New Discovery Value Fund and MFS Mid Cap Value Fund, as small and mid-capitalization funds underperformed the large cap US equity policy benchmark. In addition, growth-oriented funds underperformed their respective growth benchmarks, due to weak stock selection in the health care sector and a combination of weak stock selection and an underweight position in the information technology sector.
The international equity segment was the strongest contributor in absolute terms however, the fund's allocation to this segment marginally detracted from relative performance. Within this segment, the fund’s investments in international small and mid-capitalization and emerging market funds, notably MFS International New Discovery Fund and MFS Emerging Markets Equity Fund, held back relative returns. Additionally, strong relative performance of the MFS International Growth Fund was offset by weak relative performance of the MFS Research International Fund.
Within the specialty funds segment, both commodity and real estate investments detracted from performance in absolute terms as both markets experienced meaningful negative returns over the period. In addition, weak relative performance of the MFS Commodity Strategy Fund further detracted from relative results as the fund lagged its respective benchmark.
Despite negative absolute performance, the fund’s broad diversification across the fixed income segment contributed to relative performance. Notably within this segment, strong relative performance of the MFS Global Opportunistic Bond Fund benefited relative returns. Additionally, the fund's investments in the MFS Emerging Markets Debt Local Currency Fund and MFS High Income Fund also supported relative results and outweighed the negative impact from the fund’s investment in the MFS Inflation-Adjusted Bond Fund.
MFS Growth Allocation Fund
Summary of Results
For the twelve months ended May 31, 2023, Class A shares of the MFS Growth Allocation Fund (fund) provided a total return of -1.97%, at net asset value. This compares with a return of 2.92% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Growth Allocation Fund Blended Index (Blended Index), generated a return of 0.29%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
While equity markets outperformed other asset classes, the absolute performance of the US stock funds segment of the portfolio was slightly negative during the reporting period. Within this segment, value-oriented funds underperformed growth-oriented funds, but we are balanced along this dimension by design. The largest detractor from relative performance was the fund’s allocation to small and mid-capitalization funds, notably the MFS New Discovery Value Fund and MFS Mid Cap Value Fund, as small and mid-capitalization funds underperformed the large cap US equity policy benchmark. In addition, growth-oriented funds underperformed their respective growth benchmarks, due to weak stock selection in the health care sector and a combination of weak stock selection and an underweight position in the information technology sector.
The international equity segment was the strongest contributor in absolute terms however, the fund's allocation to this segment marginally detracted from relative performance. Within this segment, the fund’s investments in international small and mid-capitalization and emerging market funds, notably MFS International New Discovery Fund and MFS Emerging Markets Equity Fund, held back relative returns. Additionally, strong relative performance of the MFS International Growth Fund was offset by weak relative performance of the MFS Research International Fund.
6

Management Review - continued
Within the specialty funds segment, both commodity and real estate investments detracted from performance in absolute terms as both markets experienced meaningful negative returns over the period. In addition, weak relative performance of the MFS Commodity Strategy Fund further detracted from relative results as the fund lagged its respective benchmark.
Despite negative absolute performance, the fund’s broad diversification across the fixed income segment contributed to relative performance. Notably within this segment, strong relative performance of the MFS Global Opportunistic Bond Fund benefited relative returns. Additionally, the fund's investments in the MFS Emerging Markets Debt Local Currency Fund and MFS High Income Fund also supported relative results and outweighed the negative impact from the fund’s investment in the MFS Inflation-Adjusted Bond Fund.
MFS Aggressive Growth Allocation Fund
Summary of Results
For the twelve months ended May 31, 2023, Class A shares of the MFS Aggressive Growth Allocation Fund (fund) provided a total return of -1.95%, at net asset value. This compares with a return of 2.92% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index (Blended Index), generated a return of 0.71%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
While equity markets outperformed other asset classes, the absolute performance of the US stock funds segment of the portfolio was slightly negative during the reporting period. Within this segment, value-oriented funds underperformed growth-oriented funds, but we are balanced along this dimension by design. The largest detractor from relative performance was the fund’s allocation to small and mid-capitalization funds, notably the MFS New Discovery Value Fund and MFS Mid Cap Value Fund, as small and mid-capitalization funds underperformed the large cap US equity policy benchmark. In addition, growth-oriented funds underperformed their respective growth benchmarks, due to weak stock selection in the health care sector and a combination of weak stock selection and an underweight position in the information technology sector.
The international equity segment was the strongest contributor in absolute terms however, the fund's allocation to this segment marginally detracted from relative performance. Within this segment, the fund’s investments in international small and mid-capitalization and emerging market funds, notably MFS International New Discovery Fund and MFS Emerging Markets Equity Fund, held back relative returns. Additionally, strong relative performance of the MFS International Growth Fund was offset by weak relative performance of the MFS Research International Fund.
Within the specialty funds segment, both commodity and real estate investments detracted from performance in absolute terms as both markets experienced meaningful negative returns over the period. In addition, weak relative performance of the MFS Commodity Strategy Fund further detracted from relative results as the fund lagged its respective benchmark.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty and Natalie Shapiro
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
7

Performance Summary THROUGH 5/31/23
The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Conservative Allocation Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 5/31/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/28/02 (1.61)% 3.97% 4.38% N/A
B 6/28/02 (2.27)% 3.20% 3.60% N/A
C 6/28/02 (2.31)% 3.20% 3.60% N/A
I 6/28/02 (1.34)% 4.24% 4.64% N/A
R1 4/01/05 (2.38)% 3.19% 3.60% N/A
R2 10/31/03 (1.79)% 3.72% 4.13% N/A
R3 4/01/05 (1.57)% 3.98% 4.38% N/A
R4 4/01/05 (1.35)% 4.24% 4.64% N/A
R6 9/30/21 (1.27)% N/A N/A (4.96)%
Comparative benchmark(s)
         
Bloomberg U.S. Aggregate Bond Index (f) (2.14)% 0.81% 1.39% N/A
MFS Conservative Allocation Fund Blended Index (f)(w) (0.77)% 4.18% 4.78% N/A
Bloomberg Commodity Index (f) (22.48)% 3.17% (1.86)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.39)% (0.41)% 2.30% N/A
MSCI EAFE Index (net div) (f) 3.06% 3.21% 4.56% N/A
Standard & Poor’s 500 Stock Index (f) 2.92% 11.01% 11.99% N/A
8

Performance Summary  - continued
Average annual with sales charge
Share Class 1-yr 5-yr 10-yr Life (t)
A
With Initial Sales Charge (5.75%)
(7.27)% 2.75% 3.76% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v)
(6.08)% 2.85% 3.60% N/A
C
With CDSC (1% for 12 months) (v)
(3.26)% 3.20% 3.60% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
(w) The MFS Conservative Allocation Fund Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:
  5/31/23 5/31/22
Bloomberg U.S. Aggregate Bond Index 60% 60%
Standard & Poor’s 500 Stock Index 28% 28%
MSCI EAFE Index (net div) 8% 8%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2% 2%
Bloomberg Commodity Index 2% 2%
9

Performance Summary  - continued
MFS Moderate Allocation Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 5/31/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/28/02 (1.99)% 5.08% 5.78% N/A
B 6/28/02 (2.69)% 4.30% 4.99% N/A
C 6/28/02 (2.67)% 4.31% 4.99% N/A
I 6/28/02 (1.76)% 5.35% 6.05% N/A
R1 4/01/05 (2.70)% 4.30% 4.99% N/A
R2 10/31/03 (2.24)% 4.82% 5.51% N/A
R3 4/01/05 (1.96)% 5.08% 5.78% N/A
R4 4/01/05 (1.74)% 5.34% 6.04% N/A
R6 9/30/21 (1.69)% N/A N/A (5.46)%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.92% 11.01% 11.99% N/A
MFS Moderate Allocation Fund Blended Index (f)(w) (0.20)% 5.66% 6.26% N/A
Bloomberg Commodity Index (f) (22.48)% 3.17% (1.86)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (2.14)% 0.81% 1.39% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.39)% (0.41)% 2.30% N/A
MSCI EAFE Index (net div) (f) 3.06% 3.21% 4.56% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%)
(7.62)% 3.84% 5.16% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v)
(6.45)% 3.96% 4.99% N/A
C
With CDSC (1% for 12 months) (v)
(3.61)% 4.31% 4.99% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
10

Performance Summary  - continued
(w) The MFS Moderate Allocation Fund Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:
  5/31/23 5/31/22
Standard & Poor's 500 Stock Index 41% 41%
Bloomberg U.S. Aggregate Bond Index 40% 40%
MSCI EAFE Index (net div) 13% 13%
Bloomberg Commodity Index 3% 3%
FTSE EPRA Nareit Developed Real Estate Index (net div) 3% 3%
11

Performance Summary  - continued
MFS Growth Allocation Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 5/31/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/28/02 (1.97)% 6.10% 7.11% N/A
B 6/28/02 (2.69)% 5.32% 6.31% N/A
C 6/28/02 (2.67)% 5.31% 6.31% N/A
I 6/28/02 (1.69)% 6.37% 7.38% N/A
R1 4/01/05 (2.67)% 5.31% 6.31% N/A
R2 10/31/03 (2.18)% 5.85% 6.84% N/A
R3 4/01/05 (1.97)% 6.10% 7.11% N/A
R4 4/01/05 (1.67)% 6.38% 7.38% N/A
R6 9/30/21 (1.65)% N/A N/A (5.37)%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.92% 11.01% 11.99% N/A
MFS Growth Allocation Fund Blended Index (f)(w) 0.29% 6.90% 7.59% N/A
Bloomberg Commodity Index (f) (22.48)% 3.17% (1.86)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (2.14)% 0.81% 1.39% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.39)% (0.41)% 2.30% N/A
MSCI EAFE Index (net div) (f) 3.06% 3.21% 4.56% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%)
(7.60)% 4.85% 6.48% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v)
(6.44)% 4.99% 6.31% N/A
C
With CDSC (1% for 12 months) (v)
(3.61)% 5.31% 6.31% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
12

Performance Summary  - continued
(w) The MFS Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:
  5/31/23 5/31/22
Standard & Poor’s 500 Stock Index 52% 52%
Bloomberg U.S. Aggregate Bond Index 20% 20%
MSCI EAFE Index (net div) 20% 20%
Bloomberg Commodity Index 4% 4%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4% 4%
13

Performance Summary  - continued
MFS Aggressive Growth Allocation Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 5/31/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/28/02 (1.95)% 6.85% 8.24% N/A
B 6/28/02 (2.68)% 6.04% 7.43% N/A
C 6/28/02 (2.70)% 6.04% 7.43% N/A
I 6/28/02 (1.74)% 7.10% 8.50% N/A
R1 4/01/05 (2.70)% 6.05% 7.43% N/A
R2 10/31/03 (2.19)% 6.58% 7.97% N/A
R3 4/01/05 (1.98)% 6.84% 8.23% N/A
R4 4/01/05 (1.73)% 7.11% 8.50% N/A
R6 9/30/21 (1.64)% N/A N/A (5.42)%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.92% 11.01% 11.99% N/A
MFS Aggressive Growth Allocation Fund Blended Index (f)(w) 0.71% 7.80% 8.65% N/A
Bloomberg Commodity Index (f) (22.48)% 3.17% (1.86)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.39)% (0.41)% 2.30% N/A
MSCI EAFE Index (net div) (f) 3.06% 3.21% 4.56% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%)
(7.59)% 5.59% 7.60% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v)
(6.45)% 5.73% 7.43% N/A
C
With CDSC (1% for 12 months) (v)
(3.64)% 6.04% 7.43% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
14

Performance Summary  - continued
(w) The MFS Aggressive Growth Allocation Fund Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:
  5/31/23 5/31/22
Standard & Poor’s 500 Stock Index 60% 60%
MSCI EAFE Index (net div) 30% 30%
Bloomberg Commodity Index 5% 5%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5% 5%
15

Performance Summary  - continued
Benchmark Definition(s)
Bloomberg Commodity Index(a) – a highly liquid and diversified benchmark for the commodity futures market. The index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (pork bellies), among others, and are traded in a variety of currencies.
Bloomberg U.S. Aggregate Bond Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
FTSE EPRA Nareit Developed Real Estate Index(c) (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of income-producing real estate.
MSCI EAFE (Europe, Australasia, Far East) Index(e) (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.
Standard & Poor's 500 Stock Index(g) – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
(c) FTSE International Limited (“FTSE”)© FTSE 2019. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “FT-SE®”, “FOOTSIE®” and “FTSE4GOOD®” are trademarks of the London Stock Exchange Group companies. “Nareit®” is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”) and “EPRA®” is a trademark of the European Public Real Estate Association (“EPRA”) and all are used by FTSE under license. The FTSE EPRA Nareit Developed Real Estate Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit, nor EPRA sponsor, endorse, or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N.V., Nareit, and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
(e) Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.
(g) “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.
16

Expense Tables 
Fund expenses borne by the shareholders during the period,
December 1, 2022 through May 31, 2023
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period December 1, 2022 through May 31, 2023.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
17

Expense Tables - continued
MFS CONSERVATIVE ALLOCATION FUND
Share
Class
  Annualized
Expense
Ratio
Beginning
Account Value
12/01/22
Ending
Account Value
5/31/23
Expenses
Paid During
Period (p)
12/01/22-5/31/23
A Actual 0.33% $1,000.00 $1,011.30 $1.65
Hypothetical (h) 0.33% $1,000.00 $1,023.29 $1.66
B Actual 1.08% $1,000.00 $1,007.91 $5.41
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
C Actual 1.08% $1,000.00 $1,007.56 $5.41
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
I Actual 0.08% $1,000.00 $1,012.41 $0.40
Hypothetical (h) 0.08% $1,000.00 $1,024.53 $0.40
R1 Actual 1.08% $1,000.00 $1,007.34 $5.40
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
R2 Actual 0.58% $1,000.00 $1,010.44 $2.91
Hypothetical (h) 0.58% $1,000.00 $1,022.04 $2.92
R3 Actual 0.33% $1,000.00 $1,011.43 $1.65
Hypothetical (h) 0.33% $1,000.00 $1,023.29 $1.66
R4 Actual 0.08% $1,000.00 $1,012.55 $0.40
Hypothetical (h) 0.08% $1,000.00 $1,024.53 $0.40
R6 Actual 0.02% $1,000.00 $1,012.74 $0.10
Hypothetical (h) 0.02% $1,000.00 $1,024.83 $0.10
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
18

Expense Tables - continued
MFS MODERATE ALLOCATION FUND
Share
Class
  Annualized
Expense
Ratio
Beginning
Account Value
12/01/22
Ending
Account Value
5/31/23
Expenses
Paid During
Period (p)
12/01/22-5/31/23
A Actual 0.33% $1,000.00 $1,005.67 $1.65
Hypothetical (h) 0.33% $1,000.00 $1,023.29 $1.66
B Actual 1.08% $1,000.00 $1,001.69 $5.39
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
C Actual 1.08% $1,000.00 $1,001.92 $5.39
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
I Actual 0.08% $1,000.00 $1,006.79 $0.40
Hypothetical (h) 0.08% $1,000.00 $1,024.53 $0.40
R1 Actual 1.08% $1,000.00 $1,001.65 $5.39
Hypothetical (h) 1.08% $1,000.00 $1,019.55 $5.44
R2 Actual 0.58% $1,000.00 $1,004.02 $2.90
Hypothetical (h) 0.58% $1,000.00 $1,022.04 $2.92
R3 Actual 0.33% $1,000.00 $1,005.69 $1.65
Hypothetical (h) 0.33% $1,000.00 $1,023.29 $1.66
R4 Actual 0.08% $1,000.00 $1,006.36 $0.40
Hypothetical (h) 0.08% $1,000.00 $1,024.53 $0.40
R6 Actual 0.02% $1,000.00 $1,007.12 $0.10
Hypothetical (h) 0.02% $1,000.00 $1,024.83 $0.10
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
19

Expense Tables - continued
MFS GROWTH ALLOCATION FUND
Share
Class
  Annualized
Expense
Ratio
Beginning
Account Value
12/01/22
Ending
Account Value
5/31/23
Expenses
Paid During
Period (p)
12/01/22-5/31/23
A Actual 0.35% $1,000.00 $1,001.62 $1.75
Hypothetical (h) 0.35% $1,000.00 $1,023.19 $1.77
B Actual 1.10% $1,000.00 $997.97 $5.48
Hypothetical (h) 1.10% $1,000.00 $1,019.45 $5.54
C Actual 1.10% $1,000.00 $998.08 $5.48
Hypothetical (h) 1.10% $1,000.00 $1,019.45 $5.54
I Actual 0.10% $1,000.00 $1,002.87 $0.50
Hypothetical (h) 0.10% $1,000.00 $1,024.43 $0.50
R1 Actual 1.10% $1,000.00 $997.84 $5.48
Hypothetical (h) 1.10% $1,000.00 $1,019.45 $5.54
R2 Actual 0.60% $1,000.00 $1,000.49 $2.99
Hypothetical (h) 0.60% $1,000.00 $1,021.94 $3.02
R3 Actual 0.35% $1,000.00 $1,001.75 $1.75
Hypothetical (h) 0.35% $1,000.00 $1,023.19 $1.77
R4 Actual 0.10% $1,000.00 $1,003.37 $0.50
Hypothetical (h) 0.10% $1,000.00 $1,024.43 $0.50
R6 Actual 0.02% $1,000.00 $1,003.25 $0.10
Hypothetical (h) 0.02% $1,000.00 $1,024.83 $0.10
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
20

Expense Tables - continued
MFS AGGRESSIVE GROWTH ALLOCATION FUND
Share
Class
  Annualized
Expense
Ratio
Beginning
Account Value
12/01/22
Ending
Account Value
5/31/23
Expenses
Paid During
Period (p)
12/01/22-5/31/23
A Actual 0.38% $1,000.00 $999.07 $1.89
Hypothetical (h) 0.38% $1,000.00 $1,023.04 $1.92
B Actual 1.13% $1,000.00 $995.00 $5.62
Hypothetical (h) 1.13% $1,000.00 $1,019.30 $5.69
C Actual 1.13% $1,000.00 $994.71 $5.62
Hypothetical (h) 1.13% $1,000.00 $1,019.30 $5.69
I Actual 0.13% $1,000.00 $999.79 $0.65
Hypothetical (h) 0.13% $1,000.00 $1,024.28 $0.66
R1 Actual 1.13% $1,000.00 $995.14 $5.62
Hypothetical (h) 1.13% $1,000.00 $1,019.30 $5.69
R2 Actual 0.63% $1,000.00 $997.55 $3.14
Hypothetical (h) 0.63% $1,000.00 $1,021.79 $3.18
R3 Actual 0.38% $1,000.00 $999.01 $1.89
Hypothetical (h) 0.38% $1,000.00 $1,023.04 $1.92
R4 Actual 0.13% $1,000.00 $1,000.11 $0.65
Hypothetical (h) 0.13% $1,000.00 $1,024.28 $0.66
R6 Actual 0.04% $1,000.00 $1,000.73 $0.20
Hypothetical (h) 0.04% $1,000.00 $1,024.73 $0.20
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
21

Portfolio of Investments 
5/31/23
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Conservative Allocation Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 60.2%
MFS Emerging Markets Debt Fund - Class R6     6,701,977 $76,268,504
MFS Emerging Markets Debt Local Currency Fund - Class R6     13,753,110 75,779,634
MFS Global Opportunistic Bond Fund - Class R6     33,860,816 266,823,231
MFS Government Securities Fund - Class R6     43,438,010 381,385,725
MFS High Income Fund - Class R6     51,879,006 152,524,279
MFS Inflation-Adjusted Bond Fund - Class R6     40,262,775 378,872,709
MFS Limited Maturity Fund - Class R6     66,905,573 381,361,767
MFS Total Return Bond Fund - Class R6     60,772,982 573,089,219
        $2,286,105,068
International Stock Funds – 7.8%
MFS International Growth Fund - Class R6     1,429,887 $55,837,083
MFS International Intrinsic Value Fund - Class R6     1,444,714 55,982,688
MFS International Large Cap Value Fund - Class R6     4,467,222 55,482,896
MFS Research International Fund - Class R6     6,209,307 129,774,510
        $297,077,177
Specialty Funds – 3.9%
MFS Commodity Strategy Fund - Class R6     21,578,287 $72,503,046
MFS Global Real Estate Fund - Class R6     4,798,099 73,890,721
        $146,393,767
U.S. Stock Funds – 27.8%
MFS Growth Fund - Class R6     1,478,746 $231,246,333
MFS Mid Cap Growth Fund - Class R6 (a)     5,952,101 151,897,621
MFS Mid Cap Value Fund - Class R6     5,401,419 148,214,921
MFS New Discovery Fund - Class R6     1,419,072 37,137,108
MFS New Discovery Value Fund - Class R6     2,260,762 36,669,556
MFS Research Fund - Class R6     4,611,165 228,298,787
MFS Value Fund - Class R6     4,909,865 223,349,753
        $1,056,814,079
Money Market Funds – 0.3%  
MFS Institutional Money Market Portfolio, 4.88% (v)     12,437,612 $12,436,368
Total Investment Companies (Identified Cost, $3,295,879,063) $3,798,826,459
Other Assets, Less Liabilities – 0.0%   1,497,935
Net Assets – 100.0% $3,800,324,394
See Portfolio Footnotes and Notes to Financial Statements
22

Portfolio of Investments – continued
MFS Moderate Allocation Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 40.2%
MFS Emerging Markets Debt Fund - Class R6     16,709,649 $190,155,811
MFS Emerging Markets Debt Local Currency Fund - Class R6     23,167,109 127,650,772
MFS Global Opportunistic Bond Fund - Class R6     40,212,801 316,876,871
MFS Government Securities Fund - Class R6     71,897,287 631,258,175
MFS High Income Fund - Class R6     86,834,763 255,294,203
MFS Inflation-Adjusted Bond Fund - Class R6     46,602,019 438,525,001
MFS Total Return Bond Fund - Class R6     60,571,200 571,186,411
        $2,530,947,244
International Stock Funds – 13.0%
MFS Emerging Markets Equity Fund - Class R6     2,040,725 $62,793,109
MFS International Growth Fund - Class R6     3,245,591 126,740,340
MFS International Intrinsic Value Fund - Class R6     3,273,575 126,851,033
MFS International Large Cap Value Fund - Class R6     10,078,550 125,175,589
MFS International New Discovery Fund - Class R6     2,064,711 62,787,870
MFS Research International Fund - Class R6     15,044,242 314,424,655
        $818,772,596
Specialty Funds – 5.6%
MFS Commodity Strategy Fund - Class R6     49,967,528 $167,890,892
MFS Global Real Estate Fund - Class R6     11,869,453 182,789,583
        $350,680,475
U.S. Stock Funds – 41.1%
MFS Growth Fund - Class R6     3,423,030 $535,293,375
MFS Mid Cap Growth Fund - Class R6 (a)     17,500,856 446,621,851
MFS Mid Cap Value Fund - Class R6     15,436,045 423,565,084
MFS New Discovery Fund - Class R6     3,502,878 91,670,307
MFS New Discovery Value Fund - Class R6     5,436,647 88,182,411
MFS Research Fund - Class R6     10,427,003 516,240,930
MFS Value Fund - Class R6     10,749,286 488,985,047
        $2,590,559,005
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.88% (v)     7,302,154 $7,301,423
Total Investment Companies (Identified Cost, $4,862,107,940) $6,298,260,743
Other Assets, Less Liabilities – 0.0%   1,825,725
Net Assets – 100.0% $6,300,086,468
See Portfolio Footnotes and Notes to Financial Statements
23

Portfolio of Investments – continued
MFS Growth Allocation Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 20.2%
MFS Emerging Markets Debt Fund - Class R6     15,744,711 $179,174,808
MFS Emerging Markets Debt Local Currency Fund - Class R6     21,944,111 120,912,054
MFS Global Opportunistic Bond Fund - Class R6     22,774,426 179,462,474
MFS High Income Fund - Class R6     82,023,462 241,148,978
MFS Inflation-Adjusted Bond Fund - Class R6     31,359,819 295,095,902
MFS Total Return Bond Fund - Class R6     19,019,025 179,349,405
        $1,195,143,621
International Stock Funds – 20.1%
MFS Emerging Markets Equity Fund - Class R6     3,847,045 $118,373,563
MFS International Growth Fund - Class R6     4,623,985 180,566,624
MFS International Intrinsic Value Fund - Class R6     4,653,048 180,305,609
MFS International Large Cap Value Fund - Class R6     14,327,628 177,949,139
MFS International New Discovery Fund - Class R6     3,907,836 118,837,289
MFS Research International Fund - Class R6     19,952,095 416,998,795
        $1,193,031,019
Specialty Funds – 7.3%
MFS Commodity Strategy Fund - Class R6     62,813,941 $211,054,840
MFS Global Real Estate Fund - Class R6     14,551,676 224,095,810
        $435,150,650
U.S. Stock Funds – 52.2%
MFS Growth Fund - Class R6     4,049,254 $633,222,274
MFS Mid Cap Growth Fund - Class R6 (a)     21,185,194 540,646,144
MFS Mid Cap Value Fund - Class R6     18,674,943 512,440,451
MFS New Discovery Fund - Class R6     4,365,517 114,245,588
MFS New Discovery Value Fund - Class R6     6,798,179 110,266,464
MFS Research Fund - Class R6     12,347,225 611,311,117
MFS Value Fund - Class R6     12,687,597 577,158,788
        $3,099,290,826
Money Market Funds – 0.2%  
MFS Institutional Money Market Portfolio, 4.88% (v)     10,043,550 $10,042,546
Total Investment Companies (Identified Cost, $4,082,244,199) $5,932,658,662
Other Assets, Less Liabilities – 0.0%   1,853,201
Net Assets – 100.0% $5,934,511,863
See Portfolio Footnotes and Notes to Financial Statements
24

Portfolio of Investments – continued
MFS Aggressive Growth Allocation Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
International Stock Funds – 30.3%
MFS Emerging Markets Equity Fund - Class R6     2,354,887 $72,459,865
MFS International Growth Fund - Class R6     3,162,293 123,487,547
MFS International Intrinsic Value Fund - Class R6     3,179,895 123,220,948
MFS International Large Cap Value Fund - Class R6     9,762,213 121,246,688
MFS International New Discovery Fund - Class R6     3,193,382 97,110,750
MFS Research International Fund - Class R6     9,336,654 195,136,064
        $732,661,862
Specialty Funds – 9.3%
MFS Commodity Strategy Fund - Class R6     32,454,758 $109,047,987
MFS Global Real Estate Fund - Class R6     7,546,952 116,223,060
        $225,271,047
U.S. Stock Funds – 60.3%
MFS Growth Fund - Class R6     2,002,139 $313,094,452
MFS Mid Cap Growth Fund - Class R6 (a)     9,564,223 244,078,959
MFS Mid Cap Value Fund - Class R6     8,467,151 232,338,630
MFS New Discovery Fund - Class R6     2,233,902 58,461,228
MFS New Discovery Value Fund - Class R6     3,490,546 56,616,656
MFS Research Fund - Class R6     5,516,019 273,098,109
MFS Value Fund - Class R6     6,179,786 281,118,467
        $1,458,806,501
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.88% (v)     3,002,739 $3,002,438
Total Investment Companies (Identified Cost, $1,526,555,354) $2,419,741,848
Other Assets, Less Liabilities – 0.0%   131,643
Net Assets – 100.0% $2,419,873,491
Portfolio Footnotes:
(a) Non-income producing security.
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:
  Affiliated Issuers
MFS Conservative Allocation Fund $3,798,826,459
MFS Moderate Allocation Fund 6,298,260,743
MFS Growth Allocation Fund 5,932,658,662
MFS Aggressive Growth Allocation Fund 2,419,741,848
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
See Notes to Financial Statements
25

Financial Statements
Statements of Assets and Liabilities
At 5/31/23
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Assets        
Investments in affiliated issuers, at value (identified cost, $3,295,879,063, $4,862,107,940, $4,082,244,199, and $1,526,555,354, respectively) $3,798,826,459 $6,298,260,743 $5,932,658,662 $2,419,741,848
Receivables for        
Investments sold 4,506,040 9,274,570 4,535,658 2,413,818
Fund shares sold 9,809,059 8,255,450 6,139,470 2,785,684
Receivable from investment adviser 11,531 66,955 34,253
Other assets 7,145 11,176 10,445 4,423
Total assets $3,813,148,703 $6,315,813,470 $5,943,411,190 $2,424,980,026
Liabilities        
Payables for        
Investments purchased $1,423,271 $2,317,016 $566,833 $989,736
Fund shares reacquired 10,510,733 11,870,607 6,744,564 3,406,079
Payable to affiliates        
Administrative services fee 94 94 94 94
Shareholder servicing costs 718,368 1,281,009 1,317,457 571,059
Distribution and service fees 54,673 94,589 88,143 35,661
Payable for independent Trustees' compensation 182 148 252 76
Accrued expenses and other liabilities 116,988 163,539 181,984 103,830
Total liabilities $12,824,309 $15,727,002 $8,899,327 $5,106,535
Net assets $3,800,324,394 $6,300,086,468 $5,934,511,863 $2,419,873,491
Net assets consist of        
Paid-in capital $3,364,421,174 $4,881,524,713 $4,071,402,389 $1,511,984,357
Total distributable earnings (loss) 435,903,220 1,418,561,755 1,863,109,474 907,889,134
Net assets $3,800,324,394 $6,300,086,468 $5,934,511,863 $2,419,873,491
26

Statements of Assets and Liabilities – continued
  MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Net assets        
Class A $2,605,100,414 $4,676,730,771 $4,249,188,550 $1,422,920,043
Class B 17,273,848 43,398,691 46,181,006 19,808,491
Class C 282,607,883 403,805,118 396,611,570 217,393,154
Class I 400,795,759 416,669,632 421,284,007 238,895,943
Class R1 9,883,732 21,035,606 16,462,593 12,268,765
Class R2 41,999,861 94,298,785 107,528,490 49,019,247
Class R3 77,249,652 163,133,569 115,250,198 77,815,489
Class R4 279,463,333 247,047,778 307,902,964 167,605,291
Class R6 85,949,912 233,966,518 274,102,485 214,147,068
Total net assets $3,800,324,394 $6,300,086,468 $5,934,511,863 $2,419,873,491
Shares of beneficial interest outstanding        
Class A 165,808,546 258,787,674 196,692,513 55,311,627
Class B 1,104,101 2,436,727 2,144,859 782,724
Class C 18,305,260 22,896,938 18,759,581 8,736,090
Class I 25,224,170 22,656,853 19,260,443 9,088,762
Class R1 656,080 1,226,595 800,980 502,023
Class R2 2,765,717 5,362,602 5,118,813 1,954,792
Class R3 4,964,880 9,114,733 5,389,603 3,051,797
Class R4 17,767,369 13,684,196 14,257,469 6,483,905
Class R6 5,408,910 12,722,078 12,525,555 8,146,338
Total shares of beneficial interest outstanding 242,005,033 348,888,396 274,949,816 94,058,058
Class A shares        
Net asset value per share
(net assets / shares of beneficial interest outstanding)
$15.71 $18.07 $21.60 $25.73
Offering price per share (100 / 94.25 x net asset value per share) $16.67 $19.17 $22.92 $27.30
Class B shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)
$15.65 $17.81 $21.53 $25.31
Class C shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)
$15.44 $17.64 $21.14 $24.88
Class I shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.89 $18.39 $21.87 $26.28
Class R1 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.06 $17.15 $20.55 $24.44
Class R2 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.19 $17.58 $21.01 $25.08
Class R3 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.56 $17.90 $21.38 $25.50
Class R4 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.73 $18.05 $21.60 $25.85
27

Statements of Assets and Liabilities – continued
  MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Class R6 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)
$15.89 $18.39 $21.88 $26.29
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
28

Financial Statements
Statements of Operations
Year ended 5/31/23
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Net investment income (loss)        
Dividends from affiliated issuers $116,552,894 $176,336,138 $153,143,493 $49,610,715
Other 435 675 628 271
Total investment income $116,553,329 $176,336,813 $153,144,121 $49,610,986
Expenses        
Distribution and service fees $10,582,259 $17,880,784 $16,413,916 $6,473,153
Shareholder servicing costs 2,836,816 4,919,468 5,495,847 2,659,131
Administrative services fee 17,500 17,500 17,500 17,500
Independent Trustees' compensation 64,387 103,113 95,915 39,687
Custodian fee 74,768 110,129 97,152 40,928
Shareholder communications 109,589 193,457 233,373 106,185
Audit and tax fees 42,224 42,325 40,803 40,651
Legal fees 19,346 30,512 29,228 11,110
Miscellaneous 290,513 343,718 346,703 251,730
Total expenses $14,037,402 $23,641,006 $22,770,437 $9,640,075
Reduction of expenses by investment adviser and distributor (560) (527,968) (935,659) (252,905)
Net expenses $14,036,842 $23,113,038 $21,834,778 $9,387,170
Net investment income (loss) $102,516,487 $153,223,775 $131,309,343 $40,223,816
Realized and unrealized gain (loss)        
Realized gain (loss) (identified cost basis)        
Investments in affiliated issuers $(54,555,496) $(31,016,717) $(18,522,979) $(14,289,189)
Capital gain distributions from affiliated issuers 52,970,065 120,258,461 144,985,281 73,093,881
Net realized gain (loss) $(1,585,431) $89,241,744 $126,462,302 $58,804,692
Change in unrealized appreciation or depreciation        
Affiliated issuers $(177,539,829) $(384,454,116) $(382,067,726) $(147,153,319)
Net realized and unrealized gain (loss) $(179,125,260) $(295,212,372) $(255,605,424) $(88,348,627)
Change in net assets from operations $(76,608,773) $(141,988,597) $(124,296,081) $(48,124,811)
See Notes to Financial Statements
29

Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 5/31/23 MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Change in net assets        
From operations        
Net investment income (loss) $102,516,487 $153,223,775 $131,309,343 $40,223,816
Net realized gain (loss) (1,585,431) 89,241,744 126,462,302 58,804,692
Net unrealized gain (loss) (177,539,829) (384,454,116) (382,067,726) (147,153,319)
Change in net assets from operations $(76,608,773) $(141,988,597) $(124,296,081) $(48,124,811)
Total distributions to shareholders $(129,292,758) $(252,540,814) $(255,517,410) $(96,901,778)
Change in net assets from fund share transactions $(167,373,931) $(7,651,472) $132,279,330 $106,951,553
Total change in net assets $(373,275,462) $(402,180,883) $(247,534,161) $(38,075,036)
Net assets        
At beginning of period 4,173,599,856 6,702,267,351 6,182,046,024 2,457,948,527
At end of period $3,800,324,394 $6,300,086,468 $5,934,511,863 $2,419,873,491
Year ended 5/31/22 MFS Conservative
Allocation Fund
MFS Moderate
Allocation Fund
MFS Growth
Allocation Fund
MFS Aggressive Growth
Allocation Fund
Change in net assets        
From operations        
Net investment income (loss) $124,444,472 $214,421,199 $214,514,692 $78,617,916
Net realized gain (loss) 42,146,426 200,984,852 284,205,403 123,762,212
Net unrealized gain (loss) (454,606,612) (868,583,445) (894,980,135) (361,857,283)
Change in net assets from operations $(288,015,714) $(453,177,394) $(396,260,040) $(159,477,155)
Total distributions to shareholders $(164,329,909) $(402,198,738) $(471,264,055) $(176,765,468)
Change in net assets from fund share transactions $444,927,773 $421,834,666 $483,753,606 $232,393,742
Total change in net assets $(7,417,850) $(433,541,466) $(383,770,489) $(103,848,881)
Net assets        
At beginning of period 4,181,017,706 7,135,808,817 6,565,816,513 2,561,797,408
At end of period $4,173,599,856 $6,702,267,351 $6,182,046,024 $2,457,948,527
See Notes to Financial Statements
30

Financial Statements
Financial Highlights
MFS CONSERVATIVE ALLOCATION FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 5/31/23 5/31/22 5/31/21 5/31/20 5/31/19
Net asset value, beginning of period $16.53 $18.19 $15.98 $15.45 $15.50
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.51 $0.26 $0.33 $0.35
Net realized and unrealized gain (loss) (0.70) (1.50) 2.43 0.75 0.31
Total from investment operations $(0.28) $(0.99) $2.69 $1.08 $0.66
Less distributions declared to shareholders          
From net investment income $(0.42) $(0.47) $(0.27) $(0.34) $(0.35)
From net realized gain (0.12) (0.20) (0.21) (0.21) (0.36)
Total distributions declared to shareholders $(0.54) $(0.67) $(0.48) $(0.55) $(0.71)
Net asset value, end of period (x) $15.71 $16.53 $18.19 $15.98 $15.45
Total return (%) (r)(s)(t)(x) (1.61) (5.80) 17.04 7.07 4.60
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.34 0.34 0.32 0.33 0.33
Expenses after expense reductions (h) 0.34 0.34 0.32 0.33 0.33
Net investment income (loss) (l) 2.67 2.83 1.51 2.05 2.30
Portfolio turnover 4 9 6 12 4
Net assets at end of period (000 omitted) $2,605,100 $2,760,128 $2,471,451 $1,417,121 $1,294,553
See Notes to Financial Statements
31

Financial Highlights − continued
MFS CONSERVATIVE ALLOCATION FUND − continued
  Year ended
Class B 5/31/23 5/31/22 5/31/21 5/31/20 5/31/19
Net asset value, beginning of period $16.44 $18.09 $15.89 $15.35 $15.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.36 $0.13 $0.21 $0.24
Net realized and unrealized gain (loss) (0.69) (1.49) 2.42 0.76 0.30
Total from investment operations $(0.39) $(1.13) $2.55 $0.97 $0.54
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.32) $(0.14) $(0.22) $(0.23)
From net realized gain (0.12) (0.20) (0.21) (0.21) (0.36)
Total distributions declared to shareholders $(0.40) $(0.52) $(0.35) $(0.43) $(0.59)
Net asset value, end of period (x) $15.65 $16.44 $18.09 $15.89 $15.35
Total return (%) (r)(s)(t)(x) (2.27) (6.53) 16.12 6.31 3.81
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.09 1.09 1.07 1.08 1.08
Expenses after expense reductions (h) 1.09 1.09 1.07 1.08 1.08
Net investment income (loss) (l) 1.93 2.02 0.79 1.32 1.56
Portfolio turnover 4 9 6 12 4
Net assets at end of period (000 omitted) $17,274 $28,023 $45,913 $63,965 $93,839
  Year ended
Class C 5/31/23 5/31/22 5/31/21 5/31/20 5/31/19
Net asset value, beginning of period $16.24 $17.88 $15.71 $15.20 $15.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.37 $0.14 $0.20 $0.23
Net realized and unrealized gain (loss) (0.69) (1.48) 2.38 0.75 0.32
Total from investment operations $(0.39) $(1.11) $2.52 $0.95 $0.55
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.33) $(0.14) $(0.23) $(0.24)
From net realized gain (0.12) (0.20) (0.21) (0.21) (0.36)
Total distributions declared to shareholders $(0.41) $(0.53) $(0.35) $(0.44) $(0.60)
Net asset value, end of period (x) $15.44 $16.24 $17.88 $15.71 $15.20
Total return (%) (r)(s)(t)(x) (2.31) (6.50) 16.15 6.24 3.88
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.09 1.09 1.07 1.08 1.08
Expenses after expense reductions (h) 1.09 1.09 1.07 1.08 1.08
Net investment income (loss) (l) 1.92 2.07 0.80 1.30 1.55
Portfolio turnover 4 9 6 12 4
Net assets at end of period (000 omitted) $282,608 $392,290 $484,043 $542,274 $535,354
See Notes to Financial Statements
32

Financial Highlights − continued
MFS CONSERVATIVE ALLOCATION FUND − continued
  Year ended
Class I 5/31/23 5/31/22 5/31/21 5/31/20 5/31/19
Net asset value, beginning of period $16.71 $18.38 $16.14 $15.60 $15.64
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.46 $0.55 $0.31 $0.37 $0.40
Net realized and unrealized gain (loss) (0.71) (1.51) 2.45