Quarterly Report

February 29, 2024

MFS^® Conservative
Allocation Fund

CON-Q3

Portfolio of Investments

2/29/24 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer	Shares/Par	Value ($)
Investment Companies (h) – 99.9%
Bond Funds – 58.3%
MFS Emerging Markets Debt Fund - Class R6	6,460,561	$76,622,254
MFS Emerging Markets Debt Local Currency Fund - Class R6	13,591,904	75,842,823
MFS Global Opportunistic Bond Fund - Class R6	33,215,572	266,056,729
MFS Government Securities Fund - Class R6	41,258,058	351,931,240
MFS High Income Fund - Class R6	49,909,708	151,725,512
MFS Inflation-Adjusted Bond Fund - Class R6	41,642,439	376,031,229
MFS Limited Maturity Fund - Class R6	65,950,880	379,217,559
MFS Total Return Bond Fund - Class R6	57,779,343	541,970,233
		$2,219,397,579
International Stock Funds – 8.0%
MFS International Growth Fund - Class R6	1,377,949	$56,978,207
MFS International Intrinsic Value Fund - Class R6	1,498,163	57,409,607
MFS International Large Cap Value Fund - Class R6	4,367,866	57,044,324
MFS Research International Fund - Class R6	5,978,546	133,321,584
		$304,753,722
Non-Traditional Funds – 4.0%
MFS Commodity Strategy Fund - Class R6	22,040,232	$75,818,397
MFS Global Real Estate Fund - Class R6	4,647,882	75,992,881
		$151,811,278
U.S. Stock Funds – 26.7%
MFS Growth Fund - Class R6	1,029,245	$202,215,758
MFS Mid Cap Growth Fund - Class R6 (a)	4,866,098	154,693,267
MFS Mid Cap Value Fund - Class R6	4,822,094	153,921,225
MFS New Discovery Fund - Class R6 (a)	1,253,035	38,305,284
MFS New Discovery Value Fund - Class R6	2,175,369	38,134,218
MFS Research Fund - Class R6	3,541,832	201,317,736
MFS Value Fund - Class R6	4,660,594	229,208,005
		$1,017,795,493
Money Market Funds – 2.9%
MFS Institutional Money Market Portfolio, 5.37% (v)	108,555,092	$108,555,092
Total Investment Companies		$3,802,313,164

Other Assets, Less Liabilities – 0.1%		3,480,370
Net Assets – 100.0%		$3,805,793,534

(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 value of the fund’s investments in affiliated issuers was $3,802,313,164.
(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 attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

Supplemental Information

2/29/24 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service.

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other

Supplemental Information (unaudited) – continued

significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 29, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Mutual Funds	$3,802,313,164	$—	$—	$3,802,313,164

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets and liabilities.

(2) Investments in Affiliated Issuers

An affiliated issuer 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. For the purposes of this report, the following were affiliated issuers:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Commodity Strategy Fund	$72,503,046	$9,671,901	$8,471,305	$(3,538,398)	$5,653,153	$75,818,397
MFS Emerging Markets Debt Fund	76,268,504	4,732,134	7,501,722	(1,984,328)	5,107,666	76,622,254
MFS Emerging Markets Debt Local Currency Fund	75,779,634	5,213,831	6,141,657	(1,464,037)	2,455,052	75,842,823
MFS Global Opportunistic Bond Fund	266,823,231	12,382,678	17,288,368	(3,849,142)	7,988,330	266,056,729
MFS Global Real Estate Fund	73,890,721	8,542,700	11,460,640	32,201	4,987,900	75,992,881
MFS Government Securities Fund	381,385,725	19,550,650	37,781,357	(8,366,718)	(2,857,060)	351,931,240
MFS Growth Fund	231,246,333	10,160,915	87,646,888	41,840,619	6,614,779	202,215,758
MFS High Income Fund	152,524,279	9,054,358	14,786,256	(2,254,278)	7,187,409	151,725,512
MFS Inflation-Adjusted Bond Fund	378,872,709	26,748,597	13,905,582	(3,791,272)	(11,893,223)	376,031,229
MFS Institutional Money Market Portfolio	12,436,368	266,632,828	170,511,042	(1,339)	(1,723)	108,555,092
MFS International Growth Fund	55,837,083	3,956,655	6,195,589	1,070,044	2,310,014	56,978,207
MFS International Intrinsic Value Fund	55,982,688	8,230,482	6,497,536	302,178	(608,205)	57,409,607
MFS International Large Cap Value Fund	55,482,896	5,363,275	6,780,431	(379,017)	3,357,601	57,044,324
MFS Limited Maturity Fund	381,361,767	26,027,388	31,104,084	(2,318,193)	5,250,681	379,217,559
MFS Mid Cap Growth Fund	151,897,621	2,772,898	33,874,920	7,088,447	26,809,221	154,693,267
MFS Mid Cap Value Fund	148,214,921	10,411,417	28,370,459	4,859,679	18,805,667	153,921,225
MFS New Discovery Fund	37,137,108	2,299,522	7,322,517	(1,938,022)	8,129,193	38,305,284
MFS New Discovery Value Fund	36,669,556	5,686,987	7,496,395	245,864	3,028,206	38,134,218
MFS Research Fund	228,298,787	14,649,916	71,302,882	15,548,510	14,123,405	201,317,736
MFS Research International Fund	129,774,510	8,124,803	13,332,238	1,676,977	7,077,531	133,321,584
MFS Total Return Bond Fund	573,089,219	23,841,261	51,261,743	(12,269,749)	8,571,245	541,970,233
MFS Value Fund	223,349,753	20,915,614	33,345,738	475,816	17,812,560	229,208,005
	$3,798,826,459	$504,970,810	$672,379,349	$30,985,842	$139,909,402	$3,802,313,164

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Commodity Strategy Fund	$1,561,506	$—
MFS Emerging Markets Debt Fund	3,710,243	—
MFS Emerging Markets Debt Local Currency Fund	2,992,970	—
MFS Global Opportunistic Bond Fund	6,828,832	—
MFS Global Real Estate Fund	1,537,867	—
MFS Government Securities Fund	10,306,425	—
MFS Growth Fund	—	9,883,645
MFS High Income Fund	7,121,926	—
MFS Inflation-Adjusted Bond Fund	14,606,785	—
MFS Institutional Money Market Portfolio	1,506,906	—
MFS International Growth Fund	988,907	657,694
MFS International Intrinsic Value Fund	1,161,339	5,162,411
MFS International Large Cap Value Fund	2,019,843	353,125
MFS Limited Maturity Fund	11,465,228	—

Supplemental Information (unaudited) – continued

Affiliated Issuers − continued	Dividend Income	Capital Gain Distributions
MFS Mid Cap Growth Fund	$—	$—
MFS Mid Cap Value Fund	2,457,832	2,171,280
MFS New Discovery Fund	—	—
MFS New Discovery Value Fund	1,096,127	1,348,971
MFS Research Fund	1,761,085	12,327,445
MFS Research International Fund	2,488,206	—
MFS Total Return Bond Fund	18,618,827	—
MFS Value Fund	3,333,579	14,475,344
	$95,564,433	$46,379,915