N-Q 1 dnq.htm MFS SERIES TRUST I MFS Series Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4777

MFS SERIES TRUST I

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(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: November 30, 2007

ITEM 1. SCHEDULE OF INVESTMENTS.

LOGO

 

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 99.6%

      

Aerospace – 2.8%

      

Lockheed Martin Corp. (l)

    101,350    $ 11,216,403

Precision Castparts Corp.

    60,780      8,955,325

United Technologies Corp.

    202,160      15,115,503
         
      $ 35,287,231

Airlines – 0.3%

      

Southwest Airlines Co. (l)

    256,150    $ 3,624,523

Apparel Manufacturers – 0.7%

      

NIKE, Inc., “B”

    98,660    $ 6,477,029

Quiksilver, Inc. (a)(l)

    233,730      2,477,538
         
      $ 8,954,567

Biotechnology – 2.2%

      

Amgen, Inc. (a)(l)

    116,770    $ 6,451,543

Celgene Corp. (a)(l)

    71,050      4,373,128

Genzyme Corp. (a)

    227,921      17,078,121
         
      $ 27,902,792

Broadcasting – 2.0%

      

News Corp., “A” (l)

    623,140    $ 13,129,560

Walt Disney Co.

    340,810      11,297,852
         
      $ 24,427,412

Brokerage & Asset Managers – 3.9%

      

Affiliated Managers Group, Inc. (a)(l)

    25,500    $ 3,168,375

Bolsa de Mercadorias & Futuros (a)

    11,400      154,791

Charles Schwab Corp.

    533,100      12,959,661

Deutsche Boerse AG

    52,920      9,931,461

Goldman Sachs Group, Inc. (l)

    46,210      10,473,034

Invesco Ltd., ADR (a)

    94,100      2,470,125

TD AMERITRADE Holding Corp. (a)(l)

    499,010      9,326,497
         
      $ 48,483,944

Business Services – 1.8%

      

Bright Horizons Family Solutions, Inc. (a)(l)

    230,400    $ 8,706,816

Corporate Executive Board Co. (l)

    69,680      4,674,831

Fidelity National Information Services, Inc. (l)

    116,860      5,050,689

Satyam Computer Services Ltd., ADR (l)

    161,500      4,224,840
         
      $ 22,657,176

Cable TV – 0.6%

      

Cablevision Systems Corp., “A” (a)(l)

    121,310    $ 3,279,009

Comcast Corp., “Special A” (a)(l)

    231,180      4,672,148
         
      $ 7,951,157

Chemicals – 1.1%

      

3M Co.

    55,880    $ 4,652,569

PPG Industries, Inc. (l)

    128,110      8,793,470
         
      $ 13,446,039

Computer Software – 3.9%

      

ACI Worldwide, Inc. (a)(l)

    186,390    $ 4,255,284

CommVault Systems, Inc. (a)(l)

    191,110      4,256,020

Microsoft Corp.

    474,800      15,953,280

MSC.Software Corp. (a)(l)

    1,325,091      17,504,452

VeriSign, Inc. (a)

    179,575      7,344,618
         
      $ 49,313,654

 

1

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Computer Software - Systems – 3.6%

      

Cray, Inc. (a)(l)

    949,610    $ 5,536,226

EMC Corp. (a)(l)

    659,400      12,706,638

International Business Machines Corp.

    155,630      16,369,163

Network Appliance, Inc. (a)(l)

    441,729      10,915,124
         
      $ 45,527,151

Construction – 0.6%

      

D.R. Horton, Inc.

    141,890    $ 1,698,423

Masco Corp. (l)

    249,180      5,581,632
         
      $ 7,280,055

Consumer Goods & Services – 2.3%

      

Colgate-Palmolive Co. (l)

    141,570    $ 11,336,926

Procter & Gamble Co.

    230,640      17,067,360
         
      $ 28,404,286

Containers – 0.5%

      

Owens-Illinois, Inc. (a)

    150,690    $ 6,764,474

Electrical Equipment – 3.8%

      

Danaher Corp. (l)

    352,350    $ 30,591,027

Rockwell Automation, Inc.

    205,730      13,967,010

WESCO International, Inc. (a)(l)

    81,580      3,302,358
         
      $ 47,860,395

Electronics – 3.7%

      

Applied Materials, Inc.

    403,170    $ 7,591,691

Flextronics International Ltd. (a)

    315,043      3,767,914

Hittite Microwave Corp. (a)(l)

    104,160      4,498,670

Intel Corp.

    634,310      16,542,805

Marvell Technology Group Ltd. (a)(l)

    326,840      4,882,990

National Semiconductor Corp. (l)

    94,400      2,157,984

PLX Technology, Inc. (a)(l)

    268,800      2,644,992

SanDisk Corp. (a)(l)

    129,860      4,861,958
         
      $ 46,949,004

Energy - Independent – 1.0%

      

Apache Corp.

    94,360    $ 9,133,104

CONSOL Energy, Inc.

    60,330      3,576,362
         
      $ 12,709,466

Energy - Integrated – 6.3%

      

Exxon Mobil Corp. (l)

    545,632    $ 48,648,549

Hess Corp.

    184,390      13,132,256

Marathon Oil Corp.

    303,760      16,980,184
         
      $ 78,760,989

Engineering - Construction – 0.7%

      

Fluor Corp. (l)

    34,770    $ 5,117,101

North American Energy Partners, Inc. (a)

    293,830      3,790,407
         
      $ 8,907,508

Food & Beverages – 3.4%

      

Dean Foods Co. (l)

    184,520    $ 4,601,929

Diamond Foods, Inc.

    127,780      2,556,878

General Mills, Inc.

    176,500      10,616,475

Hain Celestial Group, Inc. (a)(l)

    144,090      4,766,497

PepsiCo, Inc.

    251,439      19,406,062
         
      $ 41,947,841

 

2

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Food & Drug Stores – 1.0%

      

CVS Caremark Corp.

    317,410    $ 12,724,967

Gaming & Lodging – 1.2%

      

International Game Technology (l)

    86,030    $ 3,756,070

Marriott International, Inc., “A” (l)

    85,320      3,199,500

Melco PBL Entertainment Ltd., ADR (a)(l)

    104,370      1,512,321

MGM Mirage (a)(l)

    13,220      1,143,530

Penn National Gaming, Inc. (a)(l)

    27,250      1,622,738

Royal Caribbean Cruises Ltd. (l)

    90,640      3,676,358
         
      $ 14,910,517

General Merchandise – 0.9%

      

99 Cents Only Stores (a)(l)

    322,630    $ 2,600,398

Macy’s, Inc. (l)

    181,070      5,368,726

Stage Stores, Inc. (l)

    188,235      3,184,936
         
      $ 11,154,060

Health Maintenance Organizations – 1.2%

      

UnitedHealth Group, Inc.

    147,930    $ 8,136,150

WellPoint, Inc. (a)(l)

    87,030      7,328,796
         
      $ 15,464,946

Insurance – 4.6%

      

Allied World Assurance Co. Holdings Ltd. (l)

    164,000    $ 7,589,920

Chubb Corp.

    248,210      13,539,856

Genworth Financial, Inc., “A” (l)

    146,820      3,852,557

Hartford Financial Services Group, Inc. (l)

    203,430      19,390,948

MetLife, Inc. (l)

    115,790      7,594,666

Prudential Financial, Inc. (l)

    53,650      5,050,611
         
      $ 57,018,558

Internet – 1.6%

      

Google, Inc., “A” (a)(l)

    29,600    $ 20,512,800

Leisure & Toys – 1.0%

      

Ubisoft Entertainment S.A. (a)

    144,895    $ 12,620,625

Machinery & Tools – 1.4%

      

Bucyrus International, Inc., “A” (l)

    51,600    $ 4,525,836

Eaton Corp.

    100,840      9,006,020

Timken Co. (l)

    141,340      4,507,333
         
      $ 18,039,189

Major Banks – 5.4%

      

Bank of America Corp.

    417,240    $ 19,247,281

Bank of New York Mellon Corp. (l)

    293,068      14,055,541

JPMorgan Chase & Co.

    381,490      17,403,574

State Street Corp. (l)

    211,110      16,865,578
         
      $ 67,571,974

Medical & Health Technology & Services – 0.5%

      

MWI Veterinary Supply, Inc. (a)

    144,142    $ 6,065,495
         

Medical Equipment – 2.7%

      

Advanced Medical Optics, Inc. (a)(l)

    222,850    $ 5,620,277

Aspect Medical Systems, Inc. (a)(l)

    418,990      6,226,191

Boston Scientific Corp. (a)(l)

    952,750      12,033,233

Cooper Cos., Inc. (l)

    58,080      2,499,182

Cyberonics, Inc. (a)(l)

    217,320      2,964,245

NxStage Medical, Inc. (a)(l)

    189,570      2,437,870

 

3

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Medical Equipment – continued

      

Thoratec Corp. (a)(l)

    126,230    $ 2,472,846
         
      $ 34,253,844

Metals & Mining – 1.4%

      

BHP Billiton PLC

    535,390    $ 17,696,131

Natural Gas - Distribution – 1.1%

      

Questar Corp. (l)

    128,770    $ 6,882,757

Sempra Energy

    115,680      7,243,882
         
      $ 14,126,639

Natural Gas - Pipeline – 0.6%

      

Williams Cos., Inc. (l)

    224,040    $ 7,776,428

Network & Telecom – 2.4%

      

Cisco Systems, Inc. (a)

    347,820    $ 9,745,916

Motorola, Inc.

    279,510      4,463,775

NICE Systems Ltd., ADR (a)(l)

    172,114      5,607,474

Polycom, Inc. (a)(l)

    136,260      3,307,030

Sonus Networks, Inc. (a)(l)

    1,076,560      7,083,765
         
      $ 30,207,960

Oil Services – 2.7%

      

Exterran Holdings, Inc. (a)(l)

    45,190    $ 3,617,008

Halliburton Co.

    231,000      8,456,910

National Oilwell Varco, Inc. (a)

    46,760      3,186,694

Natural Gas Services Group, Inc. (a)

    75,310      1,358,592

Noble Corp. (l)

    122,400      6,380,712

Schlumberger Ltd.

    98,810      9,233,795

TETRA Technologies, Inc. (a)

    80,700      1,275,867
         
      $ 33,509,578

Other Banks & Diversified Financials – 2.9%

      

American Express Co.

    339,720    $ 20,036,686

East West Bancorp, Inc. (l)

    153,580      4,138,981

Euro Dekania Ltd. (a)(z)

    492,120      6,806,759

Oaktree Capital Management LLC, “A” (a)(z)

    154,400      5,056,600
         
      $ 36,039,026

Pharmaceuticals – 5.8%

      

Abbott Laboratories

    405,160    $ 23,300,752

Bristol-Myers Squibb Co.

    241,360      7,151,497

Medicis Pharmaceutical Corp., “A” (l)

    147,610      3,970,709

Merck & Co., Inc.

    538,430      31,961,205

Schering-Plough Corp.

    193,390      6,053,107
         
      $ 72,437,270

Railroad & Shipping – 0.4%

      

Burlington Northern Santa Fe Corp.

    58,120    $ 4,854,182

Real Estate – 1.6%

      

Mack-Cali Realty Corp., REIT (l)

    387,270    $ 13,821,666

Maguire Properties, Inc., REIT (l)

    260,380      6,582,406
         
      $ 20,404,072

Restaurants – 1.0%

      

Panera Bread Co., “A” (a)(l)

    112,080    $ 4,491,046

Red Robin Gourmet Burgers, Inc. (a)(l)

    149,020      5,895,231

Texas Roadhouse, Inc., “A” (a)(l)

    180,970      2,278,412
         
      $ 12,664,689

 

4

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)  

Common Stocks – continued

      

Specialty Chemicals – 1.0%

      

Air Products & Chemicals, Inc.

      62,460    $ 6,186,038  

Praxair, Inc. (l)

      78,630      6,713,429  
           
      $ 12,899,467  

Specialty Stores – 2.9%

      

CarMax, Inc. (a)(l)

      159,720    $ 3,652,796  

Dick’s Sporting Goods, Inc. (a)(l)

      118,340      3,699,308  

Ethan Allen Interiors, Inc. (l)

      134,360      3,837,322  

GameStop Corp., “A” (a)(l)

      75,620      4,344,369  

Lowe’s Cos., Inc. (l)

      338,970      8,274,258  

Nordstrom, Inc. (l)

      116,680      3,913,447  

Staples, Inc. (l)

      176,310      4,178,547  

Urban Outfitters, Inc. (a)(l)

      159,750      4,185,450  
           
      $ 36,085,497  

Telecommunications – Wireless – 0.4%

      

Rogers Communications, Inc., “B”

      128,330    $ 5,327,801  

Telephone Services – 2.7%

      

AT&T, Inc.

      617,960    $ 23,612,252  

Embarq Corp.

      71,360      3,635,792  

Qwest Communications International, Inc. (a)(l)

      649,210      4,304,262  

TELUS Corp. (non-voting shares)

      55,160      2,551,780  
           
      $ 34,104,086  

Tobacco – 1.7%

      

Altria Group, Inc.

      268,260    $ 20,806,246  

Trucking – 0.9%

      

FedEx Corp. (l)

      91,490    $ 9,009,020  

Landstar System, Inc. (l)

      59,740      2,376,457  
           
      $ 11,385,477  

Utilities - Electric Power – 3.4%

      

American Electric Power Co., Inc. (l)

      170,490    $ 8,127,258  

DPL, Inc. (l)

      219,560      6,648,277  

Entergy Corp.

      53,170      6,355,942  

NRG Energy, Inc. (a)(l)

      192,750      8,170,673  

Public Service Enterprise Group, Inc.

      74,760      7,157,522  

Westar Energy, Inc. (l)

      249,200      6,456,772  
           
      $ 42,916,444  
           

Total Common Stocks

       $ 1,250,737,632  

Short-Term Obligations – 0.5%

      

General Electric Capital Corp., 4.6%, due 12/03/07

    $ 5,818,000    $ 5,816,513  

Collateral for Securities Loaned – 22.2%

      

Navigator Securities Lending Prime Portfolio, at Net Asset Value

      277,551,890    $ 277,551,890  
           

Total Investments(k)

       $ 1,534,106,035  

Other Assets, Less Liabilities – (22.3)%

         (277,969,543 )
           

Net Assets – 100.0%

       $ 1,256,136,492  
           

 

(a) Non-income producing security.

 

(k) As of November 30, 2007, the fund had two securities that were fair valued, aggregating $11,863,359 and 0.77% of market value, in accordance with the policies adopted by the Board of Trustees.

 

(l) All or a portion of this security is on loan.

 

5

MFS Core Equity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

    Acquisition
Date		    Acquisition
Cost		    Current
Market Value		  

Euro Dekania Ltd.

    3/08/07 - 6/25/07    $ 7,015,361    $ 6,806,759  

Oaktree Capital Management LLC, “A”

    5/21/07 - 6/25/07      6,767,056      5,056,600  
              

Total Restricted Securities

          $ 11,863,359  

% of Net Assets

            0.9 %

The following abbreviations are used in this report and are defined:

 

ADR    American Depository Receipt
REIT    Real Estate Investment Trust

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

6

MFS Core Equity Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $ 1,483,097,332  
        

Gross unrealized appreciation

    $ 109,066,182  

Gross unrealized depreciation

      (58,057,479 )
        

Net unrealized appreciation (depreciation)

    $ 51,008,703  
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $279,093,394. These loans were collateralized by cash of $277,551,890 and U.S. Treasury obligations of $8,204,359.

 

7

LOGO

 

MFS Research International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 99.3%

      

Aerospace – 0.6%

      

Finmeccanica S.p.A.

    1,087,610    $ 32,474,381

Alcoholic Beverages – 1.2%

      

Heineken N.V.

    960,150    $ 63,070,962

Apparel Manufacturers – 3.7%

      

Adidas AG (l)

    1,329,340    $ 88,470,514

Billabong International Ltd. (l)

    1,373,512      18,205,999

LVMH Moet Hennessy Louis Vuitton S.A. (l)

    700,250      85,006,996
         
      $ 191,683,509

Automotive – 3.7%

      

Bayerische Motoren Werke AG (l)

    769,650    $ 46,975,007

Bridgestone Corp.

    2,333,900      44,408,245

Compagnie Generale des Etablissements Michelin (l)

    372,710      44,203,271

Yamaha Motor Co. Ltd.

    1,921,500      52,205,749
         
      $ 187,792,272

Biotechnology – 0.4%

      

Actelion Ltd. (a)(l)

    428,359    $ 18,992,312

Broadcasting – 2.8%

      

Antena 3 de Television S.A. (l)

    1,178,995    $ 18,067,421

Grupo Televisa S.A., ADR

    1,461,140      35,315,754

WPP Group PLC

    7,339,770      92,692,162
         
      $ 146,075,337

Brokerage & Asset Managers – 1.8%

      

EFG International

    442,455    $ 18,013,485

Nomura Holdings, Inc. (l)

    4,268,900      76,349,001
         
      $ 94,362,486

Business Services – 2.1%

      

Bunzl PLC

    1,692,080    $ 24,918,742

Intertek Group PLC

    1,500,960      27,938,938

JFE Shoji Holdings, Inc.

    1,548,000      10,109,992

Mitsubishi Corp.

    1,029,100      29,744,487

Mitsui & Co. Ltd.

    732,000      16,919,872
         
      $ 109,632,031

Chemicals – 1.6%

      

Makhteshim-Agan Industries Ltd. (a)

    3,592,460    $ 30,641,199

Syngenta AG

    212,484      52,317,915
         
      $ 82,959,114

Computer Software – 1.3%

      

SAP AG (l)

    792,050    $ 40,505,409

Trend Micro, Inc. (a)

    586,500      23,585,579
         
      $ 64,090,988

Computer Software - Systems – 0.2%

      

HCL Technologies Ltd.

    1,396,000    $ 11,352,959

Conglomerates – 1.9%

      

Siemens AG (l)

    628,780    $ 95,455,015

Construction – 1.5%

      

CRH PLC

    793,190    $ 29,987,424

Geberit AG

    336,655      46,371,540
         
      $ 76,358,964

 

1

MFS Research International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Consumer Goods & Services – 2.8%

      

Henkel KGaA, IPS

    595,318    $ 32,901,714

Kao Corp.

    1,658,000      50,118,123

Kimberly-Clark de Mexico S.A. de C.V., “A”

    3,358,150      13,890,551

Reckitt Benckiser Group PLC

    825,140      49,047,590
         
      $ 145,957,978

Electrical Equipment – 2.1%

      

OMRON Corp.

    1,652,100    $ 43,208,247

Schneider Electric S.A. (l)

    447,490      62,470,959
         
      $ 105,679,206

Electronics – 4.4%

      

ARM Holdings PLC

    8,590,010    $ 23,410,018

Funai Electric Co. Ltd. (l)

    302,500      12,849,305

Konica Minolta Holdings, Inc.

    881,500      16,896,950

Nippon Electric Glass Co. Ltd.

    1,760,000      29,532,765

Royal Philips Electronics N.V.

    1,127,470      47,295,378

Samsung Electronics Co. Ltd.

    92,994      57,268,900

Taiwan Semiconductor Manufacturing Co. Ltd.

    10,369,000      19,529,532

Venture Corp. Ltd.

    2,334,000      20,452,097
         
      $ 227,234,945

Energy - Independent – 1.4%

      

INPEX Holdings, Inc. (l)

    2,830    $ 29,321,655

OMV AG

    237,400      16,869,704

PTT Public Co. Ltd.

    2,199,500      23,653,682
         
      $ 69,845,041

Energy - Integrated – 7.2%

      

OAO Gazprom, ADR

    740,720    $ 39,035,944

Petroleo Brasileiro S.A., ADR

    304,120      29,286,756

Royal Dutch Shell PLC, “A”

    2,999,870      121,304,843

Statoil A.S.A.

    1,732,420      56,264,655

TOTAL S.A. (l)

    1,526,760      123,419,374
         
      $ 369,311,572

Food & Beverages – 2.8%

      

Nestle S.A.

    279,561    $ 134,207,075

Nong Shim Co. Ltd. (a)

    43,745      8,466,919
         
      $ 142,673,994

Insurance – 2.4%

      

AXA (l)

    2,067,680    $ 84,526,286

Old Mutual PLC

    10,625,210      36,845,740
         
      $ 121,372,026

Internet – 0.2%

      

Universo Online S.A., IPS (a)

    1,672,100    $ 11,724,240

Machinery & Tools – 2.4%

      

Bucyrus International, Inc., “A” (l)

    1,090,693    $ 95,664,683

KOMATSU Ltd.

    969,800      29,538,092
         
      $ 125,202,775

Major Banks – 14.7%

      

Australia & New Zealand Banking Group Ltd.

    585,700    $ 14,585,046

Barclays PLC

    6,913,470      80,056,513

BNP Paribas (l)

    607,363      68,583,838

BOC Hong Kong Holdings Ltd.

    25,344,000      66,239,889

 

2

MFS Research International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Major Banks – continued

      

Credit Agricole S.A. (l)

    2,350,014    $ 82,619,198

DBS Group Holdings Ltd.

    2,363,000      32,806,976

Deutsche Postbank AG (l)

    568,240      49,852,399

Erste Bank der Oesterreichischen Sparkassen AG (l)

    680,618      49,460,694

Royal Bank of Scotland Group PLC

    8,780,107      82,890,486

Standard Bank Group Ltd.

    1,679,400      25,950,993

Standard Chartered PLC

    1,446,432      56,941,925

Sumitomo Mitsui Financial Group, Inc.

    7,114      62,147,347

UniCredito Italiano S.p.A.

    10,081,790      85,910,722
         
      $ 758,046,026

Metals & Mining – 5.3%

      

BHP Billiton PLC

    3,707,450    $ 122,541,550

Companhia Vale do Rio Doce

    1,077,600      37,599,065

Steel Authority of India Ltd.

    17,213,240      112,336,754
         
      $ 272,477,369

Natural Gas - Distribution – 0.9%

      

Gaz de France (l)

    439,191    $ 24,594,382

Tokyo Gas Co. Ltd.

    4,260,390      21,217,812
         
      $ 45,812,194

Oil Services – 0.5%

      

Saipem S.p.A.

    611,650    $ 24,619,158

Other Banks & Diversified Financials – 6.8%

      

Aeon Credit Service Co. Ltd.

    1,866,000    $ 31,001,263

Anglo Irish Bank Corp. PLC

    1,891,720      31,979,846

Bank of Cyprus Public Co. Ltd.

    1,430,196      28,050,324

CSU Cardsystem S.A. (a)

    1,546,930      5,233,909

First City Monument Bank PLC

    31,219,300      4,580,843

Fortis, Inc. (a)

    1,067,260      15,621

Fortis, Inc.

    1,564,060      41,915,946

Hana Financial Group, Inc.

    678,680      32,064,416

Macquarie Group Ltd. (l)

    687,809      49,519,607

UBS AG

    1,396,652      70,629,029

Unione di Banche Italiane Scpa

    1,983,314      56,548,092
         
      $ 351,538,896

Pharmaceuticals – 6.5%

      

Astellas Pharma, Inc.

    764,400    $ 33,971,805

Bayer AG (l)

    654,580      53,978,038

Merck KGaA

    506,060      65,721,886

Novartis AG (l)

    1,637,520      93,161,004

Roche Holding AG

    454,000      86,497,215
         
      $ 333,329,948

Precious Metals & Minerals – 0.5%

      

Paladin Resources Ltd. (a)(l)

    3,845,055    $ 23,307,489

Railroad & Shipping – 1.0%

      

East Japan Railway Co.

    6,354    $ 52,476,020

Real Estate – 1.3%

      

CapitaLand Ltd.

    9,747,000    $ 47,338,696

Hypo Real Estate Holding AG (l)

    389,540      20,656,556
         
      $ 67,995,252

 

3

MFS Research International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)  

Common Stocks – continued

      

Specialty Chemicals – 2.3%

      

Linde AG (l)

    902,600    $ 118,131,989  

Specialty Stores – 0.9%

      

Kingfisher PLC

    8,397,430    $ 26,305,011  

NEXT PLC

    574,630      20,565,048  
           
      $ 46,870,059  

Telecommunications - Wireless – 3.3%

      

America Movil S.A.B. de C.V., “L”, ADR

    522,190    $ 32,198,235  

MTN Group Ltd.

    656,960      13,303,561  

Philippine Long Distance Telephone Co.

    141,980      10,252,154  

Rogers Communications, Inc., “B”

    345,260      14,333,955  

Vodafone Group PLC

    27,238,100      102,074,527  
           
      $ 172,162,432  

Telephone Services – 3.0%

      

Telefonica S.A.

    3,000,550    $ 100,615,173  

Telenor A.S.A.

    1,559,050      36,217,398  

TELUS Corp.

    318,530      14,897,932  
           
      $ 151,730,503  

Trucking – 0.4%

      

TNT N.V.

    552,420    $ 22,631,316  

Utilities - Electric Power – 3.4%

      

E.ON AG (l)

    713,940    $ 145,583,683  

SUEZ S.A. (a)(l)

    467,148      31,096,569  
           
      $ 176,680,252  
           

Total Common Stocks

       $ 5,111,111,010  

Collateral for Securities Loaned – 9.4%

      

Navigator Securities Lending Prime Portfolio, at Net Asset Value

    483,492,995    $ 483,492,995  
           

Total Investments

       $ 5,594,604,005  

Other Assets, Less Liabilities – (8.7)%

         (445,520,817 )
           

Net Assets – 100.0%

       $ 5,149,083,188  
           

 

(a) Non-income producing security.

 

(l) All or a portion of this security is on loan.

The following abbreviations are used in this report and are defined:

 

ADR

    American Depository Receipt

IPS

    International Preference Stock

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

4

MFS Research International Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $  4,778,359,406  
        

Gross unrealized appreciation

    $ 927,764,959  

Gross unrealized depreciation

      (111,520,360 )
        

Net unrealized appreciation (depreciation)

    $ 816,244,599  
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $479,440,920. These loans were collateralized by cash of $483,492,995 and U.S. Treasury obligations of $20,816,630.

(3) Country Weightings

Country weighting percentages of portfolio holdings based on total net assets as of November 30, 2007, are as follows:

 

United Kingdom

    16.8 %

Germany

    14.7 %

Japan

    12.9 %

France

    11.7 %

Switzerland

    10.1 %

Italy

    3.9 %

Netherlands

    2.6 %

India

    2.4 %

Spain

    2.3 %

Other Countries

    22.6 %

 

5

LOGO

 

MFS Technology Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 96.7%

      

Broadcasting – 2.3%

      

XM Satellite Radio Holdings, Inc., “A” (a)(l)

    205,653    $ 3,208,185

Computer Software – 21.1%

      

Microsoft Corp.

    140,200    $ 4,710,720

MicroStrategy, Inc., “A” (a)(l)

    63,400      6,393,890

MSC.Software Corp. (a)(l)

    507,977      6,710,376

Salesforce.com, Inc. (a)(l)

    85,203      4,833,566

VeriSign, Inc. (a)

    173,608      7,100,567
         
      $ 29,749,119

Computer Software - Systems – 14.4%

      

Cray, Inc. (a)(l)

    329,496    $ 1,920,962

EMC Corp. (a)(l)

    246,331      4,746,798

International Business Machines Corp.

    77,970      8,200,885

Network Appliance, Inc. (a)

    113,912      2,814,766

Salary.com, Inc. (a)

    203,540      2,727,436
         
      $ 20,410,847

Consumer Goods & Services – 1.1%

      

Alibaba.Com Ltd. (a)(z)

    304,500    $ 1,562,371

Electronics – 30.7%

      

Flextronics International Ltd. (a)

    938,262    $ 11,221,614

Intel Corp.

    483,966      12,621,833

Marvell Technology Group Ltd. (a)

    301,806      4,508,982

Microchip Technology, Inc.

    36,500      1,050,835

National Semiconductor Corp. (l)

    202,480      4,628,693

Nintendo Co. Ltd.

    2,700      1,659,104

Samsung Electronics Co. Ltd., GDR

    11,251      3,431,555

SanDisk Corp. (a)(l)

    76,816      2,875,991

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

    144,965      1,438,053
         
      $ 43,436,660

Internet – 6.7%

      

Google, Inc., “A” (a)

    8,275    $ 5,734,575

Tencent Holdings Ltd.

    357,000      2,684,456

Yahoo!, Inc. (a)

    39,200      1,050,952
         
      $ 9,469,983

Leisure & Toys – 6.9%

      

Electronic Arts, Inc. (a)(l)

    42,300    $ 2,376,837

Netdragon Websoft, Inc. (a)

    511,000      977,884

Take-Two Interactive Software, Inc. (a)(l)

    122,600      1,836,548

THQ, Inc. (a)(l)

    105,900      2,589,255

Ubisoft Entertainment S.A. (a)

    22,283      1,940,891
         
      $ 9,721,415

Network & Telecom – 10.2%

      

F5 Networks, Inc. (a)(l)

    85,100    $ 2,248,342

Motorola, Inc.

    111,910      1,787,203

Nokia Corp., ADR

    94,300      3,708,819

Research In Motion Ltd. (a)

    40,555      4,615,970

Sonus Networks, Inc. (a)(l)

    313,080      2,060,066
         
      $ 14,420,400

Telecommunications - Wireless – 1.4%

      

NII Holdings, Inc. “B” (a)(l)

    35,300    $ 1,947,148

 

1

MFS Technology Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par     Value ($)  

Common Stocks – continued

     

Telephone Services – 1.9%

     

AT&T, Inc.

      70,100     $ 2,678,521  
          

Total Common Stocks

      $ 136,604,649  

Issue/Expiration Date/Strike Price

    Par Amount/
Number of
Contracts		     Value ($)  

Put Options Purchased – 1.7%

     

Nvidia Corp. - March 2008 @ $40 (a)

      38,700     $ 348,300  

Nvidia Corp. - March 2008 @ $40 (a)

      41,800       589,380  

Sap Aktiengesellschaft - March 2008 @ $60 (a)

      162,600       1,463,400  
          

Total Put Options Purchased

      $ 2,401,080  

Issuer

    Shares/Par     Value ($)  

Short-Term Obligations – 0.8%

     

General Electric Capital Corp., 4.6%, due 12/03/07 (y)

    $ 1,218,000     $ 1,217,689  

Collateral for Securities Loaned – 23.5%

     

Navigator Securities Lending Prime Portfolio, at Net Asset Value

      33,157,726     $ 33,157,726  
          

Total Investments(k)

      $ 173,381,144  

Issue/Expiration Date/Strike Price

    Par Amount/
Number of
Contracts		     Value ($)  

Call Options Written – 0.0%

     

Microsoft Corp. - December 2007 @ $40 (a)

    $ (79,900 )   $ (2,397 )

Emc Corp. - December 2007 @ $25 (a)

      (124,000 )     (6,200 )
          

Total Call Options Written

      $ (8,597 )

Other Assets, Less Liabilities – (22.7)%

        (32,118,598 )
          

Net Assets – 100.0%

      $ 141,262,546  
          

 

(a) Non-income producing security.

 

(k) As of November 30, 2007, the fund had five securities that were fair valued, aggregating $2,392,483 and 1.39% of market value, in accordance with the policies adopted by the Board of Trustees.

 

(l) All or a portion of this security is on loan.

 

(y) The rate shown represents an annualized yield at time of purchase.

 

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

    Acquisition
Date		    Acquisition
Cost		    Current
Market Value		  

Alibaba.Com Ltd.

    10/29/07 -11/14/07    $ 1,116,284    $ 1,562,371  

% of Net Assets

            1.1 %

The following abbreviations are used in this report and are defined:

 

ADR    American Depository Receipt
GDR    Global Depository Receipt

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

2

MFS Technology Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $ 173,168,514  
        

Gross unrealized appreciation

    $ 9,649,381  

Gross unrealized depreciation

      (9,436,751 )
        

Net unrealized appreciation (depreciation)

    $ 212,630  
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $32,468,716. These loans were collateralized by cash of $33,157,726 and U.S. Treasury obligations of $98,235.

 

3

LOGO

 

MFS Core Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 97.6%

      

Aerospace – 3.0%

      

Boeing Co.

    262,000    $ 24,245,476

General Dynamics Corp.

    289,000      25,657,420

Precision Castparts Corp.

    43,430      6,398,976

United Technologies Corp.

    243,830      18,231,169
         
      $ 74,533,041

Alcoholic Beverages – 0.9%

      

Diageo PLC

    958,500    $ 21,547,876

Apparel Manufacturers – 0.5%

      

NIKE, Inc., “B”

    195,320    $ 12,822,758

Biotechnology – 5.5%

      

Affymetrix, Inc. (a)

    293,400    $ 6,117,390

Celgene Corp. (a)

    194,140      11,949,317

Genentech, Inc. (a)

    192,900      14,708,625

Genzyme Corp. (a)

    604,910      45,325,906

Gilead Sciences, Inc. (a)

    554,020      25,784,091

Millipore Corp. (a)(l)

    372,090      30,466,729
         
      $ 134,352,058

Broadcasting – 1.0%

      

News Corp., “A”

    1,168,200    $ 24,613,974

Brokerage & Asset Managers – 3.3%

      

Affiliated Managers Group, Inc. (a)(l)

    164,700    $ 20,463,975

Bolsa de Mercadorias & Futuros (a)

    146,400      1,987,846

Deutsche Boerse AG

    75,600      14,187,801

ICAP PLC

    1,322,403      18,753,844

Lehman Brothers Holdings, Inc.

    297,900      18,657,477

Merrill Lynch & Co., Inc.

    106,700      6,395,598
         
      $ 80,446,541

Business Services – 2.0%

      

Amdocs Ltd. (a)

    565,940    $ 18,726,955

Fidelity National Information Services, Inc.

    162,800      7,036,216

Satyam Computer Services Ltd., ADR (l)

    460,200      12,038,832

Western Union Co.

    493,200      11,146,320
         
      $ 48,948,323

Chemicals – 1.0%

      

3M Co.

    159,040    $ 13,241,670

Monsanto Co.

    110,740      11,004,234
         
      $ 24,245,904

Computer Software – 6.0%

      

Microsoft Corp.

    2,043,120    $ 68,648,832

NAVTEQ Corp. (a)

    78,100      5,848,909

Oracle Corp. (a)

    1,183,186      23,876,693

Salesforce.com, Inc. (a)

    88,700      5,031,951

VeriSign, Inc. (a)

    1,094,400      44,760,960
         
      $ 148,167,345

Computer Software - Systems – 5.2%

      

Apple Computer, Inc. (a)

    212,690    $ 38,756,372

EMC Corp. (a)

    1,447,070      27,885,039

Hewlett-Packard Co.

    611,600      31,289,456

International Business Machines Corp.

    284,880      29,963,678
         
      $ 127,894,545

 

1

MFS Core Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Conglomerates – 0.5%

      

Siemens AG

    81,400    $ 12,357,324

Consumer Goods & Services – 3.8%

      

Apollo Group, Inc., “A” (a)

    202,300    $ 15,479,996

Avon Products, Inc.

    779,030      31,979,182

Clorox Co.

    93,500      6,066,280

Colgate-Palmolive Co.

    151,200      12,108,096

Procter & Gamble Co.

    362,290      26,809,460
         
      $ 92,443,014

Electrical Equipment – 3.4%

      

Danaher Corp.

    493,480    $ 42,843,934

General Electric Co.

    541,530      20,735,184

Rockwell Automation, Inc.

    72,270      4,906,410

Tyco Electronics Ltd.

    409,700      15,318,683
         
      $ 83,804,211

Electronics – 4.0%

      

Flextronics International Ltd. (a)

    1,636,300    $ 19,570,148

Intel Corp.

    1,860,290      48,516,363

Nintendo Co. Ltd.

    21,500      13,211,382

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

    1,723,900      17,101,088
         
      $ 98,398,981

Energy - Independent – 1.9%

      

Apache Corp.

    190,800    $ 18,467,532

Ultra Petroleum Corp. (a)

    161,990      10,513,151

XTO Energy, Inc.

    302,950      18,728,369
         
      $ 47,709,052

Energy - Integrated – 1.5%

      

Hess Corp.

    506,060    $ 36,041,593

Engineering - Construction – 0.7%

      

Fluor Corp.

    113,500    $ 16,703,795

Food & Beverages – 4.6%

      

Archer Daniels Midland Co.

    339,900    $ 12,355,365

Coca-Cola Co.

    171,000      10,619,100

General Mills, Inc.

    388,500      23,368,275

Nestle S.A.

    87,970      42,231,200

PepsiCo, Inc.

    315,220      24,328,680
         
      $ 112,902,620

Food & Drug Stores – 1.9%

      

CVS Caremark Corp.

    916,236    $ 36,731,901

Walgreen Co.

    64,000      2,341,760

Whole Foods Market, Inc.

    145,100      6,240,751
         
      $ 45,314,412

Gaming & Lodging – 1.5%

      

International Game Technology

    110,080    $ 4,806,093

Royal Caribbean Cruises Ltd. (l)

    779,250      31,606,380
         
      $ 36,412,473

General Merchandise – 2.2%

      

Kohl’s Corp. (a)

    626,000    $ 30,849,280

Target Corp.

    370,980      22,281,059
         
      $ 53,130,339

 

2

MFS Core Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Health Maintenance Organizations – 1.6%

      

UnitedHealth Group, Inc.

    116,000    $ 6,380,000

WellPoint, Inc. (a)

    402,680      33,909,683
         
      $ 40,289,683

Insurance – 0.8%

      

Aflac, Inc.

    162,440    $ 10,175,242

Prudential Financial, Inc.

    89,500      8,425,530
         
      $ 18,600,772

Internet – 3.6%

      

Google, Inc., “A” (a)

    102,735    $ 71,195,355

Yahoo!, Inc. (a)

    642,900      17,236,149
         
      $ 88,431,504

Leisure & Toys – 1.0%

      

Electronic Arts, Inc. (a)

    384,800    $ 21,621,912

Ubisoft Entertainment S.A. (a)

    45,342      3,949,373
         
      $ 25,571,285

Machinery & Tools – 0.9%

      

AGCO Corp. (a)

    39,900    $ 2,750,706

Bucyrus International, Inc., “A”

    211,900      18,585,749
         
      $ 21,336,455

Major Banks – 2.7%

      

Bank of New York Mellon Corp.

    662,215    $ 31,759,831

State Street Corp.

    437,950      34,987,826
         
      $ 66,747,657

Medical & Health Technology & Services – 0.5%

      

Laboratory Corp. of America Holdings (a)

    173,300    $ 12,593,711

Medical Equipment – 7.0%

      

Applera Corp.

    151,100    $ 5,161,576

Becton, Dickinson & Co.

    602,300      49,828,279

C.R. Bard, Inc.

    100,400      8,486,812

Medtronic, Inc. (l)

    737,340      37,493,739

St. Jude Medical, Inc. (a)

    318,090      12,644,078

Synthes, Inc.

    161,900      20,253,603

Thermo Fisher Scientific, Inc. (a)(l)

    633,250      36,500,530
         
      $ 170,368,617

Metals & Mining – 0.5%

      

BHP Billiton Ltd., ADR (l)

    166,300    $ 12,610,529

Network & Telecom – 4.6%

      

Cisco Systems, Inc. (a)

    1,218,480    $ 34,141,810

Corning, Inc.

    1,029,000      24,994,410

Nokia Corp., ADR (l)

    650,410      25,580,625

QUALCOMM, Inc.

    372,020      15,170,976

Research In Motion Ltd. (a)

    120,460      13,710,757
         
      $ 113,598,578

Oil Services – 2.1%

      

Halliburton Co.

    197,570    $ 7,233,038

Schlumberger Ltd.

    325,530      30,420,779

Weatherford International Ltd. (a)

    235,500      14,747,010
         
      $ 52,400,827

 

3

MFS Core Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)  

Common Stocks – continued

      

Other Banks & Diversified Financials – 2.1%

      

American Express Co.

      430,210    $ 25,373,786  

UBS AG

      493,850      24,929,548  
           
      $ 50,303,334  

Pharmaceuticals – 8.1%

      

Abbott Laboratories

      773,740    $ 44,497,787  

Allergan, Inc.

      267,340      17,922,474  

Elan Corp. PLC, ADR (a)

      518,120      11,932,304  

Merck & Co., Inc.

      664,060      39,418,602  

Roche Holding AG

      208,960      39,811,582  

Schering-Plough Corp.

      1,414,000      44,258,200  
           
      $ 197,840,949  

Printing & Publishing – 0.3%

      

McGraw-Hill Cos., Inc.

      162,400    $ 7,970,592  

Restaurants – 0.7%

      

YUM! Brands, Inc.

      477,000    $ 17,720,550  

Specialty Chemicals – 1.3%

      

Praxair, Inc.

      365,930    $ 31,243,103  

Specialty Stores – 2.7%

      

Lowe’s Cos., Inc. (l)

      289,830    $ 7,074,750  

Nordstrom, Inc.

      456,680      15,317,047  

Staples, Inc.

      1,884,560      44,664,072  
           
      $ 67,055,869  

Telecommunications - Wireless – 1.6%

      

America Movil S.A.B. de C.V., “L”, ADR

      537,160    $ 33,121,286  

Rogers Communications, Inc., “B”

      147,600      6,178,536  
           
      $ 39,299,822  

Trucking – 0.3%

      

FedEx Corp.

      63,160    $ 6,219,365  

Utilities - Electric Power – 0.8%

      

AES Corp. (a)

      855,690    $ 18,696,827  
           

Total Common Stocks

       $ 2,391,690,208  

Short-Term Obligations – 1.3%

      

General Electric Co., 4.52%, due 12/27/07

    $ 31,808,000    $ 31,704,165  

Repurchase Agreements – 2.9%

      

Merrill Lynch & Co., 4.62%, dated 11/30/07, due 12/03/07, total to be received $71,581,171 (secured by various U.S. Treasury and Federal Agency obligations and Mortgage Backed securities in a jointly traded account)

    $ 71,554,000    $ 71,554,000  

Collateral for Securities Loaned – 2.2%

      

Navigator Securities Lending Prime Portfolio, at Net Asset Value

      53,741,549    $ 53,741,549  
           

Total Investments

       $ 2,548,689,922  

Other Assets, Less Liabilities – (4.0)%

         (97,286,524 )
           

Net Assets – 100.0%

       $ 2,451,403,398  
           

 

4

MFS Core Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

(a) Non-income producing security.

 

(l) All or a portion of this security is on loan.

The following abbreviations are used in this report and are defined:

 

ADR

   American Depository Receipt

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

5

MFS Core Growth Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $ 2,461,000,887  
        

Gross unrealized appreciation

    $ 130,517,112  

Gross unrealized depreciation

      (42,828,077 )
        

Net unrealized appreciation (depreciation)

    $ 87,689,035  
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $53,450,186. These loans were collateralized by cash of $53,741,549 and U.S. Treasury obligations of $858,179.

 

6

LOGO

 

MFS Value Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 98.7%

      

Aerospace – 8.0%

      

Lockheed Martin Corp.

    4,246,600    $ 469,971,222

Northrop Grumman Corp.

    2,236,410      176,206,744

Raytheon Co.

    430,400      26,620,240

United Technologies Corp.

    2,383,070      178,182,144
         
      $ 850,980,350

Alcoholic Beverages – 1.1%

      

Diageo PLC

    5,337,699    $ 119,995,907

Apparel Manufacturers – 1.6%

      

NIKE, Inc., “B”

    2,520,800    $ 165,490,520

Automotive – 0.5%

      

Johnson Controls, Inc.

    1,393,900    $ 53,832,418

Broadcasting – 1.8%

      

Citadel Broadcasting Corp. (l)

    108,089    $ 248,605

E.W. Scripps Co., “A” (l)

    631,490      27,438,241

Omnicom Group, Inc.

    656,000      31,980,000

Viacom, Inc., “B” (a)

    1,025,531      43,092,813

Walt Disney Co.

    1,424,520      47,222,838

WPP Group PLC

    3,406,460      43,019,351
         
      $ 193,001,848

Brokerage & Asset Managers – 4.0%

      

Franklin Resources, Inc.

    638,420    $ 78,640,576

Goldman Sachs Group, Inc.

    866,720      196,433,421

Lehman Brothers Holdings, Inc. (l)

    962,530      60,283,254

Merrill Lynch & Co., Inc.

    1,430,090      85,719,595
         
      $ 421,076,846

Business Services – 1.1%

      

Accenture Ltd., “A”

    3,227,330    $ 111,536,525

Chemicals – 2.1%

      

Dow Chemical Co.

    889,920    $ 37,323,245

PPG Industries, Inc.

    2,050,650      140,756,616

Syngenta AG

    186,260      45,861,029
         
      $ 223,940,890

Computer Software – 1.5%

      

Oracle Corp. (a)

    7,862,480    $ 158,664,846

Computer Software - Systems – 1.9%

      

Hewlett-Packard Co.

    1,866,690    $ 95,499,860

International Business Machines Corp.

    1,016,410      106,906,004
         
      $ 202,405,864

Construction – 2.4%

      

Masco Corp. (l)

    5,867,190    $ 131,425,056

Sherwin-Williams Co. (l)

    744,680      46,788,244

Toll Brothers, Inc. (a)(l)

    3,591,920      74,244,986
         
      $ 252,458,286

Consumer Goods & Services – 2.0%

      

Procter & Gamble Co.

    2,830,540    $ 209,459,960

Containers – 0.2%

      

Smurfit-Stone Container Corp. (a)(l)

    1,547,940    $ 17,042,819

Electrical Equipment – 1.4%

      

Rockwell Automation, Inc.

    1,005,640    $ 68,272,900

 

1

MFS Value Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Electrical Equipment – continued

      

W.W. Grainger, Inc. (l)

    922,710    $ 81,475,293
         
      $ 149,748,193

Electronics – 1.5%

      

Intel Corp.

    6,197,340    $ 161,626,627

Energy - Independent – 2.9%

      

Apache Corp.

    1,072,970    $ 103,852,766

Devon Energy Corp. (l)

    1,543,420      127,810,610

EOG Resources, Inc. (l)

    918,290      76,016,046
         
      $ 307,679,422

Energy - Integrated – 9.8%

      

Chevron Corp.

    974,174    $ 85,503,252

ConocoPhillips

    1,648,980      131,984,359

Exxon Mobil Corp.

    3,304,080      294,591,773

Hess Corp.

    2,053,010      146,215,372

Marathon Oil Corp.

    866,950      48,462,505

Royal Dutch Shell PLC, ADR

    690,640      56,238,815

TOTAL S.A., ADR

    3,390,857      274,388,148
         
      $ 1,037,384,224

Food & Beverages – 3.7%

      

General Mills, Inc.

    879,100    $ 52,877,865

Kellogg Co.

    2,190,519      118,375,647

Nestle S.A.

    273,952      131,514,398

PepsiCo, Inc.

    1,114,326      86,003,681
         
      $ 388,771,591

Food & Drug Stores – 0.9%

      

CVS Caremark Corp.

    2,309,597    $ 92,591,744

Forest & Paper Products – 0.0%

      

AbitibiBowater, Inc. (l)

    183,606    $ 4,123,791

Gaming & Lodging – 1.2%

      

Royal Caribbean Cruises Ltd. (l)

    3,161,680    $ 128,237,741

General Merchandise – 1.3%

      

Macy’s, Inc.

    4,788,070    $ 141,966,276

Health Maintenance Organizations – 2.1%

      

UnitedHealth Group, Inc.

    1,333,490    $ 73,341,950

WellPoint, Inc. (a)

    1,738,300      146,382,243
         
      $ 219,724,193

Insurance – 8.2%

      

Allstate Corp.

    5,909,141    $ 302,075,288

Chubb Corp.

    1,153,460      62,921,243

Genworth Financial, Inc., “A”

    3,019,020      79,219,085

Hartford Financial Services Group, Inc.

    1,148,885      109,511,718

MetLife, Inc.

    3,649,370      239,362,178

Prudential Financial, Inc.

    835,890      78,690,685
         
      $ 871,780,197

Machinery & Tools – 0.7%

      

Deere & Co.

    190,116    $ 32,661,929

Eaton Corp.

    259,620      23,186,662

Timken Co.

    750,090      23,920,370
         
      $ 79,768,961

 

2

MFS Value Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Major Banks – 7.9%

      

Bank of America Corp.

    6,119,555    $ 282,295,072

Bank of New York Mellon Corp.

    4,285,648      205,539,678

PNC Financial Services Group, Inc.

    1,539,140      112,680,439

State Street Corp.

    1,202,090      96,034,970

SunTrust Banks, Inc.

    1,929,840      135,301,082
         
      $ 831,851,241

Other Banks & Diversified Financials – 5.8%

      

American Express Co.

    1,284,340    $ 75,750,373

Citigroup, Inc.

    5,534,530      184,299,849

Fannie Mae

    3,780,530      145,247,963

Freddie Mac

    852,940      29,912,606

UBS AG

    3,582,970      181,191,658
         
      $ 616,402,449

Pharmaceuticals – 7.7%

      

Abbott Laboratories

    1,179,630    $ 67,840,521

GlaxoSmithKline PLC

    2,110,880      55,920,571

Johnson & Johnson

    3,965,350      268,612,809

Merck & Co., Inc.

    3,100,450      184,042,712

Pfizer, Inc.

    2,171,130      51,586,049

Wyeth

    3,871,450      190,088,195
         
      $ 818,090,857

Printing & Publishing – 0.1%

      

New York Times Co., “A” (l)

    626,118    $ 10,330,947

Railroad & Shipping – 0.9%

      

Burlington Northern Santa Fe Corp.

    982,210    $ 82,034,179

Norfolk Southern Corp.

    220,230      11,277,978
         
      $ 93,312,157

Specialty Chemicals – 1.2%

      

Air Products & Chemicals, Inc.

    780,798    $ 77,330,234

Praxair, Inc.

    626,940      53,528,137
           
      $ 130,858,371

Specialty Stores – 0.9%

      

Advance Auto Parts, Inc.

    576,800    $ 20,741,728

Lowe’s Cos., Inc.

    663,580      16,197,988

Staples, Inc.

    2,496,600      59,169,420
         
      $ 96,109,136

Telecommunications - Wireless – 1.8%

      

Sprint Nextel Corp.

    4,862,990    $ 75,473,605

Vodafone Group PLC

    29,733,903      111,427,525
         
      $ 186,901,130

Telephone Services – 2.4%

      

AT&T, Inc.

    2,779,880    $ 106,219,215

Embarq Corp.

    1,469,729      74,882,693

TELUS Corp. (non-voting shares)

    411,913      19,055,683

Verizon Communications, Inc.

    1,195,190      51,644,160
         
      $ 251,801,751

Tobacco – 3.9%

      

Altria Group, Inc.

    5,275,550    $ 409,171,658

Utilities - Electric Power – 4.2%

      

Dominion Resources, Inc. (l)

    2,794,760    $ 131,996,515

 

3

MFS Value Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)  

Common Stocks – continued

      

Utilities - Electric Power – continued

      

Entergy Corp.

      704,160    $ 84,175,286  

FPL Group, Inc.

      1,730,090      120,691,078  

PG&E Corp.

      701,000      32,435,270  

PPL Corp.

      660,100      33,638,696  

Public Service Enterprise Group, Inc.

      413,770      39,614,340  
           
      $ 442,551,185  

Total Common Stocks

       $ 10,450,670,921  

Short-Term Obligations – 0.5%

      

General Electric Capital Corp., 4.6%, due 12/03/07 (y)

    $ 50,000,000    $ 49,987,222  

Repurchase Agreements – 0.9%

      

Merrill Lynch, 4.62%, dated 11/30/07, due 12/03/07, total to be received $93,614, 028 (secured by U.S. Treasury and Federal Agency obligations and Mortgage Backed securities in a jointly traded account)

    $ 93,578,000    $ 93,578,000  

Collateral for Securities Loaned – 3.6%

      

Navigator Securities Lending Prime Portfolio, at Net Asset Value

      390,180,294    $ 390,180,294  
           

Total Investments

       $ 10,984,416,437  

Other Assets, Less Liabilities – (3.7)%

         (399,593,559 )
           

Net Assets – 100.0%

       $ 10,584,822,878  
           

 

(a) Non-income producing security.

 

(l) All or a portion of this security is on loan.

 

(y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in this report and are defined:

 

ADR

    American Depository Receipt

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

4

MFS Value Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $ 8,582,727,085  
        

Gross unrealized appreciation

    $ 2,737,630,106  

Gross unrealized depreciation

      (335,940,754 )
        

Net unrealized appreciation (depreciation)

    $ 2,401,689,352  
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $381,165,499. These loans were collateralized by cash of $390,180,294 and U.S. Treasury obligations of $142,019.

 

5

LOGO

 

MFS Cash Reserve Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Certificates of Deposit – 19.7%

      

Financial Institutions – 3.8%

      

Swedbank, 4.88%, due 2/11/08

    $ 17,200,000    $ 17,200,000

Major Banks – 6.4%

      

Barclays Bank PLC, 4.99%, due 1/23/08

    $ 15,779,000    $ 15,779,000

Royal Bank of Canada, NY Branch, 4.75%, due 12/28/07

      8,645,000      8,645,000

Bank of Scotland PLC, 4.845%, due 2/04/08

      4,205,000      4,205,000
         
      $ 28,629,000

Other Banks & Diversified Financials – 9.5%

      

Citibank N.A., 4.93%, due 12/20/07

    $ 15,400,000    $ 15,400,000

DEPFA Bank PLC, 5.125%, due 1/23/08

      10,323,000      10,323,000

Fortis Bank, NY, 4.82%, due 2/07/08

      16,920,000      16,920,000
      $ 42,643,000
         

Total Certificates of Deposit, at Amortized Cost and Value

       $ 88,472,000

Commercial Paper – 75.6% (y)

      

Automotive – 4.0%

      

Toyota Motor Credit Corp., 4.68%, due 3/28/08

    $ 18,350,000    $ 18,068,511

Brokerage & Asset Managers – 9.7%

      

Goldman Sachs Group, Inc., 4.8%, due 1/31/08

    $ 17,429,000    $ 17,287,244

Merrill Lynch & Co., Inc., 5%, due 3/20/08

      8,095,000      7,971,326

Morgan Stanley, Inc., 5.45%, due 12/21/07

      18,189,000      18,133,928
         
      $ 43,392,498

Consumer Goods & Services – 0.6%

      

Procter & Gamble Co., 4.75%, due 12/14/07 (t)

    $ 2,697,000    $ 2,692,374

Financial Institutions – 9.0%

      

American Express Credit Corp., 4.71%, due 12/21/07

    $ 5,997,000    $ 5,981,308

American Express Credit Corp., 4.68%, due 2/08/08

      9,677,000      9,590,197

Cargill, Inc., 4.74%, due 2/13/08 (t)

      7,113,000      7,043,696

General Electric Capital Corp., 5.17%, due 1/23/08

      11,480,000      11,392,621

General Electric Capital Corp., 4.65%, due 3/27/08

      6,700,000      6,598,746
         
      $ 40,606,568

Food & Beverages – 6.2%

      

Archer Daniels Midland Co., 4.5%, due 12/20/07 - 1/29/08 (t)

    $ 18,260,000    $ 18,162,517

Coca-Cola Co., 4.97%, due 12/13/07 (t)

      3,505,000      3,499,193

Hershey Foods Corp., 4.5%, due 1/14/08 (t)

      6,120,000      6,086,340
         
      $ 27,748,050

Insurance – 3.9%

      

AIG Funding, Inc., 4.85%, due 2/01/08

    $ 17,677,000    $ 17,529,348

Major Banks – 25.4%

      

ABN Amro North America Finance, Inc., 5.105%, due 1/10/08

    $ 17,207,000    $ 17,109,398

Abbey National North America LLC, 5.21%, due 12/06/07

      15,855,000      15,843,527

BNP Paribas Finance, Inc., 4.663%, due 1/14/08

      17,509,000      17,409,212

Bank of America Corp., 4.94%, due 12/21/07

      17,385,000      17,337,288

JPMorgan Chase & Co., 5.05%, due 1/04/08

      14,923,000      14,851,825

JPMorgan Chase & Co., 5.03%, due 1/22/08

      3,173,000      3,149,946

Natexis Banques Populaires, 4.995%, due 12/03/07

      14,851,000      14,846,879

Societe Generale North America, Inc., 5.155%, due 1/09/08

      13,730,000      13,653,324
         
      $ 114,201,399

Medical Equipment – 0.5%

      

Pfizer, Inc., 4.43%, due 4/29/08 (t)

    $ 2,200,000    $ 2,159,392

 

1

MFS Cash Reserve Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)  

Commercial Paper(y) – continued

      

Network & Telecom – 2.7%

      

AT&T, Inc., 4.53%, due 12/12/07 - 12/20/07 (t)

    $ 12,000,000    $ 11,973,324  
           
      $ 11,973,324  

Other Banks & Diversified Financials – 9.6%

      

Citigroup Funding, Inc., 4.88%, due 2/25/08

    $ 2,606,000    $ 2,575,620  

DEPFA Bank PLC, 4.98%, due 12/21/07 (t)

      7,000,000      6,980,633  

Dexia Delaware LLC, 5.02%, due 12/07/07

      15,570,000      15,556,973  

UBS Finance Delaware LLC, 4.875%, due 2/19/08

      7,967,000      7,880,691  

UBS Finance Delaware LLC, 5.33%, due 2/19/08

      5,822,000      5,753,042  

UBS Finance Delaware LLC, 4.86%, due 1/02/08

      4,514,000      4,494,500  
           
      $ 43,241,459  

Retailers – 4.0%

      

WalMart Stores, Inc., 4.71%, due 12/03/07 (t)

    $ 17,844,000    $ 17,839,331  
           

Total Commercial Paper, at Amortized Cost and Value

       $ 339,452,254  

Repurchase Agreements – 5.1%

      

Merrill Lynch, 4.62%, dated 11/30/07, due 12/03/07, total to be received $22,913,818 (secured by various U.S. Treasury and Federal Agency obligations and Mortgage Backed securities in a jointly traded account), at Cost

    $ 22,905,000    $ 22,905,000  
           

Total Investments, at Amortized Cost and Value

       $ 450,829,254  

Other Assets, Less Liabilities – (0.4)%

         (1,716,553 )
           

Net Assets – 100.0%

       $ 449,112,701  
           

 

(t) Security exempt from registration with the U.S. Securities and Exchange Commission under Section 4(2) of the Securities Act of 1933.

 

(y) The rate shown represents an annualized yield at time of purchase.

The cost of investments for federal income tax purpose is $450,829,254.

For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

2

LOGO

 

MFS New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07

 

Issuer

    Shares/Par    Value ($)

Common Stocks – 99.9%

      

Airlines – 0.6%

      

Allegiant Travel Co. (a)

    103,220    $ 3,653,986

Alcoholic Beverages – 0.1%

      

Castle Brands, Inc. (a)(l)

    184,810    $ 212,532

Castle Brands, Inc. (a)(z)

    277,200      318,780
         
      $ 531,312

Apparel Manufacturers – 0.9%

      

Quiksilver, Inc. (a)(l)

    538,030    $ 5,703,118

Biotechnology – 2.4%

      

Millipore Corp. (a)(l)

    163,710    $ 13,404,575

Nanosphere, Inc. (a)

    171,800      2,477,356
         
      $ 15,881,931

Brokerage & Asset Managers – 1.0%

      

E*TRADE Financial Corp. (a)(l)

    324,770    $ 1,493,942

HFF, Inc., “A” (a)

    350,080      2,391,046

Thomas Weisel Partners Group (a)(l)

    173,140      2,378,944
         
      $ 6,263,932

Business Services – 6.3%

      

Bright Horizons Family Solutions, Inc. (a)(l)

    178,933    $ 6,761,878

Constant Contact, Inc. (a)

    70,300      1,338,512

Corporate Executive Board Co. (l)

    301,520      20,228,977

CoStar Group, Inc. (a)(l)

    105,100      5,064,769

iGate Corp. (a)(l)

    465,538      3,938,451

Syntel, Inc.

    103,760      3,738,473
         
      $ 41,071,060

Chemicals – 0.4%

      

Nalco Holding Co.

    123,370    $ 2,955,945

Computer Software – 3.5%

      

ACI Worldwide, Inc. (a)(l)

    551,605    $ 12,593,142

CommVault Systems, Inc. (a)

    336,800      7,500,536

Guidance Software, Inc. (a)

    255,225      3,141,820
         
      $ 23,235,498

Computer Software - Systems – 1.3%

      

Deltek, Inc. (a)

    232,820    $ 4,255,950

Enernoc, Inc. (a)(l)

    38,220      1,749,329

PROS Holdings, Inc. (a)

    140,060      2,409,032
         
      $ 8,414,311

Construction – 3.0%

      

D.R. Horton, Inc. (l)

    579,270    $ 6,933,862

Dayton Superior Corp. (a)(l)

    425,110      1,751,453

M.D.C. Holdings, Inc. (l)

    318,090      11,257,205
         
      $ 19,942,520

Consumer Goods & Services – 3.1%

      

Central Garden & Pet Co., “A” (a)(l)

    1,558,020    $ 8,179,605

Knot, Inc. (a)(l)

    208,260      2,749,032

NutriSystem, Inc. (a)(l)

    169,860      4,271,979

Physicians Formula Holdings, Inc. (a)

    388,080      5,033,398
         
      $ 20,234,014

Electronics – 8.2%

      

ARM Holdings PLC

    4,206,630    $ 11,464,164

 

1

MFS New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Electronics – continued

      

ATMI, Inc. (a)

    328,170    $ 9,874,635

Hittite Microwave Corp. (a)(l)

    285,590      12,334,632

Intersil Corp., “A”

    216,220      5,392,527

Jabil Circuit, Inc.

    386,320      6,548,124

MathStar, Inc. (a)

    462,260      439,147

PLX Technology, Inc. (a)(l)

    273,970      2,695,865

Volterra Semiconductor Corp. (a)(l)

    432,770      5,357,693
         
      $ 54,106,787

Energy - Independent – 2.4%

      

EXCO Resources, Inc. (a)(l)

    345,510    $ 4,830,230

Goodrich Petroleum Corp. (a)(l)

    229,020      5,594,959

Kodiak Oil & Gas Corp. (a)(l)

    1,040,140      2,475,533

Sandridge Energy, Inc. (a)

    82,860      2,630,805
         
      $ 15,531,527

Engineering - Construction – 2.8%

      

North American Energy Partners, Inc. (a)

    738,690    $ 9,529,101

Quanta Services, Inc. (a)(l)

    325,119      8,901,758
         
      $ 18,430,859

Food & Beverages – 1.5%

      

Diamond Foods, Inc.

    288,419    $ 5,771,264

Hain Celestial Group, Inc. (a)(l)

    127,040      4,202,483
         
      $ 9,973,747

Food & Drug Stores – 0.6%

      

Susser Holdings Corp. (a)

    154,210    $ 3,636,272

Forest & Paper Products – 1.0%

      

Universal Forest Products, Inc. (l)

    228,940    $ 6,549,973

Gaming & Lodging – 1.9%

      

Melco PBL Entertainment Ltd., ADR (a)(l)

    141,990    $ 2,057,435

WMS Industries, Inc. (a)(l)

    306,710      10,244,114
         
      $ 12,301,549

General Merchandise – 2.5%

      

99 Cents Only Stores (a)(l)

    757,270    $ 6,103,596

Stage Stores, Inc.

    629,325      10,648,179
         
      $ 16,751,775

Internet – 1.1%

      

TechTarget, Inc. (a)

    508,480    $ 6,945,837

Leisure & Toys – 2.7%

      

Take-Two Interactive Software, Inc. (a)(l)

    439,960    $ 6,590,601

THQ, Inc. (a)(l)

    463,494      11,332,428
         
      $ 17,923,029

Machinery & Tools – 2.0%

      

Polypore International, Inc. (a)

    759,020    $ 13,214,538

Medical & Health Technology & Services – 6.8%

      

Animal Health International, Inc. (a)

    348,350    $ 4,180,200

Genoptix Inc. Com (a)

    81,990      2,180,934

Healthcare Services Group, Inc. (l)

    397,110      8,696,709

IDEXX Laboratories, Inc. (a)

    203,210      12,294,205

MWI Veterinary Supply, Inc. (a)(l)

    403,170      16,965,394
         
      $ 44,317,442

 

2

MFS New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

    Shares/Par    Value ($)

Common Stocks – continued

      

Medical Equipment – 16.3%

      

ABIOMED, Inc. (a)(l)

    410,200    $ 5,271,070

Advanced Medical Optics, Inc. (a)(l)

    473,690      11,946,462

AngioDynamics, Inc. (a)

    325,053      6,309,279

Aspect Medical Systems, Inc. (a)(l)

    636,393      9,456,800

AtriCure, Inc. (a)

    231,900      2,659,893

Conceptus, Inc. (a)(l)

    589,800      11,849,082

Cooper Cos., Inc. (l)

    165,970      7,141,689

Cyberonics, Inc. (a)(l)

    315,385      4,301,851

Dexcom, Inc. (a)(l)

    309,110      2,673,802

Haemonetics Corp. (a)

    101,510      5,888,595

Immucor, Inc. (a)

    141,690      4,699,857

Insulet Corp. (a)(l)

    195,770      5,375,844

NxStage Medical, Inc. (a)(l)

    427,610      5,499,065

ResMed, Inc. (a)(l)

    249,640      11,433,512

Somanetics Corp. (a)

    101,588      2,032,776

Thoratec Corp. (a)(l)

    538,790      10,554,896
         
      $ 107,094,473

Network & Telecom – 3.7%

      

NICE Systems Ltd., ADR (a)

    488,758    $ 15,923,736

Polycom, Inc. (a)

    248,600      6,033,522

Sonus Networks, Inc. (a)(l)

    377,020      2,480,792
         
      $ 24,438,050

Oil Services – 1.8%

      

Exterran Holdings, Inc. (a)(l)

    110,950    $ 8,880,438

Natural Gas Services Group, Inc. (a)

    147,250      2,656,390
         
      $ 11,536,828

Other Banks & Diversified Financials – 1.4%

      

New York Community Bancorp, Inc. (l)

    238,880    $ 4,445,557

Signature Bank (a)(l)

    131,790      4,882,820
         
      $ 9,328,377

Personal Computers & Peripherals – 2.5%

      

Mellanox Technologies Ltd. (a)(l)

    303,900    $ 5,391,186

Nuance Communications, Inc. (a)

    559,629      11,293,313
         
      $ 16,684,499

Pharmaceuticals – 1.5%

      

Cadence Pharmaceuticals, Inc. (a)(l)

    173,810    $ 2,339,483

Medicis Pharmaceutical Corp., “A” (l)

    245,920      6,615,248

Synta Pharmaceuticals Corp. (a)(l)

    140,800      1,048,960
         
      $ 10,003,691

Printing & Publishing – 1.0%

      

MSCI, Inc., “A” (a)

    236,940    $ 6,551,391

Restaurants – 7.7%

      

Einstein Noah Restaurant Group, Inc. (a)

    216,400    $ 3,862,740

McCormick & Schmick’s Seafood Restaurant, Inc. (a)

    314,270      4,607,198

Panera Bread Co., “A” (a)(l)

    404,290      16,199,900

Peet’s Coffee & Tea, Inc. (a)(l)

    147,550      3,942,536

Red Robin Gourmet Burgers, Inc. (a)(l)

    333,240      13,182,974

Texas Roadhouse, Inc., “A” (a)(l)

    678,710      8,544,959
         
      $ 50,340,307

 

3

MFS New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 11/30/07 - continued

 

Issuer

              Shares/Par    Value ($)  

Common Stocks – continued

            

Specialty Chemicals – 0.3%

            

Metabolix, Inc. (a)(l)

            84,160    $ 1,811,123  

Specialty Stores – 6.5%

            

A.C. Moore Arts & Crafts, Inc. (l)

            288,220    $ 4,574,051  

CarMax, Inc. (a)(l)

            372,800      8,525,936  

Citi Trends, Inc. (a)(l)

            658,930      10,180,469  

Dick’s Sporting Goods, Inc. (a)

            96,970      3,031,282  

Lumber Liquidators, Inc. (a)

            381,900      3,433,281  

Monro Muffler Brake, Inc.

            240,185      5,060,698  

Urban Outfitters, Inc. (a)(l)

            299,560      7,848,472  
                 
            $ 42,654,189  

Telephone Services – 1.1%

            

Global Crossing Ltd. (a)(l)

            385,470    $ 7,065,665  
                 

Total Common Stocks

             $ 655,079,555  

Warrants – 0.0%

            
     Strike Price    First Exercise            

Alcoholic Beverages – 0.0%

            

Castle Brands, Inc. (a)(z)

    $ 6.57    5/08/07      110,880    $ 118  

Short-Term Obligations – 0.3%

            

General Electric Capital Corp., 4.6%, due 12/03/07

          $ 2,051,000    $ 2,050,476  

Collateral for Securities Loaned – 23.5%

            

Navigator Securities Lending Prime Portfolio, at Net Asset Value

            154,054,753    $ 154,054,753  
                 

Total Investments(k)

             $ 811,184,902  

Other Assets, Less Liabilities – (23.7)%

               (155,190,531 )
                 

Net Assets – 100.0%

             $ 655,994,371  
                 

 

(a) Non-income producing security.

 

(k) As of November 30, 2007, the fund had two securities that were fair valued, aggregating $318,898 and 0.04% of market value, in accordance with the policies adopted by the Board of Trustees.
(l) All or a portion of this security is on loan.

 

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

    Acquisition
Date		    Acquisition
Cost		    Current
Market Value		  

Castle Brands, Inc.

    4/19/07    $ 1,499,159    $ 318,780  

Castle Brands, Inc. (warrants)

    4/18/07      155,725      118  
              

Total Restricted Securities

          $ 318,898  

% of Net Assets

            0 %

The following abbreviations are used in this report and are defined:

 

ADR

    American Depository Receipt

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

4

MFS New Discovery Fund

Supplemental Information (Unaudited) 11/30/07

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate Cost

    $ 861,437,731  
        

Gross unrealized appreciation

    $ 60,496,664  

Gross unrealized depreciation

      (110,749,493 )
        

Net unrealized appreciation (depreciation)

    $ (50,252,829 )
        

The aggregate cost above includes prior fiscal year end tax adjustments.

(2) Securities Lending Collateral

At November 30, 2007, the value of securities loaned was $151,611,845. These loans were collateralized by cash of $154,054,753 and U.S. Treasury obligations of $1,573,221.

 

5

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: MFS SERIES TRUST I
By (Signature and Title)*   MARIA F. DWYER
  Maria F. Dwyer, President

Date: January 16, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   MARIA F. DWYER
  Maria F. Dwyer, President (Principal Executive Officer)

Date: January 16, 2008

 

By (Signature and Title)*   TRACY ATKINSON
 

Tracy Atkinson, Treasurer (Principal Financial Officer and

Accounting Officer)

Date: January 16, 2008

 

* Print name and title of each signing officer under his or her signature.