Portfolio of Investments
2/28/26 (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 ($)
|
|
Mutual Funds (h) – 100.0%
|
||||
|
Bond Funds – 39.6%
|
||||
|
MFS Emerging Markets Debt Fund - Class R6
|
|
|
15,402,888
|
$198,697,251
|
|
MFS Emerging Markets Debt Local Currency Fund - Class R6
|
|
|
21,461,427
|
133,275,464
|
|
MFS Global Opportunistic Bond Fund - Class R6
|
|
|
39,831,464
|
330,601,153
|
|
MFS Government Securities Fund - Class R6
|
|
|
73,555,669
|
648,760,996
|
|
MFS High Income Fund - Class R6
|
|
|
83,600,230
|
261,668,719
|
|
MFS Inflation-Adjusted Bond Fund - Class R6
|
|
|
50,054,632
|
461,003,164
|
|
MFS Total Return Bond Fund - Class R6
|
|
|
57,755,479
|
563,693,479
|
|
|
|
|
|
$2,597,700,226
|
|
International Equity Funds – 14.1%
|
||||
|
MFS Emerging Markets Equity Fund - Class R6
|
|
|
1,418,867
|
$71,156,174
|
|
MFS International Growth Fund - Class R6
|
|
|
2,761,360
|
140,387,531
|
|
MFS International Intrinsic Value Fund - Class R6
|
|
|
2,952,523
|
142,341,142
|
|
MFS International Large Cap Value Fund - Class R6
|
|
|
7,677,710
|
141,423,417
|
|
MFS International New Discovery Fund - Class R6
|
|
|
1,940,761
|
71,051,257
|
|
MFS Research International Fund - Class R6
|
|
|
12,438,015
|
356,224,747
|
|
|
|
|
|
$922,584,268
|
|
Non-Traditional Funds – 6.2%
|
||||
|
MFS Commodity Strategy Fund - Class R6
|
|
|
50,594,194
|
$205,412,427
|
|
MFS Global Real Estate Fund - Class R6
|
|
|
11,747,219
|
204,636,564
|
|
|
|
|
|
$410,048,991
|
|
U.S. Equity Funds – 38.8%
|
||||
|
MFS Growth Fund - Class R6
|
|
|
2,348,698
|
$443,903,995
|
|
MFS Mid Cap Growth Fund - Class R6
|
|
|
15,372,191
|
437,185,113
|
|
MFS Mid Cap Value Fund - Class R6
|
|
|
13,938,810
|
470,156,046
|
|
MFS New Discovery Fund - Class R6 (a)
|
|
|
2,651,783
|
97,187,825
|
|
MFS New Discovery Value Fund - Class R6
|
|
|
5,461,059
|
99,445,877
|
|
MFS Research Fund - Class R6
|
|
|
8,363,334
|
468,012,191
|
|
MFS Value Fund - Class R6
|
|
|
10,101,477
|
535,378,291
|
|
|
|
|
|
$2,551,269,338
|
|
Money Market Funds – 1.3%
|
|
|||
|
MFS Institutional Money Market Portfolio, 3.7% (v)
|
|
|
83,589,598
|
$83,597,957
|
|
Total Mutual Funds
|
$6,565,200,780
|
|||
|
|
||||
|
Other Assets, Less Liabilities – 0.0%
|
|
2,337,284
|
||
|
Net Assets – 100.0%
|
$6,567,538,064
|
|||
|
(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 $6,565,200,780.
|
|
(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.
1
Supplemental Information
2/28/26 (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. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds)
are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service.
If no sales are reported that day for these funds, generally
they will be valued at the last quoted daily bid quotation on their primary market
or exchange as provided by a third-party pricing service. 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. Pricing
services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact
in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional
round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional
round lot positions. 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
2
Supplemental Information (unaudited) – continued
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 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 28, 2026
in valuing the fund's assets and liabilities:
|
Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investment Companies
|
$6,565,200,780
|
$—
|
$—
|
$6,565,200,780
|
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ financial
statements 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. The following were affiliated issuers for the period ended February
28, 2026:
|
Affiliated Issuers
|
Beginning
Value
|
Purchases
|
Sales
Proceeds
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation or
Depreciation
|
Ending
Value
|
|
MFS Commodity Strategy Fund
|
$183,984,541
|
$34,154,169
|
$35,314,204
|
$(2,178,316
)
|
$24,766,237
|
$205,412,427
|
|
MFS Emerging Markets Debt Fund
|
181,922,594
|
17,249,512
|
15,775,791
|
(2,530,286
)
|
17,831,222
|
198,697,251
|
|
MFS Emerging Markets Debt Local Currency Fund
|
125,136,677
|
5,357,583
|
10,256,557
|
(1,451,516
)
|
14,489,277
|
133,275,464
|
|
MFS Emerging Markets Equity Fund
|
67,231,245
|
1,796,517
|
17,000,093
|
657,518
|
18,470,987
|
71,156,174
|
|
MFS Global Opportunistic Bond Fund
|
297,885,037
|
38,785,164
|
12,733,354
|
(1,951,841
)
|
8,616,147
|
330,601,153
|
|
MFS Global Real Estate Fund
|
198,496,209
|
7,409,538
|
12,851,022
|
471,082
|
11,110,757
|
204,636,564
|
|
MFS Government Securities Fund
|
559,516,634
|
80,925,609
|
11,695,012
|
(1,907,097
)
|
21,920,862
|
648,760,996
|
|
MFS Growth Fund
|
504,041,073
|
62,455,418
|
93,968,266
|
16,859,746
|
(45,483,976
)
|
443,903,995
|
|
MFS High Income Fund
|
246,638,087
|
24,027,499
|
12,221,580
|
(1,169,374
)
|
4,394,087
|
261,668,719
|
|
MFS Inflation-Adjusted Bond Fund
|
414,320,538
|
58,592,531
|
14,866,124
|
(1,964,176
)
|
4,920,395
|
461,003,164
|
|
MFS Institutional Money Market Portfolio
|
147,998,157
|
116,813,973
|
181,228,583
|
871
|
13,539
|
83,597,957
|
|
MFS International Growth Fund
|
135,244,798
|
8,169,942
|
15,431,175
|
5,286,617
|
7,117,349
|
140,387,531
|
|
MFS International Intrinsic Value Fund
|
136,563,651
|
11,401,592
|
25,685,792
|
3,419,378
|
16,642,313
|
142,341,142
|
|
MFS International Large Cap Value Fund
|
138,459,438
|
11,447,112
|
31,339,900
|
4,323,460
|
18,533,307
|
141,423,417
|
|
MFS International New Discovery Fund
|
67,500,975
|
2,504,042
|
5,673,847
|
447,834
|
6,272,253
|
71,051,257
|
|
MFS Mid Cap Growth Fund
|
481,179,674
|
62,258,231
|
56,149,697
|
11,794,392
|
(61,897,487
)
|
437,185,113
|
|
MFS Mid Cap Value Fund
|
463,083,059
|
36,456,556
|
68,537,594
|
2,042,731
|
37,111,294
|
470,156,046
|
|
MFS New Discovery Fund
|
101,978,187
|
614,153
|
24,233,016
|
4,946,207
|
13,882,294
|
97,187,825
|
|
MFS New Discovery Value Fund
|
99,222,784
|
10,681,650
|
17,285,379
|
1,194,995
|
5,631,827
|
99,445,877
|
|
MFS Research Fund
|
490,116,184
|
67,737,862
|
83,214,656
|
16,856,280
|
(23,483,479
)
|
468,012,191
|
|
MFS Research International Fund
|
341,130,928
|
20,579,435
|
49,322,429
|
13,603,024
|
30,233,789
|
356,224,747
|
|
MFS Total Return Bond Fund
|
504,568,124
|
64,251,593
|
23,360,978
|
(3,692,608
)
|
21,927,348
|
563,693,479
|
|
MFS Value Fund
|
522,737,529
|
47,045,446
|
63,703,308
|
2,874,739
|
26,423,885
|
535,378,291
|
|
|
$6,408,956,123
|
$790,715,127
|
$881,848,357
|
$67,933,660
|
$179,444,227
|
$6,565,200,780
|
|
Affiliated Issuers
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Commodity Strategy Fund
|
$27,709,709
|
$—
|
|
MFS Emerging Markets Debt Fund
|
7,521,069
|
—
|
|
MFS Emerging Markets Debt Local Currency Fund
|
3,073,438
|
—
|
|
MFS Emerging Markets Equity Fund
|
1,777,007
|
—
|
3
Supplemental Information (unaudited) – continued
|
Affiliated Issuers − continued
|
Dividend
Income
|
Capital Gain
Distributions
|
|
MFS Global Opportunistic Bond Fund
|
$12,223,715
|
$—
|
|
MFS Global Real Estate Fund
|
6,288,975
|
—
|
|
MFS Government Securities Fund
|
17,919,315
|
—
|
|
MFS Growth Fund
|
—
|
61,676,537
|
|
MFS High Income Fund
|
12,757,793
|
—
|
|
MFS Inflation-Adjusted Bond Fund
|
17,991,207
|
—
|
|
MFS Institutional Money Market Portfolio
|
3,640,460
|
—
|
|
MFS International Growth Fund
|
1,771,843
|
5,513,279
|
|
MFS International Intrinsic Value Fund
|
2,720,354
|
8,228,069
|
|
MFS International Large Cap Value Fund
|
5,103,347
|
5,841,705
|
|
MFS International New Discovery Fund
|
1,249,832
|
964,648
|
|
MFS Mid Cap Growth Fund
|
—
|
56,460,885
|
|
MFS Mid Cap Value Fund
|
7,289,758
|
27,884,692
|
|
MFS New Discovery Fund
|
—
|
—
|
|
MFS New Discovery Value Fund
|
3,400,699
|
6,461,331
|
|
MFS Research Fund
|
3,751,517
|
63,646,336
|
|
MFS Research International Fund
|
7,690,782
|
10,764,779
|
|
MFS Total Return Bond Fund
|
17,756,457
|
—
|
|
MFS Value Fund
|
7,350,458
|
38,130,906
|
|
|
$168,987,735
|
$285,573,167
|
4