MOD-Q3
 
Quarterly Report
February 28, 2026
MFS®  Moderate Allocation Fund  
 
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