QUARTERLY REPORT November 30, 2017 MFS VALUE FUND

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1 QUARTERLY REPORT November 30, 2017 MFS VALUE FUND

2 PORTFOLIO OF INVESTMENTS 11/30/17 (unaudited) The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes. Common Stocks 98.3% Aerospace 5.3% Honeywell International, Inc. 5,974,214 $ 931,738,415 Lockheed Martin Corp. 1,076, ,406,628 Northrop Grumman Corp. 2,213, ,420,678 United Technologies Corp. 4,293, ,421,164 $ 2,476,986,885 Alcoholic Beverages 1.2% Diageo PLC 15,706,798 $ 545,597,675 Apparel Manufacturers 0.7% Hanesbrands, Inc. 10,143,055 $ 211,888,419 NIKE, Inc., B 1,652,723 99,857,524 $ 311,745,943 Automotive 1.2% Delphi Automotive PLC 4,769,802 $ 499,255,176 Harley-Davidson, Inc. 1,487,696 74,682,339 $ 573,937,515 Broadcasting 1.8% Interpublic Group of Companies, Inc. 15,421,352 $ 305,034,342 Omnicom Group, Inc. 7,609, ,642,612 $ 848,676,954 Brokerage & Asset Managers 2.9% BlackRock, Inc. 1,030,971 $ 516,712,355 Franklin Resources, Inc. 4,001, ,462,814 NASDAQ, Inc. 5,777, ,316,503 T. Rowe Price Group, Inc. 2,142, ,536,976 $ 1,368,028,648 Business Services 6.0% Accenture PLC, A 9,399,620 $ 1,391,237,756 Amdocs Ltd. 1,719, ,274,186 Cognizant Technology Solutions Corp., A 1,879, ,879,533 DXC Technology Co. 1,615, ,308,690 Equifax, Inc. 2,112, ,047,574 Fidelity National Information Services, Inc. 5,036, ,129,456 Fiserv, Inc. (a) 2,522, ,551,734 $ 2,842,428,929 Cable TV 1.7% Comcast Corp., A 21,353,434 $ 801,607,912 Chemicals 4.2% 3M Co. 2,971,561 $ 722,505,341 DowDuPont, Inc. 2,712, ,206,684 Monsanto Co. 1,460, ,862,078 PPG Industries, Inc. 7,797, ,125,372 $ 2,001,699,475 Computer Software - Systems 0.4% International Business Machines Corp. 1,252,105 $ 192,786,607 1

3 Portfolio of Investments (unaudited) continued Common Stocks continued Construction 1.5% Sherwin-Williams Co. 1,010,335 $ 403,548,006 Stanley Black & Decker, Inc. 1,798, ,139,604 $ 708,687,610 Consumer Products 1.6% Coty, Inc., A 9,508,045 $ 163,823,615 Newell Brands, Inc. 4,589, ,122,940 Procter & Gamble Co. 2,502, ,195,926 Reckitt Benckiser Group PLC 2,757, ,897,627 $ 773,040,108 Containers 0.5% Crown Holdings, Inc. (a) 3,666,222 $ 218,983,440 Electrical Equipment 2.0% HD Supply Holdings, Inc. (a) 2,298,730 $ 85,007,036 Johnson Controls International PLC 22,494, ,685,753 $ 931,692,789 Electronics 1.3% Texas Instruments, Inc. 6,539,090 $ 636,188,066 Energy - Independent 1.8% EOG Resources, Inc. 4,729,727 $ 483,945,667 Occidental Petroleum Corp. 4,984, ,386,875 $ 835,332,542 Energy - Integrated 1.7% Chevron Corp. 3,376,102 $ 401,722,377 Exxon Mobil Corp. 4,831, ,398,561 $ 804,120,938 Entertainment 0.2% Time Warner, Inc. 881,605 $ 80,675,674 Food & Beverages 4.9% Archer Daniels Midland Co. 4,831,074 $ 192,663,231 Danone S.A. 2,726, ,135,383 General Mills, Inc. 11,201, ,535,404 J.M. Smucker Co. 1,516, ,970,073 Nestle S.A. 8,957, ,164,442 PepsiCo, Inc. 2,699, ,523,019 $ 2,314,991,552 Health Maintenance Organizations 0.7% Cigna Corp. 1,545,764 $ 327,284,612 Insurance 7.7% Aon PLC 6,003,182 $ 841,766,180 Chubb Ltd. 6,194, ,254,521 MetLife, Inc. 11,297, ,463,005 Prudential Financial, Inc. 2,526, ,667,675 Travelers Cos., Inc. 6,890, ,100,754 $ 3,617,252,135 Leisure & Toys 0.2% Hasbro, Inc. 992,424 $ 92,315,280 2

4 Portfolio of Investments (unaudited) continued Common Stocks continued Machinery & Tools 2.5% Eaton Corp. PLC 5,821,247 $ 452,776,592 Illinois Tool Works, Inc. 2,682, ,040,544 Ingersoll-Rand Co. Ltd., A 2,950, ,560,311 $ 1,165,377,447 Major Banks 14.0% Bank of New York Mellon Corp. 9,689,371 $ 530,396,169 Goldman Sachs Group, Inc. 4,703,826 1,164,855,471 JPMorgan Chase & Co. 21,728,950 2,271,109,854 PNC Financial Services Group, Inc. 4,903, ,270,538 State Street Corp. 4,340, ,827,295 Wells Fargo & Co. 27,123,533 1,531,665,908 $ 6,601,125,235 Medical & Health Technology & Services 1.8% CVS Health Corp. 3,835,065 $ 293,765,979 Express Scripts Holding Co. (a) 3,224, ,178,841 McKesson Corp. 2,225, ,854,171 $ 832,798,991 Medical Equipment 6.2% Abbott Laboratories 11,659,121 $ 657,224,651 Danaher Corp. 6,263, ,036,598 Medtronic PLC 13,164,871 1,081,230,855 Thermo Fisher Scientific, Inc. 3,150, ,367,677 $ 2,936,859,781 Oil Services 1.6% Schlumberger Ltd. 11,874,582 $ 746,317,479 Other Banks & Diversified Financials 5.8% American Express Co. 5,165,996 $ 504,769,469 Citigroup, Inc. 15,018,232 1,133,876,516 U.S. Bancorp 19,581,100 1,079,897,665 $ 2,718,543,650 Pharmaceuticals 7.0% Johnson & Johnson 12,174,817 $ 1,696,317,252 Merck & Co., Inc. 6,624, ,119,755 Novartis AG 1,287, ,187,608 Pfizer, Inc. 28,222,834 1,023,359,961 Roche Holding AG 369,373 93,192,761 $ 3,289,177,337 Printing & Publishing 0.7% Moody s Corp. 2,063,309 $ 313,251,572 Railroad & Shipping 1.3% Canadian National Railway Co. 3,226,656 $ 251,614,635 Union Pacific Corp. 2,962, ,741,829 $ 626,356,464 Real Estate 0.4% Public Storage, Inc., REIT 834,036 $ 177,749,752 Specialty Stores 0.2% Advance Auto Parts, Inc. 808,458 $ 81,654,258 3

5 Portfolio of Investments (unaudited) continued Common Stocks continued Telephone Services 0.8% Verizon Communications, Inc. 7,213,848 $ 367,112,725 Tobacco 3.5% Altria Group, Inc. 2,971,926 $ 201,585,740 Philip Morris International, Inc. 13,863,993 1,424,525,281 $ 1,626,111,021 Trucking 0.9% United Parcel Service, Inc., B 3,608,073 $ 438,200,466 Utilities - Electric Power 2.1% Duke Energy Corp. 7,319,562 $ 652,758,539 Southern Co. 2,179, ,574,119 Xcel Energy, Inc. 4,004, ,680,967 $ 971,013,625 Total Common Stocks $46,195,711,092 Investment Companies (h) 1.4% Money Market Funds 1.4% MFS Institutional Money Market Portfolio, 1.19% (v) 647,898,287 $ 647,833,497 Other Assets, Less Liabilities 0.3% 135,475,252 Net Assets 100.0% $46,979,019,841 (a) (h) (v) Non-income producing security. 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. At period end, the aggregate values of the fund s investments in affiliated issuers and in unaffiliated issuers were $647,833,497 and $46,195,711,092, respectively. 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. The following abbreviations are used in this report and are defined: PLC Public Limited Company 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. 4

6 Supplemental Information 11/30/17 (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 Equity securities, including restricted equity securities, 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. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. 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. The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 halting 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 on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share. Various inputs are used in determining the value of the fund s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes 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 November 30, 2017 in valuing the fund s assets or liabilities: Financial Instruments Level 1 Level 2 Level 3 Total Equity Securities $46,195,711,092 $ $ $46,195,711,092 Mutual Funds 647,833, ,833,497 Total $46,843,544,589 $ $ $46,843,544,589 For further information regarding security characteristics, see the Portfolio of Investments. 5

7 Supplemental Information (unaudited) continued (2) Investments in Affiliated Issuers An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers: Affiliated Issuers Beginning Acquisitions Dispositions Ending MFS Institutional Money Market Portfolio 908,270,888 1,432,721,207 (1,693,093,808) 647,898,287 Affiliated Issuers Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Capital Gain Distributions Dividend Income MFS Institutional Money Market Portfolio $(5,972) $(55,757) $ $1,613,014 $647,833,497 Ending Value 6