MFS® Research International Fund (Class R6 Shares) Second Quarter 2021 Investment Report

MFS® Research International Fund (Class R6 Shares) Second quarter 2021 investment report

NOT FDIC INSURED MAY LOSE VALUE NOT A DEPOSIT Before investing, consider the fund's investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus, containing this and other information, contact MFS or view online at mfs.com. Please read it carefully. ©2021 MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.

FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public. PRPEQ-RIF-30-Jun-21 34135 Table of Contents

Contents Page

Fund Risks 1

Disciplined Investment Approach 2

Market Overview 3

Executive Summary 4

Performance 5

Attribution 6

Significant Transactions 10

Portfolio Positioning 11

Characteristics 13

Portfolio Outlook 14

Portfolio Holdings 18

Additional Disclosures 21

Country and region information contained in this report is based upon MFS classification methodology which may differ from the methodology used by individual benchmark providers. Performance and attribution results are for the fund or share class depicted and do not reflect the impact of your contributions and withdrawals. Your personal performance results may differ. Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

0 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund PRPEQ-RIF-30-Jun-21 Fund Risks

The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions. Please see the prospectus for further information on these and other risk considerations.

1 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 1 PRPEQ-RIF-30-Jun-21 Disciplined Investment Approach

Investment objective Seekscapitalappreciation

Goal OutperformtheMSCIEAFEIndex(netdiv)over full market cycles

Webelievebottom-upanalysis offers thebest opportunitytotry to identifyhigh-quality companies (generally definedas sustainable, Philosophy durable franchises, significant freecashflow, solid balance sheetsand strong management teams)with above average, sustainable earnings growth potential

Analyst-driven decision making process Core, multi-capitalization investment strategyallows flexibility to search Strategy for highest conviction ideas Company specificstockselection, not country specific Generally, hasbeensectorneutral relative toMSCIEAFEIndex

2 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 2 PRPEQ-RIF-30-Jun-21 Market Overview

Region performance (%) (USD) as of 30-Jun-21 Sector performance (%) (USD) as of 30-Jun-21 2Q 2021 1 Year 2Q 2021 1 Year

45.0 45.8 41.2 42.4 41.9 40.9 38.9 36.2 34.2 31.3 24.8 23.2 21.5 17.5 10.0 8.8 7.8 12.2 6.0 5.0 4.8 9.4 9.0 7.5 6.2 4.3 3.8 1.0 -0.3 -1.0 UK Japan Energy Canada Markets Emerging Emerging Health Care Health Technology Capital Goods Capital Telecom/CATV Europe ex UK ex Europe UnitedStates Pacific ex Japanex Pacific Financial Services Financial Consumer Staples Consumer Consumer Cyclicals Consumer Source: FactSet. Region performance based on MSCI regional/country indexes. Source: FactSet. Sector performance based on Global Research sector classification. The analysis of MSCI EAFE Index constituents are broken out by MFS defined sectors.

Market review as of 30-Jun-21 The global equity market rally continued in Q2 of 2021, helped by the The growing debate around inflation, even if transitory, is likely to increase further reopening of economies and expanding vaccinations despite the volatility in the market as short-term investors try to switchfrom growthto spread of COVID variants around the world. value and vice versa based on near-term news. Investors’ focus has begun to shift from the post-pandemic recovery to longer-term earnings growth.

3 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 3 PRPEQ-RIF-30-Jun-21 Executive Summary

Performance results (%) R6 shares at NAV (USD) as of 30-Jun-21 Sector weights (%) as of 30-Jun-21 Portfolio Benchmark^^ Portfolio Benchmark^ Top overweights Technology 13.5 13.4 Top underweights Energy 6.2 6.7 32.35 30.29 Health Care 11.9 12.3 Capital Goods 24.4 24.6 ^^ MSCI EAFE Index The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from 12.13 industry classification standards, including the standard that is 10.28 11.00 8.27 7.73 8.83 associated with the benchmark composition presented. The variance in 6.28 5.89 5.43 5.17 sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.

10 year 5 year 3 year 1 year YTD 2Q 2021 The MFS Research International Fund outperformed the MSCI EAFE Index in the second quarter of 2021. Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth Contributors Detractors more or less than the original cost; current performance may be lower or higher than quoted. • Technology – Stock selection • Energy – Stock selection For most recent month-end performance, please visit mfs.com. •Individual stocks: • Capital Goods – Stock selection Performance results reflect any applicable expense subsidies and waivers in effect during the - Novo Nordisk •Individual stocks: periods shown. Without such subsidies and waivers the fund's performance results would be less - Kyowa Kirin Co Ltd - Royal Philips Electronics NV favorable. All results assume the reinvestment of dividends and capital gains. - Asml Holding Nv (not held) Shares are available without a sales charge to eligible investors. For periods of less than one-year returns are not annualized. Source for benchmark performance SPAR, FactSet Research Systems Inc. ^ MSCI EAFE (Europe, Australasia, Far East) Index (net div)

4 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 4 PRPEQ-RIF-30-Jun-21 Performance Results

Performance results (%) R6 shares at NAV (USD) as of 30-Jun-21

Excess return vs Period Portfolio (%) Benchmark^ (%) benchmark (%) 3Q 2020 7.57 4.80 2.77 4Q 2020 12.43 16.05 -3.62 1Q 2021 2.18 3.48 -1.30 2Q 2021 5.43 5.17 0.26 2016 -0.75 1.00 -1.75 2017 28.45 25.03 3.42 2018 -13.87 -13.79 -0.08 2019 28.12 22.01 6.11 2020 13.29 7.82 5.47 2021 YTD 7.73 8.83 -1.10 10 year 6.28 5.89 0.39 5 year 12.13 10.28 1.86 3 year 11.00 8.27 2.73 1 year 30.29 32.35 -2.06 Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. Shares are available without a sales charge to eligible investors. For periods of less than one-year returns are not annualized. Source for benchmark performance SPAR, FactSet Research Systems Inc. ^ MSCI EAFE (Europe, Australasia, Far East) Index (net div)

5 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 5 PRPEQ-RIF-30-Jun-21 Performance Drivers - Sectors

Average Relative Relative to MSCI EAFE Index (USD) - second Portfolio Benchmark Sector Stock Currency relative + + = contribution quarter 2021 returns (%) returns (%) allocation1 (%) selection2 (%) effect (%) weighting (%) (%) Contributors Technology -0.2 10.2 6.2 0.0 0.5 0.0 0.5 Consumer Cyclicals -0.1 9.5 7.5 -0.0 0.2 0.0 0.2 Financial Services -0.1 4.6 3.8 -0.0 0.1 0.1 0.2 Health Care -0.3 9.9 9.4 -0.0 0.0 0.0 0.0 Telecom/CATV -0.0 -0.6 -1.0 0.0 0.0 -0.0 0.0

Detractors Energy -0.3 -2.7 1.0 0.0 -0.3 0.0 -0.2 Capital Goods -0.5 3.3 4.3 0.0 -0.3 0.0 -0.2 Consumer Staples 0.0 7.6 9.0 0.0 -0.1 -0.0 -0.1 Cash 1.5 0.0 – -0.1 – 0.0 -0.1

Total 5.6 5.4 -0.0 0.2 0.1 0.3 1 Sector allocation is calculated based upon each security's price in local currency. 2 Stock selection is calculated based upon each security's price in local currency and included interaction effect. Interaction effect is the portion of the portfolio's relative performance attributable to combining allocation decisions with stock selection decisions. This effect measures the relative strength of the manager's convictions. The interaction effect is the weight differential times the return differential. Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings using a buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregate to the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’s contribution to the overall portfolio’s performance during the measurement period, please email [email protected]. The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.

6 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 6 PRPEQ-RIF-30-Jun-21 Performance Drivers - Stocks

Average Weighting (%) Returns (%) Relative Relative to MSCI EAFE Index (USD) - second quarter 2021 Portfolio Benchmark Portfolio¹ Benchmark contribution (%) Contributors Novo Nordisk 2.4 0.8 23.4 23.4 0.3 Hitachi Ltd 1.6 0.3 26.6 26.6 0.3 Fujitsu Ltd 1.0 0.2 29.4 29.4 0.2 Epam Systems Inc 0.9 – 28.8 – 0.2 Kyowa Kirin Co Ltd 1.2 0.1 19.2 19.2 0.2 Detractors Royal Philips Electronics NV 1.5 0.3 -11.8 -11.8 -0.2 Kubota Corp 1.3 0.1 -10.5 -10.5 -0.2 Daikin Industries Ltd 1.5 0.3 -7.7 -7.7 -0.2 Nitto Denko Corp 0.9 0.1 -12.8 -12.8 -0.2 Asml Holding Nv – 1.6 – 13.4 -0.1

1 Represents performance for the time period stock was held in portfolio. Attribution results are generated by the FactSet application utilizing a methodology that is widely accepted in the investment industry. Results are based upon daily holdings using a buy-and-hold methodology to generate individual security returns and do not include fees or expenses. As such, attribution results are essentially estimates and do not aggregate to the total return of the portfolio, which can be found elsewhere in this presentation. To obtain the contribution calculation methodology and a complete list of every holding’s contribution to the overall portfolio’s performance during the measurement period, please email [email protected].

7 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 7 PRPEQ-RIF-30-Jun-21 Significant Impacts on Performance - Contributors

Relative Relative to MSCI EAFE Index (USD) - second quarter 2021 contribution (%)

Novo Nordisk The portfolio's overweight position in pharmaceutical company Novo Nordisk (Denmark) contributed to relative performance. The 0.3 company reported first-quarter financial results that were above expectations, driven by strong sales performance in its insulin and biopharma businesses. Hitachi Ltd The portfolio's overweight position in electronics company Hitachi (Japan) contributed to relative returns. The company posted 0.3 better-than-expected operating profit results, driven by strong performance in its IT segment. In addition, management reported favorable operating profit guidance, which further benefited the stock. Fujitsu Ltd An overweight position in global information services and technology company Fujitsu (Japan) aided relative returns. The company 0.2 delivered operating profits that were above consensus estimates, primarily driven by profit growth in its solution and services segment, which rebounded after being severely impacted by COVID-19, and in its system platforms segment, due to growth in 5G base stations.

8 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 8 PRPEQ-RIF-30-Jun-21 Significant Impacts on Performance - Detractors

Relative Relative to MSCI EAFE Index (USD) - second quarter 2021 contribution (%)

Royal Philips An overweight position in technology company Koninklijke Philips NV (Netherlands) detracted from relative performance. -0.2 Although the company reported solid first-quarter financial results, driven by organic sales growth and margin expansion, the stock Electronics NV price depreciated following a recall of its sleep care product, DreamStation, due to potential health concerns. Kubota Corp An overweight position in machinery and industrial products manufacturer Kubota (Japan) weighed on relative performance. The -0.2 company's stock price came under pressure as retail sales of tractors in the US fell during the period, owing to a decline in the excessively high demand from the previous year, fueled by the stay-at-home lifestyle.

Daikin Industries The portfolio's overweight position in air conditioning system manufacturer Daikin Industries (Japan) weighed on relative -0.2 performance. The company reported operating profit results that were well below expectations, mainly due to Ltd higher-than-expected sales, general and administrative expenses, rather than higher input prices. The fiscal-year 2022 operating profit guidance was also below expectations, which further pressured the share price.

9 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 9 PRPEQ-RIF-30-Jun-21 Significant Transactions

Ending From 01-Apr-21 to 30-Jun-21 Sector Transaction type Trade (%) weight (%) Purchases VISA INC Financial Services New position 0.8 0.8 GLENCORE PLC Capital Goods New position 0.6 0.6 BRIDGESTONE CORP Capital Goods New position 0.5 0.6 QIAGEN NV Health Care Add 0.4 0.8 UBS GROUP AG Financial Services Add 0.3 1.1

Sales KBC GROUP NV Financial Services Eliminate position -0.8 – BANK OF IRELAND GROUP PLC Financial Services Trim -0.6 0.1 ESSILORLUXOTTICA SA Health Care Trim -0.4 0.4 USS CO LTD Capital Goods Eliminate position -0.3 – NINTENDO CO LTD Consumer Cyclicals Eliminate position -0.3 –

The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.

10 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 10 PRPEQ-RIF-30-Jun-21 Sector Weights

Underweight/ As of 30-Jun-21 Portfolio (%) Benchmark^ (%) Top holdings overweight (%) Technology 13.5 13.4 0.1 Hitachi Ltd, NetEase Inc ADR, Fujitsu Ltd Nestle SA, Diageo PLC, British American Tobacco Consumer Staples 9.2 9.2 0.0 PLC Telecom / CATV 3.3 3.3 0.0 KDDI Corp LVMH Moet Hennessy Louis Vuitton SE, adidas Consumer Cyclicals 10.4 10.5 -0.1 AG, Wolters Kluwer NV Financial Services 20.0 20.1 -0.1 AIA Group Ltd, Aon PLC, BNP Paribas SA Schneider Electric SE, Linde PLC, Daikin Capital Goods 24.4 24.6 -0.2 Industries Ltd Roche Holding AG, Novo Nordisk AS, Kyowa Health Care 11.9 12.3 -0.4 Hakko Kirin Co Ltd Energy 6.2 6.7 -0.5 Iberdrola SA ^ MSCI EAFE Index 1.2% Cash & cash equivalents 0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.

11 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 11 PRPEQ-RIF-30-Jun-21 Region and Country Weights

Portfolio Benchmark^ Underweight/ As of 30-Jun-21 Underweight/overweight (%) (%) overweight (%) Europe ex-U.K. 46.0 50.0 -4.0 Switzerland 12.7 9.8 2.9 Europe ex-U.K. -4.0 Netherlands 5.5 4.3 1.2 Ireland 1.6 0.7 0.9 Portugal 0.7 0.2 0.5 Denmark 3.0 2.6 0.4 United Kingdom -6.6 Spain 2.4 2.5 -0.1 Germany 9.1 9.4 -0.3 France 10.2 11.5 -1.3 Italy 0.5 2.5 -2.0 Japan -3.1 Sweden 0.1 3.7 -3.6 1 Other Other countries 1 0.0 2.8 -2.8 United Kingdom 7.9 14.5 -6.6 Japan 20.1 23.2 -3.1 Asia/Pacific ex-Japan -4.1 Asia/Pacific ex-Japan 7.7 11.8 -4.1 Hong Kong 5.0 3.3 1.7 Australia 2.7 7.1 -4.4 Other countries 1 0.0 1.4 -1.4 North America 8.4 North America 8.4 0.0 8.4 United States 6.4 0.0 6.4 Canada 2.0 0.0 2.0 Emerging Markets 8.7 0.0 8.7 Emerging Markets 8.7 China 3.8 0.0 3.8 South Korea 1.5 0.0 1.5 India 1.3 0.0 1.3 Taiwan 0.8 0.0 0.8 South Africa 0.5 0.0 0.5 Greece 0.4 0.0 0.4 Thailand 0.4 0.0 0.4

^ MSCI EAFE Index 1.2% Cash & cash equivalents 0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. The portfolio does not own securities represented in the benchmark in the following percentages: Developed - Middle East/Africa region 0.6%. 1 The portfolio does not own any securities in countries represented in the benchmark in the following percentages: Finland 1.1%; Singapore 1.1% and 5 countries with

weights less than 1.0% which totals to 2.7%. 12 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 12 PRPEQ-RIF-30-Jun-21 Characteristics

As of 30-Jun-21 Portfolio Benchmark^ Top 10 issuers as of 30-Jun-21 Portfolio (%) Benchmark^ (%) Fundamentals - weighted average ROCHE HOLDING AG 3.1 1.6 IBES long-term EPS growth 1 13.3% 15.2% Price/earnings (12 months forward ex-negative NESTLE SA 3.0 2.1 19.2x 16.2x earnings) SCHNEIDER ELECTRIC SE 2.6 0.5 Price/book 2.4x 1.9x NOVO NORDISK A/S 2.6 0.9 Return on equity (3-year average) 17.4% 14.7% Market capitalization LINDE PLC 2.4 – Market capitalization (USD) 2 94.7 bn 80.9 bn LVMH MOET HENNESSY LOUIS 2.2 1.3 Diversification VUITTON SE Top ten holdings 23% 13% AIA GROUP LTD 1.8 0.9 Number of holdings 112 844 HITACHI LTD 1.8 0.3 Turnover Trailing 1 year turnover 3 19% – DIAGEO PLC 1.8 0.7 Risk profile (current) AON PLC 1.8 – Active share 79% – Total 23.2 8.3 Risk/reward (5 year) Historical tracking error 3.15% – Beta 0.91 – Standard deviation 13.61% 14.66% Information ratio 0.59 – ^ MSCI EAFE Index Past performance is no guarantee of future results. No forecasts can be guaranteed. 1 Source: Ibbotson 2 Weighted average. 3 US Turnover Methodology: (Lesser of Purchase or Sales)/Average Month End Market Value

13 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 13 PRPEQ-RIF-30-Jun-21 Portfolio Outlook and Positioning

Technology was the biggest contributor to relative performance for the second quarter. Shares of Japanese conglomerate Hitachi advanced after the company reported a strong quarter, fueled by favorable results from the IT segment and accelerating revenue growth from Lumada, the company's data analytics business, which benefitted from the acquisition of GlobalLogic. Hitachi's continued progress in reducing its exposure to old industrial businesses, including the sale of Hitachi Metal in the second quarter, while expanding its IT capabilities, has contributed to higher levels of cash flow and the stock's long-term price appreciation. The stock price of Japanese IT services company Fujitsu rose after the company reported better-than-expected earnings and announced a share buyback program as well as an increase in dividend. EPAM Systems, a digitally-focused IT services provider with operations in Eastern Europe, reported another upside surprise to earnings expectations and raised forward guidance, as EPAM continues to take share in the digital market.

Meanwhile, not owning ASML, the Dutch maker of lithography equipment used in manufacturing semiconductors, dampened relative returns after the company reported better-than-expected earnings growth. Despite an in line earnings report, the stock price of Chinese internet giant Tencent declined on concerns that an increased level of investments in business services, gaming and short video may weight on profit margins and returns from the new investments may fall short of investor expectations. In addition, the market is worried about the state muscling in on Chinese internet companies in general, as seen at Alibaba earlier and DIDI recently. But we believe that Tencent has a lower risk in that regard, as pressure from the Chinese government seems to have spurred additional investments for Tencent that are, for the most part, aligned with the company's long-term plans to enhance shareholder value. Our trading activity during the quarter consisted of a few marginal adds and trims of existing holdings.

Stock selection in consumer cyclicals contributed to relative performance. Our overweight to luxury goods companies LVMH & Richemont was a key driver, as both reported strong first quarter results and optimistic guidance. Luxury goods continue to be a beneficiary of lower spending on holidays, dining out and other experiential spending. Our position in Wolters Kluwer also was a positive contributor due to expectations of higher organic growth in its health and tax divisions as well as higher margins due to cost saving initiatives. Our holdings in Flutter and Naspers were a detractor in this quarter.

We added to our position in Ryanair. The company has the lowest emissions in the industry, and their business model, with their medium haul and mobile fleet, is well-positioned for the green transition. Ryanair's solid balance sheet and scale will become even more of a competitive advantage with increased regulatory or carbon costs. We added to our position in Adidas following concerns of a boycott in China. We believe Adidas will be able to overcome short term challenges due to the strength of its footwear product and strong distribution relationships.

We initiated a position in Zozo, a Japanese online apparel company, based on the company's high market share and the opportunity for increased e- commerce penetration in Japan. We exited our position in Nintendo on the heels of relative outperformance, due to concerns on the down cycle as well as the lower visibility on the next hardware cycle and the mobile transition.

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Financial services was a modest contributor to relative returns. Shares of European stock exchange operator Euronext advanced after the company completed the acquisition of Borsa Italiana, the only stock exchange in Italy. During the quarter, we increased our exposure to Switzerland-based asset gathering franchises UBS and Credit Suisse, which we believe are well positioned to benefit as customers invest excess savings. We exited positions in Belgium bank KBC and Bank of Ireland, which had rerated meaningfully since being added to the portfolio in late 2020. We trimmed BNP Paribas and AIB Group as well as Grand City Properties, while topping up United Kingdom banking firm NatWest and HDFC, an Indian banking and financial services firm. United States-based credit card company Visa is a new position, providing exposure to consumer spending and the global economic recovery. We added to our position in AON. The company is well positioned in insurance and financial services, and we expect attractive long-term returns regardless of whether the Willis Towers Watson acquisition is approved by government regulators or not. Undoubtedly, the portfolio looks a bit more "mid-cycle" than in the past, with neutral exposure to interest rates and markets, while remaining overweight credit and volatility. In terms of country/currency exposure our largest underweights remain Australia and the UK, offset by a US overweight.

Our health care investments performed in line with their respective EAFE sector. Shares of Danish drug maker Novo Nordisk rose after the company reported better-than-expected earnings, thanks to strong results from its insulin and biopharma businesses. Japanese pharmaceutical firm Kyowa Kirin benefitted from the announcement of a partnership with Amgen for developing a drug to treat atopic dermatitis, which maximizes the chances of success for the drug, with favorable economics for Kyowa Kirin. Shares of Swiss pharmaceutical company Roche Holding advanced on a strong quarterly earnings report, fueled by strength in the diagnostics division. Despite a favorable first quarter earnings report, shares of Philips Electronics declined after the company announced a voluntary recall of sleep product DreamStation due to possible health risks. Not owning index constituent AstraZeneca weighed on relative returns, after the company beat consensus earnings expectations. We initiated an investment in German medical equipment maker Qiagen, which is a leader in DNA/RNA extraction kits, automation equipment used in the preparation of samples for molecular diagnostic testing and modern tuberculosis testing. We trimmed our position in EssilorLuxottica on the heels of recent outperformance and continuing integration risk for the predecessor French and Italian companies.

Our telecom holdings performed in line with the EAFE sector for the quarter. Shares of Softbank Group, the Japanese telecom operator and technology investment firm, took a dip along with global tech stocks in May due to inflation and tapering fears, while Cellnex, a Spanish wireless infrastructure operator, recovered after the market digested its rights offering and the sentiment around bond yields.

In a quarter where the consumer staples sector outperformed the wider index, the portfolio's sector positioning slightly detracted. Our holdings of Japanese consumer products company Kao weighed on relative performance due to pandemic-related pressures, specifically weaker sales of cosmetics and the absence of inbound Chinese tourist demand. Shares of UK-based spirits maker Diageo rose after management increased guidance for the year amidst increased consumer spending on more expensive brands. As a further sign of confidence, the group resumed its share buyback. Nestle reported its strongest quarterly organic sales growth (7.7%) in over a decade. While some of this may reflect the benefits the group has had from continued stay-at-

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home restrictions, such as coffee drinking and the surge in pet ownership, the improvement in sales growth and returns suggest better running of the portfolio since the change in management in 2017. The group also disposed of its water business and has focused on more health and functional foods and has made acquisitions in its life sciences division. Tobacco stocks continued to lag and detracted from performance. In the near term, we are encouraged that many regions are seeing price increases at levels not seen for years, and longer term, we remain confident that valuations underestimate future cashflows. We favor those companies with strong reduced risk products; BAT remains the largest tobacco holding. There were no trades in the sector during the quarter.

Capital goods was a modest detractor from relative returns. A number of the Japanese holdings underperformed, reflecting in part the weaker local index. Shares in Kubota, the Japanese machinery and industrial products manufacturer, fell after announcing a decline in retail sales of tractors in the US, which followed unsustainably high demand in 2020 fueled by stay-at-home lifestyles. Shares in the HVAC equipment manufacturer Daikin declined on weaker results, owing to increased investment ahead of newer product launches in the US. We believe this investment will result in strong sales growth for their products driven by attractive environmental credentials. Shares of Nitto Denko, a manufacturer of industrial tapes and optronics for technology products, declined after management reduced earnings guidance, as demand for optronics going into PCs and tablets is expected to decline from recent peaks. A number of large positions contributed positively in the quarter. Specialty chemical companies Croda and Symrise and electrical components maker Legrand performed well, after reporting strong quarterly results driven by higher than expected organic sales.

We added to our position in tire producer Bridgestone. The majority of sales are driven by replacement rather than new car sales, and we expect that raw material prices will continue to be passed on. We believe their restructuring program can close the profitability gap to peers. We initiated a new position in Glencore, a mining conglomerate that has seen substantial changes to the senior management team, including the CEO and Chair, which we believe will herald a new generation of leadership, vision and culture. There appears to us a large, unappreciated opportunity for rationalization of the business with improved environmental impact. While the energy business will likely decline over time, the core base metal assets are key to the transition to a low carbon economy and the increase in electrification required. We exited USS, a Japanese operator of used car auctions, where we anticipate lower returns due to the decline in car ownership in Japan and Toyota's renewed focus on car auctions. We eliminated Toto, a Japanese maker of toilets and related products, in response to the stock's extended valuation levels.

Turning to the energy sector, with steady improvement over the past 12 months, demand for oil is expected to rebound to prepandemic levels of 100 million barrels per day during the second quarter. Meanwhile, oil inventory levels have returned at their preCOVID levels. Oil futures are in backwardation (downward sloping over time), with long-term Brent prices averaging around $60 per barrel. OPEC's supply response to normalizing demand has been cautious thus far, as its members account for more than 80% of spare capacity. Balancing the tradeoff between higher prices now versus stronger demand over the long-term, OPEC's objective seems to be to maximize the long-term value of a finite natural resource, while also keeping oil competitive as an energy source – rather than maximizing near-term profits. Our energy holdings modestly underperformed the respective EAFE sector for the quarter. After

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the stock price doubled last year, shares of Danish wind energy company Orsted declined in the first and second quarters, dropping by about a third in total, due to rising competition in renewable auctions and confusion among investors about the company's cap-ex guidance. Shares of UK-based Cairn Energy declined on uncertainty about the timing and amount of the cash settlement from India and reduced near-term contributions from the acquired Egypt assets. There were no energy trades during the quarter.

The commentary included in this report was based on a representative fully discretionary portfolio for this product style; as such the commentary may include securities not held in your portfolio due to account, fund, or other limits.

45698.6 17 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 17 PRPEQ-RIF-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Capital Goods 24.4 Consumer Cyclicals 10.4 Schneider Electric SE France 2.6 Naspers Ltd South Africa 0.5 Linde PLC United States 2.4 Ryanair Holdings PLC ADR Ireland 0.5 Daikin Industries Ltd Japan 1.4 Yamaha Corp Japan 0.4 Techtronic Industries Co Ltd Hong Kong 1.3 Sugi Holdings Co Ltd Japan 0.3 Croda International PLC United Kingdom 1.3 Burberry Group PLC United Kingdom 0.3 Sika AG Switzerland 1.2 51job Inc ADR China 0.3 Legrand SA France 1.2 Persol Holdings Co Ltd Japan 0.3 Kubota Corp Japan 1.2 Seek Ltd Australia 0.2 Akzo Nobel NV Netherlands 1.2 carsales.com Ltd Australia 0.2 Symrise AG Germany 1.1 ZOZO Inc Japan 0.2 SMC Corp Japan 1.1 Ocado Group PLC United Kingdom 0.2 Schindler Holding AG Switzerland 1.0 Cie Financiere Richemont SA Warrant Switzerland 0.0 Koito Manufacturing Co Ltd Japan 0.8 Consumer Staples 9.2 Ritchie Bros Auctioneers Inc Canada 0.8 Nestle SA Switzerland 3.0 Nitto Denko Corp Japan 0.8 Diageo PLC United Kingdom 1.8 GEA Group AG Germany 0.8 British American Tobacco PLC United Kingdom 1.2 Brambles Ltd Australia 0.8 Danone SA France 1.0 Toyota Industries Corp Japan 0.7 Reckitt Benckiser Group PLC United Kingdom 0.9 Continental AG Germany 0.7 Kao Corp Japan 0.7 Glencore PLC United Kingdom 0.6 Japan Tobacco Inc Japan 0.5 Bridgestone Corp Japan 0.6 Energy 6.2 Kansai Paint Co Ltd Japan 0.5 Iberdrola SA Spain 1.0 MTU Aero Engines AG Germany 0.5 Galp Energia SGPS SA Portugal 0.7 Cash & Cash Equivalents 1.2 TC Energy Corp Canada 0.5 Cash & Cash Equivalents 1.2 China Resources Gas Group Ltd China 0.5 Consumer Cyclicals 10.4 CLP Holdings Ltd Hong Kong 0.5 LVMH Moet Hennessy Louis Vuitton SE France 2.2 Eni SpA Italy 0.5 adidas AG Germany 1.3 Idemitsu Kosan Co Ltd Japan 0.5 Wolters Kluwer NV Netherlands 1.3 E.ON SE Germany 0.5 Cie Financiere Richemont SA Switzerland 0.8 Orsted AS Denmark 0.5 Yum China Holdings Inc China 0.7 Oil Search Ltd Australia 0.4 Flutter Entertainment PLC Ireland 0.6 APA Group Australia 0.3

18 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 18 PRPEQ-RIF-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Energy 6.2 Health Care 11.9 Cairn Energy PLC United Kingdom 0.3 Bayer AG Germany 0.6 Financial Services 20.0 EssilorLuxottica SA France 0.4 AIA Group Ltd Hong Kong 1.8 Other -0.0 Aon PLC United States 1.8 Other* -0.0 BNP Paribas SA France 1.6 Technology 13.5 HDFC Bank Ltd India 1.3 Hitachi Ltd Japan 1.8 Euronext NV France 1.2 NetEase Inc ADR China 1.4 LEG Immobilien SE Germany 1.2 Fujitsu Ltd Japan 1.2 UBS Group AG Switzerland 1.1 Tencent Holdings Ltd China 0.9 Grand City Properties SA Germany 1.0 NXP Semiconductors NV Netherlands 0.9 Mitsubishi UFJ Financial Group Inc Japan 1.0 EPAM Systems Inc United States 0.9 Natwest Group PLC United Kingdom 0.9 Taiwan Semiconductor Manufacturing Co Ltd Taiwan 0.8 Zurich Insurance Group AG Switzerland 0.9 Amadeus IT Group SA Spain 0.8 ING Groep NV Netherlands 0.9 NAVER Corp South Korea 0.8 Julius Baer Group Ltd Switzerland 0.8 Nomura Research Institute Ltd Japan 0.8 Hong Kong Exchanges & Clearing Ltd Hong Kong 0.8 Samsung Electronics Co Ltd South Korea 0.7 Visa Inc United States 0.8 Constellation Software Inc/Canada Canada 0.7 Credit Suisse Group AG Switzerland 0.8 Kyocera Corp Japan 0.6 Macquarie Group Ltd Australia 0.7 Scout24 AG Germany 0.6 ESR Cayman Ltd Hong Kong 0.5 Cadence Design Systems Inc United States 0.5 AIB Group PLC Ireland 0.4 Telecom / CATV 3.3 Hiscox Ltd United Kingdom 0.4 KDDI Corp Japan 0.9 Bank of Ireland Group PLC Ireland 0.1 SoftBank Group Corp Japan 0.8 Beazley PLC United Kingdom 0.1 Cellnex Telecom SA Spain 0.6 Health Care 11.9 Hellenic Telecommunications Organization SA Greece 0.4 Roche Holding AG Switzerland 3.1 Advanced Info Service PCL Thailand 0.4 Novo Nordisk AS Denmark 2.6 Tele2 AB Sweden 0.1 Kyowa Hakko Kirin Co Ltd Japan 1.4 Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. * Short positions, unlike long positions, lose value if the underlying asset gains value. Koninklijke Philips Electronics NV Netherlands 1.3 Santen Pharmaceutical Co Ltd Japan 0.9 QIAGEN NV Germany 0.8 Terumo Corp Japan 0.7

19 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 19 PRPEQ-RIF-30-Jun-21 Portfolio Holdings

20 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 20 PRPEQ-RIF-30-Jun-21 Additional Disclosures

Index data source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

21 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Research International Fund 21 PRPEQ-RIF-30-Jun-21