Q2 | 2021 ® As of June 30, 2021 MFS Emerging Markets Debt Local Fact Sheet Currency Fund

Objective An emerging markets debt fund that offers exposure to the return potential of debt in Seeks total return with an emphasis on local currency and potentially higher yields relative to other sovereign debt markets. high current income, but also considering EM countries (%) ‡ capital appreciation. Credit quality (% of total net assets) Investment team (15.6) AA 2.9 Portfolio Managers Ward Brown, CFA, Ph.D. A 9.2 ƒƒ15 years with MFS Other Countries (12.6) BBB 31.7 ƒƒ25 years in industry (12.5) BB 26.7 Matt Ryan, CFA ƒƒ24 years with MFS B 2.4 ƒƒ34 years in industry (2.8) CCC and Below 0.4 Fund benchmark (3.1) (9.9) Other Not Rated 11.0 JPMorgan Government (3.2) Index Emerging Markets (3.7) Global Diversified (8.9) Risk measures vs. benchmark (6.8) (8.5) (Class I) Alpha 0.12 Total developed market exposure including cash and futures was 12.1% of which 12.3% Beta 1.12 Sharpe Ratio 0.21 was United States and -0.2% was "Other Countries." Standard Deviation 12.30 Growth of $10,000 Class I shares 09/15/11 – 06/30/21 Risk measures are based on a trailing 5 year period. Class I ending value $10,514 $10,000 Fund Symbol and CUSIP $8,000 I EMLIX 552746422 $6,000 R6 EMLNX 552746323 A EMLAX 552746455 $4,000 C EMLCX 552746430 $2,000 $0 ‡ For all securities other than those 09/15/11 06/30/21 specifically described below, ratings are assigned to underlying securities utilizing Past performance is no guarantee of future results. Fund returns assume the reinvestment of dividends and capital gain distributions. ratings from Moody's, Fitch, and Standard Class I shares are available without a sales charge to eligible investors. & Poor's rating agencies and applying the Average annual total returns (%) following hierarchy: If all three agencies Inception Date Life 5 Year 3 Year 1 Year provide a rating, the middle rating (after Class I 09/15/11 0.51 3.65 4.93 8.97 dropping the highest and lowest ratings) is assigned; if two of the three agencies Class R6 12/03/12 0.61 3.78 5.02 9.06 rate a , the lower of the two is Class A without sales charge 09/15/11 0.29 3.42 4.67 8.68 assigned. If none of the 3 Rating Agencies Class A with 4.25% maximum sales charge 09/15/11 -0.15 2.53 3.16 4.07 above assign a rating, but the security is JPMorgan Index Emerging Markets N/A — 3.25 4.12 6.57 rated by DBRS Morningstar, then the DBRS Global Diversified Morningstar rating is assigned. If none Performance data shown represent past performance and are no guarantee of future results. Investment return and principal of the 4 ratings agencies listed above rate value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or the security, but the security is rated by higher than quoted. For most recent month-end performance, please visit mfs.com. the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies shown in the S&P and Fitch scale (e.g., and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. AAA). All ratings are subject to change. It is not possible to invest directly in an index. U.S. Government includes securities Performance for Class R shares includes the performance of the fund's Class I shares, adjusted to take into account differences in sales issued by the U.S. Department of the loads and class-specific operating expenses (such as Rule 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus Treasury. Federal Agencies includes rated for additional information about performance and expenses. and unrated U.S. Agency fixed-income Class R6 shares are available without a sales charge to eligible investors. securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes securities which have not been rated by any rating agency. The portfolio itself has not been rated by any rating agency.

NOT FDIC INSURED - MAY LOSE VALUE - NO GUARANTEE Please see reverse for additional information. Fact Sheet | Q2 | 2021 MFS® Emerging Markets Debt Local Currency Fund

Glossary CALENDAR YEAR TOTAL RETURNS (%) Alpha is a measure of the portfolio's risk- '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 adjusted performance. When compared to the portfolio's beta, a positive alpha indicates Class I — 15.25 -10.36 -4.18 -16.55 9.77 14.58 -6.02 15.90 2.69 better-than-expected portfolio performance JPMorgan Government Bond and a negative indicates alpha worse-than- Index Emerging Markets — 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 expected portfolio performance. Global Diversified Beta is a measure of the volatility of a portfolio Past performance is no guarantee of future results. relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta FUND EXPENSES (%) FUND DATA STRUCTURE (%) greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure Class I Class R6 Class A Inception Date 09/15/11 Bonds 84.3 Gross Expense Ratio 1.19 1.08 1.44 $431.5 Cash & Cash when the return fluctuations of the portfolio are Net Assets 12.7 highly correlated with the return fluctuations of Net Expense Ratio 0.85 0.84 1.10 million Equivalents the index chosen to represent the market. Number of Other 3.0 Gross Expense Ratio is the fund's total operating expense ratio 147 Sharpe Ratio is a risk-adjusted measure Issues 0.0 calculated to determine reward per unit of risk. from the fund's most recent prospectus. Net Expense Ratio Turnover Ratio 94% It uses a standard deviation and excess return. reflects the reduction of expenses from contractual fee waivers Other consists of: (i) currency Avg. Eff. The higher the Sharpe Ratio, the better the and reimbursements. Elimination of these reductions will result 7.0 years derivatives and/or (ii) any portfolio's historical risk-adjusted performance. in higher expenses and lower performance. These reductions will offsets. Standard Deviation is an indicator of the Avg. Eff. continue until at least February 28, 2022. 4.3 years portfolio's total return volatility, which is based Duration on a minimum of 36 monthly returns. The larger TOP CURRENCY WEIGHTS (%) the portfolio's standard deviation, the greater Indonesian Rupiah 9.9 TOP 5 HOLDINGS the portfolio's volatility. Brazilian Real 9.6 Brazil Notas do Tesouro Nacional Serie F 10% JAN 01 23 Turnover Ratio is the percentage of a Mexican Peso 9.4 portfolio's securities that have changed over Republic of South Africa Government Bond 8% JAN 31 30 the course of a year: (lesser of purchases or Chinese Renminbi 8.9 Colombian TES 5.75% NOV 03 27 sales)/average market value. Polish Zloty 8.9 China Government Bond 3.25% JUN 06 26 Average Effective Maturity is a weighted Indonesia Treasury Bond 7% MAY 15 27 average of maturity of the bonds held in a portfolio, taking into account any prepayments, 23.7% of total net assets puts, and adjustable coupons which may Important risk considerations shorten the maturity. Longer-maturity funds The fund may not achieve its objective and/or you could lose money on your investment in the fund. n Bond: Investments in debt are generally considered more interest-rate sensitive than shorter maturity funds. instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Average Effective Duration is a measure of how much a bond's price is likely to fluctuate Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail with general changes in interest rates, e.g., if interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios rates rise 1.00%, a bond with a 5-year duration that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter is likely to lose about 5.00% of its value. durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. n 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. n Emerging Markets: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets. n Derivatives: Investments in derivatives can be used to take both long and positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk. n High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments. n Concentrated: The portfolio's performance could be more volatile than the performance of more diversified portfolios. n Local Currency: The value of securities denominated in emerging market currencies are affected by changes in currency rates or exchange control regulations, restrictions or prohibition on the repatriation of currencies, application of tax laws, including withholding taxes, changes in government administration or economic or monetary policy or changed circumstances in dealings between nations. n Please see the prospectus for further information on these and other risk considerations. Benchmark and vendor disclosures JPMorgan GBI-EM Global Diversified Index is a market capitalization weighted index that is designed to measure the performance of local currency government bonds issued in emerging markets. The index includes only the countries which give access to their capital market to foreign investors; it therefore excludes China, , and Thailand. Individual country weights in the index are limited to 10% in order for the index to remain fully diversified. Information has been obtained from sources believed to be reliable but J.P. Morgan does not its completeness or accuracy. The Portfolio characteristics are based on Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright equivalent exposure, which measures 2021, J.P. Morgan Chase & Co. All rights reserved. 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. The portfolio is actively managed, and current holdings may be different. Before investing, consider the fund's investment objectives, risks, charges, and expenses. For a prospectus, or summary MFS Fund Distributors, Inc. prospectus, containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully. 1-800-225-2606 mfs.com EML-FS-07-21 23423.43