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

Effective at the close of business on November 29, 2019 (the "Closing Date"), the fund is closed to new investors subject to certain exceptions. Please see the prospectus for additional information. 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-MIO-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 14

Portfolio Outlook 15

Portfolio Holdings 18

Additional Disclosures 25

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 International New Discovery Fund PRPEQ-MIO-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. 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. Small-cap: Investments in small-cap companies can be more volatile than investments in larger companies. Please see the prospectus for further information on these and other risk considerations.

1 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 1 PRPEQ-MIO-30-Jun-21 Disciplined Investment Approach

Investment objective Seekscapitalappreciation

MFS International New Discovery Fund seeks to achieve, long-term capital appreciation by primarily investing in small to mid capitalization stocks internationally, including emerging Goals markets equities. Management’s goal is to outperform the MSCI All Country World (ex-US) SmallMidCapIndex (net div) overfullmarketcycles.

We believethatstockselectionbasedon fundamentalresearchisthe most reliablemethod Philosophy ofaddingvalueto ourclients’portfolios.

Coordinatedglobalindustryteamsshareideasand information. Selectionhas beendrivenby company/industry fundamentalstrengthsand growth Strategy prospectsrather than countryofdomicile. Focusoncompaniesearlyintheirlifecyclepositionedto potentiallygrowat above averagerates.

2 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 2 PRPEQ-MIO-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

53.2 52.9 45.8 50.4 41.9 40.9 49.1 45.7 36.2 34.2 44.2 31.3 24.8 35.4 32.0 30.4

10.0 8.8 7.8 6.0 5.0 4.8 19.3 20.5

-0.3 10.1 7.8 7.5 7.0 6.5 6.0 5.2 5.1 4.7 3.7 2.0 UK Utilities Energy Canada Services Markets Materials Emerging Emerging Financials Industrials Real Estate Real Consumer Consumer Health Care Health Technology Information Discretionary Europe ex UK ex Europe UnitedStates Pacific ex Japanex Pacific Communication Communication Consumer Staples Consumer Source: FactSet. Region performance based on MSCI regional/country indexes. Source: FactSet. Sector performance based on MSCI sector classification. The analysis of MSCI All Country World (ex-US) Small Mid Cap Index constituents are broken out by MSCI 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 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 International New Discovery Fund 3 PRPEQ-MIO-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 Consumer Staples 9.3 5.9 Information Technology 13.5 11.0 41.80 Communication Services 6.5 4.8 Top underweights Real Estate 4.6 8.6 29.18 Financials 8.6 11.3 Utilities 1.8 4.1 ^^ MSCI All Country World (ex-US) Small Mid Cap Index The Global Industry Classification Standard (GICS®) was developed by 11.10 11.21 8.97 10.52 and/or is the exclusive property of MSCI, Inc. and S&P Global Market 8.13 6.38 8.16 5.06 4.57 6.05 Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities 10 year 5 year 3 year 1 year YTD 2Q 2021 that are unclassified by GICS. 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. The MFS International New Discovery Fund underperformed the MSCI For most recent month-end performance, please visit mfs.com. All Country World (ex-US) Small Mid Cap Index in the second quarter of Performance results reflect any applicable expense subsidies and waivers in effect during the 2021. periods shown. Without such subsidies and waivers the fund's performance results would be less Contributors Detractors favorable. All results assume the reinvestment of dividends and capital gains. • Communication Services – Stock • Consumer Discretionary – Stock Shares are available without a sales charge to eligible investors. selection selection For periods of less than one-year returns are not annualized. • Utilities – Stock selection and an •Individual stocks: Source for benchmark performance SPAR, FactSet Research Systems Inc. underweight position - Evergreen Marine Corp ^ MSCI All Country World (ex-US) Small Mid Cap Index (net div) • Materials – Stock selection Ltd (not held) •Individual stocks: - Nabtesco Corp - Daiseki Co Ltd - Haitian International Holdings - Holding Ag Ltd - Seino Holdings Co Ltd

4 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 4 PRPEQ-MIO-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 9.12 8.93 0.19 4Q 2020 12.68 17.78 -5.10 1Q 2021 0.47 4.22 -3.75 2Q 2021 4.57 6.05 -1.48 2016 0.65 3.57 -2.92 2017 32.16 30.35 1.81 2018 -10.29 -17.06 6.77 2019 22.94 22.36 0.58 2020 10.14 12.01 -1.88 2021 YTD 5.06 10.52 -5.46 10 year 8.13 6.38 1.75 5 year 11.10 11.21 -0.11 3 year 8.16 8.97 -0.81 1 year 29.18 41.80 -12.62 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. Performance for Class R shares includes the performance of the fund's Class I shares, adjusted to take into account differences in sales loads and class-specific operating expenses (such as Rule 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus for additional information about performance and expenses. 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 All Country World (ex-US) Small Mid Cap Index (net div)

5 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 5 PRPEQ-MIO-30-Jun-21 Performance Drivers - Sectors

Relative to MSCI All Country World (ex-US) Average Relative Portfolio Benchmark Sector Stock Currency Small Mid Cap Index (USD) - second quarter relative + + = contribution returns (%) returns (%) allocation1 (%) selection2 (%) effect (%) 2021 weighting (%) (%) Contributors Communication Services 1.6 9.4 4.7 -0.0 0.3 -0.0 0.3 Utilities -2.5 10.5 2.0 0.1 0.1 0.0 0.3 Materials -0.1 7.1 5.1 -0.0 0.3 -0.0 0.2 Real Estate -4.0 8.8 7.0 -0.0 0.0 0.1 0.1 Health Care 0.8 9.8 10.1 0.0 -0.0 -0.0 0.0

Detractors Consumer Discretionary -0.2 0.2 6.0 0.0 -0.7 -0.0 -0.7 Consumer Staples 3.8 1.3 3.7 -0.1 -0.2 -0.0 -0.3 Information Technology 2.4 4.0 6.5 0.0 -0.3 -0.1 -0.3 Industrials -0.1 5.9 7.5 -0.0 -0.2 -0.1 -0.3 Energy -1.2 -5.0 7.8 -0.0 -0.2 -0.0 -0.2 Financials -2.7 3.1 5.2 0.0 -0.1 -0.1 -0.2 Cash 2.2 0.0 – -0.1 – -0.0 -0.1

Total 4.8 6.2 -0.1 -1.1 -0.2 -1.4 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 Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

6 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 6 PRPEQ-MIO-30-Jun-21 Performance Drivers - Stocks

Average Weighting (%) Returns (%) Relative to MSCI All Country World (ex-US) Small Mid Cap Index (USD) - second Relative Portfolio Benchmark Portfolio¹ Benchmark quarter 2021 contribution (%) Contributors Cellnex Telecom Sa 1.6 – 18.3 – 0.2 Croda International Plc 1.6 0.1 17.1 17.1 0.2 Daiseki Co Ltd 0.9 0.0 23.9 23.9 0.1 Ag (Eq) 1.3 0.2 15.7 15.7 0.1 Sonova Holding Ag 0.5 0.2 42.9 42.9 0.1 Detractors Flutter Entertainment PLC 0.8 – -15.1 – -0.2 Evergreen Marine Corp Taiwan Ltd – 0.1 – 343.4 -0.1 Nabtesco Corp 0.4 0.1 -16.6 -16.6 -0.1 Haitian International Holdings Ltd 0.5 0.0 -12.1 -12.1 -0.1 Seino Holdings Co Ltd 0.6 0.0 -8.1 -8.1 -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 International New Discovery Fund 7 PRPEQ-MIO-30-Jun-21 Significant Impacts on Performance - Detractors

Relative Relative to MSCI All Country World (ex-US) Small Mid Cap Index (USD) - second quarter 2021 contribution (%)

Flutter Holdings of online betting and gaming operator Flutter Entertainment () held back relative performance. Despite -0.2 strong Online Sports revenue growth that benefited from COVID-19 lockdowns, the company's share price came under pressure on Entertainment PLC the back of lower-than-expected sales within its Gaming segment, particularly for poker, as well as regulatory headwinds in . Evergreen Marine Not holding shares of marine shipping services provider Evergreen Marine (Taiwan) detracted from relative performance. The stock -0.1 price appreciated during the quarter after the company reported strong net profits, primarily driven by lower bunker fuel costs, Corp Taiwan Ltd strong freight rates and disciplined capacity management.

Nabtesco Corp An overweight position in aircraft and hydraulic products, precision equipment and transportation equipment manufacturer -0.1 Nabtesco Corp (Japan) detracted from relative returns. Although the company reported quarterly financial results in line with market expectations, the stock price declined due to weak aircraft equipment sales in its transport segment.

8 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 8 PRPEQ-MIO-30-Jun-21 Significant Impacts on Performance - Contributors

Relative Relative to MSCI All Country World (ex-US) Small Mid Cap Index (USD) - second quarter 2021 contribution (%)

Cellnex Telecom Sa The portfolio's position in telecommunications services provider Cellnex Telecom (Spain) contributed to relative performance. The 0.2 company reported strong financial results for the first quarter driven, in part, by mid-single-digit organic points of presence (PoP) growth. Croda International An overweight position in specialty chemical products maker Croda International (United Kingdom) boosted relative performance. 0.2 The stock price rose as the company cited an improved outlook in its Consumer Care and Life Sciences segments, driven by Plc better-than-expected volume growth and more favorable raw materials pricing. Daiseki Co Ltd The portfolio's overweight position in industrial waste treatment company Daiseki (Japan) contributed to relative returns. The 0.1 stock price rose as the company reported a higher-than-expected operating profit margin.

9 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 9 PRPEQ-MIO-30-Jun-21 Significant Transactions

Ending From 01-Apr-21 to 30-Jun-21 Sector Transaction type Trade (%) weight (%) Purchases NS SOLUTIONS CORP Information Technology Add 0.3 1.1 CHROMA ATE INC Information Technology Add 0.1 0.5 ALLFUNDS GROUP PLC Financials New position 0.1 0.1 TAKUMA CO LTD Industrials Add 0.1 0.1 TEMAIRAZU INC Consumer Discretionary Add 0.1 0.1

Sales DOOSAN BOBCAT INC Industrials Trim -0.1 0.4 TATA CONSUMER PRODUCTS LTD Consumer Staples Eliminate position -0.1 – SCOUT24 AG Consumer Discretionary Trim -0.1 0.5 CERVED GROUP SPA Financials Trim -0.1 0.5 PLC Communication Services Trim -0.1 0.4

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

10 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 10 PRPEQ-MIO-30-Jun-21 Sector Weights

Underweight/ As of 30-Jun-21 Portfolio (%) Benchmark^ (%) Top holdings overweight (%) Consumer Staples 9.3 5.9 3.4 Bakkafrost P/F Information Technology 13.5 11.0 2.5 Obic Co Ltd, NS Solutions Corp Communication Services 6.5 4.8 1.7 Cellnex Telecom SA Health Care 8.1 7.3 0.8 AG Materials 12.2 11.6 0.6 Croda International PLC, Symrise AG Industrials 19.6 20.0 -0.4 SG Holdings Co Ltd Consumer Discretionary 11.7 12.5 -0.8 Just Takeaway.com NV Energy 1.4 2.7 -1.3 United Tractors Tbk PT Utilities 1.8 4.1 -2.3 Resources Gas Group Ltd Financials 8.6 11.3 -2.7 Daiwa Securities Group Inc Real Estate 4.6 8.6 -4.0 LEG Immobilien SE ^ MSCI All Country World (ex-US) Small Mid Cap Index 2.6% Cash & cash equivalents The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

11 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 11 PRPEQ-MIO-30-Jun-21 Region Weights

As of 30-Jun-21 Underweight/overweight (%)

Europe ex-U.K. -3.4

United Kingdom 2.3

Japan 11.9

Asia/Pacific ex-Japan 0.1

Developed - Middle East/ -1.5

North America -4.9

Emerging Markets -7.1

2.6% Cash & cash equivalents

12 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 12 PRPEQ-MIO-30-Jun-21 Region and Country Weights

Portfolio Benchmark^ Underweight/ Portfolio Benchmark^ Underweight/ As of 30-Jun-21 (%) (%) overweight (%) (%) (%) overweight (%) Europe ex-U.K. 25.1 28.5 -3.4 Developed - Middle East/Africa 0.0 1.5 -1.5 Germany 6.7 4.6 2.1 Other countries 1 0.0 1.5 -1.5 Spain 2.7 1.1 1.6 North America 1.5 6.4 -4.9 Netherlands 2.7 1.6 1.1 United States 0.1 0.0 0.1 1.3 0.5 0.8 Canada 1.4 6.4 -5.0 Portugal 0.2 0.2 0.0 Emerging Markets 17.3 24.4 -7.1 Italy 1.9 2.2 -0.3 Brazil 2.6 1.8 0.8 Austria 0.3 0.6 -0.3 Indonesia 1.0 0.4 0.6 Switzerland 3.1 3.5 -0.4 Philippines 0.8 0.3 0.5 Norway 0.6 1.3 -0.7 Mexico 1.1 0.7 0.4 Denmark 0.8 1.7 -0.9 0.4 0.2 0.2 Finland 0.3 1.2 -0.9 Colombia 0.1 0.0 0.1 Belgium 0.2 1.1 -0.9 0.1 0.0 0.1 France 2.9 4.7 -1.8 Chile 0.2 0.2 0.0 Sweden 1.3 4.2 -2.9 Argentina 0.1 0.1 0.0 United Kingdom 13.6 11.3 2.3 Peru 0.0 0.1 -0.1 Japan 30.4 18.5 11.9 Poland 0.1 0.4 -0.3 Asia/Pacific ex-Japan 9.5 9.4 0.1 Turkey 0.0 0.3 -0.3 3.0 1.7 1.3 Russia 0.2 0.6 -0.4 Singapore 1.6 1.2 0.4 India 2.7 3.3 -0.6 0.5 0.6 -0.1 0.2 0.8 -0.6 4.4 6.0 -1.6 China 2.8 3.6 -0.8 0.3 1.2 -0.9 2.2 3.5 -1.3 Taiwan 2.5 4.6 -2.1 Other countries 1 0.0 2.2 -2.2

^ MSCI All Country World (ex-US) Small Mid Cap Index 2.6% Cash & cash equivalents 1 The portfolio does not own any securities in countries represented in the benchmark in the following percentages: Israel 1.5% and 11 countries with weights less than 1.0% which totals to 2.2%. 1 Other countries

13 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 13 PRPEQ-MIO-30-Jun-21 Characteristics

As of 30-Jun-21 Portfolio Benchmark^ Top 10 issuers as of 30-Jun-21 Portfolio (%) Benchmark^ (%) Fundamentals - weighted average OBIC CO LTD 1.8 – IBES long-term EPS growth 1 13.2% – Price/earnings (12 months forward ex-negative CELLNEX TELECOM SA 1.8 – 19.9x 16.0x earnings) CRODA INTERNATIONAL PLC 1.7 0.1 Return on equity (3-year average) 14.1% 10.8% LEG IMMOBILIEN SE (EQ) 1.4 0.1 Market capitalization Market capitalization (USD) 2 9.0 bn 7.5 bn SYMRISE AG (EQ) 1.4 0.2 Diversification NS SOLUTIONS CORP 1.1 0.0 Top ten holdings 13% 3% Number of holdings 375 5,624 SG HOLDINGS CO LTD 1.0 – Turnover JUST EAT TAKEAWAY 1.0 0.2 3 Trailing 1 year turnover 14% – DAISEKI CO LTD 1.0 0.0 Risk profile (current) Active share 89% – NOMURA RESEARCH INSTITUTE LTD 1.0 – Risk/reward (5 year) Total 13.2 0.6 Historical tracking error 4.15% – Alpha 1.49% – Beta 0.84 – R-squared 95.04% – Standard deviation 14.24% 16.55% Information ratio -0.03 – ^ MSCI All Country World (ex-US) Small Mid Cap 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

14 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 14 PRPEQ-MIO-30-Jun-21 Portfolio Outlook and Positioning

MARKET REVIEW

Non-US small- to mid-equity markets ended the second quarter of 2021 with a positive absolute return of 6.0% as measured by the MSCI All Country World ex US Small Mid Index (net div)("the index"). The positive returns were supported by the accelerating rollout of COVID-19 vaccines, but the shape of the rotation appears to have shifted gears. After the vaccine news in November of last year, the "COVID-19 recovery trade" started with a steep rotation in the index toward higher-beta, lower-quality and very cyclical stocks and morphed into a broader equity rally, with fewer defining features, but more focus on earnings growth. There was a reversal of the rotation toward the end of the quarter after the Federal Reserve (Fed) said it may raise interest rates in 2023, a year earlier than previous guidance.

At a macro level, there was excitement among investors regarding the speed of re-openings and vaccine rollouts. Most economists are now penciling in +6% global GDP growth this year and +4.5% for 2022, with expectations of a synchronized acceleration of G7 economies. The US is already above its prepandemic GDP level, while Europe should reach its prepandemic level in the second half of 2021.

The main focus of the markets during the second quarter was whether recent inflationary pressures are transitory or permanent. We believe it is still too early to tell since year-over-year price changes are distorted by falling prices during the lockdown. US inflation (CPI) hit 5% in May, the highest level in 13 years, and in Europe, inflation hit 2%, just five months after shaking off a bout of deflation. The long-term debate is whether the deflationary forces holding prices down (demographics, debt, globalization and technology) are still as strong as they were. Globalization led to a huge transfer of production from high-cost economies to lower-cost economies in Asia and Eastern Europe, which may now be reversing. Inflation has been falling for 30 years, and low inflation has become a global phenomenon. So far, central banks and many investors believe inflation is transitory, with price pressures caused by supply and demand imbalances distorted by the pandemic.

Relative calm has descended across bond markets, with yields actually falling, as fears of an interest rate shock are dissipating, at least for now. The yield on the benchmark 10-year US Treasury has eased back below 1.5%, having peaked close to 1.8%. Falling interest rates have been the engine for several bull markets in bonds and equities over the last decade or more. The question now is whether this is a turning point and rates will be headed higher. The Fed's balance sheet has doubled to $8 trillion since the start of 2020, which is over 30% of GDP and at some point, needs to be unwound.

45747.6 15 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 15 PRPEQ-MIO-30-Jun-21 Portfolio Outlook and Positioning

In the second quarter, all sectors of the index posted positive returns, led by healthcare which lagged last quarter. Energy also outperformed, supported by continued strength in oil prices. Utilities and consumer staples sectors lagged the most. Latin American countries were at both ends of country performance in the index, with Brazil posting the most positive absolute returns, while Chile and Columbia were the most negative.

PORTFOLIO POSITIONING

Sector positioning was consistent during the period. We were overweight the consumer staples sector, reflecting our enthusiasm for the high-quality business models and durable returns on capital in this area of the market. The portfolio was overweight communication services, healthcare and information technology. In information technology, we own a number of companies with differentiated intellectual property and attractive market positions. Financials was underweight relative to the index. Within financials, we have tended to avoid most of the smaller-cap banks in Europe. Finally, we remained underweight in the more capital intensive, commodity-driven and lower-growth utilities and energy sectors, and the portfolio continued to underweight REITS.

From a bottom-up perspective (as we do not make country bets) and on a regional basis, the portfolio is significantly overweight Japan, where we have found companies of good quality at attractive valuations. The portfolio is overweight the United Kingdom, where we own a number of global firms which we believe have resilient business models and a geographically diversified revenue base. The portfolio is underweight Continental Europe. Overall, we have trimmed positions which have outperformed or reached elevated valuations. Positions in emerging markets are underweight the index. We are underweight North America. The index largely comprises Canadian banks and natural resource firms, and we find fewer companies that suit our investment approach.

From an overall portfolio perspective, we continue to find relative value, adding to stocks that look attractive on a risk-reward basis, and selling those that do not. As such, positioning has remained fairly constant, and turnover has remained relatively low at approximately 13% over the trailing twelve months. Notable trades during the second quarter included the following:

We established a new position in Allfunds (United Kingdom), a leading platform for investment funds globally. As the funds industry moves toward digital and open architecture and improves operating efficiency, we believe businesses like Allfunds should gain share.

45747.6 16 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 16 PRPEQ-MIO-30-Jun-21 Portfolio Outlook and Positioning

Added to our holdings in NS Solutions (Japan), a company engaged in the information system business. Its activities include provision of outsourcing services using information technology and consultation on business and information system. It also develops, manufactures and sells software and hardware.

We trimmed our position in Scout24 (Germany), an internet services company. We favor the company's leadership position in digital classified advertisement, a strong structural growth opportunity. Real estate agents and car dealerships throughout Europe continue to shift marketing dollars to online platforms. We trimmed mainly due to valuation.

We trimmed our position in Rightmove (United Kingdom), an online real estate portal and property website. We trimmed mainly due to valuation.

MARKET OUTLOOK

It is pleasing to be able to look ahead with optimism and enjoy the economic boom as countries emerge from the pandemic, with some of the easiest financial conditions on record and unprecedented fiscal and monetary support in place. As we move beyond the disruption phase, the market is certainly more focused now, looking closely at the near- and long-term earnings growth of companies once again. Although after the volatility of the past year, it will no doubt take time for market imbalances to work through the system. There will be bumps in the road ahead, not least the risk of COVID-19 variants, and markets could stay volatile and unpredictable as we work through this in the coming months. One of the biggest questions soon will be the extent to which governments and citizens are prepared to live with the virus. That answer will have crucial implications for the shape of the recovery and the new steady-state we’re heading to. The inflation debate will rumble on, with investors looking for telltale signs of transitory or permanent change, while awaiting the inevitable tightening from central banks as interest rates get reset, and QE gets unwound. The narrative on the timing of these moves and the potential impact on the US dollar is being closely watched by investors.

As we move further into 2021, a long-term investment timeframe, grounded in strong fundamental analysis, has arguably never been more important than today. We believe that investing in companies with above-average long-term growth and returns, generating strong free cash flows and trading at attractive valuations will benefit our clients over time.

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.

45747.6 17 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 17 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Cash & Cash Equivalents 2.6 Consumer Discretionary 11.7 Cash & Cash Equivalents 2.6 Mahindra & Mahindra Ltd India 0.4 Communication Services 6.5 USS Co Ltd Japan 0.4 Cellnex Telecom SA Spain 1.8 Cafe de Coral Holdings Ltd Hong Kong 0.4 CTS Eventim AG & Co KGaA Germany 0.7 MakeMyTrip Ltd India 0.4 Scout24 AG Germany 0.5 Thule Group AB Sweden 0.4 Hellenic Telecommunications Organization SA Greece 0.4 Shangri-La Asia Ltd Hong Kong 0.4 Auto Trader Group PLC United Kingdom 0.4 SEB SA France 0.4 Rightmove PLC United Kingdom 0.4 Compass Group PLC United Kingdom 0.3 Toho Co Ltd/Tokyo Japan 0.3 PLC United Kingdom 0.3 China Literature Ltd China 0.3 Stanley Co Ltd Japan 0.3 Seek Ltd Australia 0.2 Ryohin Keikaku Co Ltd Japan 0.3 Toei Co Ltd Japan 0.2 Pacific Holdings Ltd Hong Kong 0.3 Infrastrutture Wireless Italiane SpA Italy 0.2 Hero MotoCorp Ltd India 0.3 Proto Corp Japan 0.2 Tabcorp Holdings Ltd Australia 0.3 iClick Interactive Asia Group Ltd ADR China 0.1 Moneysupermarket.com Group PLC United Kingdom 0.2 Konami Holdings Corp Japan 0.1 Anima Holding SA Brazil 0.2 NOS SGPS SA Portugal 0.1 Lojas Renner SA Brazil 0.2 Nippon Television Holdings Inc Japan 0.1 Group PLC United Kingdom 0.2 PLC Tanzania 0.1 PALTAC Corp Japan 0.2 Kakaku.com Inc Japan 0.1 NGK Spark Plug Co Ltd Japan 0.1 Karnov Group AB Sweden 0.1 Temairazu Inc Japan 0.1 Dena Co Ltd Japan 0.1 ABC-Mart Inc Japan 0.1 GungHo Online Entertainment Inc Japan 0.1 Cie Plastic Omnium SA France 0.1 Group PLC United Kingdom 0.1 Webjet Ltd Australia 0.1 Telesites SAB de CV Mexico 0.1 Rinnai Corp Japan 0.1 Consumer Discretionary 11.7 Demae-Can Co Ltd Japan 0.1 Just Eat Takeaway.com NV Netherlands 0.9 Magazine Luiza SA Brazil 0.1 PLC United Kingdom 0.8 GmbH & Co KGaA Germany 0.1 Flutter Entertainment PLC Ireland 0.7 Zhejiang Supor Co Ltd China 0.1 ZOZO Inc Japan 0.5 B&M European Value Retail SA United Kingdom 0.1 Koito Co Ltd Japan 0.5 Bandai Namco Holdings Inc Japan 0.1 Dollarama Inc Canada 0.5 Autoliv Inc United States 0.1

18 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 18 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Consumer Discretionary 11.7 Consumer Staples 9.3 Just Eat Takeaway.com NV Netherlands 0.1 Morinaga & Co Ltd/Japan Japan 0.3 Seria Co Ltd Japan 0.1 Kobayashi Pharmaceutical Co Ltd Japan 0.3 General Ltd Japan 0.1 Wm Morrison Supermarkets PLC United Kingdom 0.2 Allegro.eu SA Poland 0.1 Lion Corp Japan 0.2 Shimamura Co Ltd Japan 0.1 Ridley Corp Ltd Australia 0.2 PLC United Kingdom 0.1 Kato Sangyo Co Ltd Japan 0.2 Kawai Musical Instruments Manufacturing Co Ltd Japan 0.0 Sugi Holdings Co Ltd Japan 0.2 Heian Ceremony Service Co Ltd Japan 0.0 Ezaki Glico Co Ltd Japan 0.2 Asante Inc Japan 0.0 Dabur India Ltd India 0.2 Corp Japan 0.0 Sendas Distribuidora SA Brazil 0.2 Doshisha Co Ltd Japan 0.0 China Resources Beer Holdings Co Ltd China 0.2 Daikyonishikawa Corp Japan 0.0 Gruma SAB de CV Mexico 0.1 Central Automotive Products Ltd Japan 0.0 JBS SA Brazil 0.1 Rakuten Group Inc Japan 0.0 Ariake Japan Co Ltd Japan 0.1 Esprit Holdings Ltd Hong Kong 0.0 Cosmos Pharmaceutical Corp Japan 0.1 Consumer Staples 9.3 PLC United Kingdom 0.1 Bakkafrost P/F Norway 0.6 Kikkoman Corp Japan 0.1 Amorepacific Corp South Korea 0.5 JM Holdings Co Ltd Japan 0.1 Universal Robina Corp Philippines 0.4 Kitanotatsujin Corp Japan 0.1 Unicharm Corp Japan 0.4 Tate & Lyle PLC United Kingdom 0.1 Orion Corp/Republic of Korea South Korea 0.4 Matsumotokiyoshi Holdings Co Ltd Japan 0.0 Tingyi Cayman Islands Holding Corp China 0.4 San-A Co Ltd Japan 0.0 United Kingdom 0.4 Sagami Rubber Industries Co Ltd Japan 0.0 Kerry Group PLC Ireland 0.3 Milbon Co Ltd Japan 0.0 Essity AB Sweden 0.3 Group PLC United Kingdom 0.0 Swedish Match AB Sweden 0.3 PZ Cussons PLC United Kingdom 0.0 Sundrug Co Ltd Japan 0.3 Spencer's Retail Ltd India 0.0 Dairy Farm International Holdings Ltd Hong Kong 0.3 Shenguan Holdings Group Ltd China 0.0 Viscofan SA Spain 0.3 Energy 1.4 S Inc Japan 0.3 United Tractors Tbk PT Indonesia 0.4 Carlsberg AS Denmark 0.3 Iwatani Corp Japan 0.4 AVI Ltd South Africa 0.3 San-Ai Oil Co Ltd Japan 0.3

19 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 19 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Energy 1.4 Financials 8.6 Oil Search Ltd Australia 0.2 Banco Santander Chile Chile 0.1 Galp Energia SGPS SA Portugal 0.1 Bancolombia SA ADR Colombia 0.1 PLC United Kingdom 0.0 Partners Group Holding AG Switzerland 0.1 Financials 8.6 JAFCO Group Co ltd Japan 0.0 Daiwa Securities Group Inc Japan 0.7 Japan Exchange Group Inc Japan 0.0 Cerved Group SpA Italy 0.5 Grupo Financiero Inbursa SAB de CV Mexico 0.0 AUB Group Ltd Australia 0.5 Health Care 8.1 Schroders PLC United Kingdom 0.5 Gerresheimer AG Germany 0.6 Samsung Fire & Marine Insurance Co Ltd South Korea 0.5 Nakanishi Inc Japan 0.6 Shriram Transport Finance Co Ltd India 0.5 Sonova Holding AG Switzerland 0.6 TMX Group Inc Canada 0.5 Smith & Nephew PLC United Kingdom 0.5 E.Sun Financial Holding Co Ltd Taiwan 0.4 Ansell Ltd Australia 0.4 AEON Financial Service Co Ltd Japan 0.4 Kalbe Farma Tbk PT Indonesia 0.4 Metropolitan Bank & Trust Philippines 0.3 Virbac SA France 0.4 PLC United Kingdom 0.3 Santen Pharmaceutical Co Ltd Japan 0.3 Ltd Switzerland 0.3 As One Corp Japan 0.3 Euronext NV France 0.3 Terumo Corp Japan 0.3 Steadfast Group Ltd Australia 0.3 Denshi Co Ltd Japan 0.2 Ltd United Kingdom 0.3 BML Inc Japan 0.2 ASX Ltd Australia 0.2 Ramsay Health Care Ltd Australia 0.2 Moscow Exchange MICEX-RTS PJSC Russia 0.2 EPS Holdings Inc Japan 0.2 FinecoBank Banca Fineco SpA Italy 0.2 Jeol Ltd Japan 0.2 Hargreaves Lansdown PLC United Kingdom 0.2 Yunnan Baiyao Group Co Ltd China 0.2 Chiba Bank Ltd Japan 0.2 Hypera SA Brazil 0.2 AEON Thana Sinsap Thailand PCL Thailand 0.2 Daito Pharmaceutical Co Ltd Japan 0.2 Bank of Kyoto Ltd/The Japan 0.2 Demant AS Denmark 0.2 Jyske Bank AS Denmark 0.2 Nihon Kohden Corp Japan 0.2 Omni Bridgeway Ltd Australia 0.2 Eiken Chemical Co Ltd Japan 0.2 Allfunds Group Plc United Kingdom 0.1 Sonic Healthcare Ltd Australia 0.2 Admiral Group PLC United Kingdom 0.1 Medipal Holdings Corp Japan 0.2 Bolsa Mexicana de Valores SAB de CV Mexico 0.1 ConvaTec Group PLC United Kingdom 0.2 Shizuoka Bank Ltd Japan 0.1 Genomma Lab Internacional SAB de CV Mexico 0.1

20 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 20 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Health Care 8.1 Industrials 19.6 Hapvida Participacoes e Investimentos SA Brazil 0.1 Nabtesco Corp Japan 0.4 Burning Rock Biotech Ltd ADR China 0.1 Amadeus Fire AG Germany 0.4 Suzuken Co Ltd/Aichi Japan Japan 0.1 Voltronic Power Technology Corp Taiwan 0.3 ICON PLC Ireland 0.1 Sankyu Inc Japan 0.3 Abcam PLC United Kingdom 0.1 Sohgo Security Services Co Ltd Japan 0.3 Fleury SA Brazil 0.1 PLC United Kingdom 0.3 Group PLC United Kingdom 0.1 VAT Group AG Switzerland 0.3 Eurofins Scientific SE France 0.1 Fukushima Galilei Co Ltd Japan 0.3 PerkinElmer Inc United States 0.0 Spirax-Sarco Engineering PLC United Kingdom 0.3 Hogy Medical Co Ltd Japan 0.0 Aalberts NV Netherlands 0.3 Selcuk Ecza Deposu Ticaret ve Sanayi A.S. Turkey 0.0 Kardex Holding AG Switzerland 0.3 Holding AG Switzerland 0.0 Valmet Oyj Finland 0.3 Industrials 19.6 Enav SpA Italy 0.3 SG Holdings Co Ltd Japan 1.0 Wolters Kluwer NV Netherlands 0.2 Daiseki Co Ltd Japan 1.0 Meitec Corp Japan 0.2 PLC United Kingdom 0.8 LISI France 0.2 Legrand SA France 0.8 Somfy SA France 0.2 GEA Group AG Germany 0.7 MonotaRO Co Ltd Japan 0.2 Yamato Holdings Co Ltd Japan 0.6 METAWATER Co Ltd Japan 0.2 Seino Holdings Co Ltd Japan 0.6 Freightways Ltd New Zealand 0.2 IMCD NV Netherlands 0.5 Saab AB Sweden 0.2 IPH Ltd Australia 0.5 Cembre SpA Italy 0.2 51job Inc ADR China 0.5 Ltd New Zealand 0.2 Howden Joinery Group PLC United Kingdom 0.5 Auckland International Airport Ltd New Zealand 0.2 Intertek Group PLC United Kingdom 0.5 FULLCAST Holdings Co Ltd Japan 0.2 Haitian International Holdings Ltd China 0.4 Bharat Heavy Electricals Ltd India 0.2 Singapore Technologies Engineering Ltd Singapore 0.4 Bingo Industries Ltd Australia 0.2 DCC PLC United Kingdom 0.4 Nippo Corp Japan 0.1 Techtronic Industries Co Ltd Hong Kong 0.4 Rumo SA Brazil 0.1 Fujitec Co Ltd Japan 0.4 Takuma Co Ltd Japan 0.1 Doosan Bobcat Inc South Korea 0.4 MTU Aero Engines AG Germany 0.1 LS Electric Co Ltd South Korea 0.4 Aeon Delight Co Ltd Japan 0.1

21 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 21 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Industrials 19.6 Information Technology 13.5 Localiza Rent a Car SA Brazil 0.1 VTech Holdings Ltd Hong Kong 0.5 Dfds AS Denmark 0.1 Venture Corp Ltd Singapore 0.5 TK Corp South Korea 0.1 Alten SA France 0.4 Kingspan Group PLC Ireland 0.1 Azbil Corp Japan 0.4 MISUMI Group Inc Japan 0.1 Silicon Motion Technology Corp Taiwan 0.4 TOTO Ltd Japan 0.1 ASM Pacific Technology Ltd Hong Kong 0.4 Grupo Aeroportuario del Pacifico SAB de CV Mexico 0.1 CANCOM SE Germany 0.3 Trancom Co Ltd Japan 0.1 Halma PLC United Kingdom 0.3 Nissei ASB Co Ltd Japan 0.1 Advantech Co Ltd Taiwan 0.3 Park24 Co Ltd Japan 0.1 Corp Japan 0.3 Senko Group Holdings Co Ltd Japan 0.1 WiseTech Global Ltd Australia 0.3 Kintetsu World Express Inc Japan 0.1 Argo Graphics Inc Japan 0.2 Group PLC United Kingdom 0.1 Oracle Corp Japan Japan 0.2 Grupo Aeroportuario del Sureste SAB de CV ADR Mexico 0.1 Melexis NV Belgium 0.2 Carel Industries SpA Italy 0.1 Fuji Soft Inc Japan 0.2 Obara Group Inc Japan 0.1 SCSK Corp Japan 0.2 PLC United Kingdom 0.0 PCA Corp Japan 0.2 THK Co Ltd Japan 0.0 Corp Japan 0.2 DKSH Holding AG Switzerland 0.0 Inc Japan 0.2 Hamakyorex Co Ltd Japan 0.0 TOTVS SA Brazil 0.2 Shima Seiki Manufacturing Ltd Japan 0.0 Comture Corp Japan 0.2 Mitsubishi Pencil Co Ltd Japan 0.0 Temenos AG Switzerland 0.2 Rational AG Germany 0.0 Hirose Electric Co Ltd Japan 0.2 JGC Holdings Corp Japan 0.0 Nohmi Bosai Ltd Japan 0.2 Information Technology 13.5 Iriso Electronics Co Ltd Japan 0.1 Obic Co Ltd Japan 1.8 Globant SA Argentina 0.1 NS Solutions Corp Japan 1.1 Win Semiconductors Corp Taiwan 0.1 Nomura Research Institute Ltd Japan 1.0 TEC Corp Japan 0.1 ASM International NV Netherlands 0.7 SimCorp AS Denmark 0.1 Amadeus IT Group SA Spain 0.6 Fukui Computer Holdings Inc Japan 0.1 Chroma ATE Inc Taiwan 0.5 Sage Group PLC/The United Kingdom 0.1 Tripod Technology Corp Taiwan 0.5 Amano Corp Japan 0.1

22 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 22 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Information Technology 13.5 Materials 12.2 OBIC Business Consultants Co Ltd Japan 0.1 Deterra Royalties Ltd Australia 0.1 Johnson Service Group PLC United Kingdom 0.0 United Kingdom 0.1 Materials 12.2 Kureha Corp Japan 0.1 Croda International PLC United Kingdom 1.7 Verallia SA France 0.1 Symrise AG Germany 1.4 Taisei Lamick Co Ltd Japan 0.1 T Hasegawa Co Ltd Japan 0.8 Takasago International Corp Japan 0.0 Sika AG Switzerland 0.7 Cia de Minas Buenaventura SAA ADR Peru 0.0 SIG Combibloc Group AG Switzerland 0.7 Japan Chemical Co Ltd Japan 0.0 Forterra PLC United Kingdom 0.7 Real Estate 4.6 SK Kaken Co Ltd Japan 0.5 LEG Immobilien SE Germany 1.4 Agnico Eagle Mines Ltd Canada 0.5 UNITE Group PLC REIT United Kingdom 0.5 PLC United Kingdom 0.4 Mapletree Commercial Trust REIT Singapore 0.4 Fuji Seal International Inc Japan 0.4 Multiplan Empreendimentos Imobiliarios SA Brazil 0.3 Mayr Melnhof Karton AG Austria 0.3 ESR Cayman Ltd Hong Kong 0.3 Kansai Paint Co Ltd Japan 0.3 TAG Immobilien AG Germany 0.2 Breedon Group PLC United Kingdom 0.3 SE Germany 0.2 JCU Corp Japan 0.3 PLC REIT United Kingdom 0.2 Toyo Seikan Group Holdings Ltd Japan 0.2 Embassy Office Parks REIT REIT India 0.2 Iluka Resources Ltd Australia 0.2 City Developments Ltd Singapore 0.2 Grupo Cementos de Chihuahua SAB de CV Mexico 0.2 Ascendas India Trust IEU Singapore 0.2 Indocement Tunggal Prakarsa Tbk PT Indonesia 0.2 REIT United Kingdom 0.1 NOF Corp Japan 0.2 Midland Holdings Ltd Hong Kong 0.1 Gerdau SA IPS Brazil 0.2 Hibernia REIT plc REIT Ireland 0.1 MOIL Ltd India 0.2 Prologis Property Mexico SA de CV REIT Mexico 0.1 Orbia Advance Corp SAB de CV Mexico 0.2 Corp Inmobiliaria Vesta SAB de CV Mexico 0.1 United Kingdom 0.2 Concentradora Fibra Danhos SA de CV REIT Mexico 0.0 Suzano SA Brazil 0.2 Utilities 1.8 Orica Ltd Australia 0.2 China Resources Gas Group Ltd China 0.5 Air Water Inc Japan 0.1 Italgas SpA Italy 0.5 Corp Japan 0.1 CESC Ltd India 0.4 Nihon Parkerizing Co Ltd Japan 0.1 Energisa SA IEU Brazil 0.1 KH Neochem Co Ltd Japan 0.1 Equatorial Energia SA Brazil 0.1

23 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 23 PRPEQ-MIO-30-Jun-21 Portfolio Holdings

Equivalent As of 30-Jun-21 Country exposure (%) Utilities 1.8 Transmissora Alianca de Energia Eletrica SA IEU Brazil 0.1 Aguas Andinas SA Chile 0.1 Cia de Saneamento Basico do Estado de Sao Brazil 0.0 Paulo The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

24 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 24 PRPEQ-MIO-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.

25 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS International New Discovery Fund 25 PRPEQ-MIO-30-Jun-21