MFS® Global Equity Fund (Class R6 Shares) Second Quarter 2021 Investment Report

MFS® Global Equity 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-LGE-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 19

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 Global Equity Fund PRPEQ-LGE-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 Global Equity Fund 1 PRPEQ-LGE-30-Jun-21 Disciplined Investment Approach

2 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 2 PRPEQ-LGE-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

53.3 45.8 48.9 46.5 41.9 40.9 43.1 43.1 44.5 45.0 36.2 34.2 31.3 24.8 30.5 23.6 21.2 15.0 10.0 8.8 11.6 7.8 6.0 10.3 9.3 9.3 9.1 5.0 4.8 6.9 6.5 6.0 5.5 4.3

-0.3 -0.5 UK Japan Utilities Energy Canada Services Markets Materials Emerging Emerging Financials Industrials Consumer Consumer Real Estate Real 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 World 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 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 Global Equity Fund 3 PRPEQ-LGE-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 Industrials 19.6 10.6 Consumer Staples 14.4 7.0 Health Care 19.7 12.5 39.28 39.04 Top underweights Information Technology 15.2 22.1 Financials 8.9 13.5 Consumer Discretionary 8.4 12.0 ^^ MSCI World Index 14.40 14.83 15.52 14.99 The Global Industry Classification Standard (GICS®) was developed by 11.91 13.05 11.27 10.65 and/or is the exclusive property of MSCI, Inc. and S&P Global Market 7.76 7.74 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 Global Equity Fund performed in line with the MSCI World For most recent month-end performance, please visit mfs.com. Index in the second quarter of 2021. Performance results reflect any applicable expense subsidies and waivers in effect during the Contributors Detractors periods shown. Without such subsidies and waivers the fund's performance results would be less • Consumer Discretionary – Stock • Information Technology – Stock favorable. All results assume the reinvestment of dividends and capital gains. selection selection Shares are available without a sales charge to eligible investors. • Consumer Staples – Stock •Individual stocks: For periods of less than one-year returns are not annualized. selection - Canadian National Railway Source for benchmark performance SPAR, FactSet Research Systems Inc. •Individual stocks: - Alphabet Inc (not held) ^ MSCI World Index (net div) - Equifax Inc Eq - Kubota Corp

4 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 4 PRPEQ-LGE-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 8.40 7.93 0.47 4Q 2020 14.81 13.96 0.85 1Q 2021 3.85 4.92 -1.07 2Q 2021 7.76 7.74 0.01 2016 7.43 7.51 -0.08 2017 24.04 22.40 1.64 2018 -9.51 -8.71 -0.80 2019 30.66 27.67 2.99 2020 14.25 15.90 -1.65 2021 YTD 11.91 13.05 -1.14 10 year 11.27 10.65 0.62 5 year 14.40 14.83 -0.43 3 year 15.52 14.99 0.53 1 year 39.28 39.04 0.23 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 World Index (net div)

5 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 5 PRPEQ-LGE-30-Jun-21 Performance Drivers - Sectors

Average Relative Relative to MSCI World Index (USD) - second Portfolio Benchmark Sector Stock Currency relative + + = contribution quarter 2021 returns (%) returns (%) allocation1 (%) selection2 (%) effect (%) weighting (%) (%) Contributors Consumer Discretionary -3.6 13.4 6.5 0.1 0.5 0.0 0.6 Consumer Staples 7.2 11.0 6.0 -0.1 0.6 0.1 0.6 Financials -4.9 9.5 6.9 0.1 0.2 0.0 0.3 Utilities -2.9 – -0.5 0.3 – -0.0 0.3 Materials 1.1 8.5 5.5 -0.0 0.2 0.0 0.1 Real Estate -2.5 36.1 10.3 -0.1 0.1 0.0 0.0

Detractors Information Technology -6.4 4.8 11.6 -0.2 -1.0 0.0 -1.3 Communication Services -1.9 4.4 9.3 -0.0 -0.4 -0.0 -0.4 Cash 1.1 0.0 – -0.1 – 0.0 -0.1 Health Care 6.7 8.5 9.3 0.1 -0.2 0.0 -0.0 Energy -3.1 – 9.1 -0.0 – -0.0 -0.0 Industrials 9.2 5.7 4.3 -0.3 0.3 0.0 -0.0

Total 7.9 7.9 -0.5 0.3 0.2 0.1 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 Global Equity Fund 6 PRPEQ-LGE-30-Jun-21 Performance Drivers - Stocks

Average Weighting (%) Returns (%) Relative Relative to MSCI World Index (USD) - second quarter 2021 Portfolio Benchmark Portfolio¹ Benchmark contribution (%) Contributors Equifax Inc Eq 1.2 0.0 32.4 32.4 0.2 LVMH Moet Hennessy Louis Vuitton SE 2.6 0.4 18.2 18.2 0.2 Cie Financiere Richemont SA 1.3 0.1 26.0 25.6 0.2 Diageo PLC 2.3 0.2 15.9 15.9 0.2 Roche Holding Ltd 2.3 0.5 16.2 16.3 0.2 Detractors Canadian National Railway 1.8 0.1 -8.6 -8.6 -0.3 Alphabet Inc – 2.5 – 19.8 -0.3 Nvidia Corp – 0.7 – 49.9 -0.3 Kubota Corp 1.3 0.0 -10.5 -10.5 -0.2 Microsoft Corp – 3.2 – 15.2 -0.2

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].

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

Equifax Inc Eq An overweight position in consumer credit reporting agency Equifax (United States) contributed to relative performance. The 0.2 company reported solid first-quarter financial results, driven by solid performance in its U.S. Information Solutions (USIS) segment, owing to strong US mortgage market volumes. LVMH Moet An overweight position in luxury goods company LVMH (France) contributed to relative performance. The company reported 0.2 strong sales results in its Fashion & Leather segment, with Christian Dior a particular standout. Additionally, management reported Hennessy Louis strong sales results in its Wine & Spirits segment, with champagne and cognac sales benefiting from the later timing of the Chinese Vuitton SE New Year and from restocking in the US. Cie Financiere An overweight position in luxury goods company Richemont (Switzerland) helped relative returns. Although the company reported 0.2 organic revenues that were down mid-single digits for the full fiscal year (ended March 31), organic revenues were up strongly in Richemont SA the most recent quarter, with particularly strong performance in its Jewellery Maisons business segment.

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

Canadian National An overweight position in railroad company Canadian National Railway (Canada) held back relative results. The stock price -0.3 declined after the company proposed an offer to buy Kansas City Southern in a cash and share deal, which was materially higher Railway than Canadian Pacific's current offer. Alphabet Inc Not owning shares of technology company Alphabet (United States) hindered relative performance. The stock price appreciated -0.3 after the company reported consolidated net revenues that exceeded estimates, driven by a broad-based increase in advertising spend across Google Services as well as continued revenue growth in Cloud.

Nvidia Corp Not owning computer graphics processor maker NVIDIA (United States) held back relative results. The company posted strong -0.3 revenues for the quarter, driven by better-than-anticipated broad-based demand and capacity additions at its Gaming, Datacenter, and Pro Vis segments.

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Ending From 01-Apr-21 to 30-Jun-21 Sector Transaction type Trade (%) weight (%) Purchases CANADIAN PACIFIC RAILWAY LTD Industrials New position 0.9 0.9 FISERV INC Information Technology Add 0.7 1.3 INTERNATIONAL FLAVORS & FRAGRANCES Materials New position 0.5 0.5 INC ROCHE HOLDING AG Health Care Add 0.3 2.5 LIBERTY BROADBAND CORP Communication Services Add 0.2 1.1

Sales KANSAS CITY SOUTHERN Industrials Trim -1.1 1.3 DEUTSCHE WOHNEN SE Real Estate Eliminate position -0.4 – LVMH MOET HENNESSY LOUIS VUITTON SEConsumer Discretionary Trim -0.3 2.5 GOLDMAN SACHS GROUP INC/THE Financials Trim -0.2 1.7 BANK OF NEW YORK MELLON CORP/THEFinancials Trim -0.1 0.3

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.

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Underweight/ As of 30-Jun-21 Portfolio (%) Benchmark^ (%) Top holdings overweight (%) Schneider Electric SE, Honeywell International Industrials 19.6 10.6 9.0 Inc, Canadian National Railway Co Consumer Staples 14.4 7.0 7.4 Nestle SA, Diageo PLC, Danone SA Thermo Fisher Scientific Inc, Medtronic PLC, Health Care 19.7 12.5 7.2 Roche Holding AG Materials 6.1 4.4 1.7 Linde PLC, Akzo Nobel NV, PPG Industries Inc Equity Warrants 0.0 – 0.0 Cie Financiere Richemont SA Warrant Comcast Corp, Walt Disney Co, Liberty Communication Services 7.3 9.1 -1.8 Broadband Corp Real Estate – 2.7 -2.7 Utilities – 2.7 -2.7 Energy – 3.2 -3.2 LVMH Moet Hennessy Louis Vuitton SE, Cie Consumer Discretionary 8.4 12.0 -3.6 Financiere Richemont SA, eBay Inc Goldman Sachs Group Inc, Charles Schwab Corp, Financials 8.9 13.5 -4.6 American Express Co Information Technology 15.2 22.1 -6.9 Visa Inc, Accenture PLC, Oracle Corp ^ MSCI World Index 0.4% Cash & cash equivalents 0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. 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.

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Portfolio Benchmark^ Underweight/ As of 30-Jun-21 Underweight/overweight (%) (%) overweight (%) North America 58.6 70.6 -12.0 Canada 2.6 3.4 -0.8 North America -12.0 United States 56.0 67.2 -11.2 Europe ex-U.K. 30.0 14.8 15.2 France 11.4 3.4 8.0 Switzerland 8.2 2.9 5.3 Europe ex-U.K. 15.2 Netherlands 3.1 1.4 1.7 Germany 3.8 2.8 1.0 Sweden 1.7 1.1 0.6 Austria 0.3 0.1 0.2 United Kingdom 2.7 1 Other Spain 0.8 0.7 0.1 Denmark 0.6 0.8 -0.2 Other countries 1 0.0 1.8 -1.8 United Kingdom 6.9 4.2 2.7 Japan -4.8 Japan 2.0 6.8 -4.8 Asia/Pacific ex-Japan 0.0 3.4 -3.4 Other countries 1 0.0 3.4 -3.4 Developed - Middle East/Africa 0.9 0.2 0.7 Asia/Pacific ex-Japan -3.4 Israel 0.9 0.2 0.7 Emerging Markets 1.2 0.0 1.2 South Korea 1.0 0.0 1.0 Developed - Middle 0.7 Mexico 0.2 0.0 0.2 East/Africa

Emerging Markets 1.2

^ MSCI World Index 0.4% Cash & cash equivalents 0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets. 1 The portfolio does not own any securities in countries represented in the benchmark in the following percentages: Australia 2.1%; Hong Kong 1.0%; Italy 0.7% and 7 countries with weights less than 0.5% which totals to 1.5%.

12 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 12 PRPEQ-LGE-30-Jun-21 Characteristics

As of 30-Jun-21 Portfolio Benchmark^ Top 10 issuers as of 30-Jun-21 Portfolio (%) Benchmark^ (%) Fundamentals - weighted average COMCAST CORP 3.4 0.5 IBES long-term EPS growth 1 13.8% 17.3% Price/earnings (12 months forward ex-negative THERMO FISHER SCIENTIFIC INC 3.2 0.3 21.9x 19.9x earnings) VISA INC 3.0 0.7 Return on invested capital 11.5% 12.2% MEDTRONIC PLC 2.9 0.3 Net Debt/EV 9.4x 10.9x Market capitalization SCHNEIDER ELECTRIC SE 2.8 0.1 2 Market capitalization (USD) 136.1 bn 370.5 bn ROCHE HOLDING AG 2.5 0.5 Diversification LVMH MOET HENNESSY LOUIS 2.5 0.4 Top ten holdings 27% 17% VUITTON SE Number of holdings 88 1,562 ACCENTURE PLC 2.4 0.3 Number of countries 15 23 Turnover NESTLE SA 2.4 0.6 3 Trailing 1 year turnover 11% – DIAGEO PLC 2.4 0.2 Risk profile (current) Active share 88% – Total 27.5 3.9 Risk/reward (5 year) Standard deviation 14.95% 14.68% Information ratio -0.13 – ^ MSCI World 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 Global Equity Fund 13 PRPEQ-LGE-30-Jun-21 Portfolio Outlook and Positioning

Market review

Global equity markets continued to rally, with the MSCI World Index (net div. in USD) up 8% in the second quarter, but the shape of the rotation appears to have shifted gears. What started as a "COVID recovery trade" after the vaccine news in November, with a steep rotation towards high-beta, highly cyclical and deep value stocks, has morphed into a broader equity rally with fewer defining features but more of a focus on earnings growth. There was a reversal of the value rotation toward the end of the quarter after the US Federal Reserve said it might raise interest rates by 2023, a year earlier than indicated in previous guidance. The spread between sector returns has narrowed, but at the stock level there remains plenty of dispersion.

At a macro level there is much excitement on the speed of the reopening and vaccine rollout. Most economists are penciling in 6% global GDP growth this year and 4.5% next year, with expectations of a synchronized acceleration of G7 economies. The US is already above its pre-pandemic GDP level while Europe could reach this in Q3 or Q4. There seems to be a consensus that there will be a spending boom ahead as lockdown savings are spent and a feel-good factor returns. It was an unusual recession caused by a deliberate decision to close down parts of the economy in response to the pandemic, not provoked by financial excesses or a change in monetary policy. The response to that recession has been extraordinary, not only in the unprecedented size of stimulus, but also in its design — handing money to businesses to keep workers employed, and to individuals directly.

The big talking point in the markets this quarter is inflation. There is a huge debate about whether the recent spike in inflation is transitory or permanent. It remains too early to tell, with comparisons distorted by some price falls during 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 concerns whether the deflationary forces holding prices down (demographics, technology, globalization, etc.) are still as strong as they were. Globalization led to a huge transfer of production from high-cost economies to lower-cost ones in Asia and Eastern Europe. This may now be reversing. Low inflation has become a global phenomenon, and inflation has been falling for 30 years. So far, central banks and most investors believe inflation is transitory, a result of 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. Such a shock could have punctured high equity valuations, especially for long-duration assets that have been bid up in technology and

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other thematic areas such as clean energy. The yield on the benchmark 10-year US Treasury eased back below 1.5%, having peaked close to 1.8%. Falling interest rates have been the engine of a twin bull market in bonds and equities over the past decade or more. The question now is whether this is a turning point and game is over. The Fed's balance sheet has doubled to $8 trillion since the start of 2020 — over 30% of GDP — and at some point needs to be unwound.

The question is whether the central banks can control the narrative and how long it will be before they hit the brakes by raising interest rates and tapering QE. The policy lesson from 2018 is that even a modest tightening can be uncomfortable for equity and credit markets if it is not handled well. The speed of the "great unwind" of monetary and fiscal stimulus is being carefully assessed and matters to credibility and global financial stability. Equity valuation indicators still look stretched, although some of the signs of speculative excess have eased off. Warren Buffett’s favorite measure (market cap to GDP) is 236% against a 122% historical average, and long-term metrics like the cyclically adjusted PE ratio are two times higher than historical norms. Risks remain aplenty — control of inflation, fading stimulus, higher taxes, trade wars, central bank policy mistakes and new coronavirus variants in addition to ever-present political risks around the world. As always, we consider these factors on a stock-by-stock basis when evaluating our holdings.

Portfolio positioning and performance

The portfolio outperformed in both April and May before giving back some relative performance in June.

Good stock selection in the consumer discretionary and consumer staples sectors was the key positive factor. Luxury goods stocks, notably LVMH and Richemont, performed well as the market looked ahead to faster earnings growth and a resumption of travel. Beverage companies, notably Diageo, Heineken and Pernod Ricard, performed well as pubs, bars and restaurants started reopening in some developed markets. Strong stock selection in financials was also a positive, notably Goldman Sachs and American Express. Utilities was the weakest-performing sector, so not holding any utility stocks helped our relative performance this quarter. We struggle to find utilities with above-average growth characteristics, and where there are growth opportunities, particularly in renewables, we worry that excess capital is chasing a finite number of projects, and we find valuations too high.

The biggest detractor was information technology, driven more by stock selection than by being underweight the sector. Not holding Nvidia and Microsoft were the key detractors, along with relatively weak performance in holdings of Fiserv and Cognizant. Across the

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portfolio, the biggest single detractor was Canadian National Railway after the company bid for Kansas City Southern (also held in the portfolio and a positive contributor for the quarter).

The shape of the portfolio has not changed materially. The biggest overweights remain in industrials, consumer staples and health care, where we continue to seek out and find great opportunities in neglected areas of the market perhaps overlooked in the market gyrations and short-term focus of other investors. We’ve been adding to existing stocks and buying new positions, taking advantage of valuations at 10-year relative lows in several cases. The recent excitement has been in the rail industry, where a bidding war for Kansas City Southern has tempted us to reposition our rail stocks, as set out below.

Portfolio activity in Q2

Key trades during the quarter included the following:

We started a new position in Canadian Pacific Railway (CP) after its offer to acquire Kansas City Southern was trumped by a higher bid from its rival, Canadian National Railway, which faces more regulatory risk. CP looks attractive as a standalone entity and its valuation is attractive in our view. It has a conservative balance sheet, diversified freight mix and favorable commodity exposure. Rails generally grow in line with GDP and industrial production and are generally taking share from road transport. CP is one of the smaller rail operators servicing business centers in Canada and the US Northeast and Midwest. Meanwhile, we halved our position inKansas City Southern after its share price rose in response to the latest offer from Canadian National Railway.

We started a new position in International Flavors & Fragrances , a supplier of vital ingredients to consumer goods companies. The industry has attractive fundamentals, with pricing power, high barriers to entry, innovation, patent protection, and high switching costs as the process is completely entrenched in the clients' businesses. Flavors and fragrances represent a small proportion of the customer’s total cost and yet are a key differentiator of the end-product. We believe the stock's valuation is reasonable, with synergies resulting from recent deals driving earnings growth.

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We added to our position in Fiserv, a provider of financial technology services, including payment processing, e-commerce and online banking. We believe the company can deliver mid-to-high-single-digit revenue growth and low-double-digit EPS growth over the long term, and the stock is trading at a reasonable valuation.

We added to Roche, the Swiss pharmaceutical company, following its recent underperformance. Roche is the clear market leader in oncology and has successfully extended the lifecycle of its major drug franchises for cancer treatment. We believe Roche remains one of the best-positioned pharmaceutical companies and has above-average growth prospects, with new product launches more than offsetting the challenges from biosimilar products.

We added to Liberty Broadband , the holding company for media billionaire John Malone's stake in Charter Communications. We believe Charter has strong long-term prospects driven by the continuing growth of broadband Internet service, margin improvement potential and declining capital intensity. Management has demonstrated strong capital allocation and a clear focus on returns.

We eliminated our position in Deutsche Wohnen after the stock’s recent outperformance following a bid approach from Vonovia, a rival real-estate company.

We trimmed strong-performing positions in LVMH , Goldman Sachs , Bank of New York Mellon and Waters to fund new opportunities and more attractively valued investments.

Summary

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. The market is certainly more focused now and is again paying attention to the near-term and long-term earnings growth of companies as we move beyond the disruption phase. There will be bumps in the road ahead, not least the risk of COVID variants, and markets could stay volatile and unpredictable as we work through this in the short term. 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 moves is being closely watched.

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At the portfolio level, we continue to focus on investing in sustainable growth companies without worrying too much about macro gyrations. We do worry about paying what we think is the right price, as valuation can be a key determinant of long-term returns, and we continue to assess risks that others often seem willing to overlook. We will continue to try and take advantage of anomalies thrown up by market movements and look to find plenty of great companies in which to invest.

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.

45694.6 18 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 18 PRPEQ-LGE-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Cash & Cash Equivalents 0.4 Financials 8.9 Cash & Cash Equivalents 0.4 Charles Schwab Corp United States 1.5 Communication Services 7.3 American Express Co United States 1.3 Comcast Corp United States 3.4 Aon PLC United States 1.1 Walt Disney Co United States 1.8 UBS Group AG Switzerland 0.8 Liberty Broadband Corp United States 1.1 Willis Towers Watson PLC United States 0.5 WPP PLC United Kingdom 0.7 Deutsche Boerse AG Germany 0.5 Omnicom Group Inc United States 0.3 Julius Baer Group Ltd Switzerland 0.4 Consumer Discretionary 8.4 State Street Corp United States 0.4 LVMH Moet Hennessy Louis Vuitton SE France 2.5 Erste Group Bank AG Austria 0.3 Cie Financiere Richemont SA Switzerland 1.3 Bank of New York Mellon Corp United States 0.3 eBay Inc United States 1.1 Grupo Financiero Banorte SAB de CV Mexico 0.2 Compass Group PLC United Kingdom 0.7 Health Care 19.7 Burberry Group PLC United Kingdom 0.6 Thermo Fisher Scientific Inc United States 3.2 Aptiv PLC United States 0.5 Medtronic PLC United States 2.9 Marriott International Inc/MD United States 0.5 Roche Holding AG Switzerland 2.5 Whitbread PLC United Kingdom 0.5 Stryker Corp United States 1.7 EssilorLuxottica SA France 0.4 Abbott Laboratories United States 1.4 Hermes International France 0.3 Boston Scientific Corp United States 1.4 Consumer Staples 14.4 Merck KGaA Germany 1.3 Nestle SA Switzerland 2.4 Bayer AG Germany 1.1 Diageo PLC United Kingdom 2.4 Waters Corp United States 1.0 Danone SA France 1.8 Cooper Cos Inc United States 1.0 Essity AB Sweden 1.7 Zimmer Biomet Holdings Inc United States 0.9 Heineken NV Netherlands 1.7 Hoya Corp Japan 0.5 Pernod Ricard SA France 1.5 Olympus Corp Japan 0.4 Reckitt Benckiser Group PLC United Kingdom 1.5 Sonova Holding AG Switzerland 0.3 Colgate-Palmolive Co United States 0.9 Industrials 19.6 Carlsberg AS Denmark 0.6 Schneider Electric SE France 2.8 Equity Warrants 0.0 Honeywell International Inc United States 2.2 Cie Financiere Richemont SA Warrant Switzerland 0.0 Canadian National Railway Co Canada 1.7 Financials 8.9 3M Co United States 1.5 Goldman Sachs Group Inc United States 1.7 Kansas City Southern United States 1.3

19 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 19 PRPEQ-LGE-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Industrials 19.6 Materials 6.1 Equifax Inc United States 1.3 International Flavors & Fragrances Inc United States 0.5 Legrand SA France 1.2 Linde PLC United States 0.5 United Parcel Service Inc United States 1.1 Other -0.0 Kubota Corp Japan 1.1 Other* -0.0 Canadian Pacific Railway Ltd Canada 0.9 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. Aena SME SA Spain 0.8 The Global Industry Classification Standard (GICS®) was developed by and/or is the Union Pacific Corp United States 0.8 exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. ("S&P Global Otis Worldwide Corp United States 0.5 Market Intelligence"). GICS is a service mark of MSCI and S&P Global Market Brenntag SE Germany 0.5 Intelligence and has been licensed for use by MFS. MFS has applied its own internal MTU Aero Engines AG Germany 0.5 sector/industry classification methodology for equity securities and non-equity Rolls-Royce Holdings PLC United Kingdom 0.5 securities that are unclassified by GICS. Adecco Group AG Switzerland 0.4 Carrier Global Corp United States 0.3 Wolters Kluwer NV Netherlands 0.2 Information Technology 15.2 Visa Inc United States 3.0 Accenture PLC United States 2.4 Oracle Corp United States 1.5 Fidelity National Information Services Inc United States 1.4 PayPal Holdings Inc United States 1.3 Fiserv Inc United States 1.3 Samsung Electronics Co Ltd South Korea 1.0 Check Point Software Technologies Ltd Israel 0.9 Cognizant Technology Solutions Corp United States 0.9 Amphenol Corp United States 0.6 Microchip Technology Inc United States 0.5 Cisco Systems Inc/Delaware United States 0.4 Materials 6.1 Linde PLC United States 1.8 Akzo Nobel NV Netherlands 1.3 PPG Industries Inc United States 1.1 Air Liquide SA France 0.9

20 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Global Equity Fund 20 PRPEQ-LGE-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 Global Equity Fund 21 PRPEQ-LGE-30-Jun-21