MFS® Blended Research® Emerging Markets 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-BRK-30-Jun-21 34135 Table of Contents

Contents Page

Fund Risks 1

Market Overview 2

Executive Summary 3

Performance 4

Attribution 5

Significant Transactions 7

Portfolio Positioning 8

Characteristics 11

Portfolio Outlook 12

Portfolio Holdings 16

Additional Disclosures 19

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 Blended Research Emerging Markets Equity Fund PRPEQ-BRK-30-Jun-21 Fund Risks

The fund may not achieve its objective and/or 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. Strategy: There is no assurance that the portfolio's predicted tracking error will equal its target predicted tracking error at any point in time or consistently for any period of time, or that the portfolio's predicted tracking error and actual tracking error will be similar. The portfolio's strategy to target a predicted tracking error of approximately 2% compared to the Index and to blend fundamental and quantitative research may not produce the intended results. In addition, MFS fundamental research is not available for all issuers. Quantitative Strategy: MFS' investment analysis, development and use of quantitative models, and selection of investments may not produce the intended results and/or can lead to an investment focus that results in underperforming portfolios with similar investment strategies and/or the markets in which the portfolio invests. The proprietary and third party quantitative models used by MFS may not produce the intended results for a variety of reasons, including the factors used, the weight placed on each factor, changing sources of market return, changes from the market factors' historical trends, and technical issues in the development, application, and maintenance of the models (e.g., incomplete or inaccurate data, programming/software issues, coding errors and technology failures). Please see the prospectus for further information on these and other risk considerations.

1 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 1 PRPEQ-BRK-30-Jun-21 Market Overview

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

45.8 41.9 40.9 76.4 71.9 36.2 34.2 31.3 24.8 45.2 37.0 32.4 32.9 33.7 10.0 8.8 7.8 24.1 6.0 5.0 4.8 20.8 23.2 14.1 13.2 12.6 8.3 6.7 4.6 4.3 -0.3 3.9 3.6 2.1 2.0

-6.0 UK Japan 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 Emerging Markets Index constituents are broken out by MSCI defined sectors. Market review as at 30-Jun-2021 Emerging markets finished the second quarter in positive Earnings growth across emerging markets has been broadly territory, making it five straight quarters of positive returns positive year to date, partly due to the low base effect from last since the market collapsed in the first quarter of 2020. year.

Style wise, value continued its outperformance that began in the The market appears to be pricing in a strong economic fourth quarter of 2020, aided by higher commodity prices. Mid- recovery, but the rise of COVID-19 variants could potentially and small-cap companies outperformed their large-cap peers. throw a spanner in the works.

2 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 2 PRPEQ-BRK-30-Jun-21 Executive Summary

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

42.87 40.90

12.05 12.10 12.66 13.03 11.95 9.32 11.27 7.45 5.87 5.05

Since 5 year 3 year 1 year YTD 2Q 2021 (15-Sep-15) Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. Shares are available without a sales charge to eligible investors. For periods of less than one-year returns are not annualized. Source for benchmark performance SPAR, FactSet Research Systems Inc. ^ MSCI Emerging Markets Index (net div)

3 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 3 PRPEQ-BRK-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 8.73 9.56 -0.83 4Q 2020 17.37 19.70 -2.33 1Q 2021 5.74 2.29 3.45 2Q 2021 5.87 5.05 0.83 2016 14.73 11.19 3.54 2017 39.26 37.28 1.98 2018 -16.32 -14.57 -1.75 2019 19.14 18.42 0.71 2020 10.08 18.31 -8.23 2021 YTD 11.95 7.45 4.50 Life (15-Sep-15) 12.05 12.10 -0.05 5 year 12.66 13.03 -0.37 3 year 9.32 11.27 -1.95 1 year 42.87 40.90 1.96 Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. Shares are available without a sales charge to eligible investors. For periods of less than one-year returns are not annualized. Source for benchmark performance SPAR, FactSet Research Systems Inc. ^ MSCI Emerging Markets Index (net div)

4 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 4 PRPEQ-BRK-30-Jun-21 Performance Drivers - Sectors

Average Relative Relative to MSCI Emerging Markets Index Portfolio Benchmark Sector Stock Currency relative + + = contribution (USD) - second quarter 2021 returns (%) returns (%) allocation1 (%) selection2 (%) effect (%) weighting (%) (%) Contributors Industrials 0.1 49.1 13.2 0.0 1.4 0.0 1.4 Information Technology 0.7 5.3 3.9 0.0 0.3 -0.0 0.3 Utilities -0.3 10.3 2.1 -0.0 -0.0 0.2 0.1 Real Estate -0.6 -3.7 -6.0 0.1 0.0 0.0 0.1 Financials 0.2 4.3 4.3 -0.0 0.1 -0.0 0.0 Consumer Discretionary -0.8 3.7 3.6 0.0 0.1 -0.1 0.0

Detractors Consumer Staples 0.4 1.2 4.6 -0.0 -0.2 -0.0 -0.2 Materials -1.0 6.3 8.3 -0.0 -0.1 -0.0 -0.2 Communication Services 0.7 1.5 2.0 -0.0 -0.0 -0.0 -0.1 Energy 0.4 10.5 12.6 0.0 0.0 -0.1 -0.1 Cash 1.2 0.0 – -0.0 – -0.0 -0.0 Health Care -1.0 16.2 14.1 -0.1 0.1 0.0 -0.0

Total 6.5 5.1 -0.0 1.5 -0.1 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.

5 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 5 PRPEQ-BRK-30-Jun-21 Performance Drivers - Stocks

Average Weighting (%) Returns (%) Relative Relative to MSCI Emerging Markets Index (USD) - second quarter 2021 Portfolio Benchmark Portfolio¹ Benchmark contribution (%) Contributors Evergreen Marine Corp Taiwan Ltd 0.9 0.1 343.4 343.4 1.3 Cosco Shipping Holdings Co Ltd 0.8 0.1 95.8 104.7 0.4 Tcs Group Holding Plc 0.5 0.1 47.2 49.9 0.3 E Ink Holdings Inc 0.8 – 38.6 – 0.2 Sa 0.9 0.4 28.5 18.4 0.2 Detractors Kakao Corp – 0.4 – 64.5 -0.2 China Pacific Insurance Group Co Ltd 1.0 0.1 -15.5 -16.1 -0.2 Petroleo Brasileiro SA – 0.5 – 44.3 -0.2 Li Ning Co Ltd – 0.2 – 88.5 -0.1 Nio Inc 0.1 0.6 41.1 36.5 -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].

6 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 6 PRPEQ-BRK-30-Jun-21 Significant Transactions

Ending From 01-Apr-21 to 30-Jun-21 Transaction type Trade (%) weight (%) Purchases KWEICHOW MOUTAI CO LTD New position 0.7 0.7 TCS GROUP HOLDING PLC New position 0.7 1.0 JBS SA New position 0.6 0.6 KB FINANCIAL GROUP INC Add 0.6 1.4 TATA CONSULTANCY SERVICES LTD Add 0.6 0.8

Sales BANCO BRADESCO SA Eliminate position -1.0 – EVERGREEN MARINE CORP TAIWAN LTD Trim -0.9 1.1 SHENZHOU INTERNATIONAL GROUP Trim -0.6 0.8 HOLDINGS LTD EPAM SYSTEMS INC Eliminate position -0.5 – CJ CHEILJEDANG CORP Eliminate position -0.5 –

7 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 7 PRPEQ-BRK-30-Jun-21 Sector Weights

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

Consumer Staples 6.3 5.6 0.7 Communication Services 11.7 11.3 0.4 Information Technology 20.8 20.4 0.4 Utilities 2.3 1.9 0.4 Industrials 5.0 4.9 0.1 Financials 17.8 17.8 0.0 Energy 4.9 5.0 -0.1 Real Estate 1.3 2.0 -0.7 Health Care 4.2 5.0 -0.8 Materials 7.6 8.4 -0.8 Consumer Discretionary 16.4 17.6 -1.2 ^ MSCI Emerging Markets Index 1.8% 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.

8 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 8 PRPEQ-BRK-30-Jun-21 Region Weights

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

Emerging Asia -2.1

Emerging EMEA -0.9

Emerging Latin America 0.5

Developed - Other 0.7

1.8% Cash & cash equivalents The portfolio does not own securities represented in the benchmark in the following percentages: Europe ex-U.K. region 0.0%.

9 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 9 PRPEQ-BRK-30-Jun-21 Region and Country Weights

Portfolio Benchmark^ Underweight/ Portfolio Benchmark^ Underweight/ As of 30-Jun-21 (%) (%) overweight (%) (%) (%) overweight (%) Emerging Asia 76.8 78.9 -2.1 Emerging Latin America 8.3 7.8 0.5 South Korea 14.9 13.2 1.7 Mexico 2.6 1.7 0.9 Thailand 2.0 1.6 0.4 5.3 5.2 0.1 Pakistan 0.0 0.0 0.0 0.2 0.1 0.1 Indonesia 0.9 1.1 -0.2 0.0 0.1 -0.1 Philippines 0.4 0.6 -0.2 0.2 0.4 -0.2 Taiwan 13.5 13.9 -0.4 Peru 0.0 0.2 -0.2 Malaysia 0.6 1.2 -0.6 Developed - Other 1.0 0.3 0.7 India 9.1 9.9 -0.8 1.0 0.2 0.8 China 35.4 37.3 -1.9 Sweden 0.0 0.0 0.0 Emerging EMEA 12.1 13.0 -0.9 Greece 1.2 0.1 1.1 Russia 4.3 3.3 1.0 Hungary 0.7 0.2 0.5 Turkey 0.6 0.2 0.4 United Arab Emirates 0.8 0.7 0.1 Poland 0.7 0.7 0.0 South Africa 3.4 3.5 -0.1 Czech Republic 0.0 0.1 -0.1 Egypt 0.0 0.1 -0.1 Kuwait 0.0 0.5 -0.5 Qatar 0.0 0.6 -0.6 Saudi Arabia 0.4 2.9 -2.5

^ MSCI Emerging Markets Index 1.8% Cash & cash equivalents

10 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 10 PRPEQ-BRK-30-Jun-21 Characteristics

As of 30-Jun-21 Portfolio Benchmark^ Top 10 issuers as of 30-Jun-21 Portfolio (%) Benchmark^ (%) TAIWAN SEMICONDUCTOR Fundamentals - weighted average 7.1 6.1 IBES long-term EPS growth 1 17.9% 20.3% MANUFACTURING CO LTD Price/earnings (12 months forward) 11.6x 14.6x HOLDINGS LTD (EQ) 5.5 5.0 PEG ratio 1.2x 1.2x SAMSUNG ELECTRONICS CO LTD 5.4 4.6 Price/book 1.9x 2.2x Price/sales 1.4x 1.9x ALIBABA GROUP HOLDING LTD 3.9 5.0 Return on equity (3-year average) 15.6% 12.6% INFOSYS LTD 2.2 0.8 Market capitalization CORP 2 1.8 0.9 Market capitalization (USD) 172.7 bn 166.8 bn (EQ) Diversification MEITUAN (EQ) 1.7 1.7 Top ten holdings 32% 27% Number of holdings 150 1,412 YUM CHINA HOLDINGS INC 1.6 0.3 Turnover SBERBANK 1.5 0.5 Trailing 1 year turnover 3 63% – NAVER CORP 1.5 0.5 Risk profile (current) Active share 58% – Total 32.1 25.6 Risk/reward (5 year) Beta 1.03 – Information ratio -0.14 – ^ MSCI Emerging Markets 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

11 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 11 PRPEQ-BRK-30-Jun-21 Portfolio Outlook and Positioning

Performance summary

The portfolio outperformed the benchmark in the second quarter of 2021.

Contributors

Intersection holdings

Quantitative models – earnings momentum and price momentum

Stock selection in Taiwan and Russia

Stock selection in industrials and information technology

Detractors

Fundamental research input

Stock selection in consumer staples

Market review

Global equities ended the second quarter close to all-time highs, bolstered by a record improvement in earnings surprises and robust forward- looking economic indicators. That said, market leadership was impacted by pandemic, inflation and policy crosscurrents. Optimism regarding generally successful vaccination efforts in the United States and Europe was somewhat offset by the emergence of the more contagious COVID delta variant, which resulted in renewed lockdowns and restrictions in some countries. Reopening-related supply constraints has many countries experiencing sharp increases in inflation, and their policy responses are diverging. Developed market central banks generally view the increased pricing pressures as transitory, and policy remains accommodative. However, mixed messaging from the most recent US Federal Reserve meeting had the yield curve and market leadership signaling a more hawkish policy outlook. Emerging market central banks, which are less confident in the transitory narrative, have been hiking rates.

45705.6 12 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 12 PRPEQ-BRK-30-Jun-21 Portfolio Outlook and Positioning

Regional and country performance was prominently impacted by COVID vaccination levels, delta-variant-related lockdowns and restrictions and robust energy prices. Only the North American region outperformed the MSCI All Country World Index during the quarter, with the US market benefiting from high vaccination levels, a quicker reopening and higher growth-oriented exposure while the Canadian market was aided by the persistent climb in oil and gas prices. Despite an impressive vaccination effort, the emergence of the delta variant has delayed or called into question reopening plans in Europe and weighed on equity market performance. In the Asia Pacific region lagging vaccination numbers tempered the near-term economic outlook, which also restrained markets. Fed taper talk, weak currencies and COVID challenges held back emerging markets overall; however, energy-levered markets in Brazil, Russia and the Middle East were notable outperformers.

Within the MSCI Emerging Markets Index the Latin America region produced the strongest results, with heavyweight Brazil benefiting from robust energy prices, reopening optimism and potential political reforms, which more than offset weakness in Andean markets impacted by mobility restrictions and rising political instability. Improving vaccinations and robust commodity prices also drove outperformance in the EMEA region, with notable strength in energy-levered markets. COVID outbreaks across the region coupled with regulatory actions and slowing growth in China weighed on Asian performance.

Sector leadership was generally cyclical with the exception of health care, which benefited from the strong performance of the life sciences tools, medical equipment and health care service stocks. The industrials sector benefited from broad-based strength in the shipping industry, while the energy sector got a boost from strong energy prices. The materials sector also outperformed, but performance waned in the last half of the quarter, coincident with a sharp selloff in copper and gold prices. The heavily weighted financials sector retreated as the global yield curve flattened. Growth and defensive sectors also underperformed, and the real estate sector was the most significant laggard.

Factor performance continued to broaden in the quarter, with growth, profitability, price momentum and earnings momentum factors producing strong results. Value factors, including dividend yield and (high) leverage, were the most prominent underperformers. Despite the strength in quality, beta and volatility factors continued to outperform.

Portfolio performance review

The portfolio outperformed in the second quarter. Intersection holdings — stocks that are buy rated from both our fundamental and quantitative research — were significant contributors to performance. The quantitative models continued to produce strong results, with earnings momentum factors (such as revisions) and price momentum factors the most significant drivers. Value factor performance had a neutral impact on results, with strong performance of the cheapest stocks, where the portfolio is overweight, offset by stronger performance

45705.6 13 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 13 PRPEQ-BRK-30-Jun-21 Portfolio Outlook and Positioning

of the most expensive stocks, where the portfolio is underweight. Quality factors, which include profitability metrics such as ROE and earnings quality factors such as accruals, produced mixed results. The fundamental research input was a notable detractor from performance, with analyst buy-rated stocks underperforming significantly. The portfolio's underweight exposure to mid-cap and overweight exposure to higher- volatility stocks weighed on relative performance.

The outcome of the research input performance described above was reflected in broad stock selection results across sector and geographies. Most prominent was stock selection outperformance in 6 of 11 sectors with notable strength in the industrials and information technology sectors. On a country basis, stock selection in Taiwan and Russia contributed significantly to results.

Portfolio positioning

The synchronized global recovery generally remains on track and is likely to broaden as economies reopen. Monetary support has likely peaked but remains broadly accommodative, and fiscal support is passing the baton to the private sector as economies reopen. Bond yields, central bank rate actions and market leadership point to leading economic indicators such as manufacturing PMIs remaining at elevated levels through the end of the year. The Global Services PMI, which is an important indicator of the success of the vaccination programs and reopening of economies, also remains strong. Earnings revisions, which are highly correlated with manufacturing PMIs, have similarly peaked but they are likely to sustain at elevated levels and continue to favor cyclicals. Nigel Tupper at B of A Securities indicates that the MSCI All Country World Index rose 12.7% on average in the 12 months following an earnings revision ratio at current levels, and returns were positive in all previous eight occurrences.

Despite the robust outlook, there are several issues that bear watching. The emergence of the COVID delta variant is already altering reopening plans, although vaccines, particularly in developed economies, have so far proven effective against the known variants. Inflation continues to surprise central bankers, which could lead to earlier-than-expected policy tightening if it persists longer and rises higher than currently projected. Valuations, which remain close to 20-year highs, have contracted as they typically do in this phase of the cycle with the strong reported and projected earnings. On a related note, an inflection lower in economic and earnings momentum is likely to occur in Q4 2021 or Q1 2022; however, this is likely to drive rotation as opposed to being a dire risk to markets overall.

We continue to be encouraged by the broadening market leadership and factor rotation. As we have communicated in the past, the most challenging market environment for our approach is one in which a single factor or style or a limited group of stocks dominate performance. Based on our analysis of factor performance through the economic cycle, the recent broadening of factor performance to include growth and

45705.6 14 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 14 PRPEQ-BRK-30-Jun-21 Portfolio Outlook and Positioning

momentum factors is expected as the cycle transitions to the midcycle/expansion phase. The recent underperformance of value factors, which typically outperform until earnings growth peaks, is likely only a tactical correction commonly seen in value cycles. A peak in the economic cycle would, based on history, coincide with sustained outperformance of quality factors and the quality-focused fundamental research input to our process.

The views expressed are those of the investment team, as of 06/30/21 and are subject to change. These views do not necessarily reflect the views of MFS or others in the MFS organisation. To obtain more recent performance information, please contact your MFS Representative.

Past performance is no guarantee of future results. No forecasts can be guaranteed.

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.

45705.6 15 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 15 PRPEQ-BRK-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Cash & Cash Equivalents 1.8 Consumer Discretionary 16.4 Cash & Cash Equivalents 1.8 Vipshop Holdings Ltd ADR China 0.2 Communication Services 11.7 NIO Inc ADR China 0.2 Tencent Holdings Ltd China 5.5 MakeMyTrip Ltd India 0.2 NAVER Corp South Korea 1.5 BAIC Motor Corp Ltd China 0.2 NetEase Inc ADR China 1.4 Yadea Group Holdings Ltd China 0.2 Hellenic Telecommunications Organization SA Greece 1.2 Pinduoduo Inc ADR China 0.1 Telkom Indonesia Persero Tbk PT Indonesia 0.7 Consumer Staples 6.3 PLDT Inc. Philippines 0.4 Wal-Mart de Mexico SAB de CV Mexico 1.0 KT Corp ADR South Korea 0.3 Inner Mongolia Yili Industrial Group Co Ltd China 0.8 NCSoft Corp South Korea 0.2 Kweichow Moutai Co Ltd China 0.7 Mobile TeleSystems PJSC ADR Russia 0.2 JBS SA Brazil 0.6 Orange Polska SA Poland 0.2 Charoen Pokphand Foods PCL Thailand 0.4 MTN Group South Africa 0.1 Tata Consumer Products Ltd India 0.4 Consumer Discretionary 16.4 Gruma SAB de CV Mexico 0.4 Alibaba Group Holding Ltd ADR China 3.9 Ambev SA Brazil 0.4 Meituan China 1.7 BIM Birlesik Magazalar AS Turkey 0.3 Yum China Holdings Inc China 1.6 Jiangsu Yanghe Brewery Joint-Stock Co Ltd China 0.3 JD.com Inc ADR China 1.4 Sendas Distribuidora SA Brazil 0.3 Naspers Ltd South Africa 1.2 Amorepacific Corp South Korea 0.2 Hero MotoCorp Ltd India 0.9 Cencosud SA Chile 0.2 Shenzhou International Group Holdings Ltd China 0.8 China Resources Beer Holdings Co Ltd China 0.2 Kia Corp South Korea 0.6 Muyuan Foods Co Ltd China 0.1 Allegro.eu SA Poland 0.5 Energy 4.9 China Tourism Group Duty Free Corp Ltd China 0.4 LUKOIL PJSC ADR Russia 1.3 LG Electronics Inc South Korea 0.4 China Petroleum & Chemical Corp China 1.0 BYD Co Ltd China 0.4 Co Ltd China 1.0 Trip.com Group Ltd ADR China 0.4 PetroChina Co Ltd China 0.6 Bosideng International Holdings Ltd China 0.3 MOL Hungarian Oil and Gas PLC Hungary 0.4 Giant Manufacturing Co Ltd Taiwan 0.3 Hindustan Petroleum Corp Ltd India 0.3 Zhongsheng Group Holdings Ltd China 0.3 Reliance Industries Ltd India 0.3 Genting Bhd Malaysia 0.2 Financials 17.8 Great Wall Motor Co Ltd China 0.2 China Construction Bank Corp China 1.8

16 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 16 PRPEQ-BRK-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Financials 17.8 Health Care 4.2 Sberbank of Russia PJSC ADR Russia 1.5 Richter Gedeon Nyrt Hungary 0.4 KB Financial Group Inc South Korea 1.4 Genomma Lab Internacional SAB de CV Mexico 0.3 Chailease Holding Co Ltd Taiwan 1.1 Seegene Inc South Korea 0.3 Group Co of China Ltd China 1.0 Divi's Laboratories Ltd India 0.3 Samsung Fire & Marine Insurance Co Ltd South Korea 1.0 Top Glove Corp Bhd Malaysia 0.2 TCS Group Holding PLC GDR Russia 1.0 Dr Sulaiman Al Habib Medical Services Group Co Saudi Arabia 0.2 Absa Group Ltd South Africa 0.9 CSPC Pharmaceutical Group Ltd China 0.2 China Pacific Insurance Group Co Ltd China 0.9 Chongqing Zhifei Biological Products Co Ltd China 0.2 HDFC Bank Ltd ADR India 0.9 Hartalega Holdings Bhd Malaysia 0.1 Ltd China 0.9 Sinopharm Group Co Ltd China 0.1 Hana Financial Group Inc South Korea 0.8 Industrials 5.0 Tisco Financial Group PCL Thailand 0.7 Evergreen Marine Corp Taiwan Ltd Taiwan 1.1 AIA Group Ltd Hong Kong 0.5 COSCO SHIPPING Holdings Co Ltd China 0.7 PICC Property & Casualty Co Ltd China 0.4 CITIC Ltd China 0.6 State Bank of India India 0.4 Doosan Bobcat Inc South Korea 0.5 Industrial & Commercial Bank of China Ltd China 0.3 Heavy Industry Co Ltd China 0.4 SA - Brasil Bolsa Balcao Brazil 0.3 Airtac International Group Taiwan 0.4 Co Ltd China 0.3 Localiza Rent a Car SA Brazil 0.4 Moscow Exchange MICEX-RTS PJSC Russia 0.3 Sinotruk Hong Kong Ltd China 0.3 Housing Development Finance Corp Ltd India 0.3 Yutong Bus Co Ltd China 0.3 Haci Omer Sabanci Holding AS Turkey 0.3 Textainer Group Holdings Ltd China 0.3 Zoomlion Heavy Industry Science and BNK Financial Group Inc South Korea 0.2 China 0.1 Technology Co Ltd Banco Macro SA ADR Argentina 0.2 Information Technology 20.8 Kotak Mahindra Bank Ltd India 0.2 Taiwan Semiconductor Manufacturing Co Ltd Taiwan 7.1 Bank Central Asia Tbk PT Indonesia 0.2 Samsung Electronics Co Ltd South Korea 5.1 Nedbank Group Ltd South Africa 0.1 Infosys Ltd India 2.2 Co Ltd China 0.1 Hon Hai Precision Industry Co Ltd Taiwan 1.1 Health Care 4.2 E Ink Holdings Inc Taiwan 0.9 China Medical System Holdings Ltd China 0.6 Tata Consultancy Services Ltd India 0.8 Ajanta Pharma Ltd India 0.5 Silicon Motion Technology Corp Taiwan 0.8 Wuxi Biologics Cayman Inc China 0.4 United Microelectronics Corp Taiwan 0.6 Hugel Inc South Korea 0.4

VTech Holdings Ltd Hong Kong 0.5 17 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 17 PRPEQ-BRK-30-Jun-21 Portfolio Holdings

Equivalent Equivalent As of 30-Jun-21 Country As of 30-Jun-21 Country exposure (%) exposure (%) Information Technology 20.8 Utilities 2.3 Tech Mahindra Ltd India 0.4 Saudi Electricity Co Saudi Arabia 0.2 Kingboard Holdings Ltd China 0.3 GAIL India Ltd India 0.1 Kingsoft Corp Ltd China 0.3 The Global Industry Classification Standard (GICS®) was developed by and/or is the Samsung Electronics Co Ltd IPS South Korea 0.3 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 MediaTek Inc Taiwan 0.2 Intelligence and has been licensed for use by MFS. MFS has applied its own internal Kingboard Laminates Holdings Ltd China 0.1 sector/industry classification methodology for equity securities and non-equity Materials 7.6 securities that are unclassified by GICS. Vale SA Brazil 1.3 POSCO South Korea 0.9 PTT Global Chemical PCL Thailand 0.8 Cemex SAB de CV IEU Mexico 0.6 Kumba Iron Ore Ltd South Africa 0.6 Lotte Chemical Corporation South Korea 0.5 Co Ltd China 0.5 Asian Paints Ltd India 0.4 China Hongqiao Group Ltd China 0.4 Tata Steel Ltd India 0.3 Orbia Advance Corp SAB de CV Mexico 0.3 JSW Steel Ltd India 0.2 Sibanye Stillwater Ltd South Africa 0.2 African Rainbow Minerals Ltd South Africa 0.2 Hyundai Steel Co South Korea 0.1 Impala Platinum Holdings Ltd South Africa 0.1 Real Estate 1.3 United Arab Aldar Properties PJSC 0.8 Emirates Shimao Group Holdings Ltd China 0.2 Agile Group Holdings Ltd China 0.2 Utilities 2.3 Energisa SA IEU Brazil 0.9 Engie Brasil Energia SA Brazil 0.7 EDP - Energias do Brasil SA Brazil 0.3 Equatorial Energia SA Brazil 0.2 18 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 18 PRPEQ-BRK-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.

19 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Blended Research Emerging Markets Equity Fund 19 PRPEQ-BRK-30-Jun-21