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MFS® Blended Research® Emerging Markets Equity Fund (Class R6 Shares) Second Quarter 2021 Investment Report

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MFS® Blended Research® Emerging Markets Equity Fund (Class R6 Shares) Second Quarter 2021 Investment Report 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 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. 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.
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