MFS® Value 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-EIF-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 12

Portfolio Outlook 13

Portfolio Holdings 17

Additional Disclosures 19

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 Value Fund PRPEQ-EIF-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. Value: The portfolio's investments can continue to be undervalued for long periods of time, not realize their expected value, and be more volatile than the stock market in general. Please see the prospectus for further information on these and other risk considerations.

1 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 1 PRPEQ-EIF-30-Jun-21 Disciplined Investment Approach

Investment Objective Seeks capitalappreciation

Outperform the Russell 1000® Value Index over full marketcycles Goals Achieve a competitive ranking in relevant peer universes over full market cycles

The tenets of our investment philosophy are based upon the followingbeliefs: Durability of some businesses and the duration of high returns are often underappreciated Philosophy Applying a disciplined valuation framework in all environments can be a critical source of downside risk mitigation and alphageneration Owning durable businesses with strong returns bought at attractive valuations with a long-term horizon can allow for compounding over time

We leverage our bottom-up, global research platform to try to identify attractively valued, high quality companies that over the long term: • Have business durability • Exhibit strong financial characteristics Strategy • Are managed in a sustainable way and are effectively governed Our valuation approach is flexible, but places a strong emphasis on cash fl ow and returns- based methodologies We focus on downside risk management at the individual securitylevel

2 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 2 PRPEQ-EIF-30-Jun-21 Market Overview

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

65.4 73.3 60.0 55.7 51.0 52.1

53.1 51.4 37.6 39.5 42.5 43.8 43.7 29.3 29.9 40.8 23.4 32.4 16.0 11.8 10.9 7.6 6.7 5.0 4.9 3.7 3.4 2.8 1.0 11.9 11.1 8.5 -0.4 5.7 5.2 5.2 4.6 3.9 Value Value Value Utilities Energy Services Russell Russell Growth Growth Growth Growth Growth Growth Materials Midcap S&P 500 S&P Financials Industrials Real Estate Real Consumer Health Care Health Technology Information NetReturn Discretionary MSCIEAFE - Russell 1000 Russell1000 Russell 1000 Russell1000 Russell2000 Russell2000 Midcap Value Communication Communication Consumer Staples Consumer Source for benchmark performance SPAR, FactSet Research Systems Inc. All indices Source: FactSet. Sector performance based on MSCI sector classification. The analysis represent total return unless otherwise noted. of Russell 1000® Value Index constituents are broken out by MSCI defined sectors.

Market review as of 30-JUN-21

The US market, as measured by the S&P 500 Index, moved higher in Q2. In For the quarter, growth outperformed value in the large- and mid-cap general, investors remained focused on the largely reopened economy spaces, but value outperformed growth in the small-cap space. This was a and shrugged off concerns related to higher inflation and a tight labor reversal of the previous two quarters in large- and mid-cap stocks and was market. likely caused in part by interest rates that trended lower throughout the Economic growth in the United States moved higher during Q1 2021, with period. During Q2, the best-performing sectors were real estate, GDP of 6.4%. As expected, the economy continued to rebound from the technology and energy. Utilities, consumer staples and industrials were downturn as substantial fiscal stimulus worked its way through the the weakest sectors on a relative basis. system. While the US Federal Reserve acknowledged rising inflation, it plans to keep interest rates near zero until the economy fully heals from the pandemic.

3 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 3 PRPEQ-EIF-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 Financials 27.2 20.8 Industrials 17.5 12.0 43.68 Utilities 6.2 4.8 37.03 Top underweights Communication Services 3.5 8.5 Real Estate 0.4 4.5 Consumer Discretionary 1.8 5.8 ^^ 17.05 Russell 1000® Value Index 14.84 The Global Industry Classification Standard (GICS®) was developed by 12.06 12.09 11.87 13.31 12.42 11.61 and/or is the exclusive property of MSCI, Inc. and S&P Global Market 5.66 5.21 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 Value Fund outperformed the Russell 1000® Value Index in the For most recent month-end performance, please visit mfs.com. 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 • Industrials – Stock selection • Health Care – Stock selection favorable. All results assume the reinvestment of dividends and capital gains. • Consumer Staples – Stock • Energy – Underweight position Shares are available without a sales charge to eligible investors. selection • Real Estate – Underweight For periods of less than one-year returns are not annualized. •Individual stocks: position Source for benchmark performance SPAR, FactSet Research Systems Inc. - Inc •Individual stocks: ^ Russell 1000® Value Index - Marsh & Mclennan (Eq) - Alphabet Inc (not held) - Walt Disney Co/The (not - Inc held)

4 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 4 PRPEQ-EIF-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 5.96 5.59 0.37 4Q 2020 12.60 16.25 -3.65 1Q 2021 8.69 11.26 -2.57 2Q 2021 5.66 5.21 0.45 2016 14.25 17.34 -3.09 2017 17.86 13.66 4.20 2018 -9.78 -8.27 -1.51 2019 30.18 26.54 3.64 2020 4.03 2.80 1.23 2021 YTD 14.84 17.05 -2.21 10 year 12.06 11.61 0.45 5 year 12.09 11.87 0.21 3 year 13.31 12.42 0.89 1 year 37.03 43.68 -6.66 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. ^ Russell 1000® Value Index

5 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 5 PRPEQ-EIF-30-Jun-21 Performance Drivers - Sectors

Average Relative Relative to Russell 1000® Value Index (USD) - Portfolio Benchmark Sector Stock Currency relative + + = contribution second quarter 2021 returns (%) returns (%) allocation1 (%) selection2 (%) effect (%) weighting (%) (%) Contributors Industrials 3.8 7.0 2.8 -0.1 0.7 – 0.6 Consumer Staples 0.2 8.4 3.4 -0.0 0.3 0.0 0.4 Materials -0.9 10.0 5.0 0.0 0.2 – 0.2 Financials 5.8 7.7 7.6 0.1 0.0 – 0.1 Communication Services -5.6 5.1 3.7 0.1 0.1 – 0.1

Detractors Health Care 5.5 5.0 6.7 0.1 -0.3 0.0 -0.2 Energy -2.8 9.5 11.8 -0.2 -0.0 – -0.2 Real Estate -4.1 22.7 10.9 -0.2 0.0 – -0.2 Cash 1.7 0.0 – -0.1 – – -0.1 Consumer Discretionary -5.9 0.2 4.9 0.0 -0.1 – -0.1 Utilities 1.5 0.2 -0.4 -0.1 0.0 – -0.0 Information Technology 0.7 1.4 1.0 -0.1 0.0 – -0.0

Total 5.8 5.2 -0.5 1.0 0.0 0.6 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.

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Average Weighting (%) Returns (%) Relative Relative to Russell 1000® Value Index (USD) - second quarter 2021 Portfolio Benchmark Portfolio¹ Benchmark contribution (%) Contributors Equifax Inc Eq 1.1 0.0 32.4 32.4 0.3 Nasdaq Inc 1.5 0.1 19.6 19.6 0.2 Marsh & Mclennan (Eq) 1.9 0.1 15.9 15.9 0.2 Walt Disney Co/The – 1.6 – -4.7 0.2 Northrop Grumman Corp 2.0 0.0 12.8 12.8 0.1 Detractors Alphabet Inc – 1.5 – 19.8 -0.2 Fiserv Inc 1.1 0.2 -10.2 -10.2 -0.1 Cigna Corp (Eq) 2.3 0.3 -1.5 -1.5 -0.1 Exxon Mobil Corp – 1.3 – 14.6 -0.1 Citigroup Inc 2.1 0.8 -2.1 -2.1 -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 Value Fund 7 PRPEQ-EIF-30-Jun-21 Significant Impacts on Performance - Contributors

Relative Relative to Russell 1000® Value 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 0.3 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. Nasdaq Inc The portfolio's overweight position in securities exchange services provider NASDAQ (United States) contributed to relative 0.2 performance. The company reported earnings per share results that exceeded market expectations, driven by a lower tax rate and strong revenue results, notably in its investment intelligence segment. Marsh & Mclennan The portfolio's overweight position in professional services firm Marsh & McLennan (United States), which provides advice and 0.2 solutions in the areas of risk, strategy and human capital, contributed to relative performance. The company reported solid (Eq) first-quarter financial results, driven by strong organic growth in its consulting and risk and insurance services segments.

8 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 8 PRPEQ-EIF-30-Jun-21 Significant Impacts on Performance - Detractors

Relative Relative to Russell 1000® Value Index (USD) - second quarter 2021 contribution (%)

Alphabet Inc Not owning shares of technology company Alphabet (United States) hindered relative performance. The stock price appreciated -0.2 after the company reported consolidated net revenues that exceeded estimates, driven by a broad-based increase in advertising spend across Services as well as continued revenue growth in Cloud. Fiserv Inc The portfolio's overweight position in financial technology services provider Fiserv (United States) weakened relative results. The -0.1 stock price declined after the company reported revenue and operating income that missed expectations, mostly due to weaker revenues from its payment and network, corporate and other divisions.

Cigna Corp (Eq) An overweight position in global health services provider Cigna (United States) weighed on relative performance. Although the -0.1 company reported higher-than-expected adjusted earnings, driven by strength in its U.S. Medical and Evernorth segments, the stock price declined.

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Ending From 01-Apr-21 to 30-Jun-21 Sector Transaction type Trade (%) weight (%) Purchases PROGRESSIVE CORP/THE (EQ) Financials Add 0.5 1.3 MORGAN STANLEY Financials Add 0.4 1.7 ABBOTT LABORATORIES Health Care Add 0.2 1.6 INC Utilities Add 0.2 1.4 KIMBERLY-CLARK CORP Consumer Staples Add 0.1 0.9

Sales FISERV INC Information Technology Trim -0.4 0.8 US BANCORP Financials Trim -0.2 1.2 TRAVELERS COS INC/THE Financials Trim -0.1 1.2 DANAHER CORP (EQ) Health Care Trim -0.1 1.6 GOLDMAN SACHS GROUP INC/THE Financials Trim -0.1 1.3

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.

10 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 10 PRPEQ-EIF-30-Jun-21 Sector Weights

Underweight/ As of 30-Jun-21 Portfolio (%) Benchmark^ (%) Top holdings overweight (%) Financials 27.2 20.8 6.4 JPMorgan Chase & Co, Aon PLC, Citigroup Inc Honeywell International Inc, Northrop Grumman Industrials 17.5 12.0 5.5 Corp, Illinois Tool Works Inc Corp, Southern Co, Dominion Utilities 6.2 4.8 1.4 Energy Inc Health Care 18.4 17.3 1.1 Johnson & Johnson, Medtronic PLC, Cigna Corp Consumer Staples 7.3 7.2 0.1 Nestle SA, Diageo PLC Materials 3.9 3.8 0.1 PPG Industries Inc, Sherwin-Williams Co Instruments Inc, Accenture PLC, Fidelity Information Technology 9.7 10.2 -0.5 National Information Services Inc Energy 2.5 5.1 -2.6 ConocoPhillips Consumer Discretionary 1.8 5.8 -4.0 Lowe's Cos Inc Real Estate 0.4 4.5 -4.1 Public Storage REIT Communication Services 3.5 8.5 -5.0 Corp ^ Russell 1000® Value Index 1.7% 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.

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As of 30-Jun-21 Portfolio Benchmark^ Top 10 issuers as of 30-Jun-21 Portfolio (%) Benchmark^ (%) Fundamentals - weighted average JPMORGAN CHASE & CO 4.4 2.3 Price/earnings (12 months forward) 18.1x 18.0x JOHNSON & JOHNSON 3.5 2.2 Price/book 3.2x 2.6x IBES long-term EPS growth 1 12.2% 13.6% COMCAST CORP 3.2 1.3 Return on equity (3-year average) 22.1% 15.2% INC 2.6 0.3 Market capitalization Market capitalization (USD) 2 141.6 bn 152.8 bn ACCENTURE PLC 2.6 0.2 Diversification HONEYWELL INTERNATIONAL INC (EQ) 2.5 0.6 Top ten holdings 28% 17% MEDTRONIC PLC 2.5 0.8 Number of holdings 77 842 Turnover AON PLC 2.3 0.1 3 Trailing 1 year turnover 9% – CIGNA CORP (EQ) 2.2 0.4 Risk profile (current) DUKE ENERGY CORP 2.1 0.4 Active share 73% – Risk/reward (10 year) Total 27.9 8.6 Correlation (monthly) 0.98 – Beta 0.95 – Standard deviation 13.93% 14.44% ^ Russell 1000® Value 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

12 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 12 PRPEQ-EIF-30-Jun-21 Portfolio Outlook and Positioning

Market Review The first half of 2021 has been a continuation of where 2020 left off, with a focus on reopening, recovery and progress toward the eventual end of the global pandemic. Global equities had a very strong start to the year, finishing up double digits across the board, with the Russell 1000 Value leading the large-cap developed markets, appreciating over 17%. This is the eighth strongest start to a year for the Russell 1000 Value since 1979 and the best first half performance since 1997.

Equity market returns in 2020 were more than 100% driven by multiple expansion, leaving valuations at above-average levels coming into this year. It's difficult to argue for higher valuations from here, making company earnings critically important for equity market returns in 2021 and beyond.

Fortunately for equity investors, earnings for US and global companies recovered significantly in 2021. Consensus estimates for this year are now higher than actual earnings for 2019. However, questions are growing regarding the sustained pace of earnings growth as we look beyond 2022 – particularly if the recent sources of inflation prove to be less temporary.

Thoughts on Inflation The signs of inflation appear to be all around us – from sharp increases in the price of lumber and copper to the number of US job openings which hit the highest level ever recorded last month at over 9.2 million jobs (Source: Bureau of Labor Statistics). The trillion-dollar question that everyone has been trying to answer is whether these inflationary forces are temporary or more systemic in nature? And importantly, what is the root cause?

We believe there are multiple forces at work. The seeds of this current period of price inflation largely appear to have been sown by cutbacks of production in anticipation of weak demand related to the global pandemic. Additionally, the significant level of government stimulus appears to have pulled forward demand to above trend levels driving retail sales to a 25-year high, resulting in significant inventory shortages.

In our view, these factors should become resolved over a reasonable period of time as both supply and demand come back into balance. Complicating this issue, however, is that in addition to the cost-push, demand-pull inflation trends, there also appears to be a monetary debasement dynamic that is resulting in higher prices for stores of value such as equities and real assets. As the level of government debt in most major countries has ballooned, concerns are growing over the need to debase the level of government debt in real terms. Ten-year Treasury yields, which have fluctuated between 0.6% and 1.6% over the past year, reflect this dynamic, resulting in an increasingly limited pool of investment

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alternatives for large institutional investors looking to earn an acceptable long-term return potential. As a result, longer-duration assets have been revalued up as capital readjusts to the potential of low returns.

The impact of long-term demographics on inflation cannot be overstated. Population growth over the past century has been extraordinary and has coincided with higher levels of inflation. With aging populations across the developed economies, population growth – which peaked 50 years ago – is forecast to decline rapidly. This long-term demographic data suggests that we will more likely be in a period of very low inflation of everyday goods and services moving forward.

Given the declining birthrates and significant levels of sovereign debt in many parts of the world, a very large supply disruption would be required to have a high level of price inflation today without a corresponding self-correcting demand response.

As discussed above, we don't believe it's likely we'll find ourselves in a sustained inflationary environment. However, if that should happen, although past performance is no guarantee of future results, history has shown that these environments have tended to be correlated with value outperformance.

We are often asked by clients how we would think this strategy to perform in a rising interest rate or an inflationary environment. The portfolio is not positioned to target any specific macro outcome. We use the Citigroup Equity Risk Model as part of our formal semi-annual risk review process as one way to assess the portfolio's sensitivity to various macro factors. While the output is helpful, it's important to note that this model is imperfect and each factor is measured in isolation, not in aggregate as no one can predict accurately what the market or performance of the strategy will do. As of the portfolios latest risk review in May 2021, the model indicated that there may be a minimal impact on the relative performance of this strategy if inflation were to increase and that the negative impact of rising rates would likely be overwhelmed by the relative benefit offered if credit spreads were to widen. Over the life of this strategy, it's consistent, disciplined focus on investing in higher-quality, attractively valued companies has provided a high level of downside risk management for our clients in more challenging environments – particularly those when credit spreads have widened significantly. We look to own companies that have strong business franchises, long-term pricing power and whose businesses generate strong free cash flows and margins. Importantly, they also have demonstrated an ability to adapt and change over time as the external environment has evolved.

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Second Quarter 2021 Portfolio Update

The most remarkable thing about the second quarter of 2021 is just how unremarkable it was. There was no consistent performance pattern across the various factors within the Russell 1000 Value, which was a marked departure from the trends of the prior periods, and volatility was muted. The high-beta, low-quality value rally, which started in early November, broadened out and commensurate with this, the relative performance of the MFS Large Cap Value strategy improved during the period.

Our trailing 12-month turnover was approximately 10%, and there were no new or eliminated positions within the portfolio during the period. Our trades during the period can generally be described under three primary buckets.

1. Continued to build up newer positions within financials (Progressive, Morgan Stanley), funding through intra-sector trims (US Bancorp, Travelers Insurance, Goldman Sachs). 2. Added to existing holdings in more stable industries at more attractive valuations (Dominion Resources, Abbott Laboratories, Kimberly Clark, Colgate, Pepsi ). 3. Trimmed exposure to names in order to "right size" the position (Fiserv, Danaher).

Outlook

We’ve learned over the years that our expertise is not in predicting macroeconomic outcomes, and as a result, we don’t manage the portfolio with a top down framework. We are keenly aware, however, of potential macroeconomic changes on the horizon – including rising inflation, increased budget deficits and the prospects that taxes (on corporate earnings, capital gains, dividends and personal income) are likely to move higher over the coming years. While we feel absolute returns over the next decade could be lower than the last, we believe that focusing on durability of businesses, being valuation and balance sheet sensitive and not relying on a reversion to faster growth may yield strong relative results.

As we go forward, there are a few items that will be important to keep in mind when thinking about the implications of the potential of lower future returns.

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As rates have come down and societal tensions have risen, our economic system has become more fragile. As a result, we would anticipate more frequent economic shocks. Having an appropriate level of liquidity and a bit of agility to try and take advantage of asset price dislocations could be very beneficial. Equities, in general, appear very attractive to us in this environment as a number of companies could provide well above GDP returns and offer a liquidity profile to provide investors with a fair amount of flexibility. We believe that companies that have highly differentiated products and services and generate a significant amount of their return in the form of free cashflow – such as those owned within this portfolio — are particularly attractive as they are not overly reliant on a high level of economic growth or operating leverage to drive asset returns. Given the proportion of the equity market that is invested in passive funds, we feel active management could allow for the selection of stocks that may offer a solid risk/return profile over a full market cycle and may provide more downside risk mitigation than the broader market.

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.

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Equivalent Equivalent As of 30-Jun-21 As of 30-Jun-21 exposure (%) exposure (%) Cash & Cash Equivalents 1.7 Financials 27.2 Cash & Cash Equivalents 1.7 Progressive Corp 1.3 Communication Services 3.5 Goldman Sachs Group Inc 1.3 Comcast Corp 3.2 Travelers Cos Inc 1.2 Verizon Communications Inc 0.3 US Bancorp 1.2 Consumer Discretionary 1.8 Truist Financial Corp 0.8 Lowe's Cos Inc 1.5 Moody's Corp 0.6 Inc/MD 0.3 T Rowe Price Group Inc 0.4 Consumer Staples 7.3 Health Care 18.4 Nestle SA 1.6 Johnson & Johnson 3.5 Diageo PLC 1.5 Medtronic PLC 2.5 Kimberly-Clark Corp 0.9 Cigna Corp 2.2 PepsiCo Inc 0.8 Thermo Fisher Scientific Inc 1.8 Colgate-Palmolive Co 0.7 Danaher Corp 1.6 Reckitt Benckiser Group PLC 0.6 Abbott Laboratories 1.6 Philip Morris International Inc 0.5 Pfizer Inc 1.5 Archer-Daniels-Midland Co 0.5 Merck & Co Inc 1.3 J M Smucker Co 0.3 Boston Scientific Corp 1.0 Energy 2.5 McKesson Corp 0.9 ConocoPhillips 0.8 Roche Holding AG 0.4 EOG Resources Inc 0.6 Organon & Co 0.0 Chevron Corp 0.5 Industrials 17.5 Pioneer Natural Resources Co 0.5 Honeywell International Inc 2.5 Financials 27.2 Northrop Grumman Corp 2.0 JPMorgan Chase & Co 4.4 Illinois Tool Works Inc 1.7 Aon PLC 2.3 Eaton Corp PLC 1.6 Citigroup Inc 2.0 Johnson Controls International PLC 1.4 Marsh & McLennan Cos Inc 2.0 Union Pacific Corp 1.4 Chubb Ltd 1.9 Trane Technologies PLC 1.2 Morgan Stanley 1.7 Equifax Inc 1.2 Nasdaq Inc 1.6 Stanley Black & Decker Inc 1.2 American Express Co 1.6 Lockheed Martin Corp 0.9 BlackRock Inc 1.5 Masco Corp 0.8 PNC Financial Services Group Inc 1.3 17 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 17 PRPEQ-EIF-30-Jun-21 Portfolio Holdings

Equivalent As of 30-Jun-21 exposure (%) Industrials 17.5 Raytheon Technologies Corp 0.7 Canadian National Railway Co 0.5 Otis Worldwide Corp 0.3 Information Technology 9.7 Texas Instruments Inc 2.6 Accenture PLC 2.6 Fidelity National Information Services Inc 1.1 NXP Semiconductors NV 0.9 Fiserv Inc 0.8 Corp 0.8 Inc 0.8 Materials 3.9 PPG Industries Inc 1.8 Sherwin-Williams Co 1.2 DuPont de Nemours Inc 0.6 International Flavors & Fragrances Inc 0.2 Real Estate 0.4 Public Storage REIT 0.4 Utilities 6.2 Duke Energy Corp 2.1 Southern Co 1.6 Dominion Energy Inc 1.4 Co Inc 0.7 Xcel Energy Inc 0.5 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.

18 FOR DEALER AND INSTITUTIONAL USE ONLY. - MFS Value Fund 18 PRPEQ-EIF-30-Jun-21 Additional Disclosures

Frank Russell Company ("Russell") is the source and owner of the Russell Index data contained or reflected in this material and all trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.

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