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. - Nasdaq Inc •Individual stocks: ^ Russell 1000® Value Index - Marsh & Mclennan (Eq) - Alphabet Inc (not held) - Walt Disney Co/The (not - Fiserv 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.