Q3 September 30, 2018 MFS LOW VOLATILITY EQUITY FUND

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1 Q3 September 30, 2018 MFS LOW VOLATILITY EQUITY FUND Asset class Equity Objective Seeks capital appreciation. Portfolio management James C. Fallon, Lead Portfolio Manager 18 years with MFS 19 years in industry Matthew Krummell 16 years with MFS 25 years in industry Jonathan W. Sage 18 years with MFS 22 years in industry John E. Stocks 18 years with MFS 19 years in industry Fund benchmark Standard & Poor's 500 Stock Index measures the broad U.S. stock market. A US equity fund with a disciplined approach to seeking reduced volatility The fund seeks to provide long-term growth of capital by investing in US equities selected through a blend of fundamental and quantitative research with the goal of constructing a portfolio less volatile than the index. Cash & Cash Equivalents (1.1%) Other Sectors (2.3%) Energy (2.9%) Retailing (4.8%) Leisure (5.4%) Special Products & Services (6.4%) Utilities & Communications (8.5%) Industrial Goods & Services (9.4%) SECTORS AS OF 09/30/18 Financial Services (20.9%) Health Care (17.0%) Consumer Staples (10.7%) Technology (10.6%) Fund symbol and CUSIP A MLVAX 55273H312 I MLVHX 55273H270 R1 MLVMX 55273H262 R2 MLVOX 55273H254 R3 MLVPX 55273H247 R4 MLVRX 55273H239 R6 MLVTX 55273H221 Shares are available without a sales charge to eligible investors. Please see the prospectus for details. TOP 10 HOLDINGS Waste Connections Inc PepsiCo Inc Amdocs Ltd Eli Lilly & Co Costco Wholesale Corp Johnson & Johnson Alphabet Inc Class A Cisco Systems Inc Bright Horizons Family Solutions Inc Exxon Mobil Corp 25.0% of total net assets GROWTH OF $10,000 Class A shares 12/05/13 9/30/18 Class A ending value $16,377 $20,000 $15,000 $10,000 $5,000 $0 12/05/13 9/30/18 Past performance is no guarantee of future results. Fund returns assume the reinvestment of dividends and capital gain distributions but do not include a sales charge. Results would have been less favorable if the sales charge were included. CALENDAR YEAR TOTAL RETURNS (%) AS OF 9/30/18 NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Class A without sales charge Class R FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY. Should not be shown, quoted, or distributed to the public. IO-LVU-FS-10/ Please see reverse for additional information.

2 MFS LOW VOLATILITY EQUITY FUND Q3 18 Important Risk Considerations The fund may not achieve its objective and/or you could lose money on your investment in the fund. 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, and other conditions. This is no assurance that the fund will be less volatile than the Index over the long term or for any year or period of years. The fund's strategy to invest in equity securities with historically lower volatility may not produce the intended results if, in general, the historical volatility of an equity security is not a good predictor of the future volatility of that equity security, and/or if the specific equity securities held by the fund become more volatile than expected. In addition, the fund's strategy to blend fundamental and quantitative research may not produce the intended results, and MFS fundamental research is not available for all issuers. It is expected that the fund will generally underperform the equity markets during periods of strong, rising equity markets. MFS' investment analysis, its development and use of quantitative models, and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests. Investments selected using quantitative models may not produce the intended results due to the factors used in the models, the weight placed on each factor in the models, changing sources of market return, and technical issues in the design, development, implementation, and maintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues, and technology failures). Please see the prospectus for further information on these and other risk considerations. AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 9/30/18 Inception date 1 yr. 3 yr. 5 yr. Life Class A without sales charge 12/05/ Class I 12/05/ Class R1 12/05/ Class R2 12/05/ Class R3 12/05/ Class R4 12/05/ Class R6 12/05/ Standard & Poor's 500 Stock Index N/A Lipper Multi-Cap Core Funds category average N/A 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, please visit mfs.com. effect during the periods shown. Without such subsidies and waivers the fund's of dividends and capital gains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. It is not possible to invest directly in an index. NAV HISTORY (Class A) 12-month low $ month high $15.31 RISK MEASURES VS. BENCHMARK (Class I) Alpha 1.67 Beta 0.69 R Standard Deviation 7.08 Risk measures are based on a trailing 3 year period. FUND DATA Commencement Date 12/05/13 Net Assets $98.4 million Number of Issues 92 Market Cap (weighted avg.) $ billion Price/Book 3.96 Price/Earnings (12 months forward) Turnover Ratio 30% Portfolio characteristics data are based on the equivalent exposure of unaudited net assets as of 9/30/18. Equivalent exposure 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. The portfolio is actively managed, and current holdings may be different. MFS Fund Distributors, Inc mfs.com 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. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY. Should not be shown, quoted, or distributed to the public.

3 Class A MFS Fund Performance Supplement Class A Inception Date Including Sales Charges Max Sales Charge (%) YTD * 1 yr 5 yr Expense Ratios (%) STOCK FUNDS Massachusetts Investors Growth Stock Fund 01/01/ Massachusetts Investors Trust 07/15/ MFS Blended Research Core Equity Fund 08/07/ /31/19 MFS Blended Research Growth Equity Fund 09/15/ /30/19 MFS Blended Research Mid Cap Equity Fund 08/19/ /30/19 MFS Blended Research Small Cap Equity Fund 09/15/ /30/19 MFS Blended Research Value Equity Fund 09/15/ /30/19 MFS Core Equity Fund C1 01/02/ MFS Equity Income Fund 09/27/ /30/19 MFS Equity Opportunities Fund C3 08/30/ MFS Growth Fund 09/13/ MFS Low Volatility Equity Fund 12/05/ /31/19 MFS Mid Cap Growth Fund 12/01/ MFS Mid Cap Value Fund 08/31/ MFS New Discovery Fund 01/02/ MFS New Discovery Value Fund 05/26/ MFS Research Fund 10/13/ MFS Technology Fund 01/02/ MFS Total Return Fund 10/06/ MFS Utilities Fund 02/14/ MFS Value Fund 01/02/ ASSET ALLOCATION STRATEGIES MFS Aggressive Growth Allocation Fund 06/28/ /30/19 MFS Conservative Allocation Fund 06/28/ MFS Diversified Income Fund 05/26/ MFS Global Alternative Strategy Fund C4 12/20/ /28/19 MFS Growth Allocation Fund 06/28/ MFS Lifetime 2020 Fund 09/29/ /31/19 MFS Lifetime 2025 Fund 11/02/ /31/19 MFS Lifetime 2030 Fund 09/29/ /31/19 MFS Lifetime 2035 Fund 11/02/ /31/19 MFS Lifetime 2040 Fund 09/29/ /31/19 MFS Lifetime 2045 Fund 11/02/ /31/19 MFS Lifetime 2050 Fund 09/15/ /31/19 MFS Lifetime 2055 Fund 11/02/ /31/19 MFS Lifetime 2060 Fund 12/06/ /31/19 MFS Lifetime Income Fund 09/29/ /31/19 MFS Managed Wealth Fund 06/27/ /30/19 MFS Moderate Allocation Fund 06/28/ MFS Prudent Investor Fund 01/18/ /31/19 C1 Included in all fund classes total returns for the year ended December 31, 2017, are proceeds received from a non-recurring litigation settlement against Household International Inc. Had these proceeds not been included, all total returns within calendar year 2017 would have been lower by 0.89%. C3 Performance information for periods prior to February 1, 2010, reflects periods when a subadvisor was responsible for selecting investments for the fund under different investment strategies. C4 Performance information for periods prior to July 13, 2018 reflects periods when a subadvisor was responsible for managing the fund s tactical asset allocation overlay under a different investment process. Class A shares ("A") results include the maximum sales charge.

4 Class A MFS Fund Performance Supplement Class A Inception Date Including Sales Charges Max Sales Charge (%) YTD * 1 yr 5 yr Expense Ratios (%) GLOBAL/INTERNATIONAL FUNDS MFS Blended Research Emerging Markets Equity Fund 09/15/ /31/19 MFS Blended Research Global Equity Fund 09/15/ /31/19 MFS Blended Research International Equity Fund 09/15/ /31/19 MFS Emerging Markets Equity Fund 10/24/ MFS Global Equity Fund 09/07/ MFS Global Growth Fund 11/18/ /28/19 MFS Global New Discovery Fund 12/16/ /31/19 MFS Global Real Estate Fund 03/11/ MFS Global Total Return Fund 09/04/ /28/19 MFS International Diversification Fund 09/30/ /30/19 MFS International Growth Fund 10/24/ MFS International New Discovery Fund 10/09/ MFS International Value Fund S1 10/24/ MFS Low Volatility Global Equity Fund 12/05/ /31/19 MFS Research International Fund 01/02/ BOND FUNDS MFS Corporate Bond Fund 05/08/ MFS Emerging Markets Debt Fund 03/17/ MFS Emerging Markets Debt Local Currency Fund 09/15/ /28/19 MFS Global Bond Fund C2 06/02/ /31/19 MFS Global High Yield Fund 07/01/ /31/19 MFS Government Securities Fund 07/25/ MFS High Income Fund 02/17/ MFS Inflation-Adjusted Bond Fund 09/30/ /28/19 MFS Limited Maturity Fund 02/26/ /31/19 MFS Municipal High Income Fund 02/24/ /31/19 MFS Municipal Income Fund 09/07/ /31/19 MFS Municipal Limited Maturity Fund 03/17/ /31/19 MFS Strategic Income Fund 10/29/ /28/19 MFS Total Return Bond Fund 01/04/ /31/19 C2 Performance information prior to December 1, 2014, reflects time periods when the fund had (i) a policy of focusing its investments on debt instruments of U.S. and foreign governments and (ii) a policy permitting the fund to invest up to 100% of its assets in less than investment grade quality debt instruments (lower quality debt instruments). The fund s investment policies and strategies changed effective December 1, S1 Effective at the close of business on May 29, 2015 (the Closing Date ), the fund will be closed to new investors subject to certain exceptions. Please see the prospectus for additional information. Class A shares ("A") results include the maximum sales charge.

5 Class A MFS Fund Performance Supplement Class A Inception Date Including Sales Charges Max Sales Charge (%) YTD * 1 yr 5 yr Expense Ratios (%) STATE MUNICIPAL BOND FUNDS C5 MFS Alabama Municipal Bond Fund 02/01/ /31/19 MFS Arkansas Municipal Bond Fund 02/03/ /31/19 MFS California Municipal Bond Fund 06/18/ /31/19 MFS Georgia Municipal Bond Fund 06/06/ /31/19 MFS Maryland Municipal Bond Fund 10/31/ /31/19 MFS Massachusetts Municipal Bond Fund 04/09/ MFS Mississippi Municipal Bond Fund 08/06/ /31/19 MFS New York Municipal Bond Fund 06/06/ MFS North Carolina Municipal Bond Fund 10/31/ MFS Pennsylvania Municipal Bond Fund 02/01/ /31/19 MFS South Carolina Municipal Bond Fund 10/31/ /31/19 MFS Tennessee Municipal Bond Fund 08/12/ /31/19 MFS Virginia Municipal Bond Fund 10/31/ /31/19 MFS West Virginia Municipal Bond Fund 10/31/ /31/19 C5 A small portion of income may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA Class A shares ("A") results include the maximum sales charge. MFSP-PERF-SUP

6 Class I MFS Fund Performance Supplement Expense Ratios (%) Class I Inception Date YTD * 1 yr 5 yr STOCK FUNDS Massachusetts Investors Growth Stock Fund 01/02/ Massachusetts Investors Trust 01/02/ MFS Blended Research Core Equity Fund 01/14/ /31/19 MFS Blended Research Growth Equity Fund 09/15/ /30/19 MFS Blended Research Mid Cap Equity Fund 08/19/ /30/19 MFS Blended Research Small Cap Equity Fund 09/15/ /30/19 MFS Blended Research Value Equity Fund 09/15/ /30/19 MFS Core Equity Fund C1 01/02/ MFS Equity Income Fund 09/27/ /30/19 MFS Equity Opportunities Fund 2,C3 02/28/ MFS Growth Fund 01/02/ MFS Low Volatility Equity Fund 12/05/ /31/19 MFS Mid Cap Growth Fund 01/02/ MFS Mid Cap Value Fund 11/01/ MFS New Discovery Fund 01/02/ MFS New Discovery Value Fund 05/26/ MFS Research Fund 01/02/ MFS Technology Fund 01/02/ MFS Total Return Fund 01/02/ MFS Utilities Fund 01/02/ MFS Value Fund 01/02/ ASSET ALLOCATION STRATEGIES MFS Aggressive Growth Allocation Fund 06/28/ /30/19 MFS Conservative Allocation Fund 06/28/ MFS Diversified Income Fund 05/26/ MFS Global Alternative Strategy Fund C4 12/20/ /28/19 MFS Growth Allocation Fund 06/28/ MFS Lifetime 2020 Fund 09/29/ /31/19 MFS Lifetime 2025 Fund 11/02/ /31/19 MFS Lifetime 2030 Fund 09/29/ /31/19 MFS Lifetime 2035 Fund 11/02/ /31/19 MFS Lifetime 2040 Fund 09/29/ /31/19 MFS Lifetime 2045 Fund 11/02/ /31/19 MFS Lifetime 2050 Fund 09/15/ /31/19 MFS Lifetime 2055 Fund 11/02/ /31/19 MFS Lifetime 2060 Fund 12/06/ /31/19 MFS Lifetime Income Fund 09/29/ /31/19 MFS Managed Wealth Fund 06/27/ /30/19 MFS Moderate Allocation Fund 06/28/ MFS Prudent Investor Fund 01/18/ /31/19 2 Performance for Class I shares includes the performance of the fund s Class A shares, adjusted to take into account differences in sales loads and class-specific operating expenses (such as 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus for additional information about performance and expenses. C1 Included in all fund classes total returns for the year ended December 31, 2017, are proceeds received from a non-recurring litigation settlement against Household International Inc. Had these proceeds not been included, all total returns within calendar year 2017 would have been lower by 0.89%. C3 Performance information for periods prior to February 1, 2010, reflects periods when a subadvisor was responsible for selecting investments for the fund under different investment strategies. C4 Performance information for periods prior to July 13, 2018 reflects periods when a subadvisor was responsible for managing the fund s tactical asset allocation overlay under a different investment process. Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors.

7 Class I MFS Fund Performance Supplement Expense Ratios (%) Class I Inception Date YTD * 1 yr 5 yr GLOBAL/INTERNATIONAL FUNDS MFS Blended Research Emerging Markets Equity Fund 09/15/ /31/19 MFS Blended Research Global Equity Fund 09/15/ /31/19 MFS Blended Research International Equity Fund 09/15/ /31/19 MFS Emerging Markets Equity Fund 01/02/ MFS Global Equity Fund 01/02/ MFS Global Growth Fund 01/02/ /28/19 MFS Global New Discovery Fund 12/16/ /31/19 MFS Global Real Estate Fund 03/11/ MFS Global Total Return Fund 01/02/ /28/19 MFS International Diversification Fund 09/30/ /30/19 MFS International Growth Fund 01/02/ MFS International New Discovery Fund 10/09/ MFS International Value Fund S1 01/02/ MFS Low Volatility Global Equity Fund 12/05/ /31/19 MFS Research International Fund 01/02/ BOND FUNDS MFS Corporate Bond Fund 01/02/ MFS Emerging Markets Debt Fund 03/17/ MFS Emerging Markets Debt Local Currency Fund 09/15/ /28/19 MFS Global Bond Fund C2 06/02/ /31/19 MFS Global High Yield Fund 07/01/ /31/19 MFS Government Securities Fund 01/02/ MFS High Income Fund 01/02/ MFS Inflation-Adjusted Bond Fund 09/30/ /28/19 MFS Limited Maturity Fund 01/02/ MFS Municipal High Income Fund 1 06/01/ /31/19 MFS Municipal Income Fund 1 08/01/ /31/19 MFS Municipal Limited Maturity Fund 1 08/30/ /31/19 MFS Strategic Income Fund 01/08/ /28/19 MFS Total Return Bond Fund 01/04/ /31/19 1 Performance for Class I shares includes the performance of the fund s Class A shares, adjusted to take into account differences in sales loads and class-specific operating expenses (such as 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus for additional information about performance and expenses. C2 Performance information prior to December 1, 2014, reflects time periods when the fund had (i) a policy of focusing its investments on debt instruments of U.S. and foreign governments and (ii) a policy permitting the fund to invest up to 100% of its assets in less than investment grade quality debt instruments (lower quality debt instruments). The fund s investment policies and strategies changed effective December 1, MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA S1 Effective at the close of business on May 29, 2015 (the Closing Date ), the fund will be closed to new investors subject to certain exceptions. Please see the prospectus for additional information. Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors. MFSP-PERF-SUP-I