Q2 June 30, 2018 MFS BLENDED RESEARCH SMALL CAP EQUITY FUND

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1 Q2 June 30, 2018 MFS BLENDED RESEARCH SMALL CAP EQUITY FUND Asset class Equity Objective Seeks capital appreciation. A disciplined small-cap core approach The fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio construction process that systematically blends fundamental and quantitative research to build a well-diversified, small-cap equity portfolio. Portfolio management Matthew Krummell, Lead Portfolio Manager 16 years with MFS 25 years in industry James C. Fallon 18 years with MFS 19 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 Cash & Cash Equivalents (1.1%) Other Sectors (4.1%) Retailing (3.7%) Utilities & Communications (3.8%) Energy (4.2%) SECTORS AS OF 06/30/18 Financial Services (25.9%) Health Care (14.9%) Fund benchmark Russell 2000 Index measures U.S. small-cap stocks. Maximum sales charge Class A shares 5.75% initial sales charge Leisure (4.6%) Special Products & Services (5.1%) Basic Materials (6.4%) Technology (13.7%) Industrial Goods & Services (12.5%) Fund symbol and CUSIP A BRSDX B BRSBX C BRSHX I BRSJX Portfolio characteristics data are based on the equivalent exposure of unaudited net assets as of 6/30/18. 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. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE BRS-FS-07/ TOP 10 HOLDINGS Urban Outfitters Inc Paylocity Holding Corp East West Bancorp Inc Wintrust Financial Corp Brixmor Property Group Inc REIT Trex Co Inc Ramco-Gershenson Properties Trust Reit KBR Inc Tech Data Corp STORE Capital Corp REIT 14.2% of total net assets Class A shares 9/15/15 6/30/18 GROWTH OF $10,000 Class A ending value $14,529 $20,000 $15,000 $10,000 $5,000 $0 9/15/15 6/30/18 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 AS OF 6/30/ Class A without sales charge Class I Please see reverse for additional information.

2 MFS BLENDED RESEARCH SMALL CAP EQUITY FUND Q2 18 Glossary Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share. Price/book ratio (P/B) is the ratio of a stock's price to its book value per share. Price/earnings (12 months forward) is the ratio of the current price of a stock to an estimate of forward 12 month earnings. Turnover ratio is the percentage of a portfolio's assets that have changed over the course of a year. It is calculated by dividing the average assets during the period by the lesser of the value of purchases and the value of sales during the same period. AS OF 6/30/18 Inception date 1 yr. 3 yr. 5 yr. Life Class A without sales charge 09/15/ Class A with 5.75% maximum sales charge 09/15/ Class I 09/15/ Russell 2000 Index N/A 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 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. 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. Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors. FUND EXPENSES Class A Class I Gross Expense Ratio 1.57% 1.32% Net Expense Ratio 0.99% 0.74% Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus. Net Expense Ratio reflects the reduction of expenses from fee waivers, reimbursements, and the exclusion of interest and fees. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least September 30, NAV HISTORY (Class A) 12-month low $ month high $14.42 FUND DATA Commencement Date 09/15/15 Net Assets $120.3 million Number of Issues 162 Market Cap (weighted avg.) $3.16 billion Price/Book 2.24 Price/Earnings (12 months forward) Turnover Ratio 90% 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. Investments in small-cap companies can be more volatile than investments in larger companies. This is no assurance that the fund'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 fund's predicted tracking error and actual tracking error will be similar. The fund's strategy to target a predicted tracking error of approximately 3% 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. 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. 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 your investment professional or view online at mfs.com. Please read it carefully.

3 CLASS A MFS FUND PERFORMANCE SUPPLEMENT Class A inception Max sales Including sales charges, through 9/30/18 Waiver date charge YTD * 1 yr. 5 yrs. 10 yrs./life Gross Net end date STOCK FUNDS Massachusetts Investors Trust 07/15/ Massachusetts Investors Growth Stock Fund 01/01/ 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/ /30/18 MFS Equity Opportunities Fund C2 08/30/ MFS Growth Fund 09/13/ MFS Low Volatility Equity Fund 12/05/ /31/18 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 Conservative Allocation Fund 06/28/ MFS Moderate Allocation Fund 06/28/ MFS Growth Allocation Fund 06/28/ MFS Aggressive Growth Allocation Fund 06/28/ /30/19 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 Diversified Income Fund 05/26/ MFS Global Alternative Strategy Fund C3 12/20/ /28/19 MFS Managed Wealth Fund 06/27/ /30/19 MFS Prudent Investor Fund 01/18/ * /31/19 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. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. 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, the 1-year total returns would have been lower by 0.89%. C2 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. C3 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. reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least date noted under the "Waiver End Date" column. MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199

4 CLASS A MFS FUND PERFORMANCE SUPPLEMENT Class A inception Max sales Including sales charges, through 9/30/18 Waiver date charge YTD * 1 yr. 5 yrs. 10 yrs./life Gross Net end date GLOBAL/INTERNATIONAL FUNDS MFS Blended Research Emerging Markets Equity Fund 09/15/ /31/18 MFS Blended Research Global Equity Fund 09/15/ /31/18 MFS Blended Research International Equity Fund 09/15/ /31/18 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/ /31/18 MFS Global Real Estate Fund 03/11/ /31/18 MFS Global Total Return Fund 09/04/ /28/19 MFS International Diversification SM 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/ /31/18 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 C4 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 Strategic Income Fund 10/29/ /28/19 MFS Total Return Bond Fund 01/04/ /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 STATE MUNICIPAL BOND FUNDS 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 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. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. C4 Performance information 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. reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least date noted under the "Waiver End Date" column. MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA MFSP-PERF-SUP

5 CLASS I MFS FUND PERFORMANCE SUPPLEMENT The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future. Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors. Class I inception Through 9/30/18 Waiver date YTD * 1 yr. 5 yrs. 10 yrs./life Gross Net end date STOCK FUNDS Massachusetts Investors Trust 01/02/ Massachusetts Investors Growth Stock Fund 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/ /30/18 MFS Equity Opportunities Fund 1,C2 02/28/ MFS Growth Fund 01/02/ MFS Low Volatility Equity Fund 12/05/ /31/18 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 Conservative Allocation Fund 06/28/ MFS Moderate Allocation Fund 06/28/ MFS Growth Allocation Fund 06/28/ MFS Aggressive Growth Allocation Fund 06/28/ /30/19 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 Diversified Income Fund 05/26/ MFS Global Alternative Strategy Fund C3 12/20/ /28/19 MFS Managed Wealth Fund 06/27/ /30/19 MFS Prudent Investor Fund 01/18/ * /31/19 Blended Performance Expense Considerations 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 Rule 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus for additional information about performance and expenses. 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. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. 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, the 1-year total returns would have been lower by 0.89%. C2 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. C3 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. reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least date noted under the "Waiver End Date" column. MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199

6 CLASS I MFS FUND PERFORMANCE SUPPLEMENT Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors. Class I inception Through 9/30/18 Waiver date YTD * 1 yr. 5 yrs. 10 yrs./life Gross Net end date GLOBAL/INTERNATIONAL FUNDS MFS Blended Research Emerging Markets Equity Fund 09/15/ /31/18 MFS Blended Research Global Equity Fund 09/15/ /31/18 MFS Blended Research International Equity Fund 09/15/ /31/18 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/ /31/18 MFS Global Real Estate Fund 03/11/ /31/18 MFS Global Total Return Fund 01/02/ /28/19 MFS International Diversification SM 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/ /31/18 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 C4 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 Strategic Income Fund 01/08/ /28/19 MFS Total Return Bond Fund 01/04/ /31/19 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 Blended Performance Expense Considerations 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 Rule 12b-1 fees), if any, for periods prior to their offering. Please see the prospectus for additional information about performance and expenses. 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. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. C4 Performance information 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. reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least date noted under the "Waiver End Date" column. MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA MFSP-PERF-SUP-I