q4 - mfs.com investment platform drives information flow and effective decision making. this is how...

Q1MFS

®

FundfactsPortfolio and performance review March 31, 2018

MFS® Fundfacts: Q1, March 31, 2018

MFS Fund Distributors, Inc. 111 Huntington Avenue Boston MA 02199

MFSP-FNDFCT-PR-5/18 13343.48

MFS

® Fun

dfacts: Q

1, March

31, 2018

How to contact MFS

ONLINE

mfs.com

Visit our website for access to individual account informa-

tion, performance of MFS funds and other details about MFS’

products and services.

linkedin.com/company/mfs-investment-management

facebook.com/followMFS

twitter.com/followmfs

youtube.com/followMFS

BY PHONE

1-800-MFS-TALK

(1-800-637-8255)

Call MFS’ automated information line anytime for

• prices

• account balances

• exchanges

• duplicate statements

• more

For account services and literature call

1-800-225-2606

SHAREHOLDERS

1-800-343-2829

FINANCIAL ADVISORS

BY MAIL

Mailing address

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

Overnight mail


c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

Flexibility designed to meet your needsChoose from a wide range of products and services• mutual funds

• separate accounts

• Roth and traditional IRAs

• workplace IRAs (SEP, SARSEP and SIMPLE IRAs)

• investment options for 401(k), 403(b) and 457

plans as well as other variable platforms

• 529 savings plan

Add to your accounts with ease• automatic reinvestment of distributions

• Automatic Investment Plan

• Automatic Exchange Plan

• invest by mail, by phone or online

Use your investments to meet current financial needs• distributions in cash

• Systematic Withdrawal Plan

Keep up-to-date on your accounts• online account access

• statements of account activity

• year-end tax information

Q1 | MARCH 31, 2018

For more than 90 years, MFS has

actively managed investments —

around the globe, across asset classes

and through a myriad of economic and

market environments. While the

opportunities and challenges have

changed, we have kept our long-term

perspective and cultivated our robust

investment platform.

Founded on integrated research,

fortified by collaborative thinking and

supported by active risk management,

our investment platform drives

information flow and effective decision

making. This is how we turn

information into an analysis

advantage, maintain our conviction

and allow enough time for our insights

to help create the long-term value that

drives better outcomes for clients.

165

Q1 | MARCH 31, 2018

STOCK FUNDSMassachusetts Investors Trust . . . . . . . . . . . . .53Massachusetts Investors Growth Stock Fund . .54MFS® Blended Research® Core Equity Fund . . . . .55MFS® Blended Research® Growth Equity Fund . .56MFS® Blended Research® Mid Cap Equity Fund .57MFS® Blended Research® Small Cap Equity Fund .58MFS® Blended Research® Value Equity Fund . . . .59MFS® Core Equity Fund . . . . . . . . . . . . . . . . . .60MFS® Equity Income Fund . . . . . . . . . . . . . . . .62MFS® Equity Opportunities Fund . . . . . . . . . . .64MFS® Growth Fund . . . . . . . . . . . . . . . . . . . . .65MFS® Low Volatility Equity Fund . . . . . . . . . . 66MFS® Mid Cap Growth Fund . . . . . . . . . . . . .67MFS® Mid Cap Value Fund . . . . . . . . . . . . . . .68MFS® New Discovery Fund . . . . . . . . . . . . . . .69MFS® New Discovery Value Fund . . . . . . . . . . .70MFS® Research Fund . . . . . . . . . . . . . . . . . . . .71MFS® Technology Fund . . . . . . . . . . . . . . . . . .72MFS® Total Return Fund . . . . . . . . . . . . . . . . .73MFS® Utilities Fund . . . . . . . . . . . . . . . . . . . . .74MFS® Value Fund . . . . . . . . . . . . . . . . . . . . . .75ASSET ALLOCATION STRATEGIESMFS® Conservative Allocation Fund . . . . . . . .76MFS® Moderate Allocation Fund . . . . . . . . . . .77MFS® Growth Allocation Fund . . . . . . . . . . . .78MFS® Aggressive Growth Allocation Fund . . . .79MFS® Lifetime® 2020 Fund . . . . . . . . . . . . . . .80MFS® Lifetime® 2025 Fund . . . . . . . . . . . . . . .81MFS® Lifetime® 2030 Fund . . . . . . . . . . . . . . .82MFS® Lifetime® 2035 Fund . . . . . . . . . . . . . . .83MFS® Lifetime® 2040 Fund . . . . . . . . . . . . . . .84MFS® Lifetime® 2045 Fund . . . . . . . . . . . . . . .85MFS® Lifetime® 2050 Fund . . . . . . . . . . . . . . .86MFS® Lifetime® 2055 Fund . . . . . . . . . . . . . . .88MFS® Lifetime® 2060 Fund . . . . . . . . . . . . . . .89MFS® Lifetime® Income Fund . . . . . . . . . . . . .90MFS® Diversified Income Fund . . . . . . . . . . . .92MFS® Global Alternative Strategy Fund . . . . . .94MFS® Managed Wealth Fund . . . . . . . . . . . . .96MFS® Prudent Investor Fund . . . . . . . . . . . . . .98

GLOBAL/INTERNATIONAL FUNDSMFS® Blended Research® Emerging Markets Equity Fund 100MFS® Blended Research® Global Equity Fund . . . . . . .101MFS® Blended Research® International Equity Fund . . .102MFS® Emerging Markets Equity Fund . . . . . . . . . . . . . . . 103MFS® Global Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . .104MFS® Global Growth Fund . . . . . . . . . . . . . . . . . . . . . . . .105MFS® Global New Discovery Fund . . . . . . . . . . . . . . . . . .106MFS® Global Real Estate Fund . . . . . . . . . . . . . . . . . . . . .107MFS® Global Total Return Fund . . . . . . . . . . . . . . . . . . . .108MFS® International DiversificationSM Fund . . . . . . . . . . . . .109MFS® International Growth Fund . . . . . . . . . . . . . . . . . . .110MFS® International New Discovery Fund . . . . . . . . . . . . .111MFS® International Value Fund . . . . . . . . . . . . . . . . . . . . .112MFS® Low Volatility Global Equity Fund . . . . . . . . . . . . . .114MFS® Research International Fund . . . . . . . . . . . . . . . . . .116

BOND FUNDSMFS® Corporate Bond Fund . . . . . . . . . . . . . . . . . . . . . . .118MFS® Emerging Markets Debt Fund . . . . . . . . . . . . . . . .119MFS® Emerging Markets Debt Local

Currency Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120MFS® Global Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . .122MFS® Global High Yield Fund . . . . . . . . . . . . . . . . . . . . . .124MFS® Government Securities Fund . . . . . . . . . . . . . . . . .125MFS® High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . .126MFS® Inflation-Adjusted Bond Fund . . . . . . . . . . . . . . . .127MFS® Limited Maturity Fund . . . . . . . . . . . . . . . . . . . . . .128MFS® Strategic Income Fund . . . . . . . . . . . . . . . . . . . . . .129MFS® Total Return Bond Fund . . . . . . . . . . . . . . . . . . . . .130MFS®Municipal High Income Fund . . . . . . . . . . . . . . . . .131MFS®Municipal Income Fund . . . . . . . . . . . . . . . . . . . . .132MFS®Municipal Limited Maturity Fund . . . . . . . . . . . . . .133

STATE MUNICIPAL BOND FUNDSMFS® Alabama Municipal Bond Fund . . . . . . . . . . . . . . .134MFS® Arkansas Municipal Bond Fund . . . . . . . . . . . . . . .136MFS® California Municipal Bond Fund . . . . . . . . . . . . . .138MFS® Georgia Municipal Bond Fund . . . . . . . . . . . . . . . .140MFS®Maryland Municipal Bond Fund . . . . . . . . . . . . . . .142MFS®Massachusetts Municipal Bond Fund . . . . . . . . . .144MFS®Mississippi Municipal Bond Fund . . . . . . . . . . . . . .146MFS® New York Municipal Bond Fund . . . . . . . . . . . . . .148MFS® North Carolina Municipal Bond Fund . . . . . . . . . .149MFS® Pennsylvania Municipal Bond Fund . . . . . . . . . . . .150MFS® South Carolina Municipal Bond Fund . . . . . . . . . .152MFS® Tennessee Municipal Bond Fund . . . . . . . . . . . . . .154MFS® Virginia Municipal Bond Fund . . . . . . . . . . . . . . . .156MFS®West Virginia Municipal Bond Fund . . . . . . . . . . .158

STOCK

ASSET ALLOCA

TION

GLOBA

L/INTERN

ATIONAL

STATE MUN

ICIPAL BOND

BOND

• NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Please note: Some of the funds included in this booklet may not be available for sale at all broker/dealer firms. Please check with your financial advisor.

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectuscontaining this and other information, contact your investment professional or view online at mfs.com. Please read it carefully.

2 MFS® Market Snapshot

4 Credit Quality

6 Important Risk Considerations

12 MFS Quick Picks

14 Portfolio Characteristics – Stock

18 Portfolio Characteristics – Bond

20 Morningstar RatingsTM

24 Lipper Rankings

26 MFS Fund Performance

50 Expense Ratios

52 Stock Legend

117 Bond Legend

160 Flexible Pricing Options

162 Benchmark Index Definitions

163 Glossary

165 How to Contact MFS

Q1

1

Q1 | MARCH 31, 2018

mfs.com

Index correlation*

Index returns (%)

Source: SPAR, FactSet Research Systems Inc.

Correlation matrix (April 2008 - March 2018)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)

1) Russell 1000® Growth Index 1.00

2) Russell 1000® Value Index

3) Russell 2000® Index

4) Russell 2000® Value Index

5) Russell 2000® Growth Index

6) Dow Jones Industrial Average

7) MSCI EAFE Index (net div)

8) Bloomberg Barclays U.S. Aggregate Bond Index

9) Bloomberg Barclays U.S. Government/Credit Bond Index

10) MSCI EAFE + EM Index (net div)

11) FTSE EPRA/NAREIT Developed Real Estate Index (net div)

12) NASDAQ Composite Index – Price Return

13) S&P 500 Index

* Correlation is a statistical measure of how two securities move in relation to each other. The lower the correlation, the less similar the performance of thetwo securities. A correlation of “1” means the securities moved in tandem.

Please see page 162 for benchmark index definitions.Past performance is no guarantee of future results. It is not possible to invest directly in an index.

MFS MARKET SNAPSHOT

Market indices (as of 3/31/18)

YTD 1 year 3 years 5 years 10 years

Russell 1000® Growth Index

Russell 1000® Value Index

Russell 2000® Index



Dow Jones Industrial Average

MSCI EAFE Index (net div)

Bloomberg Barclays U.S. Aggregate Bond Index

Bloomberg Barclays U.S. Government/Credit Bond Index

MSCI EAFE + EM Index (net div)

FTSE EPRA/NAREIT Developed Real Estate Index (net div)

NASDAQ Composite Index – Price Return

S&P 500 Index

0.93 1.00

0.88 0.92 1.00

0.84 0.92 0.99 1.00

0.90 0.89 0.99 0.94 1.00

0.93 0.97 0.86 0.86 0.84 1.00

0.89 0.88 0.79 0.76 0.79 0.85 1.00

0.06 0.04 -0.04 -0.02 -0.05 0.03 0.16 1.00

0.04 0.03 -0.05 -0.04 -0.06 0.02 0.15 0.99 1.00

0.90 0.87 0.79 0.76 0.80 0.84 0.99 0.18 0.17 1.00

0.81 0.84 0.78 0.78 0.76 0.79 0.87 0.33 0.31 0.88 1.00

0.98 0.90 0.90 0.85 0.92 0.89 0.86 -0.00 -0.02 0.87 0.78 1.00

0.98 0.98 0.91 0.89 0.90 0.97 0.90 0.05 0.04 0.90 0.84 0.95 1.00

1.42 21.25 12.90 15.53 11.34

-2.83 6.95 7.88 10.78 7.78

-0.08 11.79 8.39 11.47 9.84

-2.64 5.13 7.87 9.96 8.61

2.30 18.63 8.77 12.90 10.95

-1.96 19.39 13.48 13.32 9.86

-1.53 14.80 5.55 6.50 2.74

-1.46 1.20 1.20 1.82 3.63

-1.58 1.38 1.22 1.84 3.65

-0.75 17.38 6.44 6.21 2.81

-4.53 3.23 1.52 4.10 3.41

2.32 19.48 12.96 16.67 11.98

-0.76 13.99 10.78 13.31 9.49

2

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3

CREdiT QuAliTy (AS OF MARCH 31, 2018)

US Federal CCC Other Gov’t Agencies AAA AA A BBB BB B & Below Not Rated

BALANCED FUNDS (% of fixed income assets)

MFS® Total Return Fund 39.7 26.2 6.8 1.6 10.0 15.4 0.1 0.1 0.1 0.0MFS® Global Total Return Fund * 19.4 8.6 10.3 12.2 23.7 30.7 1.1 .— 0.1 -6.1

ASSET ALLOCATION STRATEGIES (% of fixed income assets)

MFS® Conservative Allocation Fund 30.1 13.7 6.7 5.7 13.2 15.9 7.1 5.6 0.9 1.2MFS® Moderate Allocation Fund 31.9 17.0 5.4 3.4 9.2 13.3 9.6 7.9 1.2 1.0

MFS® Growth Allocation Fund 28.2 3.3 4.1 4.0 10.0 16.2 15.9 14.0 2.2 2.1MFS® Aggressive Growth Allocation Fund 23.9 1.0 8.8 17.0 21.0 23.5 .— .— .— 4.9

MFS® Lifetime® 2020 Fund 29.0 13.2 7.4 6.7 14.9 16.9 5.7 4.3 0.7 1.1MFS® Lifetime® 2025 Fund 30.8 15.0 6.2 4.7 11.6 14.8 8.1 6.5 1.0 1.1




MFS® Lifetime® 2060 Fund 42.9 5.2 7.8 8.7 14.6 16.1 1.2 0.4 0.0 3.1MFS® Lifetime® Income Fund 28.1 12.9 7.9 7.7 16.4 17.9 4.4 3.2 0.5 1.1

MFS® Diversified Income Fund 13.6 19.9 1.8 0.4 3.3 8.7 22.5 25.0 3.5 0.0MFS® Global Alternative Strategy Fund S6, * -0.9 .— -1.3 -3.7 -34.9 -54.4 .— .— .— 195.2MFS® Prudent Investor Fund 17.1 .— .— .— .— .— 4.6 6.4 .— .— * Short positions, unlike long positions, lose value if the underlying asset gains value.S6 Subadvised by UBS Asset Management (Americas), Inc.For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agenciesand applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agenciesrate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issuedby the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other NotRated includes fixed income securities which have not been rated by any rating agency. The portfolio itself has not been rated.

Q1 | MARCH 31, 2018 4

CREdiT QuAliTy (AS OF MARCH 31, 2018)

US Federal CCC Other Gov’t Agencies AAA AA A BBB BB B & Below Not Rated

BOND FUNDS (% of total net assets)

MFS® Corporate Bond Fund 0.9 0.9 0.8 1.9 27.6 55.6 8.2 1.4 0.0 0.0MFS® Emerging Markets Debt Fund 4.3 .— .— 0.3 7.3 29.0 24.1 29.4 2.2 0.8

MFS® Emerging Markets Debt Local Currency Fund .— .— .— 0.2 17.8 39.4 22.4 3.2 .— 25.8MFS® Global Bond Fund * 13.4 9.3 9.9 12.1 19.7 30.1 6.7 1.1 .— -9.7

MFS® Global High Yield Fund * .— .— .— .— .— 1.5 47.0 41.7 6.6 -3.1MFS® Government Securities Fund 36.4 52.8 4.7 0.8 2.6 1.3 .— .— .— 1.1

MFS® High Income Fund * .— .— .— .— .— 1.3 43.7 43.4 8.6 -2.6MFS® Inflation-Adjusted Bond Fund 90.7 1.1 2.2 0.2 3.0 0.7 .— .— .— .—

MFS® Limited Maturity Fund 7.0 1.2 10.2 18.8 31.7 29.2 0.1 0.1 0.3 0.9MFS® Strategic Income Fund 15.4 0.4 10.7 4.4 20.8 21.0 11.0 12.7 1.8 6.4

MFS® Total Return Bond Fund 25.2 15.9 11.9 4.1 16.4 19.8 4.2 1.4 0.1 3.5MFS® Municipal High Income Fund .— .— 1.7 8.4 17.4 25.8 13.4 6.0 6.6 20.1

MFS® Municipal Income Fund .— .— 3.8 26.0 30.1 22.0 6.0 1.5 3.3 7.1MFS® Municipal Limited Maturity Fund .— .— 6.9 26.3 33.6 20.9 3.1 0.2 3.8 3.1

STATE MUNICIPAL BOND FUNDS (% of total net assets)

MFS® Alabama Municipal Bond Fund .— .— 3.3 30.0 46.9 8.0 0.6 .— 3.4 7.2MFS® Arkansas Municipal Bond Fund .— .— 4.6 44.5 39.4 5.5 1.6 .— 3.1 1.4

MFS® California Municipal Bond Fund .— .— 5.5 33.6 32.1 16.6 1.8 1.1 3.5 5.7MFS® Georgia Municipal Bond Fund .— .— 5.5 35.6 41.9 8.4 1.6 0.1 2.8 5.0

MFS® Maryland Municipal Bond Fund .— .— 14.6 24.2 30.7 16.5 1.9 .— 2.8 8.5MFS® Massachusetts Municipal Bond Fund .— .— 4.7 42.5 23.6 18.9 3.6 0.2 3.2 3.3

MFS® Mississippi Municipal Bond Fund .— .— 2.2 57.3 20.8 10.1 2.2 .— 3.7 3.0MFS® New York Municipal Bond Fund .— .— 8.4 29.9 30.4 17.9 2.0 0.2 4.4 7.2

MFS® North Carolina Municipal Bond Fund .— .— 7.1 41.0 29.3 10.8 0.7 0.2 3.8 6.7MFS® Pennsylvania Municipal Bond Fund .— .— 1.0 15.6 48.6 18.2 6.5 0.3 3.9 7.7

MFS® South Carolina Municipal Bond Fund .— .— 4.4 26.9 49.0 8.3 1.2 0.2 3.6 4.8MFS® Tennessee Municipal Bond Fund .— .— 4.5 40.5 29.2 13.7 2.2 .— 3.7 6.2

MFS® Virginia Municipal Bond Fund .— .— 12.8 41.4 17.7 13.0 0.8 1.6 4.0 8.0MFS®West Virginia Municipal Bond Fund .— .— 0.8 27.7 50.7 5.9 1.1 .— 4.3 7.8 * Short positions, unlike long positions, lose value if the underlying asset gains value.For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agenciesand applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agenciesrate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issuedby the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other NotRated includes fixed income securities which have not been rated by any rating agency. The portfolio itself has not been rated.

Q1 | MARCH 31, 20185

Q1 | MARCH 31, 2018

iMPORTANT RiSK CONSidERATiONS

STOCK FUNDS

Massachusetts Investors TrustMFS® Core Equity FundMFS® Research FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions.

Massachusetts Investors Growth Stock FundMFS® Growth FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in growth companies can be more sensitive to the company'searnings and more volatile than the stock market in general.

MFS® Blended Research® Core Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • This is no assurance that the fund's predicted tracking error will equal its targetpredicted tracking error at any point in time or consistently for any period of time, or that the fund'spredicted tracking error and actual tracking error will be similar. The fund's strategy to target a predictedtracking error of approximately 2% compared to the Index and to blend fundamental and quantitativeresearch may not produce the intended results. In addition, MFS fundamental research is not available forall issuers. • MFS' investment analysis, its development and use of quantitative models, and its selectionof investments may not produce the intended results and/or can lead to an investment focus that resultsin the fund underperforming other funds with similar investment strategies and/or underperforming themarkets in which the fund invests. Investments selected using quantitative models may not produce theintended 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, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Blended Research® Growth Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in growth companies can be more sensitive to the company'searnings and more volatile than the stock market in general. • This is no assurance that the fund'spredicted tracking error will equal its target predicted tracking error at any point in time or consistentlyfor 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 2% compared to the Index andto blend fundamental and quantitative research may not produce the intended results. In addition, MFSfundamental research is not available for all issuers. • MFS' investment analysis, its development anduse of quantitative models, and its selection of investments may not produce the intended results and/orcan lead to an investment focus that results in the fund underperforming other funds with similarinvestment strategies and/or underperforming the markets in which the fund invests. Investments selectedusing 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 issuesin the design, development, implementation, and maintenance of the models (e.g., incomplete orinaccurate data, programming or other software issues, and technology failures).

MFS® Blended Research® Mid Cap Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in mid-cap companies can be more volatile than investments inlarger companies. • This is no assurance that the fund's predicted tracking error will equal its targetpredicted tracking error at any point in time or consistently for any period of time, or that the fund'spredicted tracking error and actual tracking error will be similar. The fund's strategy to target a predictedtracking error of approximately 2% compared to the Index and to blend fundamental and quantitativeresearch may not produce the intended results. In addition, MFS fundamental research is not available forall issuers. • MFS' investment analysis, its development and use of quantitative models, and its selectionof investments may not produce the intended results and/or can lead to an investment focus that resultsin the fund underperforming other funds with similar investment strategies and/or underperforming themarkets in which the fund invests. Investments selected using quantitative models may not produce theintended 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, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Blended Research® Small Cap Equity FundThe 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 inresponse 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 inlarger companies. • This is no assurance that the fund's predicted tracking error will equal its targetpredicted tracking error at any point in time or consistently for any period of time, or that the fund'spredicted tracking error and actual tracking error will be similar. The fund's strategy to target a predictedtracking error of approximately 2% compared to the Index and to blend fundamental and quantitativeresearch may not produce the intended results. In addition, MFS fundamental research is not available forall issuers. • MFS' investment analysis, its development and use of quantitative models, and its selectionof investments may not produce the intended results and/or can lead to an investment focus that resultsin the fund underperforming other funds with similar investment strategies and/or underperforming themarkets in which the fund invests. Investments selected using quantitative models may not produce theintended 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, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Blended Research® Value Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in value companies can continue to be undervalued for long periodsof time, not realize their expected value, and be more volatile than the stock market in general. • This isno assurance that the fund's predicted tracking error will equal its target predicted tracking error at anypoint in time or consistently for any period of time, or that the fund's predicted tracking error and actualtracking error will be similar. The fund'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 theintended 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 maynot produce the intended results and/or can lead to an investment focus that results in the fundunderperforming other funds with similar investment strategies and/or underperforming the markets inwhich the fund invests. Investments selected using quantitative models may not produce the intendedresults due to the factors used in the models, the weight placed on each factor in the models, changingsources of market return, and technical issues in the design, development, implementation, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Equity Income FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • The fund's strategy to blend fundamental and quantitative research may not producethe 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 maynot produce the intended results and/or can lead to an investment focus that results in the fundunderperforming other funds with similar investment strategies and/or underperforming the markets inwhich the fund invests. Investments selected using quantitative models may not produce the intendedresults due to the factors used in the models, the weight placed on each factor in the models, changingsources of market return, and technical issues in the design, development, implementation, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Equity Opportunities FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • The fund's performance could be more volatile than the performance of morediversified funds. • The fund's performance may be closely tied to the performance of companies in alimited number of sectors and could be more volatile than the performance of less focused funds. • Thefund's strategy to use both fundamental and quantitative research may not produce the intended results.• MFS' investment analysis, its development and use of quantitative models, and its selection ofinvestments may not produce the intended results and/or can lead to an investment focus that results inthe fund underperforming other funds with similar investment strategies and/or underperforming themarkets in which the fund invests. Investments selected using quantitative models may not produce theintended 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, andmaintenance 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.

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MFS® Low Volatility Equity FundThe 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 inresponse 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 thelong term or for any year or period of years. The fund's strategy to invest in equity securities withhistorically lower volatility may not produce the intended results if, in general, the historical volatility of anequity security is not a good predictor of the future volatility of that equity security, and/or if the specificequity securities held by the fund become more volatile than expected. In addition, the fund's strategy toblend fundamental and quantitative research may not produce the intended results, and MFSfundamental research is not available for all issuers. It is expected that the fund will generallyunderperform the equity markets during periods of strong, rising equity markets. • MFS' investmentanalysis, its development and use of quantitative models, and its selection of investments may notproduce the intended results and/or can lead to an investment focus that results in the fundunderperforming other funds with similar investment strategies and/or underperforming the markets inwhich the fund invests. Investments selected using quantitative models may not produce the intendedresults due to the factors used in the models, the weight placed on each factor in the models, changingsources of market return, and technical issues in the design, development, implementation, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Mid Cap Growth FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in mid-cap companies can be more volatile than investments inlarger companies. • Investments in growth companies can be more sensitive to the company's earningsand more volatile than the stock market in general.

MFS® Mid Cap Value FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in mid-cap companies can be more volatile than investments inlarger companies. • Investments in value companies can continue to be undervalued for long periods oftime, not realize their expected value, and be more volatile than the stock market in general.

MFS® New Discovery FundThe 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 inresponse 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 inlarger companies. • Investments in growth companies can be more sensitive to the company's earningsand more volatile than the stock market in general. • The fund's performance may be closely tied to theperformance of companies in a limited number of sectors and could be more volatile than theperformance of less focused funds.

MFS® New Discovery Value FundThe 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 inresponse 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 inlarger companies. • Investments in value companies can continue to be undervalued for long periods oftime, not realize their expected value, and be more volatile than the stock market in general. • The fund'sperformance may be closely tied to the performance of companies in a limited number of sectors andcould be more volatile than the performance of less focused funds.

MFS® Technology FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in growth companies can be more sensitive to the company'searnings and more volatile than the stock market in general. • The fund's performance could be morevolatile than the performance of more diversified funds. • Investments in the technology sector can bevery volatile because of the rapid pace of product change, technological developments, and other factors.

MFS® Total Return FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in value companies can continue to beundervalued for long periods of time, not realize their expected value, and be more volatile than the stockmarket in general.

MFS® Utilities FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Investments in the utilities sector can be very volatile because of supply and/ordemand for services or fuel, financing costs, conservation efforts, the negative impact of regulation, andother factors.

MFS® Value FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in value companies can continue to be undervalued for long periodsof time, not realize their expected value, and be more volatile than the stock market in general.

ASSET ALLOCATION STRATEGIES

MFS® Conservative Allocation FundMFS® Moderate Allocation FundMFS® Growth Allocation FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • MFS' strategy of investing in underlying funds exposes thefund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategiesand may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees andexpenses of the underlying funds.

MFS® Aggressive Growth Allocation FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • MFS' strategy of investing in underlying funds exposes the fund to the risks of theunderlying funds. Each underlying fund pursues its own objective and strategies and may not achieve itsobjective. In addition, shareholders of the fund will indirectly bear the fees and expenses of theunderlying funds.

MFS® Lifetime® 2020 FundMFS® Lifetime® 2025 FundMFS® Lifetime® 2030 FundMFS® Lifetime® 2035 FundMFS® Lifetime® 2040 FundMFS® Lifetime® 2045 FundMFS® Lifetime® 2050 FundMFS® Lifetime® 2055 FundMFS® Lifetime® 2060 FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund. Youmay experience losses near, at, or after the target date. There is no guarantee of the fund's principalvalue, including at the target date, or that the fund will provide adequate income at and through yourretirement. • Stock markets and investments in individual stocks are volatile and can decline significantlyin response to or investor perception of, issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain typesof debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • MFS' strategy of investing in underlying funds exposes thefund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategiesand may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees andexpenses of the underlying funds.

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MFS® Lifetime® Income FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.There is no guarantee that the fund will provide adequate income at and through your retirement.• Stock markets and investments in individual stocks are volatile and can decline significantly inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • MFS' strategy of investing in underlying funds exposes thefund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategiesand may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees andexpenses of the underlying funds.

MFS® Diversified Income FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • Emerging markets can have less market structure, depth,and regulatory, custodial or operational oversight and greater political, social, and economic instabilitythan developed markets. • Investments in derivatives can be used to take both long and short positions,be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks ofthe underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.• Investments in small-cap companies can be more volatile than investments in larger companies.• Investments in below investment grade quality debt instruments can be more volatile and have greaterrisk of default, or already be in default, than higher-quality debt instruments. • Mortgage-backedsecurities can be subject to prepayment and/or extension and therefore can offer less potential for gainsand greater potential for loss. • Real estate-related investments can be volatile because of general,regional, and local economic conditions, fluctuations in interest rates and property tax rates; shifts inzoning laws, environmental regulation and other governmental actions; increased operation expenses;lack of availability of mortgage funds; losses due to natural disasters; changes in property values andrental rates; overbuilding; losses due to casualty or condemnation, cash flows; and other factors.

MFS® Global Alternative Strategy FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • Investments in derivatives can be used to take both longand short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks inaddition to the risks of the underlying indicator(s) on which the derivative is based, such as counterpartyand liquidity risk. • Investments in below investment grade quality debt instruments can be more volatileand have greater risk of default, or already be in default, than higher-quality debt instruments. • There isno assurance that the fund will meet its target total rate of return, or have lower volatility than that ofthe overall equity market, over the long term or for any year or period of years. The fund's strategy toseparate security selection decisions from market and currency exposure decisions may not produce theintended results. It is expected that the fund will generally under-perform the equity markets duringstrong, rising equity markets. • UBS' assessment of the risk/return potential of asset classes, markets andcurrencies and its adjustments to the fund's exposure to asset classes, markets and currencies may notproduce intended results and/or can lead to an investment focus that results in the fund underperformingother funds that invest in similar investment types or have similar investment strategies and/orunderperform the markets in which the fund invests.

MFS® Managed Wealth FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Investments in derivatives can be used to take both long and short positions, behighly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks ofthe underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.• Investments in below investment grade quality debt instruments can be more volatile and have greaterrisk of default, or already be in default, than higher-quality debt instruments. • The fund's strategy toreduce its exposure to the equity and/or currency markets represented by the underlying funds and topotentially expose the fund to asset classes and/or markets in which the underlying funds have little orno exposure may not produce the intended results. In addition, the strategies MFS may implement tolimit the fund's exposure to certain extreme market events may not work as intended, and the costsassociated with such strategies will reduce the fund's returns. It is expected that the fund will generallyunderperform the equity markets during periods of strong, rising equity markets. • MFS' strategy ofinvesting in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fundpursues its own objective and strategies and may not achieve its objective. In addition, shareholders ofthe fund will indirectly bear the fees and expenses of the underlying funds.

MFS® Prudent Investor FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • Investments in derivatives can be used to take both longand short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks inaddition to the risks of the underlying indicator(s) on which the derivative is based, such as counterpartyand liquidity risk. • Investments in value companies can continue to be undervalued for long periods oftime, not realize their expected value, and be more volatile than the stock market in general.• Investments in growth companies can be more sensitive to the company's earnings and more volatilethan the stock market in general. • Investments in below investment grade quality debt instruments canbe more volatile and have greater risk of default, or already be in default, than higher-quality debtinstruments. • The fund's performance may be closely tied to the performance of companies in a limitednumber of sectors and could be more volatile than the performance of less focused funds.

GLOBAL/INTERNATIONAL FUNDS

MFS® Blended Research® Emerging Markets Equity FundMFS® Blended Research® Global Equity FundMFS® Blended Research® International Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can have less market structure, depth, and regulatory, custodial oroperational oversight and greater political, social, and economic instability than developed markets. • Thisis no assurance that the fund's predicted tracking error will equal its target predicted tracking error at anypoint in time or consistently for any period of time, or that the fund's predicted tracking error and actualtracking error will be similar. The fund'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 theintended 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 maynot produce the intended results and/or can lead to an investment focus that results in the fundunderperforming other funds with similar investment strategies and/or underperforming the markets inwhich the fund invests. Investments selected using quantitative models may not produce the intendedresults due to the factors used in the models, the weight placed on each factor in the models, changingsources of market return, and technical issues in the design, development, implementation, andmaintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues,and technology failures).

MFS® Emerging Markets Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can have less market structure, depth, and regulatory, custodial oroperational oversight and greater political, social, and economic instability than developed markets.

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MFS® Global Equity FundMFS® Research International FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions.

MFS® Global Growth FundMFS® International Growth FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can have less market structure, depth, and regulatory, custodial oroperational oversight and greater political, social, and economic instability than developed markets.• Investments in growth companies can be more sensitive to the company's earnings and more volatilethan the stock market in general.

MFS® Global New Discovery FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Investments in small-cap companies can be more volatile than investments in largercompanies. • The fund's performance may be closely tied to the performance of companies in a limitednumber of sectors and could be more volatile than the performance of less focused funds.

MFS® Global Real Estate FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • The fund's performance could be more volatile than the performance of morediversified funds. • Real estate-related investments can be volatile because of general, regional, and localeconomic conditions, fluctuations in interest rates and property tax rates; shifts in zoning laws,environmental regulation and other governmental actions; increased operation expenses; lack ofavailability of mortgage funds; losses due to natural disasters; changes in property values and rentalrates; overbuilding; losses due to casualty or condemnation, cash flows;the management skill andcreditworthiness of the REIT manager, and other factors.

MFS® Global Total Return FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in debt instruments may decline in value as the result of declines inthe credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debtinstruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, andparticularly during periods of market turmoil, all or a large portion of segments of the market may nothave an active trading market. As a result, it may be difficult to value these investments and it may notbe possible to sell a particular investment or type of investment at any particular time or at an acceptableprice. The price of an instrument trading at a negative interest rate responds to interest rate changes likeother debt instruments; however, an instrument purchased at a negative interest rate is expected toproduce a negative return if held to maturity. • Investments in foreign markets can involve greater riskand volatility than U.S. investments because of adverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions.

MFS® International DiversificationSM FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • MFS' strategy of investing in underlying funds exposes the fund to the risks of theunderlying funds. Each underlying fund pursues its own objective and strategies and may not achieve itsobjective. In addition, shareholders of the fund will indirectly bear the fees and expenses of theunderlying funds.

MFS® International New Discovery FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can have less market structure, depth, and regulatory, custodial oroperational oversight and greater political, social, and economic instability than developed markets.• Investments in small-cap companies can be more volatile than investments in larger companies. • Thefund's performance may be closely tied to the performance of companies in a limited number of sectorsand could be more volatile than the performance of less focused funds.

MFS® International Value FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • Investments in derivatives can be used to take both long and short positions, behighly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks ofthe underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.• Investments in value companies can continue to be undervalued for long periods of time, not realizetheir expected value, and be more volatile than the stock market in general.

MFS® Low Volatility Global Equity FundThe 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 inresponse to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreign markets can involve greater risk and volatility than U.S.investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, orother conditions. • This is no assurance that the fund will be less volatile than the Index over the longterm or for any year or period of years. The fund's strategy to invest in equity securities with historicallylower volatility may not produce the intended results if, in general, the historical volatility of an equitysecurity is not a good predictor of the future volatility of that equity security, and/or if the specific equitysecurities held by the fund become more volatile than expected. In addition, the fund's strategy to blendfundamental and quantitative research may not produce the intended results, and MFS fundamentalresearch is not available for all issuers. It is expected that the fund will generally underperform the equitymarkets during periods of strong, rising equity markets. • MFS' investment analysis, its development anduse of quantitative models, and its selection of investments may not produce the intended results and/orcan lead to an investment focus that results in the fund underperforming other funds with similarinvestment strategies and/or underperforming the markets in which the fund invests. Investments selectedusing 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 issuesin the design, development, implementation, and maintenance of the models (e.g., incomplete orinaccurate data, programming or other software issues, and technology failures).

TAXABLE BOND FUNDS

MFS® Corporate Bond FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments in below investment grade quality debt instruments canbe more volatile and have greater risk of default, or already be in default, than higher-quality debtinstruments.

MFS® Emerging Markets Debt FundMFS® Global High Yield FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Emerging markets can have less market structure, depth, andregulatory, custodial or operational oversight and greater political, social, and economic instability thandeveloped markets. • Investments in derivatives can be used to take both long and short positions, behighly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks ofthe underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.• Investments in below investment grade quality debt instruments can be more volatile and have greaterrisk of default, or already be in default, than higher-quality debt instruments.

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MFS® Emerging Markets Debt Local Currency FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Emerging markets can have less market structure, depth, andregulatory, custodial or operational oversight and greater political, social, and economic instability thandeveloped markets. • Investments in derivatives can be used to take both long and short positions, behighly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks ofthe underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.• Investments in below investment grade quality debt instruments can be more volatile and have greaterrisk of default, or already be in default, than higher-quality debt instruments. • The fund's performancecould be more volatile than the performance of more diversified funds. • The value of securitiesdenominated in emerging market currencies are affected by changes in currency rates or exchangecontrol regulations, restrictions or prohibition on the repatriation of currencies, application of tax laws,including withholding taxes, changes in government administration or economic or monetary policy orchanged circumstances in dealings between nations.

MFS® Global Bond FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • The fund'sperformance could be more volatile than the performance of more diversified funds.

MFS® Government Securities FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • The fund's performance could be more volatile than the performance of more diversified funds.• Mortgage-backed securities can be subject to prepayment and/or extension and therefore can offer lesspotential for gains and greater potential for loss. • U.S. government securities not supported as to thepayment of principal or interest by the U.S. Treasury are subject to greater credit risk than are U.S.government securities supported by the U.S. Treasury.

MFS® High Income FundMFS® Strategic Income FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments.

MFS® Inflation-Adjusted Bond FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • The fund's performance could be more volatile than the performanceof more diversified funds. • Interest payments on inflation-adjusted debt instruments can beunpredictable and vary based on the level of inflation. • U.S. government securities not supported as tothe payment of principal or interest by the U.S. Treasury are subject to greater credit risk than are U.S.government securities supported by the U.S. Treasury.

MFS® Limited Maturity FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in foreign markets can involve greater risk and volatilitythan U.S. investments because of adverse market, currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk.

MFS® Total Return Bond FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • Mortgage-backedsecurities can be subject to prepayment and/or extension and therefore can offer less potential for gainsand greater potential for loss.

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Q1 | MARCH 31, 2018

TAX-ADVANTAGED BOND FUNDS

MFS® Municipal High Income FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • The fund'sperformance could be more volatile than the performance of more diversified funds. • Investments inmunicipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislativeor political changes, market and economic conditions, issuer, industry-specific (including the credit qualityof municipal insurers), and other conditions. • The fund's performance could be closely tied to theeconomic, political, and other conditions in the state and other states and U.S. territories and possessionsin which the fund invests and could be more volatile than the performance of more geographicallydiversified funds.

MFS® Municipal Income FundMFS® Municipal Limited Maturity FundThe fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • Investments inmunicipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislativeor political changes, market and economic conditions, issuer, industry-specific (including the credit qualityof municipal insurers), and other conditions. • The fund's performance could be closely tied to theeconomic, political, and other conditions in the state and other states and U.S. territories and possessionsin which the fund invests and could be more volatile than the performance of more geographicallydiversified funds.

MFS® State Tax-Advantaged Funds (Alabama, California, Georgia, Maryland,Massachusetts, New York, Pennsylvania, South Carolina, Virginia)The fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • Investments inmunicipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislativeor political changes, market and economic conditions, issuer, industry-specific (including the credit qualityof municipal insurers), and other conditions. • The fund's performance could be closely tied to theeconomic, political, and other conditions in the state and other states and U.S. territories and possessionsin which the fund invests and could be more volatile than the performance of more geographicallydiversified funds.

MFS® State Tax-Advantaged Funds (Arkansas, North Carolina, Tennessee)The fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in municipal instruments can be volatile and significantly affected by adverse tax orcourt rulings, legislative or political changes, market and economic conditions, issuer, industry-specific(including the credit quality of municipal insurers), and other conditions. • The fund's performance couldbe closely tied to the economic, political, and other conditions in the state and other states and U.S.territories and possessions in which the fund invests and could be more volatile than the performance ofmore geographically diversified funds.

MFS® State Tax-Advantaged Funds (Mississippi, West Virginia)The fund may not achieve its objective and/or you could lose money on your investment in the fund.• Investments in debt instruments may decline in value as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments canbe more sensitive to these factors and therefore more volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debt instruments with longer durations are generally moresensitive to a rise in interest rates than those with shorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion of segments of the market may not have an activetrading market. As a result, it may be difficult to value these investments and it may not be possible tosell a particular investment or type of investment at any particular time or at an acceptable price. Theprice of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce anegative return if held to maturity. • Investments in derivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • The fund'sperformance could be more volatile than the performance of more diversified funds. • Investments inmunicipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislativeor political changes, market and economic conditions, issuer, industry-specific (including the credit qualityof municipal insurers), and other conditions. • The fund's performance could be closely tied to theeconomic, political, and other conditions in the state and other states and U.S. territories and possessionsin which the fund invests and could be more volatile than the performance of more geographicallydiversified funds.

11

STOCK FUNDS

MFS FAMily OF FuNdS® QuiCK PiCKS

MANAGEMENT STYLE

SPECIALTY/OTHER

GrowthCoreValue

MA

RK

ET

CA

PIT

AL

IZA

TIO

N

Large cap

Multicap

Mid/Small cap

• MFS® Blended Research® ValueEquity

• MFS®Value

• Massachusetts Investors Trust• MFS® Blended Research® Core Equity• MFS® Equity Income • MFS® Global Equity • MFS® Low Volatility Equity• MFS® Research

• Massachusetts Investors GrowthStock

• MFS® Blended Research® GrowthEquity

• MFS® Growth• MFS® International Growth

• MFS® Blended Research® GlobalEquity

• MFS® Blended Research®

International Equity• MFS® Core Equity• MFS® Equity Opportunities • MFS® International DiversificationSM

• MFS® Low Volatility Global Equity

• MFS® Global Growth• MFS® International Value• MFS® Research International

• MFS®Mid Cap Value• MFS® New Discovery Value

• MFS® Global New Discovery• MFS® International New Discovery

• MFS®Mid Cap Growth • MFS® New Discovery (small)

• MFS® Blended Research®Mid CapEquity

• MFS® Blended Research® Small Cap Equity

Choose your investment goals and risk tolerance from MFS’ full range of funds.

Source: LipperQuickpicks Style Grid is based on the Lipper analysis of each fund’s holdings as of 3/31/18. A fund’s grid position maychange based on current holdings and does not reflect the investment objective or risks associated with each fund.

MFS asset allocation strategies

MFS® Conservative Allocation

MFS®Moderate AllocationMFS® Growth AllocationMFS®Aggressive Growth Allocation

MFS® Lifetime® 2020MFS® Lifetime® 2025MFS® Lifetime® 2030MFS® Lifetime® 2035MFS® Lifetime® 2040MFS® Lifetime® 2045

MFS® Lifetime® 2050MFS® Lifetime® 2055MFS® Lifetime® 2060MFS® Lifetime® IncomeMFS® Diversified IncomeMFS®Global AlternativeStrategy

MFS® Global Total ReturnMFS®Managed WealthMFS® Prudent InvestorMFS®Total Return

Sector funds

MFS®Global Real EstateMFS®Technology MFS® Utilities

Developing markets funds

MFS® Blended Research® Emerging Markets EquityMFS® Emerging Markets Equity

Q1 | MARCH 31, 2018 12

BOND FUNDS

Asset allocation, diversification and rebalancing does not guarantee a profit or protect against a loss in declining markets. Please see performance information that follows. See pages 6-11 for important risk disclosures. * Interest is exempt from federal income tax.** Interest is exempt from both federal and state income tax for in-state residents.

Tax-advantaged state**

Taxable

MFS® Corporate Bond Fund

MFS® Global High Yield Fund

MFS® Government Securities Fund

MFS® High Income Fund

MFS® Inflation-Adjusted Bond Fund

MFS® Limited Maturity Fund

MFS® Strategic Income Fund

MFS® Total Return Bond Fund

Tax-advantaged national*

MFS® Municipal High Income Fund

MFS® Municipal Income Fund

MFS® Municipal Limited Maturity Fund

International/Global

MFS® Emerging Markets Debt Fund

MFS® Emerging Markets Debt Local Currency Fund

MFS® Global Bond Fund

MFS® Alabama Municipal Bond Fund

MFS® Arkansas Municipal Bond Fund

MFS® California Municipal Bond Fund

MFS® Georgia Municipal Bond Fund

MFS® Maryland Municipal Bond Fund

MFS® Massachusetts Municipal Bond Fund

MFS® Mississippi Municipal Bond Fund

MFS® New York Municipal Bond Fund

MFS® North Carolina Municipal Bond Fund

MFS® Pennsylvania Municipal Bond Fund

MFS® South Carolina Municipal Bond Fund

MFS® Tennessee Municipal Bond Fund

MFS® Virginia Municipal Bond Fund

MFS® West Virginia Municipal Bond Fund

BOND FUNDS BY CATEGORY

MFS® makes it easy for you to follow the disciplined diversification® strategy of allocate, diversify, and rebalance — ADR. We believe this strategy can help investors pursue their long-term goals at a risk level they find comfortable. Your financialadvisor can help you select the appropriate funds from across a broad spectrum of MFS stock, bond, and international products to build and maintain a well-diversified portfolio. For built-in ADR, consider MFS® Asset Allocation Funds.

Q1 | MARCH 31, 201813

S W W D D S S D T P M M A R D B R ( P C C

0 9 1 1 1 3 8 1

0 1 1 1 2 6 6 1

0 1 1 6 1 3 8 1

6 1 6 8 2

8 1 2 1 1

8 1 2 2 3

6 1 2 4 1

1 9 1 3 1 4 6 1

0 9 1 4 1 2 8 1

0 9 1 1 1 2 2 4

1 1 1 1 2 8 9 2

1 8 1 3 1 3 5 1

0 1 1 3 2 6 1 1

0 1 1 3 1 2 1 1

0 1 1 5 3 5 3 4

0 1 1 6 1 1 2 3

0 9 1 3 1 4 7 1

1 1 1 3 2 6 9 2

0 6 1 3 1 2 8 1

0 1 1 2 1 1 1 2

0 1 1 1 1 2 8 1

Q1 | MARCH 31, 2018

PORTFOliO CHARACTERiSTiCS – STOCK (AS OF MARCH 31, 2018)

STOCK FUNDS – CLASS A

Massachusetts Investors Trust -0.12 0.93 95.12

Massachusetts Investors Growth Stock Fund -1.13 0.96 94.81

MFS® Blended Research® Core Equity Fund C1 -2.23 0.98 97.97

MFS® Blended Research® Growth Equity Fund .— .— .—

MFS® Blended Research® Mid Cap Equity Fund .— .— .—

MFS® Blended Research® Small Cap Equity Fund .— .— .—

MFS® Blended Research® Value Equity Fund .— .— .—

MFS® Core Equity Fund C2 0.75 0.93 96.25

MFS® Equity Income Fund -1.25 0.89 93.45

MFS® Equity Opportunities Fund -1.83 0.91 89.78

MFS® Growth Fund 0.53 0.99 91.59

MFS® Low Volatility Equity Fund 1.32 0.72 81.69

MFS® Mid Cap Growth Fund 2.45 0.91 88.60

MFS® Mid Cap Value Fund -0.39 0.96 96.25

MFS® New Discovery Fund 2.48 0.80 89.37

MFS® New Discovery Value Fund 2.59 0.81 92.70

MFS® Research Fund 0.11 0.92 96.09

MFS® Technology Fund -0.33 0.96 94.69

MFS® Total Return Fund -0.47 0.56 92.86

MFS® Utilities Fund -2.15 0.53 37.36

MFS® Value Fund 0.83 0.97 94.93

Standard & Poor's 500 Stock Index




Russell Midcap® Index








Russell Midcap® Growth Index

Russell Midcap® Value Index




Standard & Poor's North American Technology Sector Index


Standard & Poor's 500 Utilities Index


* Statistics are for the three-year period; R2, Beta, and Alpha are relative to the fund's respective benchmark. Please see the glossary on page 163 for more informationon these characteristics.C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS Blended Research Core Equity Fund. Performance achieved prior to June 1, 2008 isattributable to the fund's prior investment strategy. C2 Included in all fund classes' total returns for the month of Dec 31, 2017, are proceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendar year 2017 would have been lower by 0.89%.Source: Benchmark performance from SPAR, FactSet Research Systems Inc.Past performance is no guarantee of future results.

Primary Alpha Benchmark (Annualized)* Beta* R2 (%)*

14

Q1 | MARCH 31, 2018

Standard Weighted Average Weighted Dollar-Weighted Dollar-Weighted Sharpe Standard Deviation Turnover Price/Earnings Median Median Market Average Market Ratio* Deviation* Benchmark* Ratio (%) (12 months forward) Price-to-Book Capitalization ($B) Capitalization ($B)

0.96 9.79 10.26 14 17.33 3.74 83.61 151.09

0.98 10.84 11.03 19 20.14 6.60 68.38 162.16

0.75 10.19 10.26 63 15.24 3.57 84.54 186.02

.— .— .— 66 17.87 6.25 82.70 220.59

.— .— .— 85 15.29 2.51 12.09 14.77

.— .— .— 88 15.64 2.21 2.47 3.01

.— .— .— 64 13.93 2.24 49.74 113.97

1.00 9.77 10.36 39 18.55 4.19 60.91 133.06

0.82 9.42 10.26 49 13.80 2.48 84.54 132.00

0.71 9.88 10.28 103 12.93 2.25 24.24 45.25

1.13 11.37 11.03 18 24.74 8.61 96.73 222.54

1.06 8.18 10.26 35 18.62 3.55 55.92 107.32

0.99 10.63 10.99 35 25.51 6.02 11.32 18.79

0.58 10.52 10.75 31 14.93 2.35 12.51 14.36

0.75 12.23 14.48 59 33.55 5.10 3.73 4.30

0.73 11.89 14.10 60 16.14 1.89 2.92 3.27

0.99 9.68 10.26 36 18.26 4.52 73.77 151.91

1.43 14.00 14.17 37 24.56 6.60 96.73 251.77

0.85 6.00 10.26 36 14.66 2.60 82.95 116.36

0.12 11.52 13.25 24 16.71 1.83 19.02 27.98

0.78 10.32 10.39 11 15.13 2.96 84.22 113.51

- 0 9

- 0 9

- 0 9

0 0 9

- 0 9

- 0 8

0 0 9

1 0 8

2 0 8

- 0 9

2 0 8

2 0 9

0 0 9

- 0 9

- 0 9

- 0 3

0 0 9

P A B ( B R2

15

S W W D D S S D T P M M A R D B R ( P C C

0 4 2 — 1 3 3 9

0 6 1 — 1 3 2 8

0 7 1 — 1 3 2 8

0 9 1 — 1 3 2 8

0 4 1 — 1 3 2 9

0 5 1 — 1 3 2 9

0 7 1 — 1 3 2 8

0 8 1 — 1 3 2 8

0 8 1 — 1 2 2 8

0 8 1 — 1 2 2 8

0 8 1 — 1 2 2 8

0 8 1 — 1 2 2 8

— 1 2 2 8

0 3 2 — 1 2 2 9

0 5 1 — 1 2 2 5

- 4 0 —

0 3 0 —

—

6 1 1 3 1

5 1 2 4 1

7 1 1 4 7

0 1 1 2 1 3 1 9

0 1 1 1 1 3 5 7

0 1 1 1 1 5 5 1

1 9 1 3 1 3 6 7

0 1 1 2 2 1 4 1

0 6 1 4 1 2 5 9

0 1 1 — 1 3 2 6

0 1 1 1 1 3 5 8

0 1 1 2 1 3 6 8

0 9 1 1 1 3 2 4

0 8 1 3 1 2 2 8

0 1 1 2 1 2 3 5

Q1 | MARCH 31, 2018

PORTFOliO CHARACTERiSTiCS – STOCK (AS OF MARCH 31, 2018)

ASSET ALLOCATION STRATEGIES – CLASS A

MFS® Conservative Allocation Fund 3.70 0.56 11.21

MFS® Moderate Allocation Fund -0.19 0.56 85.44

MFS® Growth Allocation Fund -0.48 0.73 89.36

MFS® Aggressive Growth Allocation Fund -0.71 0.87 90.78

MFS® Lifetime® 2020 Fund 0.16 0.37 76.93

MFS® Lifetime® 2025 Fund -0.25 0.53 85.65







MFS® Lifetime® 2060 Fund .— .— .—

MFS® Lifetime® Income Fund 2.66 0.56 20.06

MFS® Diversified Income Fund -1.02 0.41 57.24

MFS® Global Alternative Strategy Fund -0.88 0.13 0.05

MFS® Managed Wealth Fund 0.46 3.84 2.45

MFS® Prudent Investor Fund .— .— .—

GLOBAL/INTERNATIONAL FUNDS – CLASS A

MFS® Blended Research® Emerging Markets Equity Fund .— .— .—

MFS® Blended Research® Global Equity Fund .— .— .—

MFS® Blended Research® International Equity Fund .— .— .—

MFS® Emerging Markets Equity Fund 2.31 0.84 93.46

MFS® Global Equity Fund -0.30 0.97 93.99

MFS® Global Growth Fund 0.98 0.96 95.05

MFS® Global New Discovery Fund 4.49 0.84 83.99

MFS® Global Real Estate Fund 2.71 0.92 97.03

MFS® Global Total Return Fund 1.03 0.56 81.14

MFS® International DiversificationSM Fund 2.70 0.83 90.35

MFS® International Growth Fund 1.61 0.91 93.96

MFS® International New Discovery Fund 2.86 0.80 89.83

MFS® International Value Fund 6.66 0.59 59.53

MFS® Low Volatility Global Equity Fund 0.95 0.67 74.56

MFS® Research International Fund 0.07 0.92 94.71
















Bloomberg Barclays 1-3 Year U.S. Treasury Bond Index

BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index

MSCI World Index (net div)

MSCI Emerging Markets Index (net div)

MSCI All Country World Index (net div)

MSCI All Country World (ex-US) Index (net div)

MSCI Emerging Markets Index (net div)


MSCI All Country World Growth Index (net div)

MSCI All Country World Small Mid Cap Index (net div)

FTSE EPRA/NAREIT Developed Real Estate Index (net div)


MSCI All Country World (ex-US) Index (net div)

MSCI All Country World (ex-US) Growth Index (net div)

MSCI All Country World (ex-US) Small Mid Cap Index (net div)

MSCI EAFE (Europe, Australasia, Far East) Value Index (net div)

MSCI All Country World Index (net div)

MSCI EAFE (Europe, Australasia, Far East) Index (net div)

* Statistics are for the three-year period; R2, Beta, and Alpha are relative to the fund's respective benchmark. Please see the glossary on page 163 for more informationon these characteristics.Source: Benchmark performance from SPAR, FactSet Research Systems Inc.Past performance is no guarantee of future results.


16

Q1 | MARCH 31, 2018

Standard Weighted Average Weighted Dollar-Weighted Dollar-Weighted Sharpe Standard Deviation Turnover Price/Earnings Median Median Market Average Market Ratio* Deviation* Benchmark* Ratio (%) (12 months forward) Price-to-Book Capitalization ($B) Capitalization ($B)

0.86 4.46 2.69 — 18.71 3.76 32.64 94.90

0.86 6.16 10.26 — 18.73 3.74 29.07 87.03

0.87 7.90 10.26 — 18.73 3.74 28.86 85.41

0.87 9.33 10.26 — 18.75 3.74 28.03 83.13

0.85 4.29 10.26 — 16.61 3.05 29.07 96.65

0.85 5.88 10.26 — 16.55 3.07 28.86 94.33

0.86 7.60 10.26 — 16.53 3.04 26.90 89.85

0.90 8.18 10.26 — 16.49 3.01 26.33 87.77

0.89 8.72 10.26 — 16.47 2.99 25.75 85.66

0.90 8.75 10.26 — 16.45 2.98 25.37 84.42

0.90 8.79 10.26 — 16.46 2.98 25.37 84.61

0.90 8.72 10.26 — 16.46 2.98 25.37 84.50

.— .— .— — 16.46 2.98 25.37 84.70

0.85 3.34 2.69 — 16.71 2.99 27.67 92.97

0.51 5.57 10.26 — 17.76 2.01 26.43 50.17

-0.33 4.12 0.73 — .— .— .— .—

0.55 3.24 0.13 — .— .— .— .—

.— .— .— — .— .— .— .—

.— .— .— 64 10.90 1.85 31.67 115.08

.— .— .— 54 12.69 2.25 48.18 105.46

.— .— .— 74 11.92 1.61 40.60 79.88

0.66 14.31 16.46 25 14.93 3.38 16.01 95.51

0.65 10.64 10.62 16 16.35 3.55 59.61 79.97

0.88 11.15 11.30 19 19.92 5.04 55.11 124.80

1.15 9.95 10.91 39 19.56 3.59 6.07 7.25

0.35 10.74 11.52 25 23.27 1.48 4.85 12.11

0.77 6.60 10.62 41 14.46 2.60 57.08 92.87

0.69 10.90 12.47 — 17.54 3.38 24.31 60.85

0.69 11.44 12.15 11 18.53 3.94 53.77 83.61

0.96 10.20 12.07 20 19.18 3.50 6.51 8.05

0.89 9.95 13.11 13 19.16 3.76 24.19 49.43

0.71 8.49 10.88 31 17.25 2.98 25.75 86.99

0.41 11.63 12.25 27 16.17 2.87 32.10 57.14

3 0 1

- 0 8

- 0 8

- 0 9

0 0 7

- 0 8

- 0 9

- 0 9

- 0 9

- 0 9

- 0 9

- 0 9

2 0 2

- 0 5

- 0 0

0 3 2

2 0 9

- 0 9

0 0 9

4 0 8

2 0 9

1 0 8

2 0 9

1 0 9

2 0 8

6 0 5

0 0 7

0 0 9

P A B ( B R2

17

S A A S S D T E E R D B R D M

0 3 3 3 7 1

0 5 5 9 6 9

0 1 1 1 4 7

0 5 4 6 6 1

0 5 5 2 4 6

- 2 2 1 5 7

0 5 5 5 4 6

0 3 3 1 4 8

0 0 0 5 1 3

0 3 2 6 6 9

0 2 2 2 6 9

1 3 3 2 7 1

0 2 3 2 6 1

0 1 2 3 3 4

0 2 3 1 6 1

0 2 3 1 6 1

0 3 3 1 7 1

0 2 3 1 6 1

0 2 3 2 5 1

0 2 3 1 6 1

0 3 3 1 6 1

0 3 3 2 6 1

0 2 3 1 6 1

0 2 3 1 6 1

0 2 3 1 5 1

0 2 3 1 6 1

0 2 3 1 5 1

0 2 3 1 5 1

Q1 | MARCH 31, 2018

PORTFOliO CHARACTERiSTiCS – BONd (AS OF MARCH 31, 2018)

BOND FUNDS – CLASS A

MFS® Corporate Bond Fund -0.02 0.97 97.21

MFS® Emerging Markets Debt Fund -0.46 0.90 96.20

MFS® Emerging Markets Debt Local Currency Fund -1.20 0.99 98.16

MFS® Global Bond Fund -0.49 1.03 97.38

MFS® Global High Yield Fund -1.78 0.95 98.35

MFS® Government Securities Fund -0.62 0.95 98.73

MFS® High Income Fund -1.04 0.91 97.98

MFS® Inflation-Adjusted Bond Fund -0.73 1.01 99.35

MFS® Limited Maturity Fund 0.24 0.76 61.37

MFS® Strategic Income Fund 1.59 0.84 47.39

MFS® Total Return Bond Fund 0.10 0.94 92.20

MFS® Municipal High Income Fund 1.75 1.03 91.97

MFS® Municipal Income Fund 0.65 0.89 97.08

MFS® Municipal Limited Maturity Fund 0.17 0.93 94.74

STATE MUNICIPAL BOND FUNDS – CLASS A

MFS® Alabama Municipal Bond Fund 0.16 0.81 96.47

MFS® Arkansas Municipal Bond Fund -0.12 0.82 96.40

MFS® California Municipal Bond Fund 0.66 1.03 96.54

MFS® Georgia Municipal Bond Fund -0.09 0.83 97.44

MFS® Maryland Municipal Bond Fund 0.23 0.77 96.31

MFS® Massachusetts Municipal Bond Fund 0.17 0.85 97.25

MFS® Mississippi Municipal Bond Fund -0.32 0.91 96.01

MFS® New York Municipal Bond Fund 0.21 0.95 96.37

MFS® North Carolina Municipal Bond Fund 0.06 0.80 96.83

MFS® Pennsylvania Municipal Bond Fund 0.70 0.86 96.59

MFS® South Carolina Municipal Bond Fund -0.18 0.87 97.29

MFS® Tennessee Municipal Bond Fund -0.12 0.82 96.47

MFS® Virginia Municipal Bond Fund 0.15 0.81 97.25

MFS® West Virginia Municipal Bond Fund 0.02 0.78 96.49

Bloomberg Barclays U.S. Credit Bond Index

JPMorgan Emerging Markets Bond Index Global

JPMorgan Government Bond Index Emerging Markets Global Diversified

Bloomberg Barclays Global Aggregate Bond Index

BofA Merrill Lynch Global High Yield - Constrained Index (USD Hedged)

Bloomberg Barclays U.S. Government/Mortgage Bond Index

Bloomberg Barclays U.S. High-Yield Corporate Bond 2% Issuer Capped Index

Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index



Bloomberg Barclays Municipal Bond Index


Bloomberg Barclays 1-9 Year Municipal Bond Index















* Statistics are for the three-year period; R2, Beta, and Alpha are relative to the fund's respective benchmark. Please see the glossary on page 163 for more informationon these characteristics.Source: Benchmark performance from SPAR, FactSet Research Systems Inc.Past performance is no guarantee of future results.


18

Q1 | MARCH 31, 2018

Standard Average Average Sharpe Standard Deviation Turnover Effective Effective Ratio* Deviation* Benchmark* Ratio (%) Duration Maturity

0.46 3.53 3.59 30 7.15 10.81

0.77 5.19 5.65 94 6.37 9.80

0.33 11.13 11.10 102 4.23 7.02

0.44 5.10 4.90 61 6.96 10.11

0.66 5.12 5.33 25 4.00 6.74

-0.16 2.42 2.54 18 5.62 7.58

0.62 5.12 5.59 53 4.01 6.70

0.04 3.13 3.08 16 4.99 8.37

0.42 0.69 0.71 53 1.84 3.24

0.65 3.30 2.69 64 6.08 9.25

0.29 2.63 2.69 27 6.03 9.20

1.04 3.49 3.26 22 7.34 18.19

0.75 2.95 3.26 21 6.69 15.37

0.41 1.95 2.04 31 3.49 4.68

0.57 2.70 3.26 17 6.02 14.34

0.47 2.74 3.26 17 6.28 14.08

0.74 3.42 3.26 15 7.14 16.75

0.48 2.75 3.26 12 6.08 13.14

0.59 2.55 3.26 23 5.94 14.82

0.58 2.83 3.26 19 6.75 16.05

0.41 3.01 3.26 10 6.00 12.47

0.60 3.16 3.26 23 6.83 16.94

0.53 2.64 3.26 12 6.01 14.46

0.77 2.86 3.26 16 6.42 15.24

0.46 2.87 3.26 15 5.88 13.52

0.47 2.74 3.26 18 6.20 14.15

0.57 2.67 3.26 16 5.99 14.03

0.51 2.60 3.26 11 5.48 13.21

- 0 9

- 0 9

- 0 9

- 1 9

- 0 9

- 0 9

- 0 9

- 1 9

0 0 6

1 0 4

0 0 9

1 1 9

0 0 9

0 0 9

0 0 9

- 0 9

0 1 9

- 0 9

0 0 9

0 0 9

- 0 9

0 0 9

0 0 9

0 0 9

- 0 9

- 0 9

0 0 9

0 0 9

P A B ( B R2

19

Q1 | MARCH 31, 2018

MORNiNgSTAR RATiNgSTM(AS OF MARCH 31, 2018)

Morningstar Number of funds Rating category Overall 3 yr. 5 yr. 10 yr. Overall 3 yr. 5 yr. 10 yr.


Massachusetts Investors Trust Large Blend 1204 1204 1077 802

Massachusetts Investors Growth Stock Fund Large Growth 1213 1213 1099 779

MFS® Blended Research® Core Equity Fund C1 Large Blend 1204 1204 1077 802

MFS® Core Equity Fund C2 Large Blend 1204 1204 1077 802

MFS® Equity Income Fund Large Value 1086 1086 958 —

MFS® Equity Opportunities Fund Large Blend 1204 1204 1077 802

MFS® Growth Fund Large Growth 1213 1213 1099 779

MFS® Low Volatility Equity Fund Large Blend 1204 1204 — —

MFS®Mid Cap Growth Fund Mid-Cap Growth 549 549 485 352

MFS®Mid Cap Value Fund Mid-Cap Value 361 361 309 225

MFS® New Discovery Fund Small Growth 592 592 531 402

MFS® New Discovery Value Fund Small Value 348 348 301 —

MFS® Research Fund Large Blend 1204 1204 1077 802

MFS®Technology Fund Technology 179 179 172 136

MFS®Total Return Fund Allocation—50% to 70% Equity 680 680 628 442

MFS® Utilities Fund Utilities 58 58 55 51

MFS®Value Fund Large Value 1086 1086 958 687

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About Morningstar Ratings

Ratings are based on risk-adjusted performance.

Funds listed above are those available for rating by Morningstar.Ratings shown are for Class A shares. Keep in mind, a high relativeranking does not always mean the fund achieved a positive returnduring the period.

Morningstar rankings may vary among share classes and are based onhistorical total returns, which are not indicative of future results.

C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFSBlended Research Core Equity Fund. Performance achieved prior to June 1, 2008is attributable to the fund's prior investment strategy.

C2 Included in all fund classes' total returns for the month of Dec 31, 2017, areproceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns withincalendar year 2017 would have been lower by 0.89%.

Past performance is no guarantee of future results.

The Morningstar Rating for funds, or "star rating", is calculated for funds with atleast a three-year history. Exchange-traded funds and open-ended mutual fundsare considered a single population for comparative purposes. It is calculated

based on a Morningstar Risk-Adjusted Return measure that accounts forvariation in a fund's monthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance. The top 10% ofproducts in each product category receive 5 stars, the next 22.5% receive 4 stars,the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom10% receive 1 star. The Overall Morningstar Rating for a fund is derived from aweighted average of the performance figures associated with its three-, five-, and10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30%five-year rating/20% three-year rating for 120 or more months of total returns.While the 10-year overall star rating formula seems to give the most weight tothe 10-year period, the most recent three-year period actually has the greatestimpact because it is included in all three rating periods.

Class A share star ratings do not include any front-end sales load and areintended for those investors who have access to such purchase terms (e.g., planparticipants of a defined contribution plan.) Therefore, Morningstar stronglyencourages investors to contact their investment professional to determinewhether they are eligible to purchase the A share without paying the front load.©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arisingfrom any use of this information.

20

Q1 | MARCH 31, 2018



MFS® Conservative Allocation Fund Allocation—30% to 50% Equity 423 423 354 261

MFS®Moderate Allocation Fund Allocation—50% to 70% Equity 680 680 628 442

MFS® Growth Allocation Fund Allocation—70% to 85% Equity 318 318 276 203

MFS®Aggressive Growth Allocation Fund Allocation—85%+ Equity 167 167 141 111

MFS® Lifetime® 2020 Fund Target-Date 2020 200 200 159 99

MFS® Lifetime® 2025 Fund Target-Date 2025 173 173 136 —







MFS® Lifetime® Income Fund Target-Date Retirement 160 160 131 90

MFS® Diversified Income Fund Allocation—30% to 50% Equity 423 423 354 261

MFS® Global Alternative Strategy Fund S6 Multialternative 278 278 150 41

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MFS® Emerging Markets Equity Fund Diversified Emerging Mkts 666 666 474 194

MFS® Global Equity Fund World Large Stock 717 717 591 340

MFS® Global Growth Fund World Large Stock 717 717 591 340

MFS® Global New Discovery Fund World Small/Mid Stock 113 113 98 —

MFS® Global Real Estate Fund Global Real Estate 199 199 153 —

MFS® Global Total Return Fund World Allocation 376 376 329 151

MFS® International DiversificationSM Fund Foreign Large Blend 605 605 536 355

MFS® International Growth Fund Foreign Large Growth 339 339 293 211

MFS® International New Discovery Fund Foreign Small/Mid Growth 108 108 103 63

MFS® International Value Fund Foreign Large Blend 605 605 536 355

MFS® Low Volatility Global Equity Fund World Large Stock 717 717 — —

MFS® Research International Fund Foreign Large Blend 605 605 536 355

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S6 Subadvised by UBS Asset Management (Americas), Inc.

21

Q1 | MARCH 31, 2018


MORNiNgSTAR RATiNgSTM(CONTINUED)


MFS® Corporate Bond Fund Corporate Bond 170 170 142 79

MFS® Emerging Markets Debt Fund Emerging Markets Bond 219 219 144 50

MFS® Emerging Markets Debt Local Currency Fund Emerging-Markets Local-Currency Bond 73 73 57 —

MFS® Global Bond Fund World Bond 264 264 236 —

MFS® Global High Yield Fund High Yield Bond 588 588 488 319

MFS® Government Securities Fund Intermediate Government 229 229 219 165

MFS® High Income Fund High Yield Bond 588 588 488 319

MFS® Inflation-Adjusted Bond Fund Inflation-Protected Bond 207 207 174 110

MFS® Limited Maturity Fund Short-Term Bond 455 455 393 255

MFS® Strategic Income Fund Multisector Bond 255 255 205 119

MFS®Total Return Bond Fund Intermediate-Term Bond 858 858 784 561

MFS®Municipal High Income Fund High Yield Muni 146 146 122 81

MFS®Municipal Income Fund Muni National Long 142 142 123 103

MFS®Municipal Limited Maturity Fund Muni National Short 173 173 158 96

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About Morningstar Ratings

Ratings are based on risk-adjusted performance.

Funds listed above are those available for rating by Morningstar.Ratings shown are for Class A shares. Keep in mind, a high relativeranking does not always mean the fund achieved a positive returnduring the period.

Morningstar rankings may vary among share classes and are based onhistorical total returns, which are not indicative of future results.

Past performance is no guarantee of future results.

The Morningstar Rating for funds, or "star rating", is calculated for funds with atleast a three-year history. Exchange-traded funds and open-ended mutual fundsare considered a single population for comparative purposes. It is calculatedbased on a Morningstar Risk-Adjusted Return measure that accounts forvariation in a fund's monthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance. The top 10% ofproducts in each product category receive 5 stars, the next 22.5% receive 4 stars,the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom

10% receive 1 star. The Overall Morningstar Rating for a fund is derived from aweighted average of the performance figures associated with its three-, five-, and10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30%five-year rating/20% three-year rating for 120 or more months of total returns.While the 10-year overall star rating formula seems to give the most weight tothe 10-year period, the most recent three-year period actually has the greatestimpact because it is included in all three rating periods.

Class A share star ratings do not include any front-end sales load and areintended for those investors who have access to such purchase terms (e.g., planparticipants of a defined contribution plan.) Therefore, Morningstar stronglyencourages investors to contact their investment professional to determinewhether they are eligible to purchase the A share without paying the front load.©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arisingfrom any use of this information.

22

Q1 | MARCH 31, 2018



MFS®Alabama Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®Arkansas Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS® California Municipal Bond Fund Muni California Long 83 83 76 63

MFS® Georgia Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®Maryland Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®Massachusetts Municipal Bond Fund Muni Massachusetts 47 47 44 40

MFS®Mississippi Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS® New York Municipal Bond Fund Muni New York Long 63 63 59 45

MFS® North Carolina Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS® Pennsylvania Municipal Bond Fund Muni Pennsylvania 57 57 53 50

MFS® South Carolina Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®Tennessee Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®Virginia Municipal Bond Fund Muni Single State Long 213 213 183 165

MFS®West Virginia Municipal Bond Fund Muni Single State Long 213 213 183 165

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23

Rank/count (percentile) Lipper category 1 yr. 3 yr. 5 yr. 10 yr.

liPPER RANKiNgS (AS OF MARCH 31, 2018)


Massachusetts Investors Trust Large-Cap Core Funds 208/802 (26%) 238/694 (35%) 284/628 (46%) 159/471 (34%)

Massachusetts Investors Growth Stock Fund Large-Cap Growth Funds 452/695 (65%) 350/602 (59%) 438/560 (79%) 196/407 (49%)

MFS® Blended Research® Core Equity Fund C1 Large-Cap Core Funds 564/802 (71%) 518/694 (75%) 316/628 (51%) 166/471 (36%)

MFS® Blended Research® Growth Equity Fund Large-Cap Growth Funds 551/695 (80%) .— .— .—

MFS® Blended Research® Mid Cap Equity Fund Mid-Cap Core Funds 76/439 (18%) .— .— .—

MFS® Blended Research® Small Cap Equity Fund Small-Cap Core Funds 306/991 (31%) .— .— .—

MFS® Blended Research® Value Equity Fund Large-Cap Value Funds 181/490 (37%) .— .— .—

MFS® Core Equity Fund C2 Multi-Cap Core Funds 102/767 (14%) 75/646 (12%) 118/567 (21%) 41/398 (11%)

MFS® Equity Income Fund Equity Income Funds 209/534 (40%) 187/458 (41%) 106/376 (29%) .—

MFS® Equity Opportunities Fund Multi-Cap Core Funds 647/767 (85%) 418/646 (65%) 341/567 (61%) 247/398 (62%)

MFS® Growth Fund Large-Cap Growth Funds 179/695 (26%) 101/602 (17%) 177/560 (32%) 103/407 (26%)

MFS® Low Volatility Equity Fund Large-Cap Core Funds 680/802 (85%) 367/694 (53%) .— .—

MFS® Mid Cap Growth Fund Mid-Cap Growth Funds 63/374 (17%) 63/339 (19%) 62/303 (21%) 139/216 (65%)

MFS® Mid Cap Value Fund Mid-Cap Value Funds 65/173 (38%) 58/144 (40%) 42/124 (34%) 32/95 (34%)

MFS® New Discovery Fund Small-Cap Growth Funds 145/549 (27%) 167/479 (35%) 378/439 (86%) 102/333 (31%)

MFS® New Discovery Value Fund Small-Cap Value Funds 84/283 (30%) 34/245 (14%) 27/212 (13%) .—

MFS® Research Fund Large-Cap Core Funds 167/802 (21%) 211/694 (31%) 256/628 (41%) 105/471 (23%)

MFS® Technology Fund Science & Technology Funds 44/162 (27%) 35/141 (25%) 54/132 (41%) 46/114 (40%)

MFS® Total Return Fund Mixed-Asset Target Alloc Moderate Funds 405/551 (74%) 122/495 (25%) 75/450 (17%) 68/345 (20%)

MFS® Utilities Fund Utility Funds 18/61 (30%) 51/57 (88%) 44/55 (79%) 31/51 (60%)

MFS® Value Fund Large-Cap Value Funds 283/490 (58%) 126/418 (31%) 86/370 (24%) 67/268 (25%)


MFS® Conservative Allocation Fund Mixed-Asset Target Alloc Consv Funds 32/355 (9%) 38/309 (13%) 65/281 (24%) 31/212 (15%)

MFS® Moderate Allocation Fund Mixed-Asset Target Alloc Moderate Funds 69/551 (13%) 99/495 (20%) 164/450 (37%) 58/345 (17%)

MFS® Growth Allocation Fund Mixed-Asset Target Alloc Growth Funds 46/497 (10%) 61/436 (14%) 153/410 (38%) 77/305 (26%)

MFS®Aggressive Growth Allocation Fund Mixed-Asset Target Alloc Agg Gro Funds 18/169 (11%) 15/150 (10%) 37/136 (28%) 12/116 (11%)

MFS® Lifetime® 2020 Fund Mixed-Asset Target 2020 Funds 174/229 (76%) 123/186 (66%) 87/143 (61%) 42/88 (48%)

MFS® Lifetime® 2025 Fund Mixed-Asset Target 2025 Funds 132/206 (64%) 87/166 (53%) 63/128 (49%) .—






MFS® Lifetime® 2055 Fund Mixed-Asset Target 2055+ Funds 80/348 (23%) 48/198 (25%) 40/104 (39%) .—

MFS® Lifetime® Income Fund Mixed-Asset Target Today Funds 81/160 (51%) 65/136 (48%) 52/111 (47%) 12/72 (17%)

MFS® Diversified Income Fund Mixed-Asset Target Alloc Consv Funds 304/355 (86%) 122/309 (40%) 48/281 (18%) 10/212 (5%)

MFS® Global Alternative Strategy Fund S6 Alternative Global Macro Funds 195/266 (74%) 209/242 (87%) 138/197 (70%) 45/63 (71%)

MFS® Managed Wealth Fund Alternative Long/Short Equity Funds 165/318 (52%) 155/217 (72%) .— .—

Lipper rankings do not take into account sales charges and are based on historical total returns, which are not indicative of future results. Notethat rankings are based on the performance of all share classes and sales load types as reported by Lipper. Rankings for other share classesmay be higher or lower. Past performance is no guarantee of future results.

C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS Blended Research Core Equity Fund. Performance achieved prior to June 1, 2008 is attributable to thefund's prior investment strategy.

C2 Included in all fund classes' total returns for the month of Dec 31, 2017, are proceeds received from a non-recurring litigation settlement against Household International Inc. Hadthese proceeds not been included, all total returns within calendar year 2017 would have been lower by 0.89%.


Q1 | MARCH 31, 2018 24

Rank/count (percentile) Lipper category 1 yr. 3 yr. 5 yr. 10 yr.


MFS® Blended Research® Emerging Markets Equity Fund Emerging Markets Funds 237/823 (29%) .— .— .—

MFS® Blended Research® Global Equity Fund Global Multi-Cap Core 80/190 (42%) .— .— .—

MFS® Blended Research® International Equity Fund International Multi-Cap Core 43/420 (11%) .— .— .—

MFS® Emerging Markets Equity Fund Emerging Markets Funds 231/823 (29%) 202/675 (30%) 336/478 (71%) 168/200 (84%)

MFS® Global Equity Fund Global Large-Cap Core 66/82 (80%) 36/63 (57%) 25/57 (44%) 4/38 (11%)

MFS® Global Growth Fund Global Multi-Cap Growth 89/225 (40%) 52/187 (28%) 83/164 (51%) 24/80 (30%)

MFS® Global New Discovery Fund Global Small-/Mid-Cap Funds 27/139 (20%) 21/100 (21%) 48/83 (58%) .—

MFS® Global Real Estate Fund Global Real Estate Funds 91/179 (51%) 16/149 (11%) 17/107 (16%) .—

MFS® Global Total Return Fund Mixed-Asset Target Alloc Moderate Funds 89/551 (17%) 122/495 (25%) 190/450 (43%) 183/345 (53%)

MFS® International DiversificationSM Fund International Multi-Cap Core 20/420 (5%) 32/330 (10%) 78/282 (28%) 24/185 (13%)

MFS® International Growth Fund International Large-Cap Growth 29/164 (18%) 11/133 (9%) 50/117 (43%) 12/87 (14%)

MFS® International New Discovery Fund International Small/Mid-Cap Growth 109/203 (54%) 87/155 (56%) 94/136 (69%) 26/86 (30%)

MFS® International Value Fund International Multi-Cap Growth 304/482 (63%) 54/400 (14%) 20/361 (6%) 8/249 (4%)

MFS® Low Volatility Global Equity Fund Global Multi-Cap Core 161/190 (85%) 97/131 (74%) .— .—

MFS® Research International Fund International Multi-Cap Growth 231/482 (48%) 312/400 (78%) 284/361 (79%) 152/249 (61%)


MFS® Corporate Bond Fund Corporate Debt Funds BBB-Rated 131/251 (52%) 94/203 (47%) 85/177 (48%) 28/106 (27%)

MFS® Emerging Markets Debt Fund Emerging Mrkts Hard Currency Debt Funds 181/258 (70%) 161/208 (78%) 64/135 (48%) 23/53 (43%)

MFS® Emerging Markets Debt Local Currency Fund Emerging Markets Local Currency Debt Fds 44/95 (46%) 52/78 (66%) 34/60 (56%) .—

MFS® Global Bond Fund Global Income Funds 58/191 (31%) 70/173 (41%) 148/159 (93%) .—

MFS® Global High Yield Fund High Yield Funds 406/659 (62%) 301/565 (54%) 228/465 (49%) 208/300 (70%)

MFS® Government Securities Fund General U.S. Government Funds 39/100 (39%) 46/92 (50%) 51/89 (57%) 29/74 (39%)

MFS® High Income Fund High Yield Funds 525/659 (80%) 350/565 (62%) 224/465 (49%) 191/300 (64%)

MFS® Inflation-Adjusted Bond Fund Inflation Protected Bond Funds 159/236 (68%) 161/211 (76%) 125/167 (75%) 68/103 (66%)

MFS® Limited Maturity Fund Short Investment Grade Debt Funds 184/325 (57%) 182/282 (65%) 162/244 (67%) 103/161 (64%)

MFS® Strategic Income Fund Multi-Sector Income Funds 259/321 (81%) 158/272 (58%) 118/206 (58%) 70/116 (60%)

MFS® Total Return Bond Fund Core Bond Funds 180/512 (36%) 162/444 (37%) 103/398 (26%) 33/307 (11%)

MFS® Municipal High Income Fund High Yield Municipal Debt Funds 96/162 (59%) 46/134 (35%) 42/115 (37%) 6/75 (8%)

MFS® Municipal Income Fund General & Insured Municipal Debt Funds 89/256 (35%) 47/225 (21%) 65/196 (33%) 31/152 (21%)

MFS® Municipal Limited Maturity Fund Short-Intmdt Municipal Debt Funds 11/72 (16%) 8/66 (12%) 18/61 (30%) 11/41 (27%)


MFS®Alabama Municipal Bond Fund Other States Municipal Debt Funds 56/268 (21%) 39/250 (16%) 65/221 (30%) 57/201 (29%)

MFS®Arkansas Municipal Bond Fund Other States Municipal Debt Funds 84/268 (32%) 72/250 (29%) 96/221 (44%) 101/201 (50%)

MFS® California Municipal Bond Fund California Municipal Debt Funds 41/116 (36%) 23/107 (22%) 32/99 (32%) 23/83 (28%)

MFS® Georgia Municipal Bond Fund Other States Municipal Debt Funds 80/268 (30%) 64/250 (26%) 83/221 (38%) 70/201 (35%)

MFS® Maryland Municipal Bond Fund Maryland Municipal Debt Funds 6/22 (27%) 5/21 (23%) 6/20 (29%) 6/17 (34%)

MFS® Massachusetts Municipal Bond Fund Massachusetts Municipal Debt Funds 8/41 (20%) 5/39 (13%) 11/36 (30%) 9/33 (27%)

MFS® Mississippi Municipal Bond Fund Other States Municipal Debt Funds 87/268 (33%) 81/250 (33%) 89/221 (41%) 62/201 (31%)

MFS® New York Municipal Bond Fund New York Municipal Debt Funds 20/88 (23%) 26/85 (31%) 33/80 (41%) 26/61 (42%)

MFS® North Carolina Municipal Bond Fund Other States Municipal Debt Funds 67/268 (25%) 52/250 (21%) 97/221 (44%) 57/201 (29%)

MFS® Pennsylvania Municipal Bond Fund Pennsylvania Municipal Debt Funds 9/57 (16%) 6/55 (11%) 17/51 (33%) 17/48 (35%)

MFS® South Carolina Municipal Bond Fund Other States Municipal Debt Funds 51/268 (19%) 66/250 (27%) 114/221 (52%) 99/201 (50%)

MFS® Tennessee Municipal Bond Fund Other States Municipal Debt Funds 107/268 (40%) 72/250 (29%) 128/221 (58%) 86/201 (43%)

MFS® Virginia Municipal Bond Fund Virginia Municipal Debt Funds 11/28 (38%) 7/26 (26%) 8/23 (34%) 6/21 (28%)

MFS®West Virginia Municipal Bond Fund Other States Municipal Debt Funds 80/268 (30%) 61/250 (25%) 99/221 (45%) 104/201 (52%)

Q1 | MARCH 31, 201825

C C S M N F c a n

5 M 5 M 1 - 2 1 - 1 3 1 0 8 2

5 M 5 M 1 - 4 1 1 1 3 1 - 6 2

5 M 5 U 8 - 2 1 1 1 3 1 0 8 2

5 B 5 P 1 6 2

5 B 5 P 1 1

5 B 5 P 1 2 1

5 B 5 P 1 1 1

5 M 5 C 9 - 3 1 - 1 3 1 - 1 2

5 E 5 P 1 3 8 - 1 1

5 S 5 P 1 - 1 2 - 1 4 5 1 1 1

5 M 5 G 7 - 3 1 - 1 3 8 7 2 3

5 M 5 P 1 1 4 9 1

5 O 5 M 8 - 4 2 - 1 3 8 4 4 2

5 M 5 M 1 - 3 2 - 1 3 9 - 1 1

5 M 5 N 9 - 6 3 - 2 4 - - 8 2

5 N 5 P 1 2 3 2 - 2 1

5 M 5 R 1 - 3 1 - 1 3 1 0 8 2

5 M 5 T 9 - 7 2 1 1 3 1 1 8 3

5 M 5 T 1 - 1 9 1 1 1 8 - 8 1

5 M 5 U 3 - 3 1 6 1 2 1 - 1 1

5 M 5 V 9 - 2 1 - 1 3 1 - 1 1

Q1 | MARCH 31, 2018

ClASS A – STOCK (AS OF MARCH 31, 2018)

Class A Comparable AVERAGE ANNUAL TOTAL RETURN (%) inception share class without sales charges with sales charges date inception date YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life

With capital gain distributions and income dividends reinvested

a ANNUALLY s SEMIANNUALLY q QUARTERLY m MONTHLY

Distribution frequency, if applicable

STOCK FUNDS

a Massachusetts Investors Trust 07/15/24 (NA) -0.34 15.07 9.88 12.23 8.96 -6.07 8.45 7.73 10.91 8.32

a Massachusetts Investors Growth Stock Fund 01/01/35 (NA) 1.91 20.11 11.05 13.21 10.20 -3.95 13.21 8.88 11.87 9.55

a MFS® Blended Research® Core Equity Fund C1, ^ 08/07/97 (NA) -1.89 11.49 8.15 12.04 8.92 -7.53 5.08 6.03 10.72 8.28

a MFS® Blended Research® Growth Equity Fund 09/15/15 (NA) 1.12 19.01 .— .— 13.64 -4.70 12.17 .— .— 11.03

a MFS® Blended Research® Mid Cap Equity Fund 08/19/16 (NA) -0.84 13.02 .— .— 13.46 -6.54 6.52 .— .— 9.37

a MFS® Blended Research® Small Cap Equity Fund 09/15/15 (NA) -0.08 11.25 .— .— 12.29 -5.82 4.85 .— .— 9.71

a MFS® Blended Research® Value Equity Fund 09/15/15 (NA) -1.85 10.20 .— .— 12.10 -7.49 3.86 .— .— 9.53

a MFS® Core Equity Fund C2 01/02/96 (NA) 0.10 16.75 10.26 13.09 9.92 -5.66 10.04 8.10 11.76 9.27

q MFS® Equity Income Fund 09/27/12 (NA) -2.25 10.19 8.18 10.66 11.40 -7.87 3.86 6.07 9.36 10.21

a MFS® Equity Opportunities Fund ^^ 08/30/00 (NA) -3.55 8.45 7.43 11.06 7.87 -9.09 2.22 5.33 9.76 7.23

a MFS® Growth Fund 09/13/93 (NA) 5.13 25.19 13.26 15.20 11.11 -0.92 17.99 11.04 13.84 10.46

q MFS® Low Volatility Equity Fund 12/05/13 (NA) -1.43 9.50 9.12 .— 10.01 -7.10 3.20 6.99 .— 8.52

a MFS® Mid Cap Growth Fund 12/01/93 (NA) 5.32 24.16 10.94 14.01 8.88 -0.74 17.02 8.77 12.67 8.24

a MFS® Mid Cap Value Fund 08/31/01 (NA) -1.98 7.39 6.51 10.61 9.54 -7.62 1.21 4.43 9.31 8.89

a MFS® New Discovery Fund 01/02/97 (NA) 4.11 23.66 9.67 9.76 11.32 -1.88 16.55 7.52 8.47 10.66

a MFS® New Discovery Value Fund 05/26/11 (NA) -3.88 7.61 9.19 11.36 11.81 -9.40 1.42 7.05 10.05 10.85

a MFS® Research Fund 10/13/71 (NA) 0.43 15.45 10.06 12.37 9.30 -5.35 8.81 7.91 11.05 8.66

a MFS® Technology Fund 01/02/97 (NA) 7.41 31.85 20.50 20.09 13.61 1.24 24.27 18.14 18.67 12.94

m MFS® Total Return Fund 10/06/70 (NA) -2.26 6.04 5.57 7.39 6.31 -7.88 -0.06 3.51 6.12 5.68

m MFS® Utilities Fund 02/14/92 (NA) -2.19 4.43 1.83 5.56 6.12 -7.81 -1.57 -0.16 4.32 5.49

q MFS® Value Fund 01/02/96 (NA) -3.06 8.71 8.49 11.39 8.27 -8.64 2.46 6.37 10.08 7.63

* Periods less than one year are actual not annualized.

Performance data shown represent past performance and are no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com.The performance shown is attributable in part to unusual market conditions.These conditions may not be repeated in the future.

^ Performance information prior to June 1, 2008, reflects time periods when the fund hada policy of investing at least 80% of its net assets in union- and labor-sensitivecompanies. This policy was eliminated effective June 1, 2008.

^^ Performance information for periods prior to February 1, 2010, reflects periods when asubadvisor was responsible for selecting investments for the fund under differentinvestment strategies.

C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS BlendedResearch Core Equity Fund. Performance achieved prior to June 1, 2008 is attributableto the fund's prior investment strategy. C2 Included in all fund classes' total returns for the month of Dec 31, 2017, areproceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendaryear 2017 would have been lower by 0.89%.For Performance Reporting PurposesSales Charge: Class A shares ("A") results include the maximum sales charge.Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

26

Q1 | MARCH 31, 2018

CALENDAR YEAR TOTAL RETURNS (%), WITHOUT SALES CHARGES CUSIP Symbol Max. sales Newspaper Fund charge abbrev. number ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

See pages 6 - 11 regarding the specific risks that apply to each fund.

575736103 MITTX 5.75 MITA 12 -32.81 27.73 11.43 -1.83 19.15 31.90 10.99 0.28 8.77 23.56

575719109 MIGFX 5.75 MIGA 13 -36.95 40.49 14.18 1.32 16.91 30.15 11.53 -0.04 6.16 28.69

55273W400 MUEAX 5.75 UStdA 84 -36.57 25.16 16.11 1.71 14.97 35.70 11.84 0.66 8.12 20.34

552743874 BRWAX 5.75 PENDING 1062 .— .— .— .— .— .— .— .— 6.38 26.56

552743643 BMSFX 5.75 PENDING 1067 .— .— .— .— .— .— .— .— .— 18.81

552743775 BRSDX 5.75 PENDING 1063 .— .— .— .— .— .— .— .— 20.01 13.52

552746224 BRUDX 5.75 PENDING 1061 .— .— .— .— .— .— .— .— 13.85 16.36

552983884 MRGAX 5.75 CoEqyA 91 -37.91 32.80 17.07 -1.11 16.57 34.16 11.11 -0.37 11.09 24.46

552988636 EQNAX 5.75 PENDING 1054 .— .— .— .— .— 30.89 8.98 -1.08 10.40 19.64

55275E473 SRFAX 5.75 PENDING 1040 -39.97 16.03 25.28 -2.34 18.80 41.26 5.58 1.43 10.76 18.08

552985103 MFEGX 5.75 GROWTHA 7 -37.61 38.19 15.65 -0.60 17.10 36.28 8.52 7.11 2.21 30.54

55273H312 MLVAX 5.75 PENDING 1023 .— .— .— .— .— .— 12.54 4.45 9.77 16.53

552987703 OTCAX 5.75 MCapA 83 -51.12 41.63 28.69 -6.12 16.18 36.87 8.61 4.21 4.33 25.99

55272P638 MVCAX 5.75 MCpValA 1024 -41.90 39.75 27.08 -2.04 18.52 36.19 9.91 -2.52 15.38 13.38

552983553 MNDAX 5.75 NewDA 97 -39.78 62.05 35.85 -10.42 20.89 40.81 -7.52 -2.13 8.59 26.08

55278M100 NDVAX 5.75 PENDING 1050 .— .— .— .— 20.15 39.30 2.91 -3.12 26.13 14.65

552981102 MFRFX 5.75 RschA 14 -36.53 30.42 15.46 -0.72 17.17 32.11 10.18 0.85 8.73 23.35

552983462 MTCAX 5.75 TechA 98 -51.05 74.75 20.11 1.23 14.18 35.25 10.33 10.37 8.16 38.47

552981300 MSFRX 5.75 TotRA 15 -22.63 18.18 9.98 1.90 11.25 18.87 8.34 -0.38 8.87 12.16

552986309 MMUFX 5.75 UtilA 35 -37.54 32.87 13.57 6.58 13.33 20.16 12.58 -14.77 11.40 14.68

552983801 MEIAX 5.75 ValueA 93 -32.85 20.48 11.41 -0.21 16.13 35.48 10.29 -0.79 13.86 17.45

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 9 8 - 8 7 1 8

0 1 - 1 8 1 9

0 ( - 1 8 1 8 - 5 6 1 8

0 1 1 - 1 1

- 1 - 6 9

- 1 - 4 9

0 - 1 - 3 9

0 0 9 - 1 8 1 9

0 - 8 - 3 6 9 1

0 - 8 7 7 - 2 5 9 7

0 5 - 1 1 1 1

1 - 9 9 1 - 3 6 8

1 5 8 - 1 8 1 8

0 - 7 6 9 - 1 4 9 8

0 4 9 9 - 1 7 8 1

0 - 7 9 - 1 7 1 1

1 0 9 - 8 7 1 8

0 7 1 2 1 1 1

1 - 6 5 7 6 - - 3 6 5

0 - 4 1 5 6 - - - 4 5

0 - 8 8 8 - 2 6 1 7

27

C C S M N F c a n

5 M 5 C 1 - 2 1 2 1 8 3 - 5 1

5 M 5 M 1 - 2 1 0 1 1 4 - 6 1

5 M 5 G 1 - 3 1 - 1 2 3 - 7 1

5 M 5 A 1 - 3 1 - 1 2 3 - 7 2

5 M 5 P 1 - 2 1 0 1 1 4 - 6 9

5 L 5 P 1 1 4 - 7 1

5 M 5 P 1 - 3 1 - 1 2 3 - 8 1

5 L 5 P 1 2 3 - 8 1

5 M 5 P 1 - 3 1 - 1 2 3 - 8 2

5 L 5 P 1 2 3 - 8 2

5 M 5 P 1 - 1 2 3 - 8 2

5 L 5 P 1 2 3 - 8 2

5 M 5 P 1

5 M 4 P 1 - 2 9 3 8 5 3 - 5 8

5 D 4 P 1 - 3 1 5 1 7 9 - 8 8

5 D 5 P 1 - 1 3 0 1 7 2 - - 6

5 M 5 P 1 1 - 6

5 F 5 P 1

5 B 5 P 1 1 3

5 B 5 P 1 6 2

5 B 5 P 1 1 2

5 M 5 E 8 - 6 2 - 1 - - - 8 3

5 M 5 G 4 - 3 1 - 2 2 3 - 7 2

5 M 5 G 9 - 3 1 - 1 2 4 - 5 3

5 G 5 P 1 2 2 - 2 6 2

5 M 5 P 5 1 - 2 4 1 0 7 1

5 M 5 G 2 - 1 7 2 1 1 3 - 5 1

5 M 5 P 1 - 3 1 - 1 1 - - 2 2

5 M 5 I 8 - 3 1 - 1 1 - 0 2 3

5 M 5 I 7 - 4 2 - 2 1 - 2 0 3

5 M 5 I 8 - 2 9 - 1 2 1 6 3 2

5 M 5 P 1 9 1 5 1

5 M 5 R 9 - 3 1 - 1 1 - - - 2

Q1 | MARCH 31, 2018

ClASS A – STOCK (AS OF MARCH 31, 2018)






q MFS® Conservative Allocation Fund 06/28/02 (NA) -0.26 7.07 4.30 4.79 5.66 -5.99 0.92 2.26 3.55 5.04

q MFS® Moderate Allocation Fund 06/28/02 (NA) -0.06 10.09 5.77 6.51 6.42 -5.81 3.76 3.70 5.26 5.79

a MFS® Growth Allocation Fund 06/28/02 (NA) 0.19 13.13 7.31 8.18 6.94 -5.57 6.63 5.21 6.91 6.31

a MFS® Aggressive Growth Allocation Fund 06/28/02 (NA) 0.26 16.06 8.53 9.71 7.33 -5.51 9.38 6.41 8.42 6.69

a MFS® Lifetime® 2020 Fund 09/29/05 (NA) -0.46 6.17 4.11 5.03 5.13 -6.18 0.07 2.08 3.79 4.50








a MFS® Lifetime® 2060 Fund 12/06/16 (NA) 0.00 14.62 .— .— 16.53 -5.75 8.03 .— .— 11.41

m MFS® Lifetime® Income Fund 09/29/05 (NA) -0.57 5.02 3.31 3.65 5.22 -4.80 0.55 1.82 2.75 4.77

m MFS® Diversified Income Fund 05/26/06 (NA) -2.53 3.05 3.31 4.98 6.54 -6.68 -1.33 1.82 4.07 6.08

a MFS® Global Alternative Strategy Fund S6 12/20/07 (NA) 0.50 2.85 -0.91 1.59 1.96 -5.28 -3.07 -2.85 0.39 1.36

a MFS® Managed Wealth Fund 06/27/14 (NA) 1.57 5.82 2.24 .— 2.28 -4.27 -0.27 0.24 .— 0.69

a MFS® Prudent Investor Fund 01/18/18 (NA) .— .— .— .— -1.10* .— .— .— .— -6.79*


a MFS® Blended Research® Emerging Markets Equity Fund 09/15/15 (NA) 2.86 26.57 .— .— 20.50 -3.06 19.29 .— .— 17.73

a MFS® Blended Research® Global Equity Fund 09/15/15 (NA) -0.47 15.80 .— .— 12.18 -6.19 9.14 .— .— 9.60

a MFS® Blended Research® International Equity Fund 09/15/15 (NA) 0.74 18.63 .— .— 10.18 -5.05 11.81 .— .— 7.65

a MFS® Emerging Markets Equity Fund 10/24/95 (NA) 2.68 26.69 9.94 3.78 1.48 -3.23 19.41 7.79 2.56 0.88

a MFS® Global Equity Fund 09/07/93 (NA) -2.07 12.29 7.38 9.17 7.35 -7.70 5.83 5.28 7.88 6.71

a MFS® Global Growth Fund 11/18/93 (NA) 1.03 20.74 10.24 10.20 7.10 -4.78 13.80 8.08 8.90 6.47

a MFS® Global New Discovery Fund 12/16/11 (NA) 2.62 25.83 11.88 9.62 13.85 -3.28 18.60 9.70 8.33 12.79

a MFS® Global Real Estate Fund 03/11/09 (NA) -4.09 4.85 4.17 5.81 15.85 -9.60 -1.18 2.13 4.57 15.10

q MFS® Global Total Return Fund 09/04/90 (NA) -0.61 9.69 5.57 6.31 5.40 -6.33 3.38 3.50 5.06 4.78

a MFS® International DiversificationSM Fund 09/30/04 (NA) -0.30 20.01 8.00 7.23 4.51 -6.04 13.11 5.89 5.97 3.90

a MFS® International Growth Fund 10/24/95 (NA) -1.30 20.79 8.35 6.62 4.63 -6.98 13.84 6.23 5.37 4.01

a MFS® International New Discovery Fund 10/09/97 (NA) 1.87 23.86 10.24 8.47 6.86 -3.99 16.74 8.08 7.19 6.23

a MFS® International Value Fund 10/24/95 (NA) -0.76 17.38 9.32 10.70 7.10 -6.47 10.63 7.19 9.40 6.47

q MFS® Low Volatility Global Equity Fund 12/05/13 (NA) -1.57 10.37 6.45 .— 7.97 -7.23 4.02 4.37 .— 6.50

a MFS® Research International Fund 01/02/97 (NA) -0.78 18.28 5.21 5.51 2.56 -6.48 11.48 3.15 4.27 1.95


Performance data shown represent past performance and are no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com.The performance shown is attributable in part to unusual market conditions.These conditions may not be repeated in the future.For Performance Reporting PurposesSales Charge: Class A shares ("A") results include the maximum sales charge.

Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.


28

Q1 | MARCH 31, 2018



55273G827 MACFX 5.75 ConAllA 1026 -16.60 22.15 11.29 2.43 10.65 8.72 3.94 -0.78 5.42 10.78

55273G777 MAMAX 5.75 ModAllA 1027 -26.04 27.14 14.53 0.29 13.12 14.52 4.04 -0.91 6.47 14.81

55273G736 MAGWX 5.75 GrAllA 1028 -34.42 32.33 16.71 -2.33 15.71 20.20 3.74 -0.87 7.56 18.90

55273G686 MAAGX 5.75 AgGrAlA 1029 -40.48 35.87 18.45 -4.98 17.26 26.04 3.66 -0.14 7.24 22.92

55275E770 MFLAX 5.75 PENDING 1036 -29.79 27.28 14.25 0.79 12.42 11.37 4.10 -0.67 6.06 9.66

55279J882 LTTAX 5.75 PENDING 1056 .— .— .— .— .— 17.27 4.10 -0.71 7.28 13.06

55275E671 MLTAX 5.75 PENDING 1037 -38.69 32.99 17.33 -2.93 16.03 21.29 3.84 -0.72 8.60 16.91

55279J791 LFEAX 5.75 PENDING 1057 .— .— .— .— .— 23.24 3.77 -0.42 8.87 19.13

55275E572 MLFAX 5.75 PENDING 1038 -40.39 33.94 18.11 -4.17 16.89 24.31 3.75 -0.13 8.73 20.47

55279J718 LTMAX 5.75 PENDING 1058 .— .— .— .— .— 24.51 3.79 -0.18 8.81 20.87

55275E382 MFFSX 5.75 PENDING 1047 .— .— .— -3.88 16.92 24.30 3.70 -0.14 8.80 20.86

55279J627 LFIAX 5.75 PENDING 1059 .— .— .— .— .— 24.52 3.76 -0.20 8.74 20.93

55279J536 MFJAX 5.75 PENDING 1068 .— .— .— .— .— .— .— .— .— .—

55275E101 MLLAX 4.25 PENDING 1034 -12.19 23.30 9.96 3.13 8.83 5.54 3.61 -0.68 5.03 8.05

552982837 DIFAX 4.25 PENDING 1039 -20.41 30.26 13.92 5.13 13.19 7.60 9.69 -2.18 8.49 8.64

55276T107 DVRAX 5.75 PENDING 1041 -19.76 19.00 3.26 0.71 11.37 7.75 2.36 -1.87 -3.73 6.18

552746315 MNWAX 5.75 PENDING 1060 .— .— .— .— .— .— .— 1.10 -1.16 6.67

55278K872 FPPAX 5.75 PENDING 1069 .— .— .— .— .— .— .— .— .— .—

552987331 BRKAX 5.75 PENDING 1066 .— .— .— .— .— .— .— .— 14.43 38.74

552987430 BRLAX 5.75 PENDING 1065 .— .— .— .— .— .— .— .— 6.75 24.61

552987539 BRXAX 5.75 PENDING 1064 .— .— .— .— .— .— .— .— 1.32 26.84

55273E509 MEMAX 5.75 EmMkA 85 -55.55 68.10 23.07 -18.81 18.69 -5.42 -6.85 -12.91 8.60 37.38

552986507 MWEFX 5.75 GlEqA 4 -34.08 31.19 11.80 -4.42 23.42 27.51 3.75 -1.68 7.07 23.62

552989303 MWOFX 5.75 GlGrA 9 -39.25 39.74 11.35 -6.68 19.43 20.87 4.03 -2.01 5.08 31.38

552987646 GLNAX 5.75 PENDING 1053 .— .— .— .— 25.16 29.90 -6.24 2.19 6.59 29.42

552982753 MGLAX 5.75 PENDING 59 .— .— 15.29 -7.22 29.49 4.74 14.96 0.40 7.23 12.64

552986101 MFWTX 5.75 GlTotA 24 -15.61 14.30 7.89 2.21 10.99 16.07 3.48 -1.55 5.28 15.14

55273G330 MDIDX 5.75 PENDING 1032 -40.25 34.21 13.20 -9.40 18.16 16.93 -4.08 -0.12 2.16 29.94

55273E103 MGRAX 5.75 IntGrA 86 -40.10 37.65 14.99 -10.85 19.39 13.56 -5.32 0.02 2.39 32.17

552981888 MIDAX 5.75 IntNwDA 74 -43.99 47.42 21.85 -10.04 24.71 19.46 -2.90 2.48 0.22 31.75

55273E301 MGIAX 5.75 IntlVA 87 -31.91 24.64 9.13 -1.96 15.81 27.35 1.28 6.48 3.93 26.83

55273H213 MVGAX 5.75 PENDING 1025 .— .— .— .— .— .— 9.85 1.11 5.72 18.15

552983512 MRSAX 5.75 ReInA 99 -42.67 31.15 10.96 -10.90 16.69 18.64 -6.97 -2.02 -1.10 28.05

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 7 4 4 5 - 0 2 3 5

0 - 5 6 6 - 3 3 5 5

0 0 7 8 6 - 6 5 6 6

0 0 8 9 7 - 9 6 8 6

0 - 6 4 5 5 - 0 2 3 4

1 - 8 5 6 7 - 2 3 5 6

0 - 6 8 6 - 5 4 6 5

1 - 7 8 - 6 5 7 8

0 - 8 9 6 - 7 6 8 6

1 - 8 9 - 7 6 8 9

0 - 8 9 - 7 6 8 9

1 - 8 9 - 7 6 8 9

1 0 1 - 8 1

0 - 5 3 3 5 - 0 1 2 4

0 - 3 3 4 6 - - 1 4 6

1 0 2 - 1 1 - - - 0 1

0 1 5 2 2 - - 0 0

0 - -

2 2 - 1 1

0 - 1 - 9 9

0 1 - 1 7

1 2 9 3 1 - 1 7 2 0

0 - 7 9 7 - 5 5 7 6

1 1 7 - 1 8 8 6

1 2 9 - 1 9 8 1

0 - 4 4 5 - - 2 4 1

0 - 9 5 6 5 - 3 3 5 4

0 - 8 7 4 - 1 5 5 3

1 - 8 6 4 - 1 6 5 4

1 1 8 6 - 1 8 7 6

1 - 9 7 - 1 7 9 6

1 - 6

0 - 5 5 2 - 1 3 4 1

29

C C S M N F c a n

5 M 4 B 1 - 2 1 6 1 - 5 - 5 6

5 M 4 P 3 - 3 1 5 1 - 4 - 9 9

5 E 4 P 1 1 - - - 9 1

5 M 4 P 1 6 5 - - - 2 7

5 M 4 P 7 - 5 1 3 1 5 2 - 1 7

5 M 4 G 2 8 4 4 7 2 - 4 0 0 1

5 M 4 H 1 - 4 1 4 1 6 2 - 1 6

5 M 4 P 1 - 8 5 1 6 - 2 - 3 2

5 M 2 L 3 - 1 3 1 3 0 0 0 1 1

5 M 4 S 3 - 2 9 4 1 1 2 - 7 5

5 M 4 R 7 - 2 8 6 7 - 5 - 3 4

5 M 4 M 2 - 2 4 1 1 - 1 5 1 7

5 M 4 M 2 - 1 1 1 1 - 1 3 0 5

5 M 2 M 3 0 8 2 6 3 - 3 1 0 3

5 M 4 M 5 - 1 - 1 7 - 9 3 0 4

5 M 4 M 5 - 1 0 1 5 - 9 3 0 4

5 M 4 M 2 - 1 0 1 1 - 1 4 0 6

5 M 4 M 4 - 1 0 1 8 - 1 2 0 4

5 M 4 M 4 - 1 1 9 7 - 9 2 0 4

5 M 4 M 4 - 1 - 1 7 - 1 3 0 4

5 M 4 M 5 - 1 0 1 7 - 9 3 - 4

5 M 4 M 5 - 1 0 9 8 - 1 3 0 5

5 M 4 M 4 - 1 0 1 7 - 9 3 0 4

5 M 4 M 3 - 1 1 9 9 - 1 3 1 5

5 M 4 M 4 - 1 0 9 7 - 9 3 - 4

5 M 4 M 5 - 1 0 1 7 - 9 2 0 3

5 M 4 M 4 - 1 0 9 7 - 9 3 0 4

5 M 4 M 4 - 1 1 1 6 - 9 2 0 3

Q1 | MARCH 31, 2018

ClASS A – BONd (AS OF MARCH 31, 2018)





BOND FUNDS

m MFS® Corporate Bond Fund 05/08/74 (NA) -2.54 2.08 2.07 2.71 5.67 -6.68 -2.26 0.60 1.82 5.22

m MFS® Emerging Markets Debt Fund 03/17/98 (NA) -1.60 3.82 4.45 2.98 6.37 -5.78 -0.59 2.95 2.09 5.91

m MFS® Emerging Markets Debt Local Currency Fund 09/15/11 (NA) 4.65 12.03 4.13 -1.11 0.13 0.20 7.27 2.63 -1.97 -0.53

m MFS® Global Bond Fund ^ 06/02/10 (NA) 1.13 6.79 2.72 -0.36 1.82 -3.16 2.25 1.25 -1.22 1.26

m MFS® Global High Yield Fund 07/01/98 (NA) -1.37 2.92 3.83 3.94 6.22 -5.56 -1.46 2.34 3.04 5.76

m MFS® Government Securities Fund P3 07/25/84 (NA) -1.27 0.18 0.08 0.65 2.62 -5.47 -4.07 -1.35 -0.22 2.18

m MFS® High Income Fund 02/17/78 (NA) -1.46 2.39 3.62 3.95 6.31 -5.65 -1.96 2.13 3.05 5.85

m MFS® Inflation-Adjusted Bond Fund 09/30/03 (NA) -0.94 0.32 0.58 -0.71 2.01 -5.15 -3.95 -0.86 -1.57 1.57

m MFS® Limited Maturity Fund 02/26/92 (NA) -0.17 0.64 0.75 0.71 1.83 -2.66 -1.88 -0.10 0.20 1.58

m MFS® Strategic Income Fund P3 10/29/87 (NA) -1.74 1.97 2.59 2.62 4.85 -5.91 -2.36 1.12 1.73 4.39

m MFS® Total Return Bond Fund 01/04/99 (NA) -1.65 1.39 1.22 1.95 4.44 -5.83 -2.92 -0.23 1.07 3.99

m MFS® Municipal High Income Fund 02/24/84 (NA) -0.21 5.02 4.10 4.19 5.66 -4.45 0.56 2.60 3.29 5.21

m MFS® Municipal Income Fund 09/07/93 (NA) -1.00 3.35 2.67 2.86 4.70 -5.21 -1.04 1.19 1.97 4.24

m MFS® Municipal Limited Maturity Fund 03/17/92 (NA) -0.60 1.47 1.25 1.24 2.65 -3.09 -1.07 0.40 0.73 2.39

STATE MUNICIPAL BOND FUNDS

m MFS® Alabama Municipal Bond Fund 02/01/90 (NA) -0.84 2.35 2.00 2.27 3.88 -5.05 -2.00 0.53 1.38 3.43

m MFS® Arkansas Municipal Bond Fund 02/03/92 (NA) -0.82 2.12 1.73 1.97 3.58 -5.04 -2.22 0.27 1.09 3.13

m MFS® California Municipal Bond Fund 06/18/85 (NA) -0.98 3.47 2.99 3.37 4.84 -5.19 -0.93 1.51 2.48 4.38

m MFS® Georgia Municipal Bond Fund 06/06/88 (NA) -0.93 2.15 1.78 2.11 3.81 -5.14 -2.19 0.32 1.23 3.36

m MFS® Maryland Municipal Bond Fund 10/31/84 (NA) -0.67 2.39 1.96 2.00 3.74 -4.89 -1.96 0.50 1.12 3.29

m MFS® Massachusetts Municipal Bond Fund 04/09/85 (NA) -0.94 2.60 2.10 2.24 4.03 -5.15 -1.76 0.63 1.35 3.58

m MFS® Mississippi Municipal Bond Fund 08/06/92 (NA) -0.87 2.07 1.71 2.06 3.84 -5.08 -2.27 0.25 1.17 3.39

m MFS® New York Municipal Bond Fund 06/06/88 (NA) -1.02 2.89 2.35 2.43 4.00 -5.23 -1.48 0.88 1.55 3.55

m MFS® North Carolina Municipal Bond Fund 10/31/84 (NA) -0.86 2.28 1.86 1.96 3.88 -5.07 -2.07 0.40 1.08 3.43

m MFS® Pennsylvania Municipal Bond Fund 02/01/93 (NA) -0.58 3.29 2.66 2.66 4.18 -4.80 -1.10 1.18 1.77 3.73

m MFS® South Carolina Municipal Bond Fund 10/31/84 (NA) -0.75 2.41 1.77 1.84 3.59 -4.97 -1.95 0.31 0.96 3.14

m MFS® Tennessee Municipal Bond Fund 08/12/88 (NA) -0.78 1.92 1.73 1.76 3.68 -5.00 -2.41 0.27 0.88 3.23

m MFS® Virginia Municipal Bond Fund 10/31/84 (NA) -0.68 2.13 1.98 2.14 3.78 -4.90 -2.21 0.51 1.25 3.33

m MFS® West Virginia Municipal Bond Fund 10/31/84 (NA) -0.55 2.15 1.79 1.96 3.54 -4.77 -2.19 0.33 1.08 3.09


Performance data shown represent past performance and are no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com.

^ Performance information for periods prior to January 3, 2007, reflects performanceinformation of the Penn Street Advisors Sector Rotational Portfolio, the fund's predecessorfund. Performance information for periods from January 3, 2007 until February 1, 2010,reflects periods when a subadvisor was responsible for selecting investments for the fundunder different investment strategies.

P3 A portion of the fund's distributions may include a return of capital for shareholders.Distributions that are treated for federal income tax purposes as a return of capital willreduce a shareholder's tax basis in his or her shares and, to the extent the distributionexceeds a shareholder's adjusted tax basis, will be treated as a gain to the shareholder froma sale of shares.

For Performance Reporting PurposesSales Charge: Class A shares ("A") results include the maximum sales charge.Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

30

Q1 | MARCH 31, 2018

CALENDAR YEAR TOTAL RETURNS (%), WITHOUT SALES CHARGES CUSIP Symbol Max. sales Newspaper Fund charge abbrev. number


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55272P208 MFBFX 4.25 BondA 11 -9.98 28.37 11.22 6.40 10.44 -0.51 5.69 -0.36 5.81 6.06

55273E673 MEDAX 4.25 PENDING 33 -11.00 30.85 11.20 5.84 18.83 -6.40 4.37 -0.77 9.21 9.33

552746455 EMLAX 4.25 PENDING 1052 .— .— .— .— 14.86 -10.59 -4.30 -16.63 9.49 14.44

552746638 MGBAX 4.25 PENDING 1043 .— .— .— 6.01 5.33 -8.42 -1.10 -4.57 2.33 7.58

552984700 MHOAX 4.25 PENDING 70 -32.82 52.71 16.34 3.48 15.02 5.53 2.48 -4.03 12.92 7.10

552982100 MFGSX 4.25 GvScA 26 8.51 4.23 4.59 7.19 2.08 -2.96 4.63 0.27 0.52 1.91

552984106 MHITX 4.25 HilnA 18 -28.47 46.72 15.39 4.11 14.13 6.34 2.20 -3.82 13.38 6.13

55272P414 MIAAX 4.25 PENDING 1031 -2.33 8.91 5.21 12.78 6.01 -9.38 2.74 -2.35 3.98 2.41

55272P109 MQLFX 2.50 LtdMA 36 -4.24 11.25 3.93 1.22 3.49 0.42 0.75 0.13 1.44 1.29

552989105 MFIOX 4.25 StInA 34 -11.82 24.97 9.90 4.33 10.71 1.29 2.98 -2.07 7.84 5.68

55272P810 MRBFX 4.25 ResBdA 78 -6.08 20.71 8.29 6.47 7.40 -1.04 5.68 -0.53 3.54 4.08

552984304 MMHYX 4.25 MuHiA 25 -20.16 29.65 4.56 11.22 13.94 -6.02 14.74 5.03 1.81 7.64

55273N574 MFIAX 4.25 MuInA 2 -7.59 18.05 1.93 10.62 10.46 -4.99 10.85 3.33 0.99 5.89

55272P505 MTLFX 2.50 MuLtA 37 0.95 8.29 2.60 6.03 3.05 -0.84 3.12 1.75 0.05 3.22

55273N301 MFALX 4.25 MuALA 54 -5.13 15.26 -0.03 10.22 7.62 -4.72 9.94 3.06 0.24 4.47

55273N400 MFARX 4.25 MuARA 55 -3.23 13.80 0.16 10.29 5.93 -5.46 9.47 3.05 0.00 4.09

55273N590 MCFTX 4.25 MuCAA 27 -10.07 18.63 0.84 12.35 10.29 -4.68 12.11 4.56 0.95 6.14

55273N608 MMGAX 4.25 MuGAA 46 -5.20 15.68 0.00 10.52 8.16 -5.52 10.24 2.72 0.27 4.32

55273N707 MFSMX 4.25 MuMDA 40 -8.51 18.42 1.80 9.96 7.04 -5.49 9.04 2.81 0.63 4.39

55273N806 MFSSX 4.25 MuMAA 45 -6.83 18.26 -0.02 11.25 7.97 -6.13 10.68 3.11 0.38 4.85

55273N103 MISSX 4.25 MuMSA 58 -2.81 13.65 0.45 10.43 7.26 -4.63 9.41 3.22 -0.03 4.06

55273N889 MSNYX 4.25 MuNYA 52 -6.97 17.00 0.84 9.27 8.66 -6.36 11.05 3.61 0.35 5.56

55273N871 MSNCX 4.25 MuNCA 41 -4.49 14.59 0.36 11.05 7.45 -5.74 9.57 3.05 0.21 4.35

55273N798 MFPAX 4.25 MuPAA 30 -6.89 16.50 1.03 9.37 9.30 -5.89 10.75 3.61 1.09 5.15

55273N863 MFSCX 4.25 MuSCA 42 -5.99 15.15 0.48 9.71 7.60 -6.41 9.78 3.15 -0.11 4.33

55273N855 MSTNX 4.25 MuTNA 53 -5.45 15.10 0.79 10.09 7.97 -6.37 9.62 2.64 0.43 3.90

55273N830 MSVAX 4.25 MuVAA 43 -5.47 15.88 0.51 9.70 7.17 -5.42 9.56 3.30 0.49 4.01

55273N822 MFWVX 4.25 MuWVA 44 -5.94 13.18 1.59 10.46 6.38 -6.06 9.91 2.85 0.27 3.98

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 2 2 2 5 - - 0 1 5

0 - 3 4 2 6 - - 2 2 5

4 4 - 0 0 7 2 - -

0 1 6 2 - 1 - 2 1 - 1

0 - 2 3 3 6 - - 2 3 5

0 - 0 0 0 2 - - - - 2

0 - 2 3 3 6 - - 2 3 5

0 - 0 0 - 2 - - - - 1

0 - 0 0 0 1 - - - 0 1

1 - 1 2 2 4 - - 1 1 4

0 - 1 1 1 4 - - - 1 3

0 - 5 4 4 5 - 0 2 3 5

0 - 3 2 2 4 - - 1 1 4

0 - 1 1 1 2 - - 0 0 2

0 - 2 2 2 3 - - 0 1 3

0 - 2 1 1 3 - - 0 1 3

0 - 3 2 3 4 - - 1 2 4

0 - 2 1 2 3 - - 0 1 3

1 - 2 1 2 3 - - 0 1 3

0 - 2 2 2 4 - - 0 1 3

0 - 2 1 2 3 - - 0 1 3

0 - 2 2 2 4 - - 0 1 3

1 - 2 1 1 3 - - 0 1 3

0 - 3 2 2 4 - - 1 1 3

1 - 2 1 1 3 - - 0 0 3

0 - 1 1 1 3 - - 0 0 3

1 - 2 1 2 3 - - 0 1 3

1 - 2 1 1 3 - - 0 1 3

31

C C S M N F c a n

5 M 4 M 2 - 2 1 - 1 3 1 - 7 2

5 M 4 M 2 - 3 1 0 1 2 1 - 5 2

5 M 4 P 2 - 2 1 1 1 3 1 - 7 1

5 B 4 P 1 5 2

5 B 4 P 1 1

5 B 4 P 1 1 1

5 B 4 P 1 1 1

5 M 4 C 2 - 3 1 - 1 3 1 - 1 2

5 E 4 P 1 2 8 - 9 1

5 S 4 P 1 - 1 2 - 1 4 4 0 9 1

5 M 4 G 2 - 3 1 - 1 3 7 6 1 2

5 M 4 P 1 1 3 8 1

5 O 4 M 2 - 4 2 - 1 3 7 3 3 2

5 M 4 M 1 - 3 2 - 1 3 9 - 1 1

5 M 4 N 2 - 6 3 - 1 3 - - 7 2

5 N 4 P 1 1 3 2 - 2 1

5 M 4 R 2 - 2 1 - 1 3 9 0 7 2

5 M 4 T 2 - 7 1 0 1 3 9 9 7 3

5 M 4 T 2 - 1 9 1 1 1 7 - 8 1

5 M 4 U 2 - 3 1 5 1 1 1 - 1 1

5 M 4 V 2 - 1 1 - 1 3 9 - 1 1

Q1 | MARCH 31, 2018

ClASS B – STOCK (AS OF MARCH 31, 2018)

Class B Comparable AVERAGE ANNUAL TOTAL RETURN (%) inception share class without sales charges with sales charges date inception date YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life




STOCK FUNDS


a Massachusetts Investors Growth Stock Fund 09/07/93 (NA) 1.73 19.19 10.21 12.35 9.41 -2.27 15.19 9.38 12.10 9.41






a MFS® Core Equity Fund C2 01/02/97 (NA) -0.11 15.88 9.42 12.25 9.11 -4.10 11.88 8.58 12.00 9.11



a MFS® Growth Fund 12/29/86 (NA) 4.93 24.25 12.41 14.33 10.28 0.93 20.25 11.61 14.10 10.28


a MFS® Mid Cap Growth Fund 12/01/93 (NA) 5.10 23.24 10.12 13.15 8.07 1.10 19.24 9.29 12.91 8.07


a MFS® New Discovery Fund 11/03/97 (NA) 3.94 22.73 8.85 8.94 10.50 -0.06 18.73 8.00 8.66 10.50




m MFS® Total Return Fund 08/23/93 (NA) -2.38 5.27 4.78 6.58 5.54 -6.27 1.27 3.87 6.27 5.54

m MFS® Utilities Fund 09/07/93 (NA) -2.37 3.66 1.07 4.77 5.33 -6.26 -0.34 0.17 4.45 5.33





^^ Performance information for periods prior to February 1, 2010, reflects periods when asubadvisor was responsible for selecting investments for the fund under differentinvestment strategies.C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS BlendedResearch Core Equity Fund. Performance achieved prior to June 1, 2008 is attributableto the fund's prior investment strategy.

C2 Included in all fund classes' total returns for the month of Dec 31, 2017, areproceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendaryear 2017 would have been lower by 0.89%.For Performance Reporting PurposesSales Charge: Class B shares ("B") results include the applicable contingent deferred salescharge (CDSC), which declines over six years from 4% to 0%. The elimination of the chargebegins six years after the end of the month in which shares were initially purchased.Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

32

Q1 | MARCH 31, 2018



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

575736202 MITBX 4.00 MITB 212 -33.25 26.94 10.66 -2.52 18.24 30.90 10.13 -0.48 7.95 22.61

575719208 MIGBX 4.00 MIGB 213 -37.35 39.59 13.44 0.58 15.97 29.23 10.64 -0.76 5.37 27.66

55273W509 MUSBX 4.00 PENDING 284 -36.98 24.18 15.22 1.04 14.10 34.68 10.98 -0.11 7.32 19.43

552743866 BRWBX 4.00 PENDING 1262 .— .— .— .— .— .— .— .— 5.62 25.68

552743635 BMSBX 4.00 PENDING 1267 .— .— .— .— .— .— .— .— .— 17.88

552743767 BRSBX 4.00 PENDING 1263 .— .— .— .— .— .— .— .— 19.12 12.67

552746216 BRUEX 4.00 PENDING 1261 .— .— .— .— .— .— .— .— 12.99 15.57

552983827 MRGBX 4.00 CoEqyB 291 -38.39 31.93 16.12 -1.83 15.76 33.12 10.27 -1.12 10.26 23.56

552988628 EQNBX 4.00 PENDING 1254 .— .— .— .— .— 29.86 8.17 -1.80 9.60 18.71

55275E465 SRFBX 4.00 PENDING 1240 -40.34 15.14 24.35 -3.07 17.95 40.14 4.79 0.66 9.95 17.18

552985202 MEGBX 4.00 GROWTHB 207 -38.07 37.09 14.82 -1.36 16.25 35.26 7.71 6.30 1.44 29.56

55273H296 MLVBX 4.00 PENDING 1223 .— .— .— .— .— .— 11.76 3.66 8.97 15.58

552987802 OTCBX 4.00 MCapB 283 -51.41 40.56 27.63 -6.82 15.28 35.86 7.75 3.47 3.58 25.01

55272P620 MCBVX 4.00 MCpValB 1224 -42.35 38.90 26.02 -2.76 17.66 35.16 9.08 -3.24 14.55 12.55

552983546 MNDBX 4.00 NewDB 297 -40.16 60.89 34.82 -11.10 19.95 39.76 -8.18 -2.86 7.80 25.06

55278M209 NDVBX 4.00 PENDING 1250 .— .— .— .— 19.19 38.34 2.11 -3.84 25.19 13.81

552981201 MFRBX 4.00 RschB 214 -36.91 29.44 14.56 -1.42 16.29 31.10 9.35 0.11 7.93 22.38

552983454 MTCBX 4.00 TechB 298 -51.36 73.48 19.13 0.51 13.35 34.17 9.56 9.49 7.39 37.38

552981409 MTRBX 4.00 TotRB 215 -23.15 17.39 9.32 1.05 10.46 18.01 7.50 -1.14 8.04 11.30

552986408 MMUBX 4.00 UtilB 235 -38.01 31.88 12.69 5.82 12.47 19.24 11.80 -15.43 10.55 13.89

552983843 MFEBX 4.00 ValueB 293 -33.33 19.67 10.53 -0.97 15.31 34.44 9.47 -1.54 13.00 16.58

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 9 8 - 1 8 1 8

0 1 9 - 1 9 1 9

0 ( - 1 7 1 8 - 6 6 1 8

0 0 1 - 1 1

- 1 - 8 1

- 1 - 6 1

0 - 9 1 - 5 1

0 - 9 9 - 1 8 1 9

0 - 9 7 9 - 5 6 9 1

0 - 7 6 7 - 3 5 9 7

1 4 0 2 1 1 1

1 - 8 8 9 - 4 7 8

1 5 8 1 1 9 1 8

1 - 6 5 9 8 - 2 4 9 8

1 3 8 8 - 1 8 8 1

0 - 6 8 - 2 7 1 1

0 0 9 8 - 1 8 1 8

0 7 3 2 1 1 1

0 - 5 4 6 5 - 1 3 6 5

0 - 3 1 4 5 - - 0 4 5

1 - 7 7 7 - 3 6 1 7

33

C C S M N F c a n

5 M 4 C 1 - 2 1 1 9 7 3 - 4 1

5 M 4 M 1 - 2 1 - 1 1 3 - 5 1

5 M 4 G 1 - 3 1 - 1 1 2 - 6 1

5 M 4 A 1 - 3 1 - 1 2 2 - 6 2

5 M 4 P 1 - 2 1 0 1 1 3 - 5 8

5 L 4 P 1 1 3 - 6 1

5 M 4 P 1 - 3 1 - 1 2 3 - 7 1

5 L 4 P 1 2 2 - 8 1

5 M 4 P 1 - 3 1 - 1 2 2 - 7 1

5 L 4 P 1 2 2 - 8 2

5 M 4 P 1 - 1 2 2 - 8 2

5 L 4 P 1 2 2 - 7 2

5 M 4 P 1

5 M 4 P 1 - 2 9 2 8 4 2 - 4 7

5 D 4 P 1 - 1 2 - 1 6 1 - - 5

5 M 4 P 1 0 - 5

5 F 4 P 1

5 B 4 P 1 1 3

5 B 4 P 1 6 2

5 B 4 P 1 0 2

5 M 4 E 2 - 6 2 - 1 - - - 7 3

5 M 4 G 2 - 3 1 - 2 2 2 - 6 2

5 M 4 G 2 - 3 1 - 1 1 3 - 4 3

5 G 4 P 1 2 2 - 1 5 2

5 M 4 P 2 1 - 2 3 1 - 6 1

5 M 4 G 2 - 1 7 1 1 1 2 - 4 1

5 M 4 P 1 - 3 1 - 1 1 - - 1 2

5 M 4 I 2 - 3 1 - 1 1 - - 1 3

5 M 4 I 2 - 4 2 - 2 1 - 1 - 3

5 M 4 I 2 - 2 8 - 1 2 0 5 3 2

5 M 4 P 1 8 0 4 1

5 M 4 R 2 - 3 1 - 1 1 - - - 2

Q1 | MARCH 31, 2018

ClASS B – STOCK (AS OF MARCH 31, 2018)

















a MFS® Lifetime® 2060 Fund 12/06/16 (NA) -0.25 13.71 .— .— 15.61 -4.24 9.71 .— .— 12.70


a MFS® Global Alternative Strategy Fund S6 12/20/07 (NA) 0.31 2.15 -1.66 0.82 1.22 -3.69 -1.85 -2.62 0.43 1.22

a MFS® Managed Wealth Fund 06/27/14 (NA) 1.30 4.85 1.36 .— 1.36 -2.70 0.85 0.37 .— 0.58



a MFS® Blended Research® Emerging Markets Equity Fund 09/15/15 (NA) 2.66 25.67 .— .— 19.60 -1.34 21.67 .— .— 18.71



a MFS® Emerging Markets Equity Fund 10/24/95 (NA) 2.47 25.71 9.11 3.00 0.73 -1.53 21.71 8.26 2.64 0.73



a MFS® Global New Discovery Fund 12/16/11 (NA) 2.42 24.87 11.05 8.82 13.01 -1.58 20.87 10.24 8.53 13.01

a MFS® Global Real Estate Fund 2 12/19/14 03/11/09 (I) -4.31 4.01 3.38 5.02 14.98 -8.14 0.12 2.63 4.74 14.98




a MFS® International New Discovery Fund 10/02/00 (NA) 1.69 22.93 9.42 7.65 6.07 -2.31 18.93 8.57 7.36 6.07






For Performance Reporting PurposesSales Charge: Class B shares ("B") results include the applicable contingent deferred salescharge (CDSC), which declines over six years from 4% to 0%. The elimination of the chargebegins six years after the end of the month in which shares were initially purchased.Blended Performance Expense Considerations:

2 Performance for Class B shares includes the performance of the fund's Class I 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 prospectusfor additional information about performance and expenses.

34

Q1 | MARCH 31, 2018


Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investment portfolioand is subject to change.



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55273G819 MACBX 4.00 ConAllB 1226 -17.10 21.28 10.42 1.65 9.80 7.95 3.18 -1.55 4.58 10.00

55273G769 MMABX 4.00 ModAllB 1227 -26.51 26.23 13.60 -0.42 12.19 13.65 3.35 -1.72 5.71 13.94

55273G728 MBGWX 4.00 GrAllB 1228 -34.86 31.32 15.94 -3.07 14.75 19.33 2.99 -1.57 6.70 18.02

55273G678 MBAGX 4.00 AgGrAlB 1229 -40.89 34.96 17.61 -5.78 16.40 25.11 2.93 -0.86 6.42 21.96

55275E762 MFLBX 4.00 PENDING 1236 -30.20 26.25 13.44 0.01 11.61 10.58 3.21 -1.35 5.29 8.83

55279J874 LTTBX 4.00 PENDING 1256 .— .— .— .— .— 16.35 3.30 -1.48 6.47 12.18

55275E663 MLTBX 4.00 PENDING 1237 -39.06 31.89 16.48 -3.68 15.23 20.33 3.11 -1.47 7.79 16.02

55279J783 LFEBX 4.00 PENDING 1257 .— .— .— .— .— 22.38 2.93 -1.15 8.10 18.19

55275E564 MLFBX 4.00 PENDING 1238 -40.79 33.03 17.27 -4.87 15.99 23.40 2.93 -0.94 7.97 19.57

55279J692 LTMBX 4.00 PENDING 1258 .— .— .— .— .— 23.38 2.95 -0.91 8.00 20.08

55275E374 MFFRX 4.00 PENDING 1247 .— .— .— -4.55 16.00 23.36 2.98 -0.96 8.01 20.03

55279J619 LFIBX 4.00 PENDING 1259 .— .— .— .— .— 23.58 2.91 -0.81 7.89 20.03

55279J528 MFJBX 4.00 PENDING 1268 .— .— .— .— .— .— .— .— .— .—

55275E200 MLLBX 4.00 PENDING 1234 -12.67 22.39 9.04 2.37 8.12 4.75 2.75 -1.34 4.25 7.15

55276T206 DVRBX 4.00 PENDING 1241 -20.18 18.07 2.56 -0.06 10.52 6.91 1.66 -2.66 -4.45 5.41

552746299 MNWBX 4.00 PENDING 1260 .— .— .— .— .— .— .— 0.30 -1.97 5.69

55278K864 FPPDX 4.00 PENDING 1269 .— .— .— .— .— .— .— .— .— .—

552987323 BRKBX 4.00 PENDING 1266 .— .— .— .— .— .— .— .— 13.59 37.71

552987422 BRLBX 4.00 PENDING 1265 .— .— .— .— .— .— .— .— 6.01 23.62

552987521 BRXBX 4.00 PENDING 1264 .— .— .— .— .— .— .— .— 0.61 25.89

55273E608 MEMBX 4.00 EmMkB 285 -55.82 66.87 22.16 -19.43 17.83 -6.16 -7.53 -13.56 7.76 36.36

552986606 MWEBX 4.00 GlEqB 204 -34.59 30.22 10.95 -5.13 22.52 26.54 2.97 -2.42 6.29 22.68

552989402 MWOBX 4.00 GlGrB 209 -39.72 38.67 10.54 -7.39 18.59 19.92 3.27 -2.78 4.28 30.39

552987638 GLNBX 4.00 PENDING 1253 .— .— .— .— 24.31 28.94 -6.98 1.51 5.80 28.45

552982688 MGLDX 4.00 PENDING 259 .— .— 14.40 -7.81 28.40 3.95 14.17 -0.33 6.44 11.74

552986200 MFWBX 4.00 GlTotB 224 -16.18 13.50 7.06 1.53 10.11 15.24 2.67 -2.29 4.54 14.26

55273G322 MDIFX 4.00 PENDING 1232 -40.63 33.27 12.37 -10.11 17.27 16.07 -4.83 -0.84 1.43 28.91

55273E202 MGRBX 4.00 IntGrB 286 -40.49 36.62 14.10 -11.49 18.49 12.71 -6.01 -0.71 1.61 31.13

552981870 MIDBX 4.00 IntNwDB 274 -44.37 46.34 20.92 -10.73 23.85 18.56 -3.66 1.71 -0.47 30.72

55273E400 MGIBX 4.00 IntlVB 287 -32.34 23.69 8.32 -2.68 14.93 26.40 0.51 5.70 3.17 25.86

55273H197 MVGBX 4.00 PENDING 1225 .— .— .— .— .— .— 8.99 0.26 4.87 17.26

552983496 MRIBX 4.00 ReInB 299 -43.01 30.01 10.14 -11.54 15.88 17.71 -7.61 -2.78 -1.86 27.08

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 6 3 4 4 - 2 2 3 4

0 - 9 4 5 5 - 5 4 5 5

0 0 6 7 6 - 8 5 7 6

0 0 7 8 6 - 1 6 8 6

0 - 5 3 4 4 - 1 2 3 4

1 - 7 4 5 6 - 3 3 5 6

0 - 6 7 5 - 6 5 7 5

1 - 7 8 9 - 8 6 7 9

0 - 7 8 6 - 9 6 8 6

1 - 7 8 9 - 9 6 8 9

0 - 7 8 9 - 9 6 8 9

1 - 7 8 9 - 9 6 8 9

1 - 1 - 9 1

0 - 4 2 2 4 - 0 1 2 4

1 0 2 - 0 1 - - - 0 1

0 1 4 1 1 - 0 0 0

0 - -

2 1 - 2 1

0 - 1 - 1 1

0 9 - 1 8

1 2 9 3 0 - 2 8 2 0

1 - 6 8 6 - 7 5 8 6

1 0 9 9 6 - 1 8 9 6

1 2 8 - 2 1 8 1

1 - 4 3 5 - 0 2 4 1

0 - 8 4 5 4 - 4 3 5 4

0 - 7 6 3 - 1 6 6 3

1 - 7 5 3 - 1 6 5 3

1 1 9 7 6 - 1 8 7 6

1 - 8 9 6 - 1 7 9 6

1 - 9 5

0 - 4 4 1 - 1 3 4 1

35

C C S M N F c a n

5 M 4 B 2 - 2 1 5 9 - 4 - 5 5

5 M 4 P 2 - 3 1 5 1 - 3 - 8 8

5 E 4 P 1 1 - - - 8 1

5 M 4 P 1 4 4 - - - 1 6

5 M 4 H 2 - 5 1 2 1 4 1 - 1 6

5 M 4 G 2 7 3 3 6 1 - 3 - - 1

5 M 4 H 2 - 4 1 3 1 5 1 - 1 5

5 M 4 P 1 - 8 4 1 5 - 1 - 3 1

5 M 4 L 2 - 1 3 0 2 - - - 0 0

5 M 4 S 2 - 2 9 3 9 0 2 - 7 4

5 M 4 R 2 - 1 7 5 6 - 4 - 2 3

5 M 4 M 2 - 2 3 1 1 - 1 4 0 6

5 M 4 M 2 - 1 1 9 9 - 1 2 0 4

5 M 4 M 2 0 7 1 5 2 - 2 1 - 2

5 M 4 P 2 - 1 - 9 6 - 9 2 - 3

5 M 4 P 2 - 1 - 9 5 - 8 2 - 3

5 M 4 M 2 - 1 0 1 9 - 1 3 0 5

5 M 4 P 2 - 1 - 9 7 - 9 1 - 3

5 M 4 M 2 - 1 1 9 6 - 8 1 - 3

5 M 4 P 2 - 1 - 1 7 - 9 2 - 4

5 M 4 P 2 - 1 - 9 6 - 8 2 - 3

5 M 4 M 2 - 1 0 8 7 - 1 2 - 4

5 M 4 M 2 - 1 - 1 6 - 8 2 - 3

5 M 4 M 2 - 1 0 8 8 - 1 2 0 4

5 M 4 M 2 - 1 - 8 6 - 8 2 - 3

5 M 4 M 2 - 1 - 9 7 - 8 1 - 3

5 M 4 M 2 - 1 - 8 6 - 8 2 - 3

5 M 4 P 2 - 1 0 9 5 - 9 2 - 3

Q1 | MARCH 31, 2018

ClASS B – BONd (AS OF MARCH 31, 2018)





BOND FUNDS

m MFS® Corporate Bond Fund 09/07/93 (NA) -2.73 1.31 1.31 1.96 4.91 -6.60 -2.65 0.36 1.60 4.91

m MFS® Emerging Markets Debt Fund 05/31/02 (NA) -1.78 3.05 3.67 2.20 5.59 -5.67 -0.93 2.73 1.86 5.59

m MFS® Emerging Markets Debt Local Currency Fund 09/15/11 (NA) 4.46 11.19 3.39 -1.84 -0.61 0.46 7.19 2.46 -2.16 -0.61

m MFS® Global Bond Fund ^ 06/02/10 (NA) 1.06 6.14 2.00 -1.06 1.02 -2.94 2.14 1.03 -1.43 1.02

m MFS® Global High Yield Fund 07/01/98 (NA) -1.55 2.15 3.06 3.13 5.43 -5.45 -1.78 2.15 2.81 5.43

m MFS® Government Securities Fund P3 08/30/93 (NA) -1.46 -0.57 -0.67 -0.11 1.87 -5.39 -4.48 -1.63 -0.48 1.87

m MFS® High Income Fund 09/27/93 (NA) -1.65 1.33 2.75 3.12 5.50 -5.54 -2.56 1.85 2.79 5.50

m MFS® Inflation-Adjusted Bond Fund 09/01/04 (NA) -1.23 -0.44 -0.18 -1.45 1.23 -5.18 -4.37 -1.17 -1.83 1.23

m MFS® Limited Maturity Fund 09/07/93 (NA) -0.53 -0.12 -0.01 -0.05 1.07 -4.49 -4.07 -1.00 -0.44 1.07

m MFS® Strategic Income Fund P3 09/07/93 (NA) -1.92 1.23 1.88 1.91 4.13 -5.83 -2.73 0.93 1.56 4.13

m MFS® Total Return Bond Fund 12/29/00 (NA) -1.83 0.64 0.44 1.19 3.64 -5.74 -3.32 -0.51 0.83 3.64


m MFS® Municipal Income Fund 12/29/86 (NA) -1.07 2.58 1.94 2.11 3.93 -5.00 -1.41 1.00 1.75 3.93

m MFS® Municipal Limited Maturity Fund 09/07/93 (NA) -0.79 0.71 0.50 0.49 1.89 -4.74 -3.26 -0.48 0.10 1.89


m MFS® Alabama Municipal Bond Fund 09/07/93 (NA) -1.02 1.59 1.24 1.50 3.10 -4.96 -2.37 0.30 1.15 3.10

m MFS® Arkansas Municipal Bond Fund 09/07/93 (NA) -1.00 1.47 0.97 1.21 2.79 -4.94 -2.50 0.02 0.84 2.79

m MFS® California Municipal Bond Fund 09/07/93 (NA) -1.16 2.69 2.21 2.59 4.04 -5.09 -1.30 1.26 2.23 4.04

m MFS® Georgia Municipal Bond Fund 09/07/93 (NA) -1.11 1.40 1.03 1.35 3.02 -5.04 -2.56 0.08 0.99 3.02

m MFS® Maryland Municipal Bond Fund 09/07/93 (NA) -0.85 1.62 1.23 1.24 2.97 -4.79 -2.34 0.29 0.88 2.97

m MFS® Massachusetts Municipal Bond Fund 09/07/93 (NA) -1.13 1.81 1.32 1.45 3.25 -5.06 -2.14 0.38 1.10 3.25

m MFS® Mississippi Municipal Bond Fund 09/07/93 (NA) -1.12 1.40 1.03 1.38 3.13 -5.05 -2.56 0.09 1.02 3.13

m MFS® New York Municipal Bond Fund 09/07/93 (NA) -1.21 2.12 1.59 1.67 3.23 -5.14 -1.86 0.64 1.32 3.23

m MFS® North Carolina Municipal Bond Fund 09/07/93 (NA) -1.13 1.43 1.10 1.19 3.12 -5.06 -2.53 0.15 0.83 3.12

m MFS® Pennsylvania Municipal Bond Fund 09/07/93 (NA) -0.66 2.62 1.89 1.90 3.38 -4.61 -1.37 0.94 1.54 3.38

m MFS® South Carolina Municipal Bond Fund 09/07/93 (NA) -0.94 1.64 1.01 1.07 2.83 -4.88 -2.33 0.06 0.70 2.83

m MFS® Tennessee Municipal Bond Fund 09/07/93 (NA) -0.96 1.16 0.98 1.00 2.92 -4.90 -2.79 0.03 0.64 2.92

m MFS® Virginia Municipal Bond Fund 09/07/93 (NA) -0.86 1.37 1.22 1.39 3.02 -4.80 -2.59 0.27 1.04 3.02

m MFS® West Virginia Municipal Bond Fund 09/07/93 (NA) -0.74 1.38 1.03 1.20 2.77 -4.68 -2.58 0.08 0.83 2.77



^ Performance information for periods prior to January 3, 2007, reflects performanceinformation of the Penn Street Advisors Sector Rotational Portfolio, the fund'spredecessor fund. Performance information for periods from January 3, 2007 untilFebruary 1, 2010, reflects periods when a subadvisor was responsible for selectinginvestments for the fund under different investment strategies.


For Performance Reporting PurposesSales Charge: Class B shares ("B") results include the applicable contingent deferred salescharge (CDSC), which declines over six years from 4% to 0%. The elimination of the chargebegins six years after the end of the month in which shares were initially purchased.Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

36

Q1 | MARCH 31, 2018



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55272P307 MFBBX 4.00 BondB 211 -10.58 27.41 10.42 5.69 9.64 -1.34 4.98 -1.11 5.03 5.28

55273E665 MEDBX 4.00 PENDING 233 -11.68 30.00 10.28 5.12 17.97 -7.13 3.60 -1.56 8.46 8.50

552746448 EMLBX 4.00 PENDING 1252 .— .— .— .— 14.12 -11.38 -5.03 -17.27 8.81 13.58

552746620 MGBBX 4.00 PENDING 1243 .— .— .— 4.74 4.56 -8.99 -1.86 -5.32 1.69 6.70

552984809 MHOBX 4.00 HioppB 270 -33.31 51.80 15.46 2.55 14.16 4.75 1.72 -4.73 12.07 6.30

552982209 MFGBX 4.00 GvScB 226 7.60 3.56 3.81 6.40 1.32 -3.69 3.85 -0.58 -0.13 1.15

552984205 MHIBX 4.00 HilnB 218 -28.89 45.53 14.52 3.34 13.27 5.26 1.73 -4.81 12.54 5.34

55272P349 MIABX 4.00 PENDING 1231 -3.10 8.07 4.40 12.02 5.21 -10.05 1.88 -3.01 3.12 1.75

55272P406 MQLBX 4.00 LtdMB 236 -5.00 10.45 3.15 0.45 2.89 -0.34 -0.17 -0.62 0.67 0.70

552989204 MIOBX 4.00 StInB 234 -12.15 24.06 9.13 3.70 9.94 0.51 2.20 -2.69 7.07 4.92

55272P794 MRBBX 4.00 ResBdB 278 -6.95 19.78 7.43 5.63 6.70 -1.86 4.99 -1.27 2.77 3.20

552984403 MMHBX 4.00 MuHiB 225 -20.76 28.64 3.74 10.20 13.16 -6.75 13.85 4.22 0.89 6.96

55273N566 MMIBX 4.00 MuInB 202 -8.28 17.16 1.30 9.65 9.75 -5.80 10.01 2.67 0.25 4.97

55272P604 MTLBX 4.00 MuLtB 237 0.20 7.51 1.84 5.27 2.41 -1.69 2.35 1.00 -0.70 2.46

55273N780 MBABX 4.00 PENDING 254 -5.85 14.42 -0.77 9.41 6.82 -5.43 9.13 2.28 -0.50 3.70

55273N772 MBARX 4.00 PENDING 255 -3.94 12.93 -0.66 9.40 5.10 -6.19 8.64 2.27 -0.75 3.31

55273N582 MBCAX 4.00 MuCAB 227 -10.74 17.76 0.07 11.50 9.45 -5.41 11.26 3.77 0.18 5.34

55273N756 MBGAX 4.00 PENDING 246 -5.88 14.76 -0.75 9.66 7.32 -6.21 9.38 1.95 -0.47 3.54

55273N723 MBMDX 4.00 MuMDB 240 -9.21 17.58 1.14 9.15 6.24 -6.29 8.34 1.95 -0.03 3.60

55273N731 MBMAX 4.00 PENDING 245 -7.43 17.37 -0.77 10.40 7.16 -6.84 9.82 2.32 -0.39 4.05

55273N715 MBMSX 4.00 PENDING 258 -3.56 12.83 -0.24 9.67 6.51 -5.30 8.79 2.43 -0.70 3.47

55273N681 MBNYX 4.00 MuNYB 252 -7.61 16.06 0.10 8.48 7.87 -7.00 10.14 2.85 -0.41 4.78

55273N699 MBNCX 4.00 MuNCB 241 -5.13 13.78 -0.47 10.34 6.57 -6.46 8.77 2.28 -0.46 3.57

55273N673 MBPAX 4.00 MuPAB 230 -7.47 15.58 0.25 8.50 8.35 -6.61 10.01 2.82 0.32 4.26

55273N665 MBSCX 4.00 MuSCB 242 -6.53 14.31 -0.26 8.81 6.89 -7.19 8.97 2.38 -0.77 3.46

55273N657 MBTNX 4.00 MuTNB 253 -5.98 14.27 -0.06 9.28 7.18 -6.98 8.71 1.88 -0.32 3.13

55273N632 MBVAX 4.00 MuVAB 243 -6.18 15.15 -0.24 8.80 6.38 -6.13 8.75 2.53 -0.27 3.32

55273N616 MBWVX 4.00 PENDING 244 -6.47 12.36 0.84 9.64 5.59 -6.84 9.10 2.09 -0.39 3.10

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 1 1 1 4 - - 0 1 4

0 - 3 3 2 5 - - 2 1 5

4 3 - - 0 7 2 - -

0 1 6 2 - 1 - 2 1 - 1

0 - 2 3 3 5 - - 2 2 5

0 - - - - 1 - - - - 1

0 - 1 2 3 5 - - 1 2 5

0 - - - - 1 - - - - 1

0 - - - - 1 - - - - 1

0 - 1 1 1 4 - - 0 1 4

1 - 0 0 1 3 - - - 0 3

0 - 4 3 3 4 - 0 2 3 4

1 - 2 1 2 3 - - 1 1 3

0 - 0 0 0 1 - - - 0 1

0 - 1 1 1 3 - - 0 1 3

0 - 1 0 1 2 - - 0 0 2

0 - 2 2 2 4 - - 1 2 4

0 - 1 1 1 3 - - 0 0 3

0 - 1 1 1 2 - - 0 0 2

0 - 1 1 1 3 - - 0 1 3

0 - 1 1 1 3 - - 0 1 3

0 - 2 1 1 3 - - 0 1 3

0 - 1 1 1 3 - - 0 0 3

0 - 2 1 1 3 - - 0 1 3

0 - 1 1 1 2 - - 0 0 2

0 - 1 0 1 2 - - 0 0 2

0 - 1 1 1 3 - - 0 1 3

0 - 1 1 1 2 - - 0 0 2

37

C C S M N F c a n

5 M 1 M 3 - 2 1 - 1 3 1 - 7 2

5 M 1 M 3 - 3 1 0 1 2 1 - 5 2

5 M 1 P 3 - 2 1 0 1 3 1 - 7 1

5 B 1 P 1 5 2

5 B 1 P 1 1

5 B 1 P 1 1 1

5 B 1 P 1 1 1

5 M 1 C 3 - 3 1 - 1 3 1 - 1 2

5 E 1 P 1 2 8 - 9 1

5 S 1 P 1 - 1 2 - 1 4 4 0 9 1

5 M 1 G 3 - 3 1 - 1 3 7 6 1 2

5 M 1 P 1 1 3 8 1

5 O 1 M 3 - 4 2 - 1 3 7 3 3 2

5 M 1 M 1 - 3 2 - 1 3 9 - 1 1

5 M 1 N 3 - 6 3 - 1 3 - - 7 2

5 N 1 P 1 1 3 2 - 2 1

5 M 1 R 3 - 2 1 - 1 3 9 0 7 2

5 M 1 P 3 - 7 1 0 1 3 9 9 7 3

5 M 1 T 3 - 1 9 1 1 1 7 - 8 1

5 M 1 U 3 - 3 1 5 1 1 1 - 1 1

5 M 1 V 3 - 1 1 - 1 3 9 - 1 1

Q1 | MARCH 31, 2018

ClASS C – STOCK (AS OF MARCH 31, 2018)

Class C Comparable AVERAGE ANNUAL TOTAL RETURN (%) inception share class without sales charges with sales charges date inception date YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life




STOCK FUNDS


a Massachusetts Investors Growth Stock Fund 11/03/97 (NA) 1.75 19.19 10.21 12.35 9.41 0.75 18.19 10.21 12.35 9.41






a MFS® Core Equity Fund C2 01/02/97 (NA) -0.11 15.90 9.42 12.25 9.11 -1.11 14.90 9.42 12.25 9.11



a MFS® Growth Fund 04/01/96 (NA) 4.93 24.25 12.40 14.32 10.28 3.93 23.25 12.40 14.32 10.28


a MFS® Mid Cap Growth Fund 08/01/94 (NA) 5.18 23.22 10.14 13.17 8.07 4.18 22.22 10.14 13.17 8.07


a MFS® New Discovery Fund 11/03/97 (NA) 3.93 22.73 8.84 8.94 10.50 2.93 21.73 8.84 8.94 10.50




m MFS® Total Return Fund 08/01/94 (NA) -2.37 5.30 4.78 6.58 5.55 -3.34 4.30 4.78 6.58 5.55

m MFS® Utilities Fund 01/03/94 (NA) -2.37 3.66 1.07 4.77 5.33 -3.34 2.66 1.07 4.77 5.33





^^ Performance information for periods prior to February 1, 2010, reflects periods when asubadvisor was responsible for selecting investments for the fund under differentinvestment strategies.C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS BlendedResearch Core Equity Fund. Performance achieved prior to June 1, 2008 is attributableto the fund's prior investment strategy. C2 Included in all fund classes' total returns for the month of Dec 31, 2017, areproceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendaryear 2017 would have been lower by 0.89%.

For Performance Reporting PurposesSales Charge: Class C shares have no initial sales charge but if they are redeemed within1 year from the end of the prior month of purchase, they may be subject to a 1%contingent deferred sales charge (CDSC).Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

38

Q1 | MARCH 31, 2018



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

575736301 MITCX 1.00 MITC 312 -33.24 26.92 10.65 -2.53 18.26 30.87 10.19 -0.54 7.97 22.62

575719307 MIGDX 1.00 MIGC 313 -37.36 39.65 13.41 0.58 16.00 29.25 10.59 -0.75 5.34 27.67

55273W608 MUECX 1.00 PENDING 384 -37.00 24.13 15.30 0.97 14.12 34.66 10.98 -0.10 7.33 19.40

552743858 BRWCX 1.00 PENDING 1362 .— .— .— .— .— .— .— .— 5.62 25.68

552743627 BMSDX 1.00 PENDING 1367 .— .— .— .— .— .— .— .— .— 17.83

552743759 BRSHX 1.00 PENDING 1363 .— .— .— .— .— .— .— .— 19.02 12.68

552746190 BRUGX 1.00 PENDING 1361 .— .— .— .— .— .— .— .— 12.88 15.56

552983819 MRGCX 1.00 CoEqyC 391 -38.34 31.85 16.18 -1.84 15.75 33.14 10.24 -1.09 10.28 23.51

552988610 EQNCX 1.00 PENDING 1354 .— .— .— .— .— 29.96 8.16 -1.80 9.56 18.71

55275E457 SRFCX 1.00 PENDING 1340 -40.29 15.13 24.35 -3.11 18.00 40.10 4.79 0.69 9.93 17.16

552985889 MFECX 1.00 GROWTHC 307 -38.07 37.11 14.82 -1.36 16.24 35.27 7.69 6.31 1.44 29.56

55273H288 MLVGX 1.00 PENDING 1323 .— .— .— .— .— .— 11.80 3.69 8.87 15.66

552987885 OTCCX 1.00 MCapC 383 -51.49 40.66 27.66 -6.85 15.37 35.76 7.85 3.39 3.59 25.01

55272P612 MVCCX 1.00 MCpValC 1324 -42.27 38.76 26.04 -2.76 17.67 35.17 9.10 -3.31 14.57 12.55

552983538 MNDCX 1.00 NewDC 397 -40.20 60.93 34.84 -11.13 19.99 39.75 -8.17 -2.90 7.79 25.12

55278M308 NDVCX 1.00 PENDING 1350 .— .— .— .— 19.29 38.32 2.12 -3.80 25.14 13.80

552981508 MFRCX 1.00 RschC 314 -36.92 29.39 14.60 -1.41 16.29 31.11 9.33 0.11 7.90 22.44

552983447 MTCCX 1.00 PENDING 398 -51.37 73.44 19.16 0.44 13.38 34.24 9.48 9.56 7.36 37.42

552981607 MTRCX 1.00 TotRC 315 -23.12 17.41 9.29 1.13 10.42 18.01 7.48 -1.13 8.06 11.24

552986705 MMUCX 1.00 UtilC 335 -38.00 31.88 12.70 5.77 12.47 19.24 11.81 -15.43 10.56 13.84

552983835 MEICX 1.00 ValueC 393 -33.35 19.63 10.54 -0.93 15.26 34.49 9.46 -1.52 13.02 16.55

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 9 8 - 1 9 1 8

1 1 9 0 1 1 1 9

0 ( - 1 7 1 8 - 9 7 1 8

0 0 1 - 1 1

- 1 - 1 1

- 1 - 9 1

0 - 9 1 - 8 1

0 - 9 9 - 1 9 1 9

0 - 9 7 9 - 8 7 9 1

0 ( - 7 6 1 7 - 6 6 1 7

0 4 3 2 1 1 1

1 - 8 8 9 - 7 8 9

0 5 8 4 2 1 1 8

1 - 6 5 9 8 - 5 5 9 8

1 3 8 8 2 2 8 8 1

0 - 6 8 - 5 8 1 1

0 0 9 8 - 1 9 1 8

0 7 6 2 1 1 1

0 - 5 4 6 5 - 4 4 6 5

0 - 3 1 4 5 - 2 1 4 5

1 - 7 7 7 - 6 7 1 7

39

C C S M N F c a n

5 M 1 C 1 - 2 1 1 9 7 3 - 4 1

5 M 1 M 1 - 2 1 - 1 1 3 - 5 1

5 M 1 G 1 - 3 1 - 1 1 3 - 6 1

5 M 1 A 1 - 3 1 - 1 2 2 - 6 2

5 M 1 P 1 - 2 1 0 1 1 3 - 5 8

5 L 1 P 1 1 3 - 6 1

5 M 1 P 1 - 3 1 - 1 2 3 - 7 1

5 L 1 P 1 2 2 - 8 1

5 M 1 P 1 - 3 1 - 1 2 2 - 8 1

5 L 1 P 1 2 2 - 7 2

5 M 1 P 1 - 1 2 2 - 7 2

5 L 1 P 1 2 2 - 7 2

5 M 1 P 1

5 M 1 P 1 - 2 9 2 8 4 2 - 4 7

5 D 1 P 1 - 2 1 4 1 6 8 - 7 7

5 D 1 P 1 - 1 2 0 1 6 1 - - 5

5 M 1 P 1 0 - 5

5 F 1 P 1

5 B 1 P 1 1 3

5 B 1 P 1 6 2

5 B 1 P 1 0 2

5 M 1 P 3 - 6 2 - 1 - - - 7 3

5 M 1 G 3 - 3 1 - 2 2 2 - 6 2

5 M 1 G 3 - 3 1 - 1 1 3 - 4 3

5 G 1 P 1 2 2 - 1 5 2

5 M 1 P 3 1 - 2 3 1 - 6 1

5 M 1 G 3 - 1 7 1 1 1 2 - 4 1

5 M 1 P 1 - 3 1 - 1 1 - - 1 2

5 M 1 P 3 - 3 1 - 1 1 - - 1 3

5 M 1 I 3 - 4 2 - 2 1 - 1 - 3

5 M 1 I 3 - 2 8 - 1 2 0 5 3 2

5 M 1 P 1 9 0 4 1

5 M 1 R 3 - 3 1 - 1 1 - - - 2

Q1 | MARCH 31, 2018

ClASS C – STOCK (AS OF MARCH 31, 2018)


















a MFS® Lifetime® 2060 Fund 12/06/16 (NA) -0.25 13.70 .— .— 15.60 -1.25 12.70 .— .— 15.60


m MFS® Diversified Income Fund 05/26/06 (NA) -2.72 2.28 2.54 4.20 5.76 -3.69 1.28 2.54 4.20 5.76

a MFS® Global Alternative Strategy Fund S6 12/20/07 (NA) 0.31 2.14 -1.68 0.82 1.21 -0.69 1.14 -1.68 0.82 1.21

a MFS® Managed Wealth Fund 06/27/14 (NA) 1.40 4.98 1.39 .— 1.39 0.40 3.98 1.39 .— 1.39



a MFS® Blended Research® Emerging Markets Equity Fund 09/15/15 (NA) 2.60 25.66 .— .— 19.58 1.60 24.66 .— .— 19.58



a MFS® Emerging Markets Equity Fund 06/27/96 (NA) 2.50 25.75 9.12 3.00 0.73 1.50 24.75 9.12 3.00 0.73



a MFS® Global New Discovery Fund 12/16/11 (NA) 2.42 24.87 11.08 8.82 13.01 1.42 23.87 11.08 8.82 13.01

a MFS® Global Real Estate Fund 2 12/19/14 03/11/09 (I) -4.22 4.14 3.39 5.03 14.99 -5.18 3.17 3.39 5.03 14.99




a MFS® International New Discovery Fund 10/02/00 (NA) 1.66 22.89 9.40 7.65 6.07 0.66 21.89 9.40 7.65 6.07






For Performance Reporting PurposesSales Charge: Class C shares have no initial sales charge but if they are redeemed within1 year from the end of the prior month of purchase, they may be subject to a 1%contingent deferred sales charge (CDSC).Blended Performance Expense Considerations:

2 Performance for Class C shares includes the performance of the fund's Class I 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 prospectusfor additional information about performance and expenses.

40

Q1 | MARCH 31, 2018


Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investment portfolioand is subject to change.



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55273G793 MACVX 1.00 ConAllC 1326 -17.14 21.28 10.52 1.63 9.82 7.90 3.17 -1.61 4.64 10.04

55273G751 MMACX 1.00 ModAllC 1327 -26.50 26.16 13.66 -0.45 12.20 13.63 3.34 -1.66 5.68 13.91

55273G710 MCGWX 1.00 GrAllC 1328 -34.88 31.33 15.97 -3.11 14.81 19.27 3.02 -1.63 6.70 18.06

55273G660 MCAGX 1.00 AgGrAlC 1329 -40.86 34.93 17.55 -5.68 16.36 25.14 2.86 -0.84 6.43 21.94

55275E754 MFLCX 1.00 PENDING 1336 -30.21 26.20 13.46 0.05 11.50 10.57 3.30 -1.32 5.20 8.89

55279J866 LTTCX 1.00 PENDING 1356 .— .— .— .— .— 16.31 3.41 -1.47 6.47 12.14

55275E655 MLTCX 1.00 PENDING 1337 -39.07 32.04 16.46 -3.72 15.23 20.31 3.10 -1.47 7.78 16.07

55279J775 LFECX 1.00 PENDING 1357 .— .— .— .— .— 22.39 2.93 -1.09 8.03 18.25

55275E556 MLFCX 1.00 PENDING 1338 -40.77 32.97 17.17 -4.87 16.08 23.35 2.94 -0.94 8.00 19.56

55279J684 LTMDX 1.00 PENDING 1358 .— .— .— .— .— 23.40 2.93 -0.87 7.93 20.06

55275E366 MFFDX 1.00 PENDING 1347 .— .— .— -4.60 16.05 23.38 2.95 -0.87 7.96 20.02

55279J593 LFICX 1.00 PENDING 1359 .— .— .— .— .— 23.55 2.92 -0.82 7.89 20.01

55279J510 MFJCX 1.00 PENDING 1368 .— .— .— .— .— .— .— .— .— .—

55275E309 MLLCX 1.00 PENDING 1334 -12.67 22.27 9.15 2.37 8.02 4.76 2.83 -1.42 4.26 7.16

552982829 DIFCX 1.00 PENDING 1339 -20.90 29.32 12.96 4.36 12.46 6.80 8.79 -2.92 7.78 7.75

55276T305 DVRCX 1.00 PENDING 1341 -20.26 18.10 2.50 0.06 10.52 6.93 1.61 -2.69 -4.47 5.40

552746281 MNWCX 1.00 PENDING 1360 .— .— .— .— .— .— .— 0.29 -1.98 5.72

55278K856 FPPEX 1.00 PENDING 1369 .— .— .— .— .— .— .— .— .— .—

552987315 BRKCX 1.00 PENDING 1366 .— .— .— .— .— .— .— .— 13.47 37.84

552987414 BRLCX 1.00 PENDING 1365 .— .— .— .— .— .— .— .— 6.01 23.62

552987513 BRXCX 1.00 PENDING 1364 .— .— .— .— .— .— .— .— 0.61 25.82

55273E889 MEMCX 1.00 PENDING 385 -55.83 66.89 22.11 -19.40 17.81 -6.13 -7.56 -13.57 7.76 36.38

552986887 MWECX 1.00 GlEqC 304 -34.58 30.27 10.88 -5.08 22.47 26.58 2.96 -2.41 6.27 22.68

552989501 MWOCX 1.00 GlGrC 309 -39.71 38.68 10.56 -7.38 18.55 19.98 3.24 -2.77 4.29 30.39

552987620 GLNCX 1.00 PENDING 1353 .— .— .— .— 24.31 28.94 -6.98 1.51 5.80 28.45

552982670 MGLCX 1.00 PENDING 359 .— .— 14.40 -7.81 28.40 3.95 14.17 -0.37 6.40 11.79

552986804 MFWCX 1.00 GlTotC 324 -16.13 13.42 7.08 1.56 10.09 15.24 2.68 -2.31 4.50 14.31

55273G314 MDIGX 1.00 PENDING 1332 -40.68 33.23 12.42 -10.07 17.23 16.05 -4.76 -0.89 1.40 29.00

55273E863 MGRCX 1.00 PENDING 386 -40.52 36.74 14.10 -11.54 18.52 12.72 -6.06 -0.71 1.64 31.13

552981862 MIDCX 1.00 IntNwDC 374 -44.39 46.27 21.01 -10.72 23.78 18.57 -3.63 1.71 -0.49 30.75

55273E871 MGICX 1.00 IntlVC 387 -32.33 23.70 8.30 -2.67 14.93 26.39 0.54 5.69 3.16 25.86

55273H189 MVGCX 1.00 PENDING 1325 .— .— .— .— .— .— 9.00 0.29 4.80 17.27

552983488 MRICX 1.00 ReInC 399 -43.01 30.11 10.15 -11.53 15.81 17.71 -7.62 -2.75 -1.88 27.07

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 6 3 3 4 - 5 3 3 4

0 - 9 4 5 5 - 8 4 5 5

0 0 6 7 6 - 1 6 7 6

0 0 7 8 6 - 1 7 8 6

0 - 5 3 4 4 - 4 3 4 4

1 - 7 4 5 6 - 6 4 5 6

0 - 6 7 5 - 9 6 7 5

1 - 7 8 9 - 1 7 8 9

0 - 7 8 6 - 1 7 8 6

1 - 7 8 9 - 1 7 8 9

0 - 7 8 9 - 1 7 8 9

1 - 7 8 9 - 1 7 8 9

1 - 1 - 1 1

0 - 4 2 2 4 - 3 2 2 4

0 - 2 2 4 5 - 1 2 4 5

1 0 2 - 0 1 - 1 - 0 1

0 1 4 1 1 0 3 1 1

0 - -

2 1 1 2 1

0 - 1 - 1 1

0 9 - 1 9

0 2 9 3 0 1 2 9 3 0

0 - 6 8 6 - 1 6 8 6

0 0 9 9 6 - 1 9 9 6

1 2 8 1 2 1 8 1

1 - 4 3 5 - 3 3 5 1

0 - 8 4 5 4 - 7 4 5 4

0 - 7 6 3 - 1 7 6 3

0 - 7 5 3 - 1 7 5 3

1 1 9 7 6 0 2 9 7 6

0 - 8 9 6 - 1 8 9 6

1 - 9 5

0 - 4 4 1 - 1 4 4 1

41

C C S M N F c a n

5 M 1 B 3 - 2 1 5 9 - 4 - 5 5

5 M 1 P 3 - 3 1 5 1 - 3 - 8 8

5 E 1 P 1 1 - - - 8 1

5 M 1 P 1 4 4 - - - 1 6

5 M 1 H 3 - 5 1 2 1 4 1 - 1 6

5 M 1 G 3 7 3 3 6 1 - 3 - - 1

5 M 1 H 3 - 4 1 3 1 5 1 - 1 5

5 M 1 P 1 - 7 4 1 5 - 1 - 3 1

5 M 1 L 3 - 1 2 0 2 - - - 0 0

5 M 1 S 3 - 2 8 3 1 0 2 - 7 4

5 M 1 R 3 - 1 7 5 6 - 4 - 2 3

5 M 1 M 3 - 2 3 9 1 - 1 3 0 6

5 M 1 M 3 - 1 1 9 9 - 1 2 0 5

5 M 1 M 3 0 7 1 5 2 - 2 0 - 2

5 M 1 M 3 - 1 - 1 9 - 1 3 0 5

5 M 1 P 3 - 1 - 8 7 - 1 2 - 4

5 M 1 M 3 - 1 - 1 6 - 8 2 - 3

5 M 1 P 3 - 1 - 8 6 - 8 2 - 3

Q1 | MARCH 31, 2018

ClASS C – BONd (AS OF MARCH 31, 2018)





BOND FUNDS

m MFS® Corporate Bond Fund 01/03/94 (NA) -2.81 1.24 1.30 1.94 4.91 -3.77 0.25 1.30 1.94 4.91

m MFS® Emerging Markets Debt Fund 05/31/02 (NA) -1.85 2.98 3.65 2.20 5.58 -2.82 1.99 3.65 2.20 5.58

m MFS® Emerging Markets Debt Local Currency Fund 09/15/11 (NA) 4.46 11.20 3.35 -1.86 -0.63 3.46 10.20 3.35 -1.86 -0.63

m MFS® Global Bond Fund ^ 06/02/10 (NA) 1.06 6.14 2.00 -1.08 1.02 0.06 5.14 2.00 -1.08 1.02

m MFS® Global High Yield Fund 07/01/98 (NA) -1.55 2.15 3.11 3.19 5.47 -2.53 1.17 3.11 3.19 5.47

m MFS® Government Securities Fund P3 04/01/96 (NA) -1.46 -0.56 -0.66 -0.10 1.86 -2.44 -1.54 -0.66 -0.10 1.86

m MFS® High Income Fund 01/03/94 (NA) -1.64 1.63 2.76 3.12 5.50 -2.62 0.66 2.76 3.12 5.50

m MFS® Inflation-Adjusted Bond Fund 09/01/04 (NA) -1.26 -0.54 -0.27 -1.56 1.14 -2.24 -1.52 -0.27 -1.56 1.14

m MFS® Limited Maturity Fund 07/01/94 (NA) -0.55 -0.22 -0.10 -0.18 0.96 -1.54 -1.21 -0.10 -0.18 0.96

m MFS® Strategic Income Fund P3 09/01/94 (NA) -1.94 1.20 1.87 1.91 4.14 -2.92 0.21 1.87 1.91 4.14

m MFS® Total Return Bond Fund 12/29/00 (NA) -1.85 0.54 0.34 1.09 3.55 -2.83 -0.45 0.34 1.09 3.55


m MFS® Municipal Income Fund 01/03/94 (NA) -1.18 2.58 1.90 2.08 3.91 -2.16 1.58 1.90 2.08 3.91

m MFS® Municipal Limited Maturity Fund 07/01/94 (NA) -0.81 0.49 0.40 0.36 1.78 -1.80 -0.51 0.40 0.36 1.78


m MFS® California Municipal Bond Fund 01/03/94 (NA) -1.19 2.54 2.07 2.44 3.89 -2.18 1.54 2.07 2.44 3.89

m MFS® New York Municipal Bond Fund 12/11/00 (NA) -1.21 2.12 1.62 1.69 3.22 -2.19 1.13 1.62 1.69 3.22

m MFS® North Carolina Municipal Bond Fund 01/03/94 (NA) -1.04 1.42 1.10 1.20 3.11 -2.03 0.43 1.10 1.20 3.11

m MFS® Virginia Municipal Bond Fund 01/03/94 (NA) -0.86 1.36 1.21 1.39 3.02 -1.85 0.38 1.21 1.39 3.02





For Performance Reporting PurposesSales Charge: Class C shares have no initial sales charge but if they are redeemed within1 year from the end of the prior month of purchase, they may be subject to a 1%contingent deferred sales charge (CDSC).Performance results reflect any applicable expense subsidies and waivers in effect during theperiods shown. Without such subsidies and waivers the fund's performance results would beless favorable. All results assume the reinvestment of dividends and capital gains. Theperformance is as of the date shown; it may not include the fund's entire investmentportfolio and is subject to change.

42

Q1 | MARCH 31, 2018



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55272P703 MFBCX 1.00 BondC 311 -10.52 27.43 10.42 5.61 9.65 -1.27 4.99 -1.12 5.03 5.28

55273E657 MEDCX 1.00 PENDING 333 -11.76 30.02 10.28 5.05 17.99 -7.14 3.60 -1.49 8.46 8.50

552746430 EMLCX 1.00 PENDING 1352 .— .— .— .— 14.12 -11.37 -5.03 -17.27 8.68 13.60

552746612 MGBDX 1.00 PENDING 1343 .— .— .— 4.84 4.66 -9.08 -1.86 -5.32 1.69 6.70

552984882 MHOCX 1.00 HiOpC 370 -33.24 51.74 15.50 2.70 14.18 4.74 1.71 -4.77 12.09 6.47

552982308 MFGDX 1.00 GvScC 326 7.58 3.56 3.71 6.38 1.32 -3.67 3.85 -0.57 -0.13 1.15

552984502 MHICX 1.00 HiInC 318 -29.08 45.98 14.16 3.35 13.26 5.55 1.74 -4.78 12.51 5.34

55272P331 MIACX 1.00 PENDING 1331 -3.06 7.87 4.32 11.93 5.09 -10.14 1.87 -3.24 3.12 1.65

55272P802 MQLCX 1.00 LtdMC 336 -5.06 10.32 2.89 0.36 2.78 -0.43 -0.27 -0.72 0.58 0.60

552989600 MIOCX 1.00 StInC 334 -12.07 24.12 8.97 3.70 10.13 0.50 2.20 -2.71 7.08 4.92

55272P786 MRBCX 1.00 ResBdC 378 -6.96 19.70 7.38 5.57 6.50 -1.88 4.88 -1.37 2.67 3.10

552984866 MMHCX 1.00 MuHiC 325 -20.95 28.36 3.52 9.97 12.94 -6.95 13.59 3.99 0.67 6.70

55273N525 MMICX 1.00 MuInC 302 -8.25 17.13 1.17 9.76 9.60 -5.80 10.12 2.55 0.24 5.08

55272P885 MTLCX 1.00 MuLtC 337 0.10 7.37 1.86 5.00 2.30 -1.80 2.24 0.89 -0.79 2.35

55273N558 MCCAX 1.00 MuCAC 327 -10.84 17.50 -0.06 11.30 9.28 -5.52 11.06 3.61 0.05 5.18

55273N467 MCNYX 1.00 PENDING 352 -7.69 16.14 -0.01 8.57 7.76 -6.99 10.23 2.75 -0.32 4.77

55273N541 MCNCX 1.00 MuNCC 341 -5.21 13.76 -0.39 10.33 6.56 -6.45 8.76 2.28 -0.47 3.48

55273N533 MVACX 1.00 PENDING 343 -6.09 15.03 -0.24 8.79 6.47 -6.22 8.84 2.53 -0.36 3.32

C C A i s w w d i Y 1 3 5 1 Y 1 3 5 1

0 - 1 1 1 4 - 0 1 1 4

0 - 2 3 2 5 - 1 3 2 5

4 3 - - 3 1 3 - -

0 1 6 2 - 1 0 5 2 - 1

0 - 2 3 3 5 - 1 3 3 5

0 - - - - 1 - - - - 1

0 - 1 2 3 5 - 0 2 3 5

0 - - - - 1 - - - - 1

0 - - - - 0 - - - - 0

0 - 1 1 1 4 - 0 1 1 4

1 - 0 0 1 3 - - 0 1 3

0 - 4 3 3 4 - 3 3 3 4

0 - 2 1 2 3 - 1 1 2 3

0 - 0 0 0 1 - - 0 0 1

0 - 2 2 2 3 - 1 2 2 3

1 - 2 1 1 3 - 1 1 1 3

0 - 1 1 1 3 - 0 1 1 3

0 - 1 1 1 3 - 0 1 1 3

43

C C S M N F c a n

5 M N M 8 - 2 1 - 1 3 1 0 9 2

5 M N M 8 - 4 1 1 1 3 1 0 6 2

5 M N U 8 - 2 1 2 1 3 1 0 8 2

5 B N P 1 6 2

5 B N P 1 1

5 B N P 1 2 1

5 B N P 1 1 1

5 M N P 8 - 3 1 - 1 3 1 - 1 2

5 E N P 1 3 9 - 1 2

5 S N P 1 - 1 2 - 1 4 5 1 1 1

5 M N G 8 - 3 1 - 1 3 8 7 2 3

5 M N P 1 1 4 1 1

5 O N M 8 - 4 2 - 1 3 8 4 4 2

5 M N M 1 - 4 2 - 1 3 1 - 1 1

5 M N N 8 - 6 3 - 2 4 - - 8 2

5 N N P 1 2 3 3 - 2 1

5 M N R 8 - 3 1 - 1 3 1 1 9 2

5 M N P 8 - 7 2 1 1 3 1 1 8 3

5 M N T 8 - 1 1 2 1 1 8 - 9 1

5 M N P 8 - 3 1 6 1 2 1 - 1 1

5 M N V 8 - 2 1 0 1 3 1 - 1 1

Q1 | MARCH 31, 2018

ClASS i – STOCK (AS OF MARCH 31, 2018)

Class I Comparable AVERAGE ANNUAL TOTAL RETURN (%) inception share class without sales charges date inception date YTD* 1 yr. 3 yr. 5 yr. 10 yr./Life


With capital gain distributions and income dividends reinvestedDistribution frequency, if applicable

STOCK FUNDS

a Massachusetts Investors Trust 01/02/97 (NA) -0.29 15.31 10.13 12.49 9.25

a Massachusetts Investors Growth Stock Fund 01/02/97 (NA) 1.96 20.37 11.31 13.47 10.50

a MFS® Blended Research® Core Equity Fund C1, ^ 01/14/94 (NA) -1.80 11.81 8.41 12.33 9.18

a MFS® Blended Research® Growth Equity Fund 09/15/15 (NA) 1.19 19.33 .— .— 13.92

a MFS® Blended Research® Mid Cap Equity Fund 08/19/16 (NA) -0.75 13.24 .— .— 13.71

a MFS® Blended Research® Small Cap Equity Fund 09/15/15 (NA) 0.00 11.52 .— .— 12.55

a MFS® Blended Research® Value Equity Fund 09/15/15 (NA) -1.84 10.43 .— .— 12.39

a MFS® Core Equity Fund C2 01/02/97 (NA) 0.15 17.04 10.52 13.38 10.21

q MFS® Equity Income Fund 09/27/12 (NA) -2.19 10.54 8.50 10.95 11.68

a MFS® Equity Opportunities Fund 1, ^^ 02/28/11 08/30/00 (A) -3.45 8.75 7.70 11.33 8.15

a MFS® Growth Fund 01/02/97 (NA) 5.18 25.50 13.53 15.47 11.39

q MFS® Low Volatility Equity Fund 12/05/13 (NA) -1.44 9.68 9.32 .— 10.25

a MFS® Mid Cap Growth Fund 01/02/97 (NA) 5.45 24.57 11.22 14.30 9.16

a MFS® Mid Cap Value Fund 11/01/01 (NA) -1.97 7.62 6.76 10.88 9.82

a MFS® New Discovery Fund 01/02/97 (NA) 4.19 23.98 9.95 10.04 11.60

a MFS® New Discovery Value Fund 05/26/11 (NA) -3.80 7.81 9.43 11.63 12.08

a MFS® Research Fund 01/02/97 (NA) 0.49 15.71 10.33 12.65 9.58

a MFS® Technology Fund 01/02/97 (NA) 7.49 32.17 20.78 20.38 13.89

m MFS® Total Return Fund 01/02/97 (NA) -2.15 6.36 5.83 7.65 6.60

m MFS® Utilities Fund 01/02/97 (NA) -2.12 4.68 2.09 5.82 6.39

q MFS® Value Fund 01/02/97 (NA) -3.01 9.00 8.76 11.67 8.54

* Periods less than one year are actual not annualized.Performance data shown represents past performance and is no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com. The performance shown does not reflectthe deduction of taxes, if any, that a shareholder would pay on funddistributions or the redemption of fund shares.The performance shown is attributable in part to unusual market conditions.These conditions may not be repeated in the future.


^^ Performance information for periods prior to February 1, 2010, reflects periods when asubadvisor was responsible for selecting investments for the fund under differentinvestment strategies.C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS BlendedResearch Core Equity Fund. Performance achieved prior to June 1, 2008 is attributableto the fund's prior investment strategy. C2 Included in all fund classes' total returns for the month of Dec 31, 2017, areproceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendaryear 2017 would have been lower by 0.89%.

For Performance Reporting PurposesSales Charge: Class I shares ("I") have no sales charge or Rule 12b-1 fees and areavailable only to eligible investors.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 prospectusfor additional information about performance and expenses.


44

Q1 | MARCH 31, 2018


Intended for use with institutional investors who purchase shares at net asset value.See pages 6 - 11 regarding the specific risks that apply to each fund.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

575736400 MITIX N/A MITI 812 -32.55 28.17 11.80 -1.55 19.47 32.17 11.27 0.46 9.08 23.79

575719406 MGTIX N/A MIGI 813 -36.76 41.08 14.56 1.58 17.17 30.51 11.78 0.20 6.41 28.98

55273W103 MUSEX N/A UStdI 884 -36.38 25.24 16.43 2.01 15.30 35.98 12.14 0.92 8.36 20.63

552743841 BRWJX N/A PENDING 1862 .— .— .— .— .— .— .— .— 6.62 26.91

552743619 BMSLX N/A PENDING 1867 .— .— .— .— .— .— .— .— .— 19.05

552743742 BRSJX N/A PENDING 1863 .— .— .— .— .— .— .— .— 20.28 13.80

552746182 BRUHX N/A PENDING 1861 .— .— .— .— .— .— .— .— 14.13 16.68

552983686 MRGRX N/A PENDING 891 -37.71 33.14 17.33 -0.81 16.86 34.49 11.36 -0.14 11.38 24.77

552988594 EQNIX N/A PENDING 1854 .— .— .— .— .— 31.23 9.16 -0.81 10.70 20.03

55275E291 SRFIX N/A PENDING 1840 -39.76 16.36 25.59 -2.11 19.16 41.58 5.84 1.69 11.06 18.32

552985863 MFEIX N/A GROWTHI 807 -37.43 38.48 15.96 -0.32 17.34 36.61 8.79 7.37 2.46 30.86

55273H270 MLVHX N/A PENDING 1823 .— .— .— .— .— .— 12.83 4.65 10.06 16.80

552987877 OTCIX N/A MCapI 883 -51.00 42.11 28.94 -5.85 16.38 37.28 8.81 4.46 4.62 26.29

55272P596 MCVIX N/A MCpValI 1824 -41.73 40.24 27.36 -1.81 18.86 36.57 10.15 -2.27 15.68 13.69

552983520 MNDIX N/A NewDI 897 -39.57 62.46 36.16 -10.22 21.23 41.16 -7.30 -1.88 8.89 26.34

55278M407 NDVIX N/A PENDING 1850 .— .— .— .— 20.49 39.65 3.22 -2.91 26.47 14.83

552981706 MRFIX N/A RschI 814 -36.30 30.74 15.71 -0.44 17.48 32.46 10.43 1.09 9.01 23.64

552983439 MTCIX N/A PENDING 898 -50.92 75.31 20.41 1.45 14.51 35.58 10.61 10.63 8.41 38.80

552981805 MTRIX N/A TotRI 815 -22.36 18.59 10.37 2.15 11.53 19.16 8.60 -0.13 9.13 12.38

552986879 MMUIX N/A PENDING 835 -37.35 33.20 13.82 6.89 13.57 20.46 12.87 -14.56 11.63 15.03

552983694 MEIIX N/A ValueI 893 -32.65 20.82 11.68 0.01 16.44 35.86 10.55 -0.54 14.13 17.76

C C A i s w d i Y 1 3 5 1

0 - 1 1 1 9

0 1 2 1 1 1

0 ( - 1 8 1 9

0 1 1 1

- 1 1

0 1 1

0 - 1 1

0 0 1 1 1 1

0 - 1 8 1 1

0 0 - 8 7 1 8

0 5 2 1 1 1

1 - 9 9 1

0 5 2 1 1 9

1 - 7 6 1 9

0 4 2 9 1 1

0 - 7 9 1 1

0 0 1 1 1 9

0 7 3 2 2 1

0 - 6 5 7 6

0 - 4 2 5 6

0 - 9 8 1 8

45

C C S M N F c a n

5 M N C 1 - 2 1 2 1 8 4 - 5 1

5 M N M 1 - 2 1 0 1 1 4 - 6 1

5 M N G 1 - 3 1 - 1 2 4 - 7 1

5 M N P 1 - 3 1 - 1 2 3 0 7 2

5 M N P 1 - 2 1 1 1 1 4 - 6 9

5 L N P 1 1 4 - 7 1

5 M N P 1 - 3 1 - 1 2 4 - 8 1

5 L N P 1 2 4 - 8 1

5 M N P 1 - 3 1 - 1 2 4 0 8 2

5 L N P 1 2 4 0 9 2

5 M N P 1 - 1 2 4 0 9 2

5 L N P 1 2 4 0 8 2

5 M N P 1

5 M N P 1 - 2 1 3 9 5 3 - 5 8

5 D N P 1 - 3 1 5 1 7 9 - 8 8

5 D N P 8 - 1 3 1 1 7 2 - - 6

5 M N P 1 1 - 6

5 F N P 1

5 B N P 1 1 3

5 B N P 1 7 2

5 B N P 1 1 2

5 M N P 8 - 6 2 - 1 - - - 8 3

5 M N W 8 - 3 1 - 2 2 4 - 7 2

5 M N P 8 - 4 1 - 1 2 4 - 5 3

5 G N P 1 2 3 - 2 6 2

5 M N P 8 1 - 2 5 1 0 7 1

5 M N P 8 - 1 8 2 1 1 3 - 5 1

5 M N P 1 - 3 1 - 1 1 - 0 2 3

5 M N P 8 - 3 1 - 1 1 - 0 2 3

5 M N I 8 - 4 2 - 2 1 - 2 0 3

5 M N I 8 - 2 9 - 1 2 1 6 4 2

5 M N P 1 1 1 5 1

5 M N R 8 - 3 1 - 1 1 - - - 2

Q1 | MARCH 31, 2018

ClASS i – STOCK (AS OF MARCH 31, 2018)





q MFS® Conservative Allocation Fund 06/28/02 (NA) -0.20 7.35 4.55 5.03 5.92

q MFS® Moderate Allocation Fund 06/28/02 (NA) 0.06 10.41 6.04 6.78 6.70

a MFS® Growth Allocation Fund 06/28/02 (NA) 0.29 13.46 7.61 8.47 7.22

a MFS® Aggressive Growth Allocation Fund 06/28/02 (NA) 0.34 16.37 8.81 9.99 7.61

a MFS® Lifetime® 2020 Fund 09/29/05 (NA) -0.38 6.41 4.38 5.29 5.40



a MFS® Lifetime® 2035 Fund 11/02/12 (NA) 0.00 13.47 7.99 9.10 10.33





a MFS® Lifetime® 2060 Fund 12/06/16 (NA) 0.00 14.84 .— .— 16.80

m MFS® Lifetime® Income Fund 09/29/05 (NA) -0.51 5.19 3.57 3.89 5.48

m MFS® Diversified Income Fund 05/26/06 (NA) -2.55 3.30 3.54 5.22 6.81

a MFS® Global Alternative Strategy Fund S6 12/20/07 (NA) 0.60 3.18 -0.65 1.83 2.23

a MFS® Managed Wealth Fund 06/27/14 (NA) 1.67 5.95 2.38 .— 2.40

a MFS® Prudent Investor Fund 01/18/18 (NA) .— .— .— .— -1.10*


a MFS® Blended Research® Emerging Markets Equity Fund 09/15/15 (NA) 2.85 26.87 .— .— 20.79

a MFS® Blended Research® Global Equity Fund 09/15/15 (NA) -0.47 16.02 .— .— 12.43

a MFS® Blended Research® International Equity Fund 09/15/15 (NA) 0.82 18.91 .— .— 10.45

a MFS® Emerging Markets Equity Fund 01/02/97 (NA) 2.71 27.02 10.21 4.03 1.74

a MFS® Global Equity Fund 01/02/97 (NA) -1.99 12.57 7.65 9.43 7.62

a MFS® Global Growth Fund 01/02/97 (NA) 1.13 21.04 10.51 10.46 7.36

a MFS® Global New Discovery Fund 12/16/11 (NA) 2.64 26.09 12.17 9.89 14.14

a MFS® Global Real Estate Fund 03/11/09 (NA) -4.02 5.14 4.39 6.06 16.13

q MFS® Global Total Return Fund 01/02/97 (NA) -0.61 9.95 5.81 6.57 5.68

a MFS® International DiversificationSM Fund 09/30/04 (NA) -0.25 20.33 8.29 7.50 4.79

a MFS® International Growth Fund 01/02/97 (NA) -1.23 21.10 8.62 6.88 4.90

a MFS® International New Discovery Fund 10/09/97 (NA) 1.93 24.14 10.50 8.73 7.13

a MFS® International Value Fund 01/02/97 (NA) -0.73 17.63 9.59 10.97 7.38

q MFS® Low Volatility Global Equity Fund 12/05/13 (NA) -1.51 10.61 6.67 .— 8.19

a MFS® Research International Fund 01/02/97 (NA) -0.70 18.65 5.48 5.77 2.82

* Periods less than one year are actual not annualized.Performance data shown represents past performance and is no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com. The performance shown does not reflectthe deduction of taxes, if any, that a shareholder would pay on funddistributions or the redemption of fund shares.The performance shown is attributable in part to unusual market conditions.These conditions may not be repeated in the future.For Performance Reporting PurposesSales Charge: Class I shares ("I") have no sales charge or Rule 12b-1 fees and areavailable only to eligible investors.



46

Q1 | MARCH 31, 2018



‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

55273G785 MACIX N/A ConAllI 1826 -16.27 22.38 11.62 2.65 10.92 8.99 4.16 -0.53 5.71 11.04

55273G744 MMAIX N/A ModAllI 1827 -25.77 27.61 14.79 0.53 13.40 14.77 4.37 -0.71 6.72 15.08

55273G694 MGWIX N/A GrAllI 1828 -34.23 32.70 17.04 -2.01 15.93 20.45 4.01 -0.57 7.78 19.21

55273G652 MIAGX N/A PENDING 1829 -40.24 36.33 18.73 -4.82 17.63 26.35 3.91 0.11 7.51 23.22

55275E747 MFLIX N/A PENDING 1836 -29.46 27.44 14.66 1.03 12.62 11.70 4.29 -0.41 6.36 9.97

55279J858 LTTIX N/A PENDING 1856 .— .— .— .— .— 17.49 4.36 -0.51 7.68 13.16

55275E648 MLTIX N/A PENDING 1837 -38.49 33.34 17.74 -2.79 16.43 21.53 4.13 -0.48 8.63 17.20

55279J767 LFEDX N/A PENDING 1857 .— .— .— .— .— 23.57 4.04 -0.19 8.82 19.49

55275E549 MLFIX N/A PENDING 1838 -40.20 34.21 18.51 -3.92 17.16 24.59 4.03 0.05 8.76 20.78

55279J676 LTMKX N/A PENDING 1858 .— .— .— .— .— 24.62 4.05 0.01 9.28 21.20

55275E358 MFFIX N/A PENDING 1847 .— .— .— -3.68 17.18 24.59 4.00 0.08 9.19 21.20

55279J585 LFIIX N/A PENDING 1859 .— .— .— .— .— 24.80 4.00 0.08 8.61 21.18

55279J494 MFJIX N/A PENDING 1868 .— .— .— .— .— .— .— .— .— .—

55275E408 MLLIX N/A PENDING 1834 -11.86 23.60 10.23 3.29 9.19 5.80 3.86 -0.43 5.29 8.22

552982811 DIFIX N/A PENDING 1839 -20.07 30.56 14.08 5.39 13.47 7.87 9.96 -1.94 8.76 8.91

55276T404 DVRIX N/A PENDING 841 -19.41 19.17 3.55 1.03 11.67 7.99 2.65 -1.72 -3.44 6.40

552746273 MNWIX N/A PENDING 1860 .— .— .— .— .— .— .— 1.28 -0.96 6.70

55278K849 FPPJX N/A PENDING 1869 .— .— .— .— .— .— .— .— .— .—

552987299 BRKIX N/A PENDING 1866 .— .— .— .— .— .— .— .— 14.69 39.18

552987398 BRLJX N/A PENDING 1865 .— .— .— .— .— .— .— .— 7.01 24.95

552987497 BRXIX N/A PENDING 1864 .— .— .— .— .— .— .— .— 1.56 27.14

55273E855 MEMIX N/A PENDING 885 -55.40 68.59 23.36 -18.61 19.02 -5.20 -6.64 -12.69 8.87 37.74

552986861 MWEIX N/A WoEqI 804 -33.91 31.54 12.04 -4.14 23.72 27.81 4.02 -1.44 7.35 23.91

552989808 MWOIX N/A PENDING 809 -39.09 40.06 11.65 -6.47 19.73 21.17 4.27 -1.80 5.34 31.69

552987612 GLNIX N/A PENDING 1853 .— .— .— .— 25.46 30.22 -6.02 2.53 6.88 29.76

552982746 MGLIX N/A PENDING 859 .— .— 15.56 -6.89 29.68 5.00 15.23 0.58 7.49 12.94

552986853 MFWIX N/A PENDING 824 -15.29 14.62 8.15 2.49 11.28 16.28 3.71 -1.31 5.61 15.45

55273G298 MDIJX N/A PENDING 1832 -40.07 34.66 13.57 -9.17 18.39 17.26 -3.86 0.11 2.47 30.28

55273E848 MQGIX N/A PENDING 886 -39.92 38.07 15.24 -10.62 19.71 13.84 -5.10 0.30 2.64 32.46

552981854 MWNIX N/A IntNwDI 874 -43.80 47.75 22.22 -9.82 25.02 19.76 -2.66 2.72 0.50 32.04

55273E822 MINIX N/A IntlVI 887 -31.67 24.94 9.42 -1.69 16.10 27.66 1.52 6.77 4.18 27.15

55273H171 MVGIX N/A PENDING 1825 .— .— .— .— .— .— 10.09 1.22 5.94 18.49

552983470 MRSIX N/A ReInI 899 -42.46 31.43 11.22 -10.61 16.98 18.92 -6.75 -1.75 -0.89 28.37

C C A i s w d i Y 1 3 5 1

0 - 7 4 5 5

0 0 1 6 6 6

0 0 1 7 8 7

0 0 1 8 9 7

0 - 6 4 5 5

1 - 8 5 6 7

0 - 1 7 8 6

1 0 1 7 9 1

0 0 1 8 9 7

1 0 1 8 9 1

0 0 1 8 9 1

1 0 1 8 9 1

1 0 1 1

0 - 5 3 3 5

0 - 3 3 5 6

1 0 3 - 1 2

0 1 5 2 2

0 -

2 2 2

0 - 1 1

0 1 1

0 2 2 1 4 1

0 - 1 7 9 7

0 1 2 1 1 7

1 2 2 1 9 1

0 - 5 4 6 1

0 - 9 5 6 5

0 - 2 8 7 4

0 - 2 8 6 4

1 1 2 1 8 7

0 - 1 9 1 7

1 - 1 6

0 - 1 5 5 2

47

C C S M N F c a n

5 M N B 8 - 2 1 6 1 - 6 - 6 6

5 M N P 8 - 3 1 6 1 - 4 - 9 9

5 E N P 1 1 - - - 9 1

5 M N P 1 5 5 - - - 2 7

5 M N P 8 - 5 1 3 1 5 2 - 1 7

5 M N P 8 8 4 4 7 2 - 4 0 0 2

5 M N H 8 - 4 1 4 1 6 2 - 1 6

5 M N P 1 - 9 5 1 6 - 2 - 4 2

5 M N P 8 - 1 4 1 3 0 0 0 1 1

5 M N P 8 - 2 1 4 1 1 3 - 8 5

5 M N R 8 - 2 8 6 7 - 5 - 3 4

5 M N P 8 - 2 4 1 1 - 1 5 1 7

5 M N P 8 - 1 2 1 1 - 1 3 1 6

5 M N P 8 1 8 2 6 3 - 3 1 0 3

5 M N P 8 - 1 0 1 7 - 1 3 0 4

5 M N P 8 - 1 0 1 6 - 9 3 0 4

5 M N P 8 - 1 0 1 1 - 1 4 0 6

5 M N P 8 - 1 0 1 8 - 1 2 0 4

5 M N P 8 - 1 2 1 7 - 9 3 1 4

5 M N P 8 - 1 0 1 8 - 1 3 0 5

5 M N P 8 - 1 0 1 7 - 9 3 0 4

5 M N P 8 - 1 1 9 8 - 1 3 0 5

5 M N P 8 - 1 0 1 7 - 9 3 0 4

5 M N P 8 - 1 1 9 9 - 1 3 1 5

5 M N P 8 - 1 0 9 7 - 1 3 0 4

5 M N P 8 - 1 1 1 8 - 9 2 0 4

5 M N P 8 - 1 0 9 7 - 9 3 0 4

5 M N P 8 - 1 1 1 6 - 1 3 0 4

Q1 | MARCH 31, 2018


ClASS i – BONd (AS OF MARCH 31, 2018)


With capital gain distributions and income dividends reinvestedDistribution frequency, if applicable

BOND FUNDS

m MFS® Corporate Bond Fund 01/02/97 (NA) -2.48 2.33 2.30 2.97 5.93

m MFS® Emerging Markets Debt Fund 03/17/98 (NA) -1.55 4.08 4.68 3.22 6.62

m MFS® Emerging Markets Debt Local Currency Fund 09/15/11 (NA) 4.73 12.17 4.34 -0.92 0.34

m MFS® Global Bond Fund ^ 06/02/10 (NA) 1.31 7.20 2.98 -0.08 2.02

m MFS® Global High Yield Fund 07/01/98 (NA) -1.31 3.17 4.09 4.17 6.47

m MFS® Government Securities Fund P3 01/02/97 (NA) -1.21 0.44 0.33 0.90 2.88

m MFS® High Income Fund 01/02/97 (NA) -1.41 2.34 3.78 4.14 6.55

m MFS® Inflation-Adjusted Bond Fund 09/30/03 (NA) -1.00 0.37 0.68 -0.59 2.15

m MFS® Limited Maturity Fund 01/02/97 (NA) -0.30 0.78 0.90 0.85 1.97

m MFS® Strategic Income Fund P3 01/08/97 (NA) -1.68 2.23 2.85 2.88 5.12

m MFS® Total Return Bond Fund 01/04/99 (NA) -1.61 1.55 1.34 2.10 4.60

m MFS® Municipal High Income Fund 1 06/01/11 02/24/84 (A) -0.21 5.15 4.13 4.20 5.66

m MFS® Municipal Income Fund 1 08/01/11 09/07/93 (A) -0.72 3.73 2.96 3.14 4.95

m MFS® Municipal Limited Maturity Fund 1 08/30/10 03/17/92 (A) -0.57 1.62 1.40 1.39 2.79


m MFS® Alabama Municipal Bond Fund 1 04/01/16 02/01/90 (A) -0.76 2.55 2.24 2.51 4.13

m MFS® Arkansas Municipal Bond Fund 1 04/01/16 02/03/92 (A) -0.81 2.32 1.82 2.07 3.68

m MFS® California Municipal Bond Fund 1 04/01/16 06/18/85 (A) -0.97 3.63 3.03 3.44 4.92

m MFS® Georgia Municipal Bond Fund 1 04/01/16 06/06/88 (A) -0.84 2.40 2.03 2.37 4.07

m MFS® Maryland Municipal Bond Fund 1 04/01/16 10/31/84 (A) -0.67 2.62 2.24 2.27 4.01

m MFS® Massachusetts Municipal Bond Fund 1 04/01/16 04/09/85 (A) -0.84 2.76 2.35 2.48 4.29

m MFS® Mississippi Municipal Bond Fund 1 04/01/16 08/06/92 (A) -0.95 2.15 1.80 2.15 3.93

m MFS® New York Municipal Bond Fund 1 04/01/16 06/06/88 (A) -0.99 3.07 2.61 2.69 4.26

m MFS® North Carolina Municipal Bond Fund 1 04/01/16 10/31/84 (A) -0.82 2.54 2.16 2.25 4.16

m MFS® Pennsylvania Municipal Bond Fund 1 04/01/16 02/01/93 (A) -0.52 3.37 2.78 2.77 4.29

m MFS® South Carolina Municipal Bond Fund 1 04/01/16 10/31/84 (A) -0.73 2.60 2.04 2.11 3.86

m MFS® Tennessee Municipal Bond Fund 1 04/01/16 08/12/88 (A) -0.72 2.18 1.98 2.01 3.95

m MFS® Virginia Municipal Bond Fund 1 04/01/16 10/31/84 (A) -0.63 2.42 2.27 2.41 4.06

m MFS® West Virginia Municipal Bond Fund 1 04/01/16 10/31/84 (A) -0.57 2.33 2.06 2.22 3.81

* Periods less than one year are actual not annualized.Performance data shown represents past performance and is no guarantee offuture results. Investment return and principal value fluctuate so your shares,when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-endperformance, please visit mfs.com. The performance shown does not reflectthe deduction of taxes, if any, that a shareholder would pay on funddistributions or the redemption of fund shares.



For Performance Reporting PurposesSales Charge: Class I shares ("I") have no sales charge or Rule 12b-1 fees and areavailable only to eligible investors.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 prospectusfor additional information about performance and expenses.


48

Q1 | MARCH 31, 2018



55272P877 MBDIX N/A BondI 811 -9.61 28.57 11.50 6.67 10.72 -0.34 6.03 -0.11 6.00 6.32

55273E640 MEDIX N/A PENDING 833 -10.87 31.21 11.41 6.11 19.15 -6.25 4.70 -0.60 9.49 9.61

552746422 EMLIX N/A PENDING 1852 .— .— .— .— 15.25 -10.36 -4.18 -16.55 9.77 14.58

552746596 MGBJX N/A PENDING 1843 .— .— .— 5.68 5.61 -8.15 -0.87 -4.25 2.59 7.76

552984874 MHOIX N/A PENDING 870 -32.61 53.26 16.42 3.74 15.11 5.95 2.58 -3.79 13.19 7.36

552982407 MGSIX N/A PENDING 826 8.78 4.49 4.85 7.45 2.34 -2.71 4.89 0.42 0.77 2.27

552984601 MHIIX N/A HiInI 818 -28.24 47.08 15.67 4.37 14.10 6.61 2.74 -3.88 13.67 6.39

55272P398 MIAIX N/A PENDING 1831 -2.19 9.18 5.36 12.94 6.24 -9.31 2.89 -2.27 4.14 2.57

55272P869 MQLIX N/A PENDING 836 -4.13 11.44 4.09 1.36 3.65 0.57 0.73 0.28 1.59 1.61

552989709 MFIIX N/A PENDING 834 -11.37 25.30 10.00 4.75 10.99 1.55 3.08 -1.84 8.28 5.79

55272P778 MRBIX N/A ResBdI 878 -5.93 20.89 8.45 6.63 7.66 -0.89 5.84 -0.47 3.79 4.13

552984692 MMIIX N/A PENDING 825 -20.16 29.65 4.56 11.06 14.08 -6.02 14.58 5.03 1.81 7.77

55273N434 MIMIX N/A PENDING 802 -7.36 18.34 2.18 10.71 10.74 -4.76 11.13 3.59 1.25 6.03

55274K504 MTLIX N/A PENDING 837 1.11 8.45 2.74 6.05 3.33 -0.82 3.27 1.91 0.20 3.37

55273N392 MLALX N/A PENDING 854 -4.90 15.55 0.22 10.50 7.89 -4.48 10.22 3.31 0.51 4.67

55273N426 MARLX N/A PENDING 855 -3.14 13.92 0.26 10.40 6.03 -5.37 9.58 3.16 0.08 4.20

55273N418 MCAVX N/A PENDING 827 -9.98 18.75 0.94 12.46 10.40 -4.58 12.22 4.67 0.87 6.25

55273N384 MGATX N/A PENDING 846 -4.96 15.97 0.25 10.79 8.43 -5.28 10.52 2.98 0.49 4.58

55273N376 MMDIX N/A PENDING 840 -8.19 18.74 2.06 10.23 7.30 -5.26 9.32 3.06 1.06 4.61

55273N368 MTALX N/A PENDING 845 -6.51 18.58 0.23 11.52 8.24 -5.91 10.93 3.35 0.70 5.01

55273N350 MMSTX N/A PENDING 858 -2.81 13.70 0.54 10.54 7.37 -4.54 9.52 3.32 0.05 4.26

55273N343 MNYLX N/A PENDING 852 -6.73 17.29 1.09 9.54 8.93 -6.13 11.32 3.87 0.72 5.74

55273N335 MNCLX N/A PENDING 806 -4.16 14.91 0.61 11.33 7.71 -5.51 9.85 3.30 0.64 4.58

55273N327 MPALX N/A PENDING 830 -6.80 16.61 1.13 9.48 9.40 -5.80 10.86 3.71 1.24 5.21

55273N319 MTSCX N/A PENDING 842 -5.67 15.46 0.73 9.98 7.87 -6.18 10.05 3.41 0.28 4.54

55273N293 MTNLX N/A PENDING 853 -5.12 15.41 1.04 10.37 8.24 -6.13 9.89 2.89 0.62 4.20

55273N285 MIVAX N/A PENDING 843 -5.15 16.19 0.76 9.98 7.44 -5.19 9.83 3.56 0.68 4.45

55273N277 MWVIX N/A PENDING 844 -5.61 13.49 1.85 10.74 6.65 -5.82 10.18 3.11 0.68 4.20

C C A i s w d i Y 1 3 5 1

0 - 2 2 2 5

0 - 4 4 3 6

4 1 4 - 0

0 1 7 2 - 2

0 - 3 4 4 6

0 - 0 0 0 2

0 - 2 3 4 6

0 - 0 0 - 2

0 - 0 0 0 1

0 - 2 2 2 5

0 - 1 1 2 4

0 - 5 4 4 5

0 - 3 2 3 4

0 - 1 1 1 2

0 - 2 2 2 4

0 - 2 1 2 3

0 - 3 3 3 4

0 - 2 2 2 4

0 - 2 2 2 4

0 - 2 2 2 4

0 - 2 1 2 3

0 - 3 2 2 4

0 - 2 2 2 4

0 - 3 2 2 4

0 - 2 2 2 3

0 - 2 1 2 3

0 - 2 2 2 4

0 - 2 2 2 3

49

ExPENSE RATiOSE1(AS OF MARCH 31, 2018)

CLASS A CLASS B CLASS C CLASS I Waiver Waiver Waiver Waiver Gross Net end date Gross Net end date Gross Net end date Gross Net end date

STOCK FUNDS

Massachusetts Investors Trust 0.73 0.73 — 1.48 1.48 — 1.48 1.48 — 0.48 0.48 —

Massachusetts Investors Growth Stock Fund 0.74 0.74 — 1.49 1.49 — 1.49 1.49 — 0.49 0.49 —

MFS® Blended Research® Core Equity Fund C1 0.83 0.74 01/31/19 1.58 1.49 01/31/19 1.58 1.49 01/31/19 0.58 0.49 01/31/19

MFS® Blended Research® Growth Equity Fund 0.98 0.74 09/30/18 1.73 1.49 09/30/18 1.73 1.49 09/30/18 0.73 0.49 09/30/18

MFS® Blended Research® Mid Cap Equity Fund 0.86 0.84 09/30/18 1.61 1.59 09/30/18 1.61 1.59 09/30/18 0.61 0.59 09/30/18

MFS® Blended Research® Small Cap Equity Fund 1.57 0.99 09/30/18 2.32 1.74 09/30/18 2.32 1.74 09/30/18 1.32 0.74 09/30/18

MFS® Blended Research® Value Equity Fund 0.96 0.74 09/30/18 1.71 1.49 09/30/18 1.71 1.49 09/30/18 0.71 0.49 09/30/18

MFS® Core Equity Fund C2 1.02 1.02 — 1.77 1.77 — 1.77 1.77 — 0.77 0.77 —

MFS® Equity Income Fund 1.07 0.89 11/30/18 1.82 1.64 11/30/18 1.82 1.64 11/30/18 0.82 0.64 11/30/18

MFS® Equity Opportunities Fund 1.19 1.19 — 1.94 1.94 — 1.94 1.94 — 0.94 0.94 —

MFS® Growth Fund 0.94 0.94 — 1.69 1.69 — 1.69 1.69 — 0.69 0.69 —

MFS® Low Volatility Equity Fund 1.24 0.89 12/31/18 1.99 1.64 12/31/18 1.99 1.64 12/31/18 0.99 0.64 12/31/18

MFS® Mid Cap Growth Fund 1.21 1.21 — 1.96 1.96 — 1.96 1.96 — 0.96 0.96 —

MFS® Mid Cap Value Fund 1.11 1.11 — 1.86 1.86 — 1.86 1.86 — 0.86 0.86 —

MFS® New Discovery Fund 1.35 1.35 — 2.10 2.10 — 2.10 2.10 — 1.10 1.10 —

MFS® New Discovery Value Fund 1.37 1.37 — 2.12 2.12 — 2.12 2.12 — 1.12 1.12 —

MFS® Research Fund 0.83 0.83 — 1.58 1.58 — 1.58 1.58 — 0.58 0.58 —

MFS® Technology Fund 1.24 1.24 — 1.99 1.99 — 1.99 1.99 — 0.99 0.99 —

MFS® Total Return Fund 0.73 0.73 — 1.48 1.48 — 1.48 1.48 — 0.48 0.48 —

MFS® Utilities Fund 1.01 1.01 — 1.76 1.76 — 1.76 1.76 — 0.76 0.76 —

MFS® Value Fund 0.84 0.84 — 1.59 1.59 — 1.59 1.59 — 0.59 0.59 —


MFS® Conservative Allocation Fund 0.93 0.93 — 1.68 1.68 — 1.68 1.68 — 0.68 0.68 —

MFS® Moderate Allocation Fund 0.98 0.98 — 1.73 1.73 — 1.73 1.73 — 0.73 0.73 —

MFS® Growth Allocation Fund 1.05 1.04 09/30/18 1.80 1.79 09/30/18 1.80 1.79 09/30/18 0.80 0.79 09/30/18

MFS® Aggressive Growth Allocation Fund 1.12 1.10 09/30/18 1.87 1.85 09/30/18 1.87 1.85 09/30/18 0.87 0.85 09/30/18

MFS® Lifetime® 2020 Fund 1.08 0.83 08/31/18 1.83 1.58 08/31/18 1.83 1.58 08/31/18 0.83 0.58 08/31/18









MFS® Lifetime® Income Fund 1.05 0.81 08/31/19 1.80 1.56 08/31/19 1.80 1.56 08/31/19 0.80 0.56 08/31/19

MFS® Diversified Income Fund 1.02 1.02 — .— .— — 1.77 1.77 — 0.77 0.77 —

MFS® Global Alternative Strategy Fund S6 1.63 1.51 02/28/19 2.38 2.26 02/28/19 2.38 2.26 02/28/19 1.38 1.26 02/28/19

MFS® Managed Wealth Fund 1.66 1.45 09/30/18 2.41 2.20 09/30/18 2.41 2.20 09/30/18 1.41 1.20 09/30/18

MFS® Prudent Investor Fund 2.35 1.24 10/31/19 3.10 1.99 10/31/19 3.10 1.99 10/31/19 2.10 0.99 10/31/19

E1 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 expensesfrom fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at leastdate noted under the "Waiver End Date" column.S6 Subadvised by UBS Asset Management (Americas), Inc.

C1 Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS Blended Research Core Equity Fund. Performance achieved prior to June 1, 2008 isattributable to the fund's prior investment strategy. C2 Included in all fund classes' total returns for the month of Dec 31, 2017, are proceeds received from a non-recurring litigation settlement against HouseholdInternational Inc. Had these proceeds not been included, all total returns within calendar year 2017 would have been lower by 0.89%.

Q1 | MARCH 31, 2018 50

CLASS A CLASS B CLASS C CLASS I Waiver Waiver Waiver Waiver Gross Net end date Gross Net end date Gross Net end date Gross Net end date


MFS® Blended Research® Emerging Markets Equity Fund 3.30 1.24 12/31/18 4.05 1.99 12/31/18 4.05 1.99 12/31/18 3.05 0.99 12/31/18

MFS® Blended Research® Global Equity Fund 5.27 0.89 12/31/18 6.02 1.64 12/31/18 6.02 1.64 12/31/18 5.02 0.64 12/31/18

MFS® Blended Research® International Equity Fund 0.97 0.89 12/31/18 1.72 1.64 12/31/18 1.72 1.64 12/31/18 0.72 0.64 12/31/18

MFS® Emerging Markets Equity Fund 1.50 1.50 — 2.25 2.25 — 2.25 2.25 — 1.25 1.25 —

MFS® Global Equity Fund 1.17 1.17 — 1.92 1.92 — 1.92 1.92 — 0.92 0.92 —

MFS® Global Growth Fund 1.44 1.40 02/28/19 2.19 2.15 02/28/19 2.19 2.15 02/28/19 1.19 1.15 02/28/19

MFS® Global New Discovery Fund 2.33 1.50 12/31/18 3.08 2.25 12/31/18 3.08 2.25 12/31/18 2.08 1.25 12/31/18

MFS® Global Real Estate Fund 1.43 1.35 12/31/18 2.18 2.10 12/31/18 2.18 2.10 12/31/18 1.18 1.10 12/31/18

MFS® Global Total Return Fund 1.18 1.09 02/28/19 1.93 1.84 02/28/19 1.93 1.84 02/28/19 0.93 0.84 02/28/19

MFS® International DiversificationSM Fund 1.19 1.16 09/30/18 1.94 1.91 09/30/18 1.94 1.91 09/30/18 0.94 0.91 09/30/18

MFS® International Growth Fund 1.18 1.18 — 1.93 1.93 — 1.93 1.93 — 0.93 0.93 —

MFS® International New Discovery Fund 1.31 1.31 — 2.06 2.06 — 2.06 2.06 — 1.06 1.06 —

MFS® International Value Fund 1.01 1.01 — 1.76 1.76 — 1.76 1.76 — 0.76 0.76 —

MFS® Low Volatility Global Equity Fund 1.12 0.99 12/31/18 1.87 1.74 12/31/18 1.87 1.74 12/31/18 0.87 0.74 12/31/18

MFS® Research International Fund 1.11 1.11 — 1.86 1.86 — 1.86 1.86 — 0.86 0.86 —

BOND FUNDS

MFS® Corporate Bond Fund 0.81 0.81 — 1.56 1.56 — 1.56 1.56 — 0.56 0.56 —

MFS® Emerging Markets Debt Fund 1.09 1.09 — 1.84 1.84 — 1.84 1.84 — 0.84 0.84 —

MFS® Emerging Markets Debt Local Currency Fund 1.49 1.10 02/28/19 2.24 1.85 02/28/19 2.24 1.85 02/28/19 1.24 0.85 02/28/19

MFS® Global Bond Fund 1.17 1.05 03/31/19 1.92 1.80 03/31/19 1.92 1.80 03/31/19 0.92 0.80 03/31/19

MFS® Global High Yield Fund 1.17 1.06 05/31/18 1.92 1.81 05/31/18 1.92 1.81 05/31/18 0.92 0.81 05/31/18

MFS® Government Securities Fund 0.88 0.88 — 1.63 1.63 — 1.63 1.63 — 0.63 0.63 —

MFS® High Income Fund 0.97 0.97 — 1.72 1.72 — 1.72 1.72 — 0.72 0.72 —

MFS® Inflation-Adjusted Bond Fund 0.97 0.80 02/28/19 1.72 1.55 02/28/19 1.72 1.65 02/28/19 0.72 0.65 02/28/19

MFS® Limited Maturity Fund 0.83 0.73 08/31/18 1.58 1.48 08/31/18 1.58 1.58 — 0.58 0.58 —

MFS® Strategic Income Fund 1.13 1.06 02/28/19 1.88 1.81 02/28/19 1.88 1.81 02/28/19 0.88 0.81 02/28/19

MFS® Total Return Bond Fund 0.90 0.74 08/31/18 1.65 1.49 08/31/18 1.65 1.59 08/31/18 0.65 0.59 08/31/18

MFS® Municipal High Income Fund 0.69 0.66 05/31/18 1.69 1.41 05/31/18 1.69 1.66 05/31/18 0.69 0.66 05/31/18

MFS® Municipal Income Fund 0.78 0.74 07/31/18 1.53 1.49 07/31/18 1.53 1.49 07/31/18 0.53 0.49 07/31/18

MFS® Municipal Limited Maturity Fund 0.80 0.69 08/31/18 1.55 1.44 08/31/18 1.55 1.54 08/31/18 0.55 0.54 08/31/18


MFS® Alabama Municipal Bond Fund 1.09 0.90 07/31/18 1.84 1.65 07/31/18 .— .— — 0.84 0.65 07/31/18

MFS® Arkansas Municipal Bond Fund 0.91 0.76 07/31/18 1.66 1.51 07/31/18 .— .— — 0.66 0.66 —

MFS® California Municipal Bond Fund 0.88 0.73 07/31/18 1.63 1.48 07/31/18 1.63 1.63 — 0.63 0.63 —

MFS® Georgia Municipal Bond Fund 1.05 0.90 07/31/18 1.80 1.65 07/31/18 .— .— — 0.80 0.65 07/31/18

MFS® Maryland Municipal Bond Fund 1.00 0.83 07/31/18 1.75 1.58 07/31/18 .— .— — 0.75 0.58 07/31/18

MFS® Massachusetts Municipal Bond Fund 0.88 0.88 — 1.63 1.63 — .— .— — 0.63 0.63 —

MFS® Mississippi Municipal Bond Fund 0.98 0.83 07/31/18 1.73 1.48 07/31/18 .— .— — 0.73 0.73 —

MFS® New York Municipal Bond Fund 0.89 0.89 — 1.64 1.64 — 1.64 1.64 — 0.64 0.64 —

MFS® North Carolina Municipal Bond Fund 0.87 0.87 — 1.62 1.62 — 1.62 1.62 — 0.62 0.62 —

MFS® Pennsylvania Municipal Bond Fund 0.97 0.82 07/31/18 1.72 1.57 07/31/18 .— .— — 0.72 0.72 —

MFS® South Carolina Municipal Bond Fund 0.90 0.84 07/31/18 1.65 1.59 07/31/18 .— .— — 0.65 0.59 07/31/18

MFS® Tennessee Municipal Bond Fund 0.96 0.88 07/31/18 1.71 1.63 07/31/18 .— .— — 0.71 0.63 07/31/18

MFS® Virginia Municipal Bond Fund 0.91 0.83 07/31/18 1.66 1.58 07/31/18 1.66 1.58 07/31/18 0.66 0.58 07/31/18

MFS® West Virginia Municipal Bond Fund 0.95 0.87 07/31/18 1.70 1.62 07/31/18 .— .— — 0.70 0.62 07/31/18

Q1 | MARCH 31, 201851

Q1 | MARCH 31, 2018

STOCK lEgENd

1. Portfolio StructurePortfolio Structure shows the percentage of net assets invested instocks, bonds, and cash as of the most recent calendar quarter-end.

2. Top 5 Equity SectorsTop 5 Equity Sectors reflect the fund’s diversification among majorindustries/sectors as of the most recent calendar quarter-end.

3. Top HoldingsTop Holdings are shown on a weighted basis in order from largest tosmallest for the periods referenced. The top holdings may not reflectcurrent or future holdings, may change at any time, and are updated ona calendar quarter-end basis. The data are based on unaudited netassets as of the period shown.

4. Fund DataCommencement Date is the date on which the fund beganoperations. Net Assets is the total of the fund’s assets under management asof the most recent calendar quarter-end.Number of Issues represents how many different companies’ stocksare held in the portfolio as of the most recent calendar quarter-end.Market Cap (weighted average) is the average value of theportfolio’s holdings. Price/Book is a ratio used to compare a stock’s market value to itsbook value. It is calculated by dividing the current closing price of thestock by the latest quarter’s book value.Price/Earnings ratio (12 months forward) is the ratio of the currentprice of a stock to an estimate of forward 12 month earnings.Turnover Ratio is the percentage of a fund’s assets that have changedover the course of a given time period, usually a year. It is calculated bydividing the average assets during the period by the lesser of the valueof purchases and the value of sales during the same period.

5. NAV HistoryNAV History is the high and low net asset value for the previous12-month period.

6. Fund ExpensesGross Expense Ratio is the fund’s total operating expense ratiofrom the fund’s most recent prospectus.Net Expense Ratio reflects the reduction of expenses from fee waiversand reimbursements. Elimination of these reductions will result in higherexpenses and lower performance.

7. Calendar Year Total ReturnsCalendar Year Total Returns are for the fund’s Class A shares and do notinclude the sales charge. Returns include the changes in share price andthe reinvestment of dividends and capital gains but do not include theeffects of any applicable sales charges that would lower the returns.Past performance is no guarantee of future results.

8. Average Annual Total ReturnsAverage Annual Total Returns are for the fund’s Class A shares, withand without sales charges. Returns are historical and include thechanges in share price, reinvestment of dividends, and capital gains.Index returns, which do not take into account fund fees and expenses,and Lipper Category returns, which are based on past performanceat net asset value, are for comparison purposes only. Performancedata shown represent past performance and are no guaranteeof future results. Investment return and principal valuefluctuate so your shares, when sold, may be worth moreor less than the original cost; current performance may belower or higher than quoted. For most recent month-endperformance, please visit mfs.com.

9. Risk MeasuresRisk Measures are calculated for the trailing three-year period.Definitions for Risk Measures cited may be found in the glossaryin the back section of this publication.

10. Fund Symbol and CUSIPFund Symbol is a five-letter designation assigned by the FinancialIndustry Regulatory Authority (FINRA) to identify the fund. New fundsmay not have a symbol pending FINRA assignment.CUSIP is an identification number assigned to the fund by theCommittee on Uniform Security Identification Procedures.

PORTFOLIO STRUCTURE TOP 5 EQUITY SECTORS portfolio vs. benchmark

AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 3/31/18

CALENDAR YEAR TOTAL RETURNS (%), NOT INCLUDING SALES CHARGES

mfs.com

TOP 10 HOLDINGS^

FUND EXPENSESFUND DATA^

NAV HISTORY

Q1 | MARCH 31, 2018

STO

CK

MASSACHUSETTS INVESTORS TRUSTAmerica's first mutual fundFocuses on large-cap, high-quality companies with sustainable and durable business models, solid balancesheets and strong management teams. Aim for above-average and sustainable growth potential, trading atreasonable valuations.

Stocks 99.25%

Cash & Cash Equivalents 0.75%

FUND OBJECTIVE

Seeks capital appreciation.

PORTFOLIO MANAGEMENT

T. Kevin Beatty32 years in industryEdward M. Maloney17 years in industryEffective 5/1/18, Alison O'NeillMackey will be added as a portfoliomanager of the fund.

Portfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK


RISK MEASURES VS. BENCHMARK^

Alpha -0.23Beta 0.97R2 97.37Standard Deviation 14.79Sharpe Ratio 0.59Risk measures are based on a trailing10 year period.

Portfolio and benchmark data shown is based on MFS'sector/industry classification methodology, which differsfrom the benchmark's.

Technology 23.3% 22.9%Financial Services 20.7% 17.9%Health Care 15.4% 14.2%Capital Goods 11.0% 13.5%Consumer Staples 9.5% 6.1%

IMPORTANT RISK CONSIDERATIONS

The fund may not achieve itsobjective and/or you could losemoney on your investment in thefund. • Stock markets andinvestments in individual stocks arevolatile and can decline significantlyin response to or investor perceptionof, issuer, market, economic, industry,political, regulatory, geopolitical, andother conditions. • Please see theprospectus for further information onthese and other risk considerations.

FUND SYMBOL AND CUSIP

A MITTX 575736103B MITBX 575736202C MITCX 575736301I MITIX 575736400

12-month low $29.5612-month high $34.44

JPMorgan Chase & CoBank of America CorpAlphabet Inc Class AVisa IncAmerican Tower Corp REITCognizant Technology Solutions CorpThermo Fisher Scientific IncJohnson & JohnsonDanaher CorpGoldman Sachs Group Inc28.0% of total net assets

Commencement Date 03/21/24Net Assets $6,388.8 millionNumber of Issues 68Market Cap (weighted avg.) $151.09 billionPrice/Book 3.74Price/Earnings (12 months forward) 17.33Turnover Ratio 14%

Gross Expense Ratio 0.73%Net Expense Ratio 0.73%

Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance 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 subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (07/15/24) 15.07 9.88 12.23 8.96 9.19Class A with 5.75% maximum sales charge (07/15/24) 8.45 7.73 10.91 8.32 9.12Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Large-Cap Core Funds category average 13.03 9.03 11.80 8.41 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -32.81 27.73 11.43 -1.83 19.15 31.90 10.99 0.28 8.77 23.56

^^Portfolio characteristicsdata are based on theequivalent exposure ofunaudited net assets as of3/31/18. The portfolio isactively managed, andcurrent holdings may bedifferent.

^ See Legend for important information.^^See Glossary for important information

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52




mfs.com

TOP 10 HOLDINGS^


NAV HISTORY

Q1 | MARCH 31, 2018

STO

CK

MASSACHUSETTS INVESTORS TRUSTAmerica's first mutual fundFocuses on large-cap, high-quality companies with sustainable and durable business models, solid balancesheets and strong management teams. Aim for above-average and sustainable growth potential, trading atreasonable valuations.

Stocks 99.25%


FUND OBJECTIVE



T. Kevin Beatty32 years in industryEdward M. Maloney17 years in industryEffective 5/1/18, Alison O'NeillMackey will be added as a portfoliomanager of the fund.


FUND BENCHMARK





Technology 23.3% 22.9%Financial Services 20.7% 17.9%Health Care 15.4% 14.2%Capital Goods 11.0% 13.5%Consumer Staples 9.5% 6.1%




A MITTX 575736103B MITBX 575736202C MITCX 575736301I MITIX 575736400


JPMorgan Chase & CoBank of America CorpAlphabet Inc Class AVisa IncAmerican Tower Corp REITCognizant Technology Solutions CorpThermo Fisher Scientific IncJohnson & JohnsonDanaher CorpGoldman Sachs Group Inc28.0% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -32.81 27.73 11.43 -1.83 19.15 31.90 10.99 0.28 8.77 23.56



FF885AA6-4D71-11E8-A2B5-4C0E5F0B31F0_RetailFactSheets_FND 5/1/18 3:01 PM Page 1

53




mfs.com

TOP 10 HOLDINGS^


NAV HISTORY

STO

CK

Q1 | MARCH 31, 2018

MASSACHUSETTS INVESTORS GROWTH STOCK FUNDLarge-cap growth at a reasonable price since 1932Our large-cap growth flagship employs a growth-at-a-reasonable-price strategy in seeking well-run businesses poised forgrowth. Seeks businesses with strong fundamentals, superior management, and a sustainable competitive advantage.

Stocks 99.35%


FUND OBJECTIVE



Jeffrey C. Constantino 20 years in industry


FUND BENCHMARK





Technology 18.0% 30.7%Special Products & Services 13.9% 6.3%Health Care 12.5% 12.4%Consumer Staples 11.9% 5.4%Financial Services 10.5% 6.6%


The fund may not achieve itsobjective and/or you could losemoney on your investment in thefund. • Stock markets andinvestments in individual stocks arevolatile and can decline significantlyin response to or investor perceptionof, issuer, market, economic, industry,political, regulatory, geopolitical, andother conditions. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A MIGFX 575719109B MIGBX 575719208C MIGDX 575719307I MGTIX 575719406


Alphabet Inc Class AMicrosoft CorpAccenture PLCNIKE IncVisa IncTexas Instruments IncThermo Fisher Scientific IncStarbucks CorpColgate-Palmolive CoApple Inc33.7% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/01/35) 20.11 11.05 13.21 10.20 10.47Class A with 5.75% maximum sales charge (01/01/35) 13.21 8.88 11.87 9.55 10.39Russell 1000® Growth Index 21.25 12.90 15.53 11.34 .—Lipper Large-Cap Growth Funds category average 22.08 11.40 14.44 10.03 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -36.95 40.49 14.18 1.32 16.91 30.15 11.53 -0.04 6.16 28.69



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MFS® BLENDED RESEARCH® CORE EQUITY FUNDA disciplined large-cap core approachThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, US large-cap core equityportfolio.

Stocks 99.15%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTMatthew Krummell, Lead PortfolioManager 25 years in industryJonathan W. Sage 22 years in industryJames C. Fallon 19 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKStandard & Poor's 500 Stock IndexRISK MEASURES VS. BENCHMARK^Alpha -0.52Beta 1.00R2 98.70Standard Deviation 15.18Sharpe Ratio 0.57Risk measures are based on a trailing 10year period.


Technology 20.1% 20.5%Financial Services 16.3% 17.9%Health Care 13.3% 14.2%Industrial Goods & Services 8.2% 7.2%Consumer Staples 6.7% 6.1%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Stock markets and investments in individualstocks are volatile and can decline significantly inresponse to or investor perception of, issuer,market, economic, industry, political, regulatory,geopolitical, and other conditions. • This is noassurance that the fund's predicted tracking errorwill equal its target predicted tracking error at anypoint in time or consistently for any period oftime, or that the fund's predicted tracking errorand actual tracking error will be similar. Thefund's strategy to target a predicted tracking errorof approximately 2% compared to the Index andto blend fundamental and quantitative researchmay not produce the intended results. Inaddition, MFS fundamental research is notavailable for all issuers. • MFS' investmentanalysis, its development and use of quantitativemodels, and its selection of investments may notproduce the intended results and/or can lead toan investment focus that results in the fundunderperforming other funds with similarinvestment strategies and/or underperforming themarkets in which the fund invests. Investmentsselected using quantitative models may notproduce the intended results due to the factorsused in the models, the weight placed on eachfactor in the models, changing sources of marketreturn, and technical issues in the design,development, implementation, and maintenanceof the models (e.g., incomplete or inaccuratedata, programming or other software issues, andtechnology failures). • Please see the prospectusfor further information on these and other riskconsiderations.FUND SYMBOL AND CUSIPA MUEAX 55273W400B MUSBX 55273W509C MUECX 55273W608I MUSEX 55273W103


Apple IncFacebook IncMicrosoft CorpJohnson & JohnsonIntel CorpCisco Systems IncCitigroup IncAmazon.com IncBoeing CoBank of America Corp23.8% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.Performance information prior to June 1, 2008, reflects time periods when the fund had a policy of investing at least 80% of its netassets in union- and labor-sensitive companies. This policy was eliminated effective June 1, 2008.Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.Effective June 1, 2008, MFS Union Standard Equity Fund was renamed MFS Blended Research Core Equity Fund. Performanceachieved prior to June 1, 2008 is attributable to the fund's prior investment strategy.


These reductions willcontinue until at leastJanuary 31, 2019.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -36.57 25.16 16.11 1.71 14.97 35.70 11.84 0.66 8.12 20.34



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MFS® BLENDED RESEARCH® GROWTH EQUITY FUNDA disciplined large-cap growth approachThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, US large-cap growth equityportfolio.

Stocks 99.11%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTMatthew Krummell, Lead PortfolioManager 25 years in industryJames C. Fallon 19 years in industryJonathan W. Sage 22 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKRussell 1000® Growth Index


Technology 30.3% 30.7%Health Care 12.9% 12.4%Retailing 9.6% 10.1%Special Products & Services 9.1% 6.3%Industrial Goods & Services 8.8% 8.1%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory, geopolitical, andother conditions. • Investments in growthcompanies can be more sensitive to thecompany's earnings and more volatile thanthe stock market in general. • This is noassurance that the fund's predicted trackingerror will equal its target predicted trackingerror at any point in time or consistently forany period of time, or that the fund'spredicted tracking error and actual trackingerror will be similar. The fund's strategy totarget a predicted tracking error ofapproximately 2% compared to the Indexand to blend fundamental and quantitativeresearch may not produce the intendedresults. In addition, MFS fundamentalresearch is not available for all issuers.• MFS' investment analysis, its developmentand use of quantitative models, and itsselection of investments may not produce theintended results and/or can lead to aninvestment focus that results in the fundunderperforming other funds with similarinvestment strategies and/or underperformingthe markets in which the fund invests.Investments selected using quantitativemodels may not produce the intended resultsdue to the factors used in the models, theweight placed on each factor in the models,changing sources of market return, andtechnical issues in the design, development,implementation, and maintenance of themodels (e.g., incomplete or inaccurate data,programming or other software issues, andtechnology failures). • Please see theprospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA BRWAX 552743874B BRWBX 552743866C BRWCX 552743858I BRWJX 552743841


Apple IncMicrosoft CorpAmazon.com IncFacebook IncAlphabet Inc Class CBoeing CoAlphabet Inc Class AAdobe Systems IncPepsiCo IncNVIDIA Corp32.7% of total net assets

Commencement Date 09/15/15Net Assets $180.9 millionNumber of Issues 86Market Cap (weighted avg.) $220.59 billionPrice/Book 6.25Price/Earnings (12 months forward) 17.87Turnover Ratio 66%



1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 19.01 .— .— .— 13.64Class A with 5.75% maximum sales charge (09/15/15) 12.17 .— .— .— 11.03Russell 1000® Growth Index 21.25 .— .— .— .—

These reductions willcontinue until at leastSeptember 30, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 6.38 26.56



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MFS® BLENDED RESEARCH® MID CAP EQUITY FUNDA disciplined mid-cap core approachThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, US mid-cap equityportfolio.

Stocks 98.07%


FUND OBJECTIVESeeks capital appreciationPORTFOLIO MANAGEMENTMatthew Krummell, Lead PortfolioManager 25 years in industryJames C. Fallon 19 years in industryJonathan W. Sage 22 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKRussell Midcap® Index


Financial Services 23.4% 22.1%Industrial Goods & Services 12.5% 10.0%Special Products & Services 8.3% 6.9%Health Care 8.0% 9.1%Technology 7.4% 12.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stock markets andinvestments in individual stocks are volatileand can decline significantly in response toor investor perception of, issuer, market,economic, industry, political, regulatory,geopolitical, and other conditions.• Investments in mid-cap companies can bemore volatile than investments in largercompanies. • This is no assurance that thefund's predicted tracking error will equal itstarget predicted tracking error at any pointin time or consistently for any period of time,or that the fund's predicted tracking errorand actual tracking error will be similar. Thefund's strategy to target a predicted trackingerror of approximately 2% compared to theIndex and to blend fundamental andquantitative research may not produce theintended results. In addition, MFSfundamental research is not available for allissuers. • MFS' investment analysis, itsdevelopment and use of quantitativemodels, and its selection of investments maynot produce the intended results and/or canlead to an investment focus that results inthe fund underperforming other funds withsimilar investment strategies and/orunderperforming the markets in which thefund invests. Investments selected usingquantitative models may not produce theintended results due to the factors used inthe models, the weight placed on eachfactor in the models, changing sources ofmarket return, and technical issues in thedesign, development, implementation, andmaintenance of the models (e.g., incompleteor inaccurate data, programming or othersoftware issues, and technology failures).• Please see the prospectus for furtherinformation on these and other riskconsiderations.FUND SYMBOL AND CUSIPA BMSFX 552743643B BMSBX 552743635C BMSDX 552743627I BMSLX 552743619


DXC Technology CoMarathon Petroleum CorpEdwards Lifesciences CorpTyson Foods IncBest Buy Co IncRoss Stores IncDiscover Financial ServicesElectronic Arts IncTake-Two Interactive Software IncOwens Corning16.4% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (08/19/16) 13.02 .— .— .— 13.46Class A with 5.75% maximum sales charge (08/19/16) 6.52 .— .— .— 9.37Russell Midcap® Index 12.20 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— .— 18.81



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MFS® BLENDED RESEARCH® SMALL CAP EQUITY FUNDA disciplined small-cap core approachThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, US small-cap equityportfolio.

Stocks 98.42%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTMatthew Krummell, Lead PortfolioManager 25 years in industryJames C. Fallon 19 years in industryJonathan W. Sage 22 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKRussell 2000® Index


Financial Services 24.1% 25.3%Technology 15.6% 14.8%Health Care 13.9% 16.1%Industrial Goods & Services 12.4% 9.4%Special Products & Services 5.8% 5.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stock markets andinvestments in individual stocks are volatileand can decline significantly in response toor investor perception of, issuer, market,economic, industry, political, regulatory,geopolitical, and other conditions.• Investments in small-cap companies canbe more volatile than investments in largercompanies. • This is no assurance that thefund's predicted tracking error will equal itstarget predicted tracking error at any pointin time or consistently for any period of time,or that the fund's predicted tracking errorand actual tracking error will be similar. Thefund's strategy to target a predicted trackingerror of approximately 2% compared to theIndex and to blend fundamental andquantitative research may not produce theintended results. In addition, MFSfundamental research is not available for allissuers. • MFS' investment analysis, itsdevelopment and use of quantitativemodels, and its selection of investments maynot produce the intended results and/or canlead to an investment focus that results inthe fund underperforming other funds withsimilar investment strategies and/orunderperforming the markets in which thefund invests. Investments selected usingquantitative models may not produce theintended results due to the factors used inthe models, the weight placed on eachfactor in the models, changing sources ofmarket return, and technical issues in thedesign, development, implementation, andmaintenance of the models (e.g., incompleteor inaccurate data, programming or othersoftware issues, and technology failures).• Please see the prospectus for furtherinformation on these and other riskconsiderations.FUND SYMBOL AND CUSIPA BRSDX 552743775B BRSBX 552743767C BRSHX 552743759I BRSJX 552743742


Wintrust Financial CorpEast West Bancorp IncGrand Canyon Education IncSPX FLOW IncPaylocity Holding CorpUrban Outfitters IncWESCO International IncTrex Co IncCathay General BancorpRE/MAX Holdings Inc14.1% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 11.25 .— .— .— 12.29Class A with 5.75% maximum sales charge (09/15/15) 4.85 .— .— .— 9.71Russell 2000® Index 11.79 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 20.01 13.52



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MFS® BLENDED RESEARCH® VALUE EQUITY FUNDA disciplined large-cap value approachThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, US large-cap value equityportfolio.

Stocks 97.09%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJonathan W. Sage, Lead PortfolioManager 22 years in industryJames C. Fallon 19 years in industryMatthew Krummell 25 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKRussell 1000® Value Index


Financial Services 29.6% 31.5%Health Care 14.0% 14.5%Energy 11.2% 10.3%Technology 7.9% 9.0%Utilities & Communications 7.6% 9.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory, geopolitical, andother conditions. • Investments in valuecompanies can continue to be undervaluedfor long periods of time, not realize theirexpected value, and be more volatile than thestock market in general. • This is no assurancethat the fund's predicted tracking error willequal its target predicted tracking error at anypoint in time or consistently for any period oftime, or that the fund's predicted trackingerror and actual tracking error will be similar.The fund's strategy to target a predictedtracking error of approximately 2% comparedto the Index and to blend fundamental andquantitative research may not produce theintended results. In addition, MFSfundamental research is not available for allissuers. • MFS' investment analysis, itsdevelopment and use of quantitative models,and its selection of investments may notproduce the intended results and/or can leadto an investment focus that results in the fundunderperforming other funds with similarinvestment strategies and/or underperformingthe markets in which the fund invests.Investments selected using quantitativemodels may not produce the intended resultsdue to the factors used in the models, theweight placed on each factor in the models,changing sources of market return, andtechnical issues in the design, development,implementation, and maintenance of themodels (e.g., incomplete or inaccurate data,programming or other software issues, andtechnology failures). • Please see theprospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA BRUDX 552746224B BRUEX 552746216C BRUGX 552746190I BRUHX 552746182


JPMorgan Chase & CoBank of America CorpCisco Systems IncJohnson & JohnsonCitigroup IncPNC Financial Services Group IncIntel CorpMedtronic PLCBerkshire Hathaway IncUnited Technologies Corp25.3% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 10.20 .— .— .— 12.10Class A with 5.75% maximum sales charge (09/15/15) 3.86 .— .— .— 9.53Russell 1000® Value Index 6.95 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 13.85 16.36



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MFS® CORE EQUITY FUNDA core stock fund designed to be broadly diversifiedThe portfolio is designed to be broadly diversified by sector, industry, investment styles and holdings. Focuses on companiesbelieved to offer the most attractive opportunities in their industries through company-specific stock selection.

Stocks 99.10%


FUND OBJECTIVE



Team of InvestmentProfessionals General Oversight by Joseph G. MacDougall 23 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK



Alpha 0.39Beta 0.99R2 98.12Standard Deviation 15.53Sharpe Ratio 0.62Risk measures are based on a trailing10 year period.


Technology 22.7% 22.7%Financial Services 18.8% 19.2%Capital Goods 14.9% 14.5%Health Care 12.8% 13.6%Consumer Cyclicals 12.4% 13.1%




A MRGAX 552983884B MRGBX 552983827C MRGCX 552983819I MRGRX 552983686


Amazon.com IncAlphabet Inc Class ABank of America CorpAmerican Tower Corp REITFacebook IncCitigroup IncChevron CorpAnalog Devices IncPfizer IncMicrosoft Corp20.5% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance 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 subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.Included in all fund classes' total returns for the month of Dec 31, 2017, are proceeds received from a non-recurring litigationsettlement against Household International Inc. Had these proceeds not been included, all total returns within calendar year2017 would have been lower by 0.89%.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/02/96) 16.75 10.26 13.09 9.92 8.87Class A with 5.75% maximum sales charge (01/02/96) 10.04 8.10 11.76 9.27 8.58Russell 3000® Index 13.81 10.22 13.03 9.62 .—Lipper Multi-Cap Core Funds category average 12.48 7.86 11.22 8.20 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -37.91 32.80 17.07 -1.11 16.57 34.16 11.11 -0.37 11.09 24.46



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MFS® EQUITY INCOME FUNDAn equity fund that is diversified across sectors that seeks to provide both income andcapital appreciation.Seeks total return by focusing on dividend paying stocks of large-cap companies and may also invest in other types of stocks aswell as other income-producing securities.

Stocks 98.70%


FUND OBJECTIVE

The fund's investment objective is toseek total return through acombination of current income andcapital appreciation.


Jonathan W. Sage, LeadPortfolio Manager 22 years in industryJames C. Fallon 19 years in industryMatthew Krummell 25 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK



Alpha -1.34Beta 0.92R2 92.61Standard Deviation 9.40Sharpe Ratio 1.10Risk measures are based on a trailing 5year period.


Financial Services 19.8% 17.9%Technology 16.9% 20.5%Health Care 12.2% 14.2%Consumer Staples 9.3% 6.1%Utilities & Communications 9.0% 5.7%


A EQNAX 552988636B EQNBX 552988628C EQNCX 552988610I EQNIX 552988594


Facebook IncCisco Systems IncBoeing CoUnion Pacific CorpPhilip Morris International IncCitigroup IncDXC Technology CoComcast CorpAdobe Systems IncEaton Corp PLC26.6% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/27/12) 10.19 8.18 10.66 .— 11.40Class A with 5.75% maximum sales charge (09/27/12) 3.86 6.07 9.36 .— 10.21Standard & Poor's 500 Stock Index 13.99 10.78 13.31 .— .—Lipper Equity Income Funds category average 8.48 7.27 9.51 .— .—

These reductions willcontinue until at leastNovember 30, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— 30.89 8.98 -1.08 10.40 19.64



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MFS® EQUITY INCOME FUND

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 declinesignificantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. • Investments in foreign markets can involvegreater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions. • The fund's strategy to blendfundamental and quantitative research may not produce the intended results. In addition, MFS fundamental research is not available for all issuers. • MFS' investment analysis, itsdevelopment 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 fundunderperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests. Investments selected using quantitative models may notproduce 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 theprospectus for further information on these and other risk considerations.

Q1 | MARCH 31, 2018

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MFS® EQUITY OPPORTUNITIES FUNDAn opportunistic multi-cap core approachThe fund is a concentrated, high-conviction US multi-cap core equity strategy that uses a consistent, disciplined, bottom-upstock selection and portfolio construction process that systematically blends fundamental and quantitative research.

Stocks 99.33%


FUND OBJECTIVE



Matthew Krummell, LeadPortfolio Manager 25 years in industryJames C. Fallon 19 years in industryJonathan W. Sage 22 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK





Financial Services 19.4% 18.6%Health Care 12.2% 13.4%Consumer Staples 10.7% 5.7%Utilities & Communications 9.6% 5.6%Industrial Goods & Services 7.3% 7.2%


The fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Stock markets and investments in individualstocks are volatile and can decline significantly inresponse to or investor perception of, issuer,market, economic, industry, political, regulatory,geopolitical, and other conditions. • The fund'sperformance could be more volatile than theperformance of more diversified funds. • Thefund's performance may be closely tied to theperformance of companies in a limited number ofsectors and could be more volatile than theperformance of less focused funds. • The fund'sstrategy to use both fundamental and quantitativeresearch may not produce the intended results.• MFS' investment analysis, its development anduse of quantitative models, and its selection ofinvestments may not produce the intended resultsand/or can lead to an investment focus thatresults in the fund underperforming other fundswith similar investment strategies and/orunderperforming the markets in which the fundinvests. Investments selected using quantitativemodels may not produce the intended results dueto the factors used in the models, the weightplaced on each factor in the models, changingsources of market return, and technical issues inthe design, development, implementation, andmaintenance of the models (e.g., incomplete orinaccurate data, programming or other softwareissues, and technology failures). • Please see theprospectus for further information on these andother risk considerations.


A SRFAX 55275E473B SRFBX 55275E465C SRFCX 55275E457I SRFIX 55275E291


Owens CorningMarathon Petroleum CorpTake-Two Interactive Software IncDXC Technology CoTyson Foods IncUrban Outfitters IncEast West Bancorp IncPhillips 66Unum GroupSTORE Capital Corp REIT30.4% of total net assets

Net Assets $416.8 millionNumber of Issues 39Market Cap (weighted avg.) $45.25 billionPrice/Book 2.25Price/Earnings (12 months forward) 12.93Turnover Ratio 103%


Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.Performance information for periods prior to January 3, 2007, reflects performance information of the Penn Street Advisors SectorRotational Portfolio, the fund's predecessor fund. Performance information for periods from January 3, 2007 until February 1, 2010,reflects periods when a subadvisor was responsible for selecting investments for the fund under different investment strategies.Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (08/30/00) 8.45 7.43 11.06 7.87 7.69Class A with 5.75% maximum sales charge (08/30/00) 2.22 5.33 9.76 7.23 7.33Russell 1000® Index 13.98 10.39 13.17 9.61 .—Lipper Multi-Cap Core Funds category average 12.48 7.86 11.22 8.20 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -39.97 16.03 25.28 -2.34 18.80 41.26 5.58 1.43 10.76 18.08



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MFS® GROWTH FUNDA flexible growth approachA growth portfolio seeking companies best positioned for growth several years in the future. Emphasis is placed on companieswith higher sustainable earnings growth rates, sustainable and improving fundamentals, and stock valuations not fullyreflecting their long-term growth prospects.

Stocks 97.89%


FUND OBJECTIVE



Eric B. Fischman 27 years in industryPaul J. Gordon 17 years in industryMatthew D. Sabel 21 years in industryEffective 9/1/18, Matthew Sabel willno longer be a manager of the fund.


FUND BENCHMARK





Technology 28.2% 30.7%Financial Services 12.6% 6.6%Health Care 12.3% 12.4%Leisure 10.0% 8.9%Special Products & Services 9.1% 6.3%


The fund may not achieve itsobjective and/or you could losemoney on your investment in thefund. • Stock markets andinvestments in individual stocks arevolatile and can decline significantlyin response to or investor perceptionof, issuer, market, economic, industry,political, regulatory, geopolitical, andother conditions. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A MFEGX 552985103B MEGBX 552985202C MFECX 552985889I MFEIX 552985863


Amazon.com IncMicrosoft CorpFacebook IncVisa IncAlphabet Inc Class AAdobe Systems IncMastercard IncNetflix IncThermo Fisher Scientific IncAlphabet Inc Class C37.4% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.The performance shown is attributable in part to unusual market conditions. These conditions may not berepeated in the future.Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/13/93) 25.19 13.26 15.20 11.11 9.14Class A with 5.75% maximum sales charge (09/13/93) 17.99 11.04 13.84 10.46 8.88Russell 1000® Growth Index 21.25 12.90 15.53 11.34 .—Lipper Large-Cap Growth Funds category average 22.08 11.40 14.44 10.03 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -37.61 38.19 15.65 -0.60 17.10 36.28 8.52 7.11 2.21 30.54



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NAV HISTORY

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CK

Q1 | MARCH 31, 2018

MFS® LOW VOLATILITY EQUITY FUNDA US equity fund with a disciplined approach to seeking reduced volatilityThe fund seeks to provide long-term growth of capital and reduce downside market exposure by investing primarily in lessvolatile US equities selected through a blend of fundamental and quantitative research.

Stocks 99.25%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJames C. Fallon, Lead PortfolioManager 19 years in industryMatthew Krummell 25 years in industryJonathan W. Sage 22 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKStandard & Poor's 500 Stock IndexRISK MEASURES VS. BENCHMARK^Alpha 1.32Beta 0.72R2 81.69Standard Deviation 8.18Sharpe Ratio 1.06Risk measures are based on a trailing 3year period.


Financial Services 21.1% 17.9%Health Care 15.9% 14.2%Consumer Staples 11.1% 6.1%Utilities & Communications 10.3% 5.7%Technology 10.0% 20.5%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Stock markets and investments in individual stocksare volatile and can decline significantly in responseto or investor perception of, issuer, market, economic,industry, political, regulatory, geopolitical, and otherconditions. • This is no assurance that the fund willbe less volatile than the Index over the long term orfor any year or period of years. The fund's strategy toinvest in equity securities with historically lowervolatility may not produce the intended results if, ingeneral, the historical volatility of an equity security isnot a good predictor of the future volatility of thatequity security, and/or if the specific equity securitiesheld by the fund become more volatile thanexpected. In addition, the fund's strategy to blendfundamental and quantitative research may notproduce the intended results, and MFS fundamentalresearch is not available for all issuers. It is expectedthat the fund will generally underperform the equitymarkets during periods of strong, rising equitymarkets. • MFS' investment analysis, its developmentand use of quantitative models, and its selection ofinvestments may not produce the intended resultsand/or can lead to an investment focus that resultsin the fund underperforming other funds with similarinvestment strategies and/or underperforming themarkets in which the fund invests. Investmentsselected using quantitative models may not producethe intended results due to the factors used in themodels, the weight placed on each factor in themodels, changing sources of market return, andtechnical issues in the design, development,implementation, and maintenance of the models(e.g., incomplete or inaccurate data, programming orother software issues, and technology failures).• Please see the prospectus for further informationon these and other risk considerations.FUND SYMBOL AND CUSIPA MLVAX 55273H312B MLVBX 55273H296C MLVGX 55273H288I MLVHX 55273H270


Waste Connections IncAmdocs LtdPepsiCo IncJohnson & JohnsonAlphabet Inc Class AMcDonald's CorpFacebook IncCostco Wholesale CorpCisco Systems IncEli Lilly & Co24.3% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/05/13) 9.50 9.12 .— .— 10.01Class A with 5.75% maximum sales charge (12/05/13) 3.20 6.99 .— .— 8.52Standard & Poor's 500 Stock Index 13.99 10.78 .— .— .—Lipper Large-Cap Core Funds category average 13.03 9.03 .— .— .—

These reductions willcontinue until at leastDecember 31, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— 12.54 4.45 9.77 16.53



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NAV HISTORY

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MFS® MID CAP GROWTH FUNDA disciplined mid-cap growth approachA mid-cap growth portfolio seeking companies best positioned for growth several years in the future. Emphasis is placed oncompanies with higher sustainable earnings growth rates, sustainable and improving fundamentals, and stock valuations notfully reflecting their long-term growth prospects.

Stocks 97.55%


FUND OBJECTIVE



Eric B. Fischman 27 years in industryPaul J. Gordon 17 years in industryMatthew D. Sabel 21 years in industryEffective 9/1/18, Matthew Sabel willno longer be a manager of the fund.


FUND BENCHMARK

Russell Midcap® Growth Index




Technology 16.0% 20.0%Special Products & Services 15.6% 12.7%Industrial Goods & Services 14.5% 12.4%Leisure 11.1% 7.9%Health Care 10.3% 12.5%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in mid-cap companiescan be more volatile than investmentsin larger companies. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A OTCAX 552987703B OTCBX 552987802C OTCCX 552987885I OTCIX 552987877


Bright Horizons Family Solutions IncPerkinElmer IncAMETEK IncGlobal Payments IncNetflix IncRoper Technologies IncNasdaq IncNVIDIA CorpSS&C Technologies Holdings IncSiteOne Landscape Supply Inc20.9% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/01/93) 24.16 10.94 14.01 8.88 8.04Class A with 5.75% maximum sales charge (12/01/93) 17.02 8.77 12.67 8.24 7.78Russell Midcap® Growth Index 19.74 9.17 13.31 10.61 .—Lipper Mid-Cap Growth Funds category average 19.03 8.52 12.20 9.45 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -51.12 41.63 28.69 -6.12 16.18 36.87 8.61 4.21 4.33 25.99



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NAV HISTORY

STO

CK

Q1 | MARCH 31, 2018

MFS® MID CAP VALUE FUNDSeeks to invest in mid-cap companies with attractive valuationsFocuses on high-quality companies with resilient business models, above-average returns, solid balance sheets and prudentcapital deployment. Will also consider opportunistic investment ideas consisting of improvement potential opportunities and/orlow market expectations.

Stocks 98.05%


FUND OBJECTIVE



Brooks A. Taylor 24 years in industryKevin J. Schmitz 23 years in industry


FUND BENCHMARK

Russell Midcap® Value Index




Financial Services 27.9% 34.1%Industrial Goods & Services 9.0% 8.0%Utilities & Communications 9.0% 11.6%Energy 6.9% 7.6%Basic Materials 6.9% 5.7%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in mid-cap companiescan be more volatile than investmentsin larger companies. • Investments invalue companies can continue to beundervalued for long periods of time,not realize their expected value, andbe more volatile than the stock marketin general. • Please see the prospectusfor further information on these andother risk considerations.


A MVCAX 55272P638B MCBVX 55272P620C MVCCX 55272P612I MCVIX 55272P596


Hartford Financial Services Group IncKeyCorpNasdaq IncSunTrust Banks IncHuntington Bancshares Inc/OHL3 Technologies IncComerica IncStanley Black & Decker IncFifth Third BancorpPinnacle Foods Inc12.2% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (08/31/01) 7.39 6.51 10.61 9.54 8.83Class A with 5.75% maximum sales charge (08/31/01) 1.21 4.43 9.31 8.89 8.44Russell Midcap® Value Index 6.50 7.23 11.11 9.81 .—Lipper Mid-Cap Value Funds category average 6.79 6.25 9.92 8.92 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -41.90 39.75 27.08 -2.04 18.52 36.19 9.91 -2.52 15.38 13.38



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NAV HISTORY

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MFS® NEW DISCOVERY FUNDSmall cap approach with a focus on companies with significant growth potential across allmarket environmentsA small-cap growth fund seeking companies that are, or may become, major enterprises. The fund focuses on stocks withvaluations in line with fundamental strengths and growth prospects.

Stocks 96.41%


FUND OBJECTIVE



Michael S. Grossman 18 years in industry


FUND BENCHMARK





Technology 25.1% 21.9%Health Care 22.3% 24.3%Industrial Goods & Services 9.8% 10.5%Special Products & Services 9.4% 6.6%Basic Materials 7.6% 4.5%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in small-cap companiescan be more volatile than investmentsin larger companies. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • The fund'sperformance may be closely tied to theperformance of companies in a limitednumber of sectors and could be morevolatile than the performance of lessfocused funds. • Please see theprospectus for further information onthese and other risk considerations.


A MNDAX 552983553B MNDBX 552983546C MNDCX 552983538I MNDIX 552983520


US Foods Holding CorpBright Horizons Family Solutions IncBerry Global Group IncKAR Auction Services IncPerformance Food Group CoNice Ltd ADRICON PLCLogMeIn IncSTERIS PLCSS&C Technologies Holdings Inc15.5% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/02/97) 23.66 9.67 9.76 11.32 9.96Class A with 5.75% maximum sales charge (01/02/97) 16.55 7.52 8.47 10.66 9.65Russell 2000® Growth Index 18.63 8.77 12.90 10.95 .—Lipper Small-Cap Growth Funds category average 19.99 8.74 12.00 10.33 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -39.78 62.05 35.85 -10.42 20.89 40.81 -7.52 -2.13 8.59 26.08



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TOP 10 HOLDINGS^


NAV HISTORY

STO

CK

Q1 | MARCH 31, 2018

MFS® NEW DISCOVERY VALUE FUNDSeeks to invest in small-cap companies with attractive valuationsSeeks to invest in a mix of high-quality companies with resilient business models, above-average returns, solid balance sheetsand prudent capital deployment, and opportunistic investment ideas consisting of improvement potential opportunities and/orlow market expectations.

Stocks 97.78%


FUND OBJECTIVE



Kevin J. Schmitz 23 years in industry


FUND BENCHMARK



Alpha 2.89Beta 0.83R2 92.38Standard Deviation 11.95Sharpe Ratio 0.93Risk measures are based on a trailing 5year period.


Financial Services 31.3% 42.6%Industrial Goods & Services 15.5% 8.1%Technology 8.6% 6.7%Utilities & Communications 6.8% 6.9%Basic Materials 6.8% 3.9%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in small-cap companiescan be more volatile than investmentsin larger companies. • Investments invalue companies can continue to beundervalued for long periods of time,not realize their expected value, andbe more volatile than the stock marketin general. • The fund's performancemay be closely tied to the performanceof companies in a limited number ofsectors and could be more volatilethan the performance of less focusedfunds. • Please see the prospectus forfurther information on these and otherrisk considerations.


A NDVAX 55278M100B NDVBX 55278M209C NDVCX 55278M308I NDVIX 55278M407


Travelport Worldwide LtdBlack Hills CorpPortland General Electric CoPremier IncWintrust Financial CorpUMB Financial CorpProsperity Bancshares IncVerint Systems IncBerry Global Group IncSelect Income REIT REIT15.3% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (05/26/11) 7.61 9.19 11.36 .— 11.81Class A with 5.75% maximum sales charge (05/26/11) 1.42 7.05 10.05 .— 10.85Russell 2000® Value Index 5.13 7.87 9.96 .— .—Lipper Small-Cap Value Funds category average 6.00 6.43 8.89 .— .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— 20.15 39.30 2.91 -3.12 26.13 14.65



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MFS® RESEARCH FUNDAn analyst-run core stock fundThe fund is designed to be diversified by sector with the flexibility to invest across industries and styles and seeks to add valuethrough stock selection. It is managed generally as sector neutral to the S&P 500 Stock Index.

Stocks 98.42%


FUND OBJECTIVE



Team of Analysts General Oversight by Joseph G. MacDougall 23 years in industry


FUND BENCHMARK





Technology 22.4% 22.9%Financial Services 17.9% 17.9%Health Care 13.8% 14.2%Capital Goods 13.7% 13.5%Consumer Cyclicals 12.9% 13.4%




A MFRFX 552981102B MFRBX 552981201C MFRCX 552981508I MRFIX 552981706


Amazon.com IncFacebook IncAlphabet Inc Class AJohnson & JohnsonMastercard IncCitigroup IncPNC Financial Services Group IncPfizer IncComcast CorpMicrosoft Corp21.2% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -36.53 30.42 15.46 -0.72 17.17 32.11 10.18 0.85 8.73 23.35



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PORTFOLIO STRUCTURE TOP 5 EQUITY INDUSTRIES portfolio vs. benchmark



mfs.com

TOP 10 HOLDINGS^


NAV HISTORY

STO

CK

Q1 | MARCH 31, 2018

MFS® TECHNOLOGY FUNDA diversified technology strategyFocuses on technology stocks believed to have above-average growth potential. These stocks generally come from thecomputer systems and software, networking and telecommunications, internet, business services, and electronics industries butmay also include investments from other technology-related industries.

Stocks 98.23%


FUND OBJECTIVE



Matthew D. Sabel 21 years in industry


FUND BENCHMARK

Standard & Poor's North AmericanTechnology Sector Index




Internet 20.9% 15.4%Business Services 17.8% 8.7%Computer Software 15.7% 17.6%Electronics 7.6% 15.2%Computer Systems 7.3% 15.8%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in growth companiescan be more sensitive to thecompany's earnings and more volatilethan the stock market in general. • Thefund's performance could be morevolatile than the performance of morediversified funds. • Investments in thetechnology sector can be very volatilebecause of the rapid pace of productchange, technological developments,and other factors. • Please see theprospectus for further information onthese and other risk considerations.


A MTCAX 552983462B MTCBX 552983454C MTCCX 552983447I MTCIX 552983439


Alphabet Inc Class AFacebook IncAmazon.com IncAdobe Systems Incsalesforce.com IncMicrosoft CorpDXC Technology CoVisa IncMastercard IncNetflix Inc48.2% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/02/97) 31.85 20.50 20.09 13.61 9.06Class A with 5.75% maximum sales charge (01/02/97) 24.27 18.14 18.67 12.94 8.76Standard & Poor's North American Technology Sector Index 31.12 21.82 21.40 14.81 .—Lipper Science & Technology Funds category average 28.28 17.11 18.67 12.82 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -51.05 74.75 20.11 1.23 14.18 35.25 10.33 10.37 8.16 38.47



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PORTFOLIO STRUCTURE

mfs.com

TOP 10 HOLDINGS^ FUND DATA^

TOP 5 FIXED INCOME SECTORS^

TOP 5 EQUITY SECTORS^ stocks vs. benchmark




Q1 | MARCH 31, 2018

STO

CK

MFS® TOTAL RETURN FUNDA conservative balanced fundUsing a conservative investment approach, the fund primarily invests in larger cap stocks, focusing on value companies andgenerally investment grade debt instruments. Generally, the investment allocation will consist of approximately 60% equitiesand 40% fixed income.

Stocks 59.51%

Bonds 39.08%


FUND OBJECTIVESeeks total return.PORTFOLIO MANAGEMENTThe fund is managed by portfolio managersBrooks Taylor (Lead/Equity Securities), NevinChitkara, Steven Gorham and JonathanSage (Equity Securities); William Douglas(Mortgage-Backed Securities), RichardHawkins and Joshua Marston (DebtInstruments) and Robert Persons(Investment Grade Debt Instruments). Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKStandard & Poor's 500 Stock Index


Financial Services 26.0% 17.9%Health Care 14.5% 14.2%Consumer Staples 10.2% 6.1%Industrial Goods & Services 9.0% 7.2%Technology 8.2% 20.5%(% of equity assets)

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory, geopolitical, andother conditions. • Investments in debtinstruments may decline in value as the resultof declines in the credit quality of the issuer,borrower, counterparty, or other entityresponsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certaintypes of debt instruments can be moresensitive to these factors and therefore morevolatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share pricemay decline during rising rates. Funds thatconsist of debt instruments with longerdurations are generally more sensitive to arise in interest rates than those with shorterdurations. At times, and particularly duringperiods of market turmoil, all or a largeportion of segments of the market may nothave an active trading market. As a result, itmay be difficult to value these investmentsand it may not be possible to sell a particularinvestment or type of investment at anyparticular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest ratechanges like other debt instruments;however, an instrument purchased at anegative interest rate is expected to producea negative return if held to maturity.• Investments in value companies cancontinue to be undervalued for long periodsof time, not realize their expected value, andbe more volatile than the stock market ingeneral. • Please see the prospectus forfurther information on these and other riskconsiderations.FUND SYMBOL AND CUSIPA MSFRX 552981300B MTRBX 552981409C MTRCX 552981607I MTRIX 552981805

US Treasury Note 1.75% SEP 30 22US Treasury Note 1% JUN 30 19FNMA 30YR 4.0JPMorgan Chase & CoUS Treasury Bond 2.875% MAY 15 43US Treasury Note 1.75% NOV 30 21US Treasury Note 1.625% JUN 30 19FNMA 30YR 3.5Philip Morris International IncUS Treasury Note 3.125% MAY 15 2118.8% of total net assets

Comm. Date 10/06/70Net Assets $7,833.2 millionNumber of Issues 507Market Cap(wtd. avg.) $116.36 billionPrice/Book 2.60Price/Earnings (12 monthsforward) 14.66Turnover Ratio 36%

PORTFOLIO DATA^

Avg. Eff. Maturity 8.33 yrs.Avg. Eff. Duration 5.83

U.S. Treasuries 39.7%Mortgage Backed 26.0%Investment Grade Corporates 25.4%Commercial Mtg Backed 4.2%Collateralized Debt Obligations 1.9%(% of fixed income assets)

Alpha 0.33Beta 0.61R2 96.73Standard Deviation 9.31Sharpe Ratio 0.65Risk measures are based ona trailing 10 year period.

NAV HISTORY


FUND EXPENSES



1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/06/70) 6.04 5.57 7.39 6.31 9.71Class A with 5.75% maximum sales charge (10/06/70) -0.06 3.51 6.12 5.68 9.58Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target Alloc Moderate Funds category average 7.55 4.70 5.99 5.40 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -22.63 18.18 9.98 1.90 11.25 18.87 8.34 -0.38 8.87 12.16

^^Portfolio characteristics data are based on the equivalentexposure of unaudited net assets as of 3/31/18. The portfolio isactively managed, and current holdings may be different.


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PORTFOLIO STRUCTURE TOP 5 EQUITY INDUSTRIES portfolio vs. benchmark



mfs.com

TOP 10 HOLDINGS^


NAV HISTORY

STO

CK

Q1 | MARCH 31, 2018

MFS® UTILITIES FUNDUtilities stocks with strong growth prospectsThe fund focuses on utilities stocks believed to have strong growth prospects. These stocks generally come from the gas andelectric utilities, telecommunications, and cable TV industries. A portion of the portfolio is typically invested in bonds andconvertible securities.

Stocks 99.15%


Other 0.04%

FUND OBJECTIVE

Seeks total return.


Maura A. Shaughnessy 32 years in industryClaud P. Davis 32 years in industryJ. Scott Walker 9 years in industry


FUND BENCHMARK

Standard & Poor's 500 UtilitiesIndex




Electric Power 58.1% 92.1%Natural Gas Pipeline 14.6% 0.0%Telephone Services 8.2% 0.0%Wireless Communications 7.1% 0.0%Cable TV 4.1% 0.0%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • Investments in theutilities sector can be very volatilebecause of supply and/or demand forservices or fuel, financing costs,conservation efforts, the negativeimpact of regulation, and other factors.• Please see the prospectus for furtherinformation on these and other riskconsiderations.

Other consists of: (i) currency derivatives and/or (ii) anyderivative offsets.


A MMUFX 552986309B MMUBX 552986408C MMUCX 552986705I MMUIX 552986879


Exelon CorpEDP Renovaveis SANextEra Energy IncPPL CorpEnel SpACom Hem Holding ABAmerican Tower Corp REITAmerican Electric Power Co IncEnterprise Products Partners LPNRG Energy Inc36.3% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/14/92) 4.43 1.83 5.56 6.12 10.69Class A with 5.75% maximum sales charge (02/14/92) -1.57 -0.16 4.32 5.49 10.44Standard & Poor's 500 Utilities Index 1.89 8.15 9.16 7.07 .—Lipper Utility Funds category average 3.03 5.22 7.23 5.82 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -37.54 32.87 13.57 6.58 13.33 20.16 12.58 -14.77 11.40 14.68



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TOP 10 HOLDINGS^


NAV HISTORY

Q1 | MARCH 31, 2018

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MFS® VALUE FUNDA traditional value fund seeking to invest in large-cap, high-quality, attractively valuedcompaniesThe fund uses a long-term investment time horizon and employs a flexible valuation approach, placing a heavy emphasis oncash flow and returns-based methodologies. The fund has a keen focus on downside risk management in all marketenvironments.

Stocks 98.23%


FUND OBJECTIVE



Steven R. Gorham 28 years in industryNevin P. Chitkara 25 years in industry


FUND BENCHMARK





Financial Services 30.5% 31.5%Health Care 15.4% 14.5%Consumer Staples 11.4% 6.1%Industrial Goods & Services 9.9% 6.2%Special Products & Services 6.4% 0.7%


The fund may not achieve itsobjective and/or you could losemoney on your investment in thefund. • Stock markets andinvestments in individual stocks arevolatile and can decline significantlyin response to or investor perceptionof, issuer, market, economic, industry,political, regulatory, geopolitical, andother conditions. • Investments invalue companies can continue to beundervalued for long periods of time,not realize their expected value, andbe more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A MEIAX 552983801B MFEBX 552983843C MEICX 552983835I MEIIX 552983694


JPMorgan Chase & CoJohnson & JohnsonWells Fargo & CoPhilip Morris International IncAccenture PLCGoldman Sachs Group IncMedtronic PLCCitigroup IncPfizer IncUS Bancorp28.7% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/02/96) 8.71 8.49 11.39 8.27 10.17Class A with 5.75% maximum sales charge (01/02/96) 2.46 6.37 10.08 7.63 9.88Russell 1000® Value Index 6.95 7.88 10.78 7.78 .—Lipper Large-Cap Value Funds category average 9.12 7.60 10.39 7.45 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -32.85 20.48 11.41 -0.21 16.13 35.48 10.29 -0.79 13.86 17.45



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TARGET ALLOCATION MFS FUND HOLDINGS

FUND EXPENSES

NAV HISTORY

FUND DATA^

TOP 5 EQUITY SECTORS^ (% of equity assets)




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MFS® CONSERVATIVE ALLOCATION FUNDA diversified portfolio consisting primarily of MFS bond and stock fundsProvides convenient access to a broadly diversified, professionally managed portfolio of underlying MFS funds in a singleinvestment and is systematically rebalanced to help maintain target risk profile.

FUND OBJECTIVESeeks a high level of total return consistentwith a conservative level of risk relative tothe other MFS Asset Allocation Funds.PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.

U.S. Stocks 28%Int'l Stocks 8%Bonds 60%Specialty 4%

FUND BENCHMARKBloomberg Barclays U.S. Aggregate BondIndex

MFS Total Return Bond Fund 14.9%MFS Inflation-Adjusted Bond Fund 10.0%MFS Government Securities Fund 10.0%MFS Limited Maturity Fund 9.9%MFS Growth Fund 6.0%MFS Research Fund 6.0%MFS Value Fund 6.0%MFS High Income Fund 5.0%MFS Global Bond Fund 5.0%MFS Mid Cap Growth Fund 4.0%MFS Mid Cap Value Fund 4.0%MFS Research International Fund 4.0%MFS Emerging Markets Debt Fund 3.0%MFS International Value Fund 2.0%MFS International Growth Fund 2.0%MFS Emerging Markets Debt Local Currency Fund 2.0%MFS Commodity Strategy Fund 2.0%MFS Global Real Estate Fund 2.0%MFS New Discovery Fund 1.0%MFS New Discovery Value Fund 1.0%Cash & Cash Equivalents 0.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perceptionof, issuer, market, economic, industry, political,regulatory, geopolitical, and other conditions.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certain typesof debt instruments can be more sensitive tothese factors and therefore more volatile. Inaddition, debt instruments entail interest rate risk(as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during risingrates. Funds that consist of debt instruments withlonger durations are generally more sensitive to arise in interest rates than those with shorterdurations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not bepossible to sell a particular investment or type ofinvestment at any particular time or at anacceptable price. The price of an instrumenttrading at a negative interest rate responds tointerest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negativereturn if held to maturity. • Investments inforeign markets can involve greater risk andvolatility than U.S. investments because ofadverse market, currency, economic, industry,political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing inunderlying funds exposes the fund to the risks ofthe underlying funds. Each underlying fundpursues its own objective and strategies and maynot achieve its objective. In addition, shareholdersof the fund will indirectly bear the fees andexpenses of the underlying funds. • Please seethe prospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA MACFX 55273G827B MACBX 55273G819C MACVX 55273G793I MACIX 55273G785

Comm. Date 06/28/02Net Assets $2,946.8 millionNumber of Issues 2704Market Cap(wtd. avg.) $94.90 billionPrice/Book 3.76Price/Earnings (12 monthsforward) 18.71


Financial Services 23.3%Technology 13.5%Health Care 11.1%Industrial Goods & Services 8.7%Consumer Staples 8.4%

TOP 5 FIXED INCOME SECTORS^ (% of fixed income assets)

PORTFOLIO DATA^


U.S. Treasuries 30.0%Investment Grade Corporates 22.0%Mortgage Backed 12.6%Emerging Markets Debt 9.7%High Yield Corporates 9.2%





1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/28/02) 7.07 4.30 4.79 5.66 5.71Class A with 5.75% maximum sales charge (06/28/02) 0.92 2.26 3.55 5.04 5.31Bloomberg Barclays U.S. Aggregate Bond Index 1.20 1.20 1.82 3.63 .—Lipper Mixed-Asset Target Alloc Consv Funds category average 4.81 3.25 3.97 4.46 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -16.60 22.15 11.29 2.43 10.65 8.72 3.94 -0.78 5.42 10.78


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FUND DATA^





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MFS® MODERATE ALLOCATION FUNDA diversified portfolio consisting primarily of MFS stock and bond fundsProvides convenient access to a broadly diversified, professionally managed portfolio of underlying MFS funds in a singleinvestment and is systematically rebalanced to help maintain target risk profile.

FUND OBJECTIVESeeks a high level of total return consistentwith a moderate level of risk relative to theother MFS Asset Allocation Funds.PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.


FUND BENCHMARKStandard & Poor's 500 Stock Index

MFS Government Securities Fund 9.9%MFS Growth Fund 8.0%MFS Research Fund 8.0%MFS Value Fund 8.0%MFS Total Return Bond Fund 8.0%MFS Mid Cap Growth Fund 7.0%MFS Mid Cap Value Fund 7.0%MFS Inflation-Adjusted Bond Fund 7.0%MFS Research International Fund 6.0%MFS High Income Fund 5.0%MFS Global Bond Fund 5.0%MFS International Value Fund 3.0%MFS International Growth Fund 3.0%MFS Commodity Strategy Fund 3.0%MFS Emerging Markets Debt Fund 3.0%MFS Global Real Estate Fund 3.0%MFS Emerging Markets Debt Local Currency Fund 2.0%MFS New Discovery Fund 1.5%MFS New Discovery Value Fund 1.5%MFS International New Discovery Fund 1.0%Cash & Cash Equivalents 0.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perceptionof, issuer, market, economic, industry, political,regulatory, geopolitical, and other conditions.• Investments in debt instruments may declinein value as the result of declines in the creditquality of the issuer, borrower, counterparty, orother entity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certain typesof debt instruments can be more sensitive tothese factors and therefore more volatile. Inaddition, debt instruments entail interest raterisk (as interest rates rise, prices usually fall),therefore the Fund's share price may declineduring rising rates. Funds that consist of debtinstruments with longer durations are generallymore sensitive to a rise in interest rates thanthose with shorter durations. At times, andparticularly during periods of market turmoil, allor a large portion of segments of the marketmay not have an active trading market. As aresult, it may be difficult to value theseinvestments and it may not be possible to sell aparticular investment or type of investment atany particular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest rate changeslike other debt instruments; however, aninstrument purchased at a negative interest rateis expected to produce a negative return if heldto maturity. • Investments in foreign marketscan involve greater risk and volatility than U.S.investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • MFS' strategyof investing in underlying funds exposes thefund to the risks of the underlying funds. Eachunderlying fund pursues its own objective andstrategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectlybear the fees and expenses of the underlyingfunds. • Please see the prospectus for furtherinformation on these and other riskconsiderations.FUND SYMBOL AND CUSIPA MAMAX 55273G777B MMABX 55273G769C MMACX 55273G751I MMAIX 55273G744





PORTFOLIO DATA^


U.S. Treasuries 31.5%Mortgage Backed 15.7%Investment Grade Corporates 13.7%Emerging Markets Debt 13.5%High Yield Corporates 12.7%





1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/28/02) 10.09 5.77 6.51 6.42 6.75Class A with 5.75% maximum sales charge (06/28/02) 3.76 3.70 5.26 5.79 6.35Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target Alloc Moderate Funds category average 7.55 4.70 5.99 5.40 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -26.04 27.14 14.53 0.29 13.12 14.52 4.04 -0.91 6.47 14.81


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NAV HISTORY

FUND DATA^





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MFS® GROWTH ALLOCATION FUNDA diversified portfolio consisting primarily of MFS stock and bond fundsProvides convenient access to a broadly diversified, professionally managed portfolio of underlying MFS funds in a singleinvestment and is systematically rebalanced to help maintain target risk profile.

FUND OBJECTIVESeeks a high level of total return consistentwith a greater than moderate level of riskrelative to other MFS Asset AllocationFunds.PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.



MFS Growth Fund 11.1%MFS Value Fund 11.0%MFS Mid Cap Growth Fund 9.0%MFS Mid Cap Value Fund 9.0%MFS Research Fund 8.0%MFS Research International Fund 7.0%MFS International Value Fund 5.0%MFS International Growth Fund 5.0%MFS High Income Fund 5.0%MFS Inflation-Adjusted Bond Fund 5.0%MFS Commodity Strategy Fund 4.0%MFS Global Real Estate Fund 4.0%MFS Emerging Markets Debt Fund 3.0%MFS Total Return Bond Fund 3.0%MFS New Discovery Fund 2.0%MFS New Discovery Value Fund 2.0%MFS Emerging Markets Debt Local Currency Fund 2.0%MFS International New Discovery Fund 2.0%MFS Global Bond Fund 2.0%MFS Emerging Markets Equity Fund 1.0%Cash & Cash Equivalents 0.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perceptionof, issuer, market, economic, industry, political,regulatory, geopolitical, and other conditions.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certain typesof debt instruments can be more sensitive tothese factors and therefore more volatile. Inaddition, debt instruments entail interest rate risk(as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during risingrates. Funds that consist of debt instruments withlonger durations are generally more sensitive to arise in interest rates than those with shorterdurations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not bepossible to sell a particular investment or type ofinvestment at any particular time or at anacceptable price. The price of an instrumenttrading at a negative interest rate responds tointerest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negativereturn if held to maturity. • Investments inforeign markets can involve greater risk andvolatility than U.S. investments because ofadverse market, currency, economic, industry,political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing inunderlying funds exposes the fund to the risks ofthe underlying funds. Each underlying fundpursues its own objective and strategies and maynot achieve its objective. In addition, shareholdersof the fund will indirectly bear the fees andexpenses of the underlying funds. • Please seethe prospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA MAGWX 55273G736B MBGWX 55273G728C MCGWX 55273G710I MGWIX 55273G694


Alpha -1.13Beta 0.85R2 93.72Standard Deviation 13.29Sharpe Ratio 0.50Risk measures are based ona trailing 10 year period.

Financial Services 23.0%Technology 13.5%Health Care 10.5%Consumer Staples 8.9%Industrial Goods & Services 8.7%


PORTFOLIO DATA^


U.S. Treasuries 27.6%Emerging Markets Debt 23.7%High Yield Corporates 21.6%Investment Grade Corporates 13.6%Non-U.S. Sovereigns 3.2%





1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/28/02) 13.13 7.31 8.18 6.94 7.60Class A with 5.75% maximum sales charge (06/28/02) 6.63 5.21 6.91 6.31 7.20Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target Alloc Growth Funds category average 9.94 5.85 7.67 6.13 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -34.42 32.33 16.71 -2.33 15.71 20.20 3.74 -0.87 7.56 18.90



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FUND EXPENSESNAV HISTORY

FUND DATA^


TOP 5 HOLDINGS OF UNDERLYING FUNDS^




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MFS® AGGRESSIVE GROWTH ALLOCATION FUNDA diversified portfolio consisting primarily of MFS stock fundsProvides convenient access to a broadly diversified, professionally managed portfolio of underlying MFS funds in a singleinvestment and is systematically rebalanced to help maintain target risk profile.

FUND OBJECTIVE

Seeks a high level of total returnconsistent with an aggressive levelof risk relative to the other MFSAsset Allocation Funds.


Team of QuantitativeProfessionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

U.S. Stocks 60%Int'l Stocks 30%Specialty 10%

FUND BENCHMARK


MFS Growth Fund 13.0%MFS Value Fund 12.7%MFS Mid Cap Growth Fund 10.1%MFS Mid Cap Value Fund 10.0%MFS Research Fund 8.9%MFS International Value Fund 8.0%MFS International Growth Fund 8.0%MFS Research International Fund 8.0%MFS Global Real Estate Fund 5.1%MFS Commodity Strategy Fund 5.0%MFS International New Discovery Fund 4.0%MFS New Discovery Fund 2.5%MFS New Discovery Value Fund 2.5%MFS Emerging Markets Equity Fund 2.0%Cash & Cash Equivalents 0.1%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • MFS' strategy ofinvesting in underlying funds exposesthe fund to the risks of the underlyingfunds. Each underlying fund pursues itsown objective and strategies and maynot achieve its objective. In addition,shareholders of the fund will indirectlybear the fees and expenses of theunderlying funds. • Please see theprospectus for further information onthese and other risk considerations.


A MAAGX 55273G686B MBAGX 55273G678C MCAGX 55273G660I MIAGX 55273G652



Financial Services 22.8%Technology 13.7%Health Care 10.2%Consumer Staples 9.6%Industrial Goods & Services 8.5%


Nestle SAAmazon.com IncMicrosoft CorpFacebook IncAlphabet Inc Class A4.3% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/28/02) 16.06 8.53 9.71 7.33 7.90Class A with 5.75% maximum sales charge (06/28/02) 9.38 6.41 8.42 6.69 7.49Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target Alloc Agg Gro Funds category average 13.22 7.01 9.05 6.22 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -40.48 35.87 18.45 -4.98 17.26 26.04 3.66 -0.14 7.24 22.92



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FUND DATA^






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MFS® LIFETIME® 2020 FUNDAn automatically reallocated portfolio of MFS fundsProvides convenient access to a professionally allocated, broadly diversified, rebalanced portfolio of MFS funds in a singleinvestment. The allocation strategy will become more conservative as the fund's target date approaches.

FUND OBJECTIVESeeks a high level of total return consistentwith its asset allocation until theapproximate retirement year in the fund'sname; thereafter, the fund will seek totalreturn through a combination of currentincome and capital appreciation. The assetallocation of the fund will change over time.PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.

U.S. Stocks 24.13%Int'l Stocks 6.55%Bonds 65.32%Specialty 4%


MFS Total Return Bond Fund 17.5%MFS Limited Maturity Fund 15.0%MFS Inflation-Adjusted Bond Fund 10.0%MFS Government Securities Fund 10.0%MFS Global Bond Fund 5.0%MFS High Income Fund 4.0%MFS Blended Research Mid Cap Equity Fund 3.5%MFS Blended Research International Equity Fund 3.3%MFS Growth Fund 2.5%MFS Blended Research Growth Equity Fund 2.5%MFS Research Fund 2.5%MFS Blended Research Core Equity Fund 2.5%MFS Blended Research Value Equity Fund 2.5%MFS Value Fund 2.5%MFS Emerging Markets Debt Fund 2.5%MFS Commodity Strategy Fund 2.0%MFS Global Real Estate Fund 2.0%MFS Mid Cap Growth Fund 1.8%MFS Mid Cap Value Fund 1.8%MFS Research International Fund 1.8%MFS Emerging Markets Debt Local Currency Fund 1.5%MFS Blended Research Small Cap Equity Fund 1.0%MFS International Value Fund 0.8%MFS International Growth Fund 0.8%MFS New Discovery Fund 0.5%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA MFLAX 55275E770B MFLBX 55275E762C MFLCX 55275E754I MFLIX 55275E747

Comm. Date 09/29/05Net Assets $361.7 millionNumber of Issues 2950Market Cap(wtd. avg.) $96.65 billionPrice/Book 3.05Price/Earnings (12 monthsforward) 16.61




FNMA 30YR 4.0US Treasury Note 1.625% JUN 30 19US Treasury Note 1% NOV 30 18FNMA 30YR 3.5UST 10Yr Ultra Bond Future JUN 20 18*4.4% long and 1.1% short (*) positions of total netassets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/29/05) 6.17 4.11 5.03 5.13 5.48Class A with 5.75% maximum sales charge (09/29/05) 0.07 2.08 3.79 4.50 4.98Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target 2020 Funds category average 7.14 4.35 5.32 4.97 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -29.79 27.28 14.25 0.79 12.42 11.37 4.10 -0.67 6.06 9.66

^ See Legend for important information.^^See Glossary for important information*Short positions, unlike long positions, lose value ifthe underlying asset gains value.

These reductions willcontinue until at leastAugust 31, 2018.

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U.S. Stocks 34.72%Int'l Stocks 10.58%Bonds 49.67%Specialty 5.03%


MFS Total Return Bond Fund 11.4%MFS Government Securities Fund 9.9%MFS Inflation-Adjusted Bond Fund 8.5%MFS Blended Research Mid Cap Equity Fund 5.5%MFS Blended Research International Equity Fund 5.0%MFS High Income Fund 5.0%MFS Global Bond Fund 5.0%MFS Limited Maturity Fund 5.0%MFS Growth Fund 3.5%MFS Blended Research Growth Equity Fund 3.5%MFS Research Fund 3.5%MFS Blended Research Core Equity Fund 3.5%MFS Blended Research Value Equity Fund 3.5%MFS Value Fund 3.5%MFS Emerging Markets Debt Fund 3.0%MFS Mid Cap Growth Fund 2.8%MFS Mid Cap Value Fund 2.8%MFS Research International Fund 2.5%MFS Commodity Strategy Fund 2.5%MFS Global Real Estate Fund 2.5%MFS Emerging Markets Debt Local Currency Fund 2.0%MFS Blended Research Small Cap Equity Fund 1.3%MFS International Value Fund 1.3%MFS International Growth Fund 1.2%MFS New Discovery Fund 0.6%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA LTTAX 55279J882B LTTBX 55279J874C LTTCX 55279J866I LTTIX 55279J858





FNMA 30YR 4.0US Treasury Note 1.625% JUN 30 19FNMA 30YR 3.5US Treasury Note 2.5% AUG 15 23UST 10Yr Ultra Bond Future JUN 20 18*3.5% long and 0.8% short (*) positions of total netassets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (11/02/12) 8.65 5.43 6.67 .— 7.65Class A with 5.75% maximum sales charge (11/02/12) 2.40 3.37 5.41 .— 6.47Standard & Poor's 500 Stock Index 13.99 10.78 13.31 .— .—Lipper Mixed-Asset Target 2025 Funds category average 8.65 5.20 6.45 .— .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— 17.27 4.10 -0.71 7.28 13.06



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MFS Blended Research Mid Cap Equity Fund 8.0%MFS Blended Research International Equity Fund 7.3%MFS Inflation-Adjusted Bond Fund 6.0%MFS Total Return Bond Fund 5.5%MFS High Income Fund 5.0%MFS Government Securities Fund 4.9%MFS Growth Fund 4.8%MFS Blended Research Growth Equity Fund 4.8%MFS Blended Research Value Equity Fund 4.8%MFS Value Fund 4.8%MFS Mid Cap Growth Fund 4.0%MFS Research Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Mid Cap Value Fund 4.0%MFS Commodity Strategy Fund 3.5%MFS Global Real Estate Fund 3.5%MFS Global Bond Fund 3.5%MFS Research International Fund 3.2%MFS Emerging Markets Debt Fund 3.0%MFS International Value Fund 2.0%MFS International Growth Fund 2.0%MFS Emerging Markets Debt Local Currency Fund 2.0%MFS Blended Research Small Cap Equity Fund 1.8%MFS International New Discovery Fund 1.5%MFS New Discovery Fund 0.9%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA MLTAX 55275E671B MLTBX 55275E663C MLTCX 55275E655I MLTIX 55275E648





Microsoft CorpAmazon.com IncFacebook IncFNMA 30YR 4.0UST 10Yr Ultra Bond Future JUN 20 18*2.5% long and 0.5% short (*) positions of total netassets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -38.69 32.99 17.33 -2.93 16.03 21.29 3.84 -0.72 8.60 16.91



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FUND DATA^






Q1 | MARCH 31, 2018

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MFS Blended Research Mid Cap Equity Fund 9.3%MFS Blended Research International Equity Fund 9.1%MFS Growth Fund 5.7%MFS Blended Research Growth Equity Fund 5.6%MFS Blended Research Value Equity Fund 5.6%MFS Value Fund 5.6%MFS Mid Cap Growth Fund 4.7%MFS Mid Cap Value Fund 4.6%MFS Inflation-Adjusted Bond Fund 4.3%MFS Commodity Strategy Fund 4.2%MFS Global Real Estate Fund 4.2%MFS Research Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS High Income Fund 3.7%MFS Research International Fund 3.6%MFS Total Return Bond Fund 2.9%MFS International Value Fund 2.7%MFS International Growth Fund 2.7%MFS International New Discovery Fund 2.5%MFS Emerging Markets Debt Fund 2.2%MFS Blended Research Small Cap Equity Fund 2.1%MFS Emerging Markets Debt Local Currency Fund 1.5%MFS Global Bond Fund 1.5%MFS New Discovery Fund 1.1%MFS New Discovery Value Fund 1.1%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA LFEAX 55279J791B LFEBX 55279J783C LFECX 55279J775I LFEDX 55279J767





Microsoft CorpAmazon.com IncFacebook IncBBG Commodity total return Swap JUL 16 18Mlcilprt Total Return ETRS JUN 15 183.3% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— 23.24 3.77 -0.42 8.87 19.13



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FUND DATA^






Q1 | MARCH 31, 2018

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MFS Blended Research International Equity Fund 10.4%MFS Blended Research Mid Cap Equity Fund 9.8%MFS Growth Fund 5.9%MFS Blended Research Growth Equity Fund 5.9%MFS Blended Research Value Equity Fund 5.9%MFS Value Fund 5.9%MFS Mid Cap Growth Fund 4.9%MFS Mid Cap Value Fund 4.9%MFS Commodity Strategy Fund 4.8%MFS Global Real Estate Fund 4.8%MFS Research Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Research International Fund 3.9%MFS International New Discovery Fund 3.5%MFS International Value Fund 3.3%MFS International Growth Fund 3.3%MFS Inflation-Adjusted Bond Fund 3.1%MFS Total Return Bond Fund 2.6%MFS Blended Research Small Cap Equity Fund 2.4%MFS High Income Fund 1.3%MFS New Discovery Fund 1.2%MFS New Discovery Value Fund 1.2%MFS Blended Research Emerging Markets Equity Fund 0.9%MFS Emerging Markets Equity Fund 0.9%MFS Emerging Markets Debt Fund 0.8%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA MLFAX 55275E572B MLFBX 55275E564C MLFCX 55275E556I MLFIX 55275E549





Microsoft CorpAmazon.com IncFacebook IncBBG Commodity total return Swap JUL 16 18Mlcilprt Total Return ETRS JUN 15 183.6% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -40.39 33.94 18.11 -4.17 16.89 24.31 3.75 -0.13 8.73 20.47



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FUND DATA^






Q1 | MARCH 31, 2018

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MFS Blended Research International Equity Fund 11.0%MFS Blended Research Mid Cap Equity Fund 9.9%MFS Blended Research Value Equity Fund 6.0%MFS Value Fund 6.0%MFS Blended Research Growth Equity Fund 5.9%MFS Growth Fund 5.9%MFS Global Real Estate Fund 5.1%MFS Commodity Strategy Fund 5.1%MFS Mid Cap Value Fund 5.0%MFS Mid Cap Growth Fund 5.0%MFS International New Discovery Fund 4.0%MFS Research International Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Research Fund 4.0%MFS International Value Fund 3.5%MFS International Growth Fund 3.5%MFS Inflation-Adjusted Bond Fund 2.5%MFS Total Return Bond Fund 2.5%MFS Blended Research Small Cap Equity Fund 2.5%MFS New Discovery Value Fund 1.2%MFS New Discovery Fund 1.2%MFS Emerging Markets Equity Fund 1.0%MFS Blended Research Emerging Markets Equity Fund 1.0%Cash & Cash Equivalents 0.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA LTMAX 55279J718B LTMBX 55279J692C LTMDX 55279J684I LTMKX 55279J676




12-month low $13.4812-month high $15.99Microsoft Corp

Amazon.com IncBBG Commodity total return Swap JUL 16 18Mlcilprt Total Return ETRS JUN 15 18Facebook Inc3.6% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— 24.51 3.79 -0.18 8.81 20.87



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FUND OBJECTIVESeeks a high level of total return consistentwith its asset allocation until theapproximate retirement year in the fund'sname; thereafter, the fund will seek totalreturn through a combination of currentincome and capital appreciation. The assetallocation of the fund will change over time.

PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industry

Portfolio manager(s) may change; a currentlisting is available on MFS' website.



MFS Blended Research International Equity Fund 11.0%MFS Blended Research Mid Cap Equity Fund 10.0%MFS Value Fund 6.0%MFS Blended Research Value Equity Fund 6.0%MFS Blended Research Growth Equity Fund 6.0%MFS Growth Fund 6.0%MFS Global Real Estate Fund 5.1%MFS Mid Cap Value Fund 5.0%MFS Commodity Strategy Fund 5.0%MFS Mid Cap Growth Fund 5.0%MFS Research International Fund 4.0%MFS International New Discovery Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Research Fund 4.0%MFS International Value Fund 3.5%MFS International Growth Fund 3.5%MFS Total Return Bond Fund 2.5%MFS Inflation-Adjusted Bond Fund 2.5%MFS Blended Research Small Cap Equity Fund 2.5%MFS New Discovery Value Fund 1.3%MFS New Discovery Fund 1.3%MFS Emerging Markets Equity Fund 1.0%MFS Blended Research Emerging Markets Equity Fund 1.0%Cash & Cash Equivalents -0.3%

FUND SYMBOL AND CUSIPA MFFSX 55275E382B MFFRX 55275E374C MFFDX 55275E366I MFFIX 55275E358





Amazon.com IncBBG Commodity total return Swap JUL 16 18Facebook IncMlcilprt Total Return ETRS JUN 15 183.7% of total net assets





‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— -3.88 16.92 24.30 3.70 -0.14 8.80 20.86



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MFS® LIFETIME® 2050 FUND

The fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund's principal value, including at thetarget date, or that the fund will provide adequate income at and through your retirement. • 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 debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, orother entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile.In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations aregenerally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active tradingmarket. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument tradingat a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments inforeign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees andexpenses of the underlying funds. • Please see the prospectus for further information on these and other risk considerations.

Q1 | MARCH 31, 2018

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FUND DATA^










MFS Blended Research International Equity Fund 11.0%MFS Blended Research Mid Cap Equity Fund 9.9%MFS Value Fund 6.0%MFS Blended Research Value Equity Fund 6.0%MFS Blended Research Growth Equity Fund 5.9%MFS Growth Fund 5.9%MFS Global Real Estate Fund 5.0%MFS Commodity Strategy Fund 5.0%MFS Mid Cap Value Fund 5.0%MFS Mid Cap Growth Fund 5.0%MFS International New Discovery Fund 4.0%MFS Research International Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Research Fund 4.0%MFS International Value Fund 3.5%MFS International Growth Fund 3.5%MFS Inflation-Adjusted Bond Fund 2.5%MFS Total Return Bond Fund 2.5%MFS Blended Research Small Cap Equity Fund 2.5%MFS New Discovery Value Fund 1.2%MFS New Discovery Fund 1.2%MFS Emerging Markets Equity Fund 1.0%MFS Blended Research Emerging Markets Equity Fund 1.0%Cash & Cash Equivalents 0.3%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA LFIAX 55279J627B LFIBX 55279J619C LFICX 55279J593I LFIIX 55279J585





Amazon.com IncBBG Commodity total return Swap JUL 16 18Mlcilprt Total Return ETRS JUN 15 18Facebook Inc3.6% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (11/02/12) 14.46 8.31 9.37 .— 10.63Class A with 5.75% maximum sales charge (11/02/12) 7.88 6.19 8.08 .— 9.42Standard & Poor's 500 Stock Index 13.99 10.78 13.31 .— .—Lipper Mixed-Asset Target 2055+ Funds category average 13.57 7.72 9.19 .— .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— 24.52 3.76 -0.20 8.74 20.93



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FUND DATA^





MFS Blended Research International Equity Fund 11.0%MFS Blended Research Mid Cap Equity Fund 10.0%MFS Growth Fund 6.0%MFS Blended Research Growth Equity Fund 6.0%MFS Value Fund 6.0%MFS Blended Research Value Equity Fund 6.0%MFS Mid Cap Growth Fund 5.0%MFS Mid Cap Value Fund 5.0%MFS Global Real Estate Fund 5.0%MFS Commodity Strategy Fund 5.0%MFS Research Fund 4.0%MFS Blended Research Core Equity Fund 4.0%MFS Research International Fund 4.0%MFS International New Discovery Fund 4.0%MFS International Value Fund 3.5%MFS International Growth Fund 3.5%MFS Blended Research Small Cap Equity Fund 2.5%MFS Total Return Bond Fund 2.5%MFS Inflation-Adjusted Bond Fund 2.5%MFS New Discovery Fund 1.3%MFS New Discovery Value Fund 1.3%MFS Emerging Markets Equity Fund 1.0%MFS Blended Research Emerging Markets Equity Fund 1.0%Cash & Cash Equivalents -0.4%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund. Youmay experience losses near, at, or after the target date.There is no guarantee of the fund's principal value,including at the target date, or that the fund willprovide adequate income at and through yourretirement. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perception of,issuer, market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investments indebt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment,underlying collateral, or changes in economic, political,issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult to valuethese investments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The price of aninstrument trading at a negative interest rate respondsto interest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negative return ifheld to maturity. • Investments in foreign markets caninvolve greater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing in underlyingfunds exposes the fund to the risks of the underlyingfunds. Each underlying fund pursues its own objectiveand strategies and may not achieve its objective. Inaddition, shareholders of the fund will indirectly bearthe fees and expenses of the underlying funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA MFJAX 55279J536B MFJBX 55279J528C MFJCX 55279J510I MFJIX 55279J494

Commencement Date 12/06/16Net Assets $3.3 millionNumber of Issues 2114Market Cap (weighted avg.) $84.70 billionPrice/Book 2.98Price/Earnings (12 months forward) 16.46



Microsoft CorpAmazon.com IncBBG Commodity total return Swap JUL 16 18Facebook IncMlcilprt Total Return ETRS JUN 15 183.7% of total net assets

Gross Expense Ratio20.18%Net Expense Ratio 0.90%



1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/06/16) 14.62 .— .— .— 16.53Class A with 5.75% maximum sales charge (12/06/16) 8.03 .— .— .— 11.41Standard & Poor's 500 Stock Index 13.99 .— .— .— .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— .— 20.92



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FUND EXPENSES

NAV HISTORY

FUND DATA^





MFS® LIFETIME® INCOME FUNDA conservatively allocated portfolio of MFS fundsProvides convenient access to a professionally allocated, broadly diversified, rebalanced portfolio of MFS funds in a singleinvestment. Primarily focused on bond funds for income potential with a portion allocated to stock funds for continued growthpotential.

FUND OBJECTIVESeeks total return through a combination ofcurrent income and capital appreciation.PORTFOLIO MANAGEMENTTeam of Quantitative Professionals General Oversight by Joseph C. Flaherty, Jr. 33 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.


FUND BENCHMARKBloomberg Barclays U.S. Aggregate BondIndex

MFS Total Return Bond Fund 20.0%MFS Limited Maturity Fund 20.0%MFS Inflation-Adjusted Bond Fund 10.0%MFS Government Securities Fund 10.0%MFS Global Bond Fund 5.0%MFS Blended Research Mid Cap Equity Fund 3.0%MFS High Income Fund 3.0%MFS Blended Research International Equity Fund 2.5%MFS Growth Fund 2.0%MFS Blended Research Growth Equity Fund 2.0%MFS Research Fund 2.0%MFS Blended Research Core Equity Fund 2.0%MFS Blended Research Value Equity Fund 2.0%MFS Value Fund 2.0%MFS Commodity Strategy Fund 2.0%MFS Emerging Markets Debt Fund 2.0%MFS Global Real Estate Fund 2.0%MFS Mid Cap Growth Fund 1.5%MFS Mid Cap Value Fund 1.5%MFS Research International Fund 1.5%MFS Blended Research Small Cap Equity Fund 1.0%MFS Emerging Markets Debt Local Currency Fund 1.0%MFS New Discovery Fund 0.5%MFS International Value Fund 0.5%MFS New Discovery Value Fund 0.5%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.There is no guarantee that the fund will provideadequate income at and through your retirement.• Stock markets and investments in individualstocks are volatile and can decline significantly inresponse to or investor perception of, issuer,market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investmentsin debt instruments may decline in value as theresult of declines in the credit quality of the issuer,borrower, counterparty, or other entity responsiblefor payment, underlying collateral, or changes ineconomic, political, issuer-specific, or otherconditions. Certain types of debt instruments canbe more sensitive to these factors and thereforemore volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist ofdebt instruments with longer durations aregenerally more sensitive to a rise in interest ratesthan those with shorter durations. At times, andparticularly during periods of market turmoil, all ora large portion of segments of the market maynot have an active trading market. As a result, itmay be difficult to value these investments and itmay not be possible to sell a particularinvestment or type of investment at any particulartime or at an acceptable price. The price of aninstrument trading at a negative interest rateresponds to interest rate changes like other debtinstruments; however, an instrument purchasedat a negative interest rate is expected to producea negative return if held to maturity.• Investments in foreign markets can involvegreater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, or otherconditions. • MFS' strategy of investing inunderlying funds exposes the fund to the risks ofthe underlying funds. Each underlying fundpursues its own objective and strategies and maynot achieve its objective. In addition, shareholdersof the fund will indirectly bear the fees andexpenses of the underlying funds. • Please seethe prospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA MLLAX 55275E101B MLLBX 55275E200C MLLCX 55275E309I MLLIX 55275E408




TOP 5 FIXED INCOME SECTORS^ (% of fixed income assets) PORTFOLIO DATA^


Investment Grade Corporates 28.7%U.S. Treasuries 28.4%Mortgage Backed 11.9%Emerging Markets Debt 5.7%Collateralized Debt Obligations 5.6%





1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/29/05) 5.02 3.31 3.65 5.22 5.08Class A with 4.25% maximum sales charge (09/29/05) 0.55 1.82 2.75 4.77 4.72Bloomberg Barclays U.S. Aggregate Bond Index 1.20 1.20 1.82 3.63 .—Lipper Mixed-Asset Target Today Funds category average 5.03 3.17 3.62 4.19 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -12.19 23.30 9.96 3.13 8.83 5.54 3.61 -0.68 5.03 8.05



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FUND EXPENSES

TOP 10 HOLDINGS^

PORTFOLIO DATA^

TOP 5 EQUITY SECTORS^ % of equity holdings

FUND DATA^


MFS® DIVERSIFIED INCOME FUNDA fund that seeks income and capital appreciationSeeks total return with an emphasis on current income but also considering capital appreciation by primarily investing in debtsecurities (corporate and government issues), equities and real estate related securities.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.

PORTFOLIO MANAGEMENTThe fund is managed by portfolio managersJames Swanson (Lead) and Robert Almeida(Lead), William Adams, David Cole andMichael Skatrud (Below Investment GradeDebt Instruments), Richard Gable (RealEstate Related Investments), Ward Brownand Matthew Ryan (Emerging Markets DebtInstruments), Jonathan Sage (EquitySecurities), and Geoffrey Schechter (U.S.Government Securities).Effective 12-31-18, James Swanson will nolonger be a manager of the fund. Effective9-1-18, Wiliam Adams will no longer be amanager of the fund.



Governments 20.04%

High-yield 19.93%

Emerging markets debt 17.09%

Other sectors 1.92%


Other 0.3%

REITs 20.36%

Equity 19.38%

REITs 53.2%Health Care 6.8%Consumer Staples 6.5%Utilities & Communications 6.3%Financial Services 6.1%

FUND SYMBOL AND CUSIPA DIFAX 552982837C DIFCX 552982829I DIFIX 552982811



DISTRIBUTION HISTORY

Income Paid Monthly March $0.03200February $0.03400January $0.03600December $0.04193

US Treasury Note 1.75% NOV 30 21FNMA 30YR 3.5Simon Property Group Inc REITFNMA 30YR 4.0Public Storage REITMedical Properties Trust Inc REITSun Communities Inc REITAlexandria Real Estate Equities Inc REITHealth Care REIT Inc REITBrixmor Property Group Inc REIT15.4% of total net assets


Commencement Date 05/26/06Net Assets $3,826.4 millionNumber of Issues 787Turnover Ratio 43%




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (05/26/06) 3.05 3.31 4.98 6.54 6.40Class A with 4.25% maximum sales charge (05/26/06) -1.33 1.82 4.07 6.08 6.01Standard & Poor's 500 Stock Index 13.99 10.78 13.31 9.49 .—Lipper Mixed-Asset Target Alloc Consv Funds category average 4.81 3.25 3.97 4.46 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -20.41 30.26 13.92 5.13 13.19 7.60 9.69 -2.18 8.49 8.64


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MFS® DIVERSIFIED INCOME FUND

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 candecline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. • Investments in debtinstruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition,debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debtinstruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of marketturmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not bepossible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate respondsto interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.• 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 can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, andeconomic instability than developed markets. • Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnifylosses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk. • Investments in small-capcompanies can be more volatile than investments in larger companies. • Investments in below investment grade quality debt instruments can be more volatile and have greaterrisk of default, or already be in default, than higher-quality debt instruments. • Mortgage-backed securities can be subject to prepayment and/or extension and therefore can offerless potential for gains and greater potential for loss. • Real estate-related investments can be volatile because of general, regional, and local economic conditions, fluctuations ininterest rates and property tax rates; shifts in zoning laws, environmental regulation and other governmental actions; increased operation expenses; lack of availability of mortgagefunds; losses due to natural disasters; changes in property values and rental rates; overbuilding; losses due to casualty or condemnation, cash flows; and other factors. • Please seethe prospectus for further information on these and other risk considerations. AS

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FUND DATA^



Portfolio characteristics arebased on equivalentexposure, which measureshow a portfolio's valuewould change due to pricechanges in an asset heldeither directly or, in the caseof a derivative contract,indirectly. The market valueof the holding may differ.

CURRENCY STRATEGYOVER/UNDERWEIGHTS


MFS® GLOBAL ALTERNATIVE STRATEGY FUNDS1

A convenient way to get exposure to a non-traditional investment strategyA diversified portfolio combining active security selection with tactical market and currency allocation

1 Market exposure of derivative position utilized to adjust fund.2 Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

Derivative OverlayPositions1

FUND POSITIONING THROUGH MARCH 31, 2018 (%)

Active Security NetSelection Long Short* Exposure

Equity 5.43 Emerging Markets 2.27 9.16 -4.53 6.89 U.S. Small/Mid Cap 16.09 1.30 -10.51 6.88 Japan 3.06 0.33 0.00 3.38 United Kingdom 3.39 0.00 -1.60 1.79 Developed - Middle East/Africa 0.18 0.00 0.00 0.18 North America ex-U.S. 0.86 0.00 -0.69 0.17 Asia/Pacific ex-Japan 0.89 0.00 -2.02 -1.14 Europe ex-U.K. 8.57 6.68 -21.26 -6.01 U.S. Large Cap 26.72 5.38 -38.82 -6.72Real Estate Related 2.69 U.S. 2.07 0.00 0.00 2.07 Non-U.S. 0.62 0.00 0.00 0.62Fixed Income -20.41 Emerging Markets 0.25 0.00 0.00 0.25 Asia/Pacific ex-Japan 0.20 0.00 0.00 0.20 North America ex-U.S. 0.02 0.00 0.00 0.02 United Kingdom 0.12 0.00 -1.55 -1.42 U.S. 17.64 2.13 -25.63 -5.86 Europe ex-U.K. 0.22 0.00 -13.83 -13.61Cash & Cash Equivalents 16.59Other2 95.70Total Net exposure summary 100.00

FUND OBJECTIVESeeks total return.

PORTFOLIO MANAGEMENTNatalie I. Shapiro 24 years in industryBenjamin R. Nastou 16 years in industryTeam of UBS AM InvestmentProfessionals


FUND BENCHMARKBloomberg Barclays 1-3 Year U.S. TreasuryBond Index

FUND SYMBOL AND CUSIPA DVRAX 55276T107B DVRBX 55276T206C DVRCX 55276T305I DVRIX 55276T404

Comm. Date 12/20/07Net Assets $245.1 million


These reductions willcontinue until at leastFebruary 28, 2019.


1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/20/07) 2.85 -0.91 1.59 1.96 1.97Class A with 5.75% maximum sales charge (12/20/07) -3.07 -2.85 0.39 1.36 1.39Bloomberg Barclays 1-3 Year U.S. Treasury Bond Index 0.00 0.38 0.51 1.13 .—Lipper Alternative Global Macro Funds category average 4.89 1.69 2.17 3.17 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -19.76 19.00 3.26 0.71 11.37 7.75 2.36 -1.87 -3.73 6.18

United States Dollar 16.9%Japanese Yen 6.6%Indian Rupee 6.4%Norwegian Krone 5.6%Mexican Peso 5.0%Euro* -5.0%British PoundSterling* -5.4%New Zealand Dollar* -5.6%Swiss Franc* -5.9%South Korean Won* -6.4%

^ See Legend for important information.*Short positions, unlike long positions, lose value if the underlying asset gains value.

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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 candecline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. • Investments in debtinstruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition,debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debtinstruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of marketturmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not bepossible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate respondsto interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.• 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. • Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), andinvolve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk. • Investments in below investment gradequality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments. • There is no assurance that the fundwill meet its target total rate of return, or have lower volatility than that of the overall equity market, over the long term or for any year or period of years. The fund's strategy toseparate security selection decisions from market and currency exposure decisions may not produce the intended results. It is expected that the fund will generally under-performthe equity markets during strong, rising equity markets. • UBS' assessment of the risk/return potential of asset classes, markets and currencies and its adjustments to the fund'sexposure to asset classes, markets and currencies may not produce intended results and/or can lead to an investment focus that results in the fund underperforming other fundsthat invest in similar investment types or have similar investment strategies and/or underperform the markets in which the fund invests. • Please see the prospectus for furtherinformation on these and other risk considerations.

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MFS® MANAGED WEALTH FUNDA global long/short equity strategyA global long/short equity fund that seeks to grow capital through strategic investments in three MFS equity mutual funds,moderate volatility relative to the overall equity market by adjusting equity market exposure and manage against significantmarket declines

1 Market exposure of derivative position utilized to adjust fund.2 Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.3 Positions with negative signs will rise with falling markets. Losses on long put options are limited to the premium paid.

Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to pricechanges in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

FUND POSITIONING THROUGH MARCH 31, 2018 (%)

Active Security Derivative Overlay NetSelection Positions1,3 Exposure

Net Equity Exposure 25.47 Strategic Allocation MFS Growth Fund 28.88 MFS Institutional International Equity Fund 29.72 MFS Value Fund 29.25 Market Exposure Overlay Russell 1000 Value Index Future JUN 15 18* -20.71 Mini MSCI EAFE Index Future JUN 15 18* -21.33 Russell 1000 Growth Index Future JUN 15 18* -20.34 Downside Hedge(s) -3.60 Russell 2000 Index Option PUT(s) -1.22 Standard & Poors Index Option PUT(s) -2.38 Net Equivalent Equity Exposure 87.85 -65.98 21.87Cash & Cash Equivalents 11.90Other2 66.23Total Net Exposure Summary 100.00

MFS Institutional International Equity FundMFS Value FundMFS Growth FundRussell 1000 Value Index Future JUN 15 18*Mini MSCI EAFE Index Future JUN 15 18*

FUND OBJECTIVESeeks total returnPORTFOLIO MANAGEMENTRobert Almeida, Lead PortfolioManager 23 years in industryJames T. Swanson, Lead PortfolioManager 43 years in industryWilliam J. Adams 23 years in industryMichael W. Roberge 27 years in industryBarnaby M. Wiener 24 years in industryEffective 12-31-18, James Swanson will nolonger be a manager of the fund. Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBofA Merrill Lynch 0-3 Month U.S. TreasuryBill IndexIMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Stock markets and investments in individualstocks are volatile and can decline significantly inresponse to or investor perception of, issuer, market,economic, industry, political, regulatory, geopolitical,and other conditions. • Investments in foreignmarkets can involve greater risk and volatility thanU.S. investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty andliquidity risk. • Investments in below investmentgrade quality debt instruments can be more volatileand have greater risk of default, or already be indefault, than higher-quality debt instruments. • Thefund's strategy to reduce its exposure to the equityand/or currency markets represented by theunderlying funds and to potentially expose the fundto asset classes and/or markets in which theunderlying funds have little or no exposure may notproduce the intended results. In addition, thestrategies MFS may implement to limit the fund'sexposure to certain extreme market events may notwork as intended, and the costs associated withsuch strategies will reduce the fund's returns. It isexpected that the fund will generally underperformthe equity markets during periods of strong, risingequity markets. • MFS' strategy of investing inunderlying funds exposes the fund to the risks ofthe underlying funds. Each underlying fund pursuesits own objective and strategies and may notachieve its objective. In addition, shareholders ofthe fund will indirectly bear the fees and expensesof the underlying funds. • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MNWAX 552746315B MNWBX 552746299C MNWCX 552746281I MNWIX 552746273

Comm. Date 06/27/14Net Assets $23.9 millionNumber of Issues 10




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/27/14) 5.82 2.24 .— .— 2.28Class A with 5.75% maximum sales charge (06/27/14) -0.27 0.24 .— .— 0.69BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index 1.05 0.47 .— .— .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— 1.10 -1.16 6.67

^ See Legend for important information.*Short positions, unlike long positions, lose value if the underlying asset gains value.

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MFS® PRUDENT INVESTOR FUNDA flexible global equity fundA flexible global equity fund seeking to manage market exposure by investing in quality companies across their whole capitalstructure

The term "prudent investor" can suggest different meanings to different investors and the use of the term "prudent investor" in the fund's name is not meant to suggest thefund will follow a specific investment strategy other than the principal investment strategies disclosed in the fund's prospectus.

FUND OBJECTIVESeeks total return.PORTFOLIO MANAGEMENTDavid P. Cole 24 years in industryBarnaby M. Wiener 24 years in industryEdward Dearing 10 years in industry


Stocks 46.90%

Bonds 28.03%


Other 4.47%

FUND BENCHMARKMSCI World Index (net div)

LEG Immobilien AG 4.5%Costco Wholesale Corp 3.4%Kao Corp 2.9%US Treasury Note 1.875% DEC 31 19 2.9%US Treasury Note 1.625% JUN 30 19 2.9%US Treasury Note 1.625% MAR 31 19 2.9%US Treasury Note 1.875% JUN 30 20 2.8%US Treasury Note 1.75% SEP 30 19 2.8%US Treasury Note 1.625% MAR 15 20 2.8%Alphabet Inc Class A 2.6%

FUND SYMBOL AND CUSIPA FPPAX 55278K872B FPPDX 55278K864C FPPEX 55278K856I FPPJX 55278K849

Commencement Date 01/18/18Net Assets $12.2 millionNumber of Issues 55Price/Earnings (12 months forward) —

Technology 26.8% Financial Services 18.0% Consumer Staples 14.8% Retailing 7.8% Special Products & Services 6.0%

TOP FIXED INCOME SECTORS^ (% of fixed income assets)

PORTFOLIO DATA^


U.S. Treasuries 43.1% High Yield Corporates 27.6%



† Periods less than one year are actual not annualized.Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance 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 subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.


1 yr. 3 yr. 5 yr. 10 yr. Life†

Class A without sales charge (01/18/18) .— .— .— .— -1.10Class A with 5.75% maximum sales charge (01/18/18) .— .— .— .— -6.79MSCI World Index (net div) 13.59 7.97 9.70 5.90 .—


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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 investorperception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. • Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments withlonger durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not havean active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of aninstrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.• 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. • Investments inderivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based,such as counterparty and liquidity risk. • Investments in value companies 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.• Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general. • Investments in below investment grade quality debt instruments can be more volatileand have greater risk of default, or already be in default, than higher-quality debt instruments. • The fund's performance may be closely tied to the performance of companies in a limited number of sectors and could be morevolatile than the performance of less focused funds. • Please see the prospectus for further information on these and other risk considerations.

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TOP 10 HOLDINGS^


NAV HISTORY

TOP 5 COUNTRIES^

TOP 5 EQUITY SECTORS^ portfolio vs. benchmark



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MFS® BLENDED RESEARCH® EMERGING MARKETS EQUITY FUNDA disciplined approach to investing in emerging markets equities The fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, emerging markets equityportfolio.

Stocks 97.39%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJohn E. Stocks, Lead PortfolioManager 19 years in industryJames C. Fallon 19 years in industryMatthew Krummell 25 years in industryJonathan W. Sage 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKMSCI Emerging Markets Index (net div)


Financial Services 25.4% 26.8%Technology 25.1% 26.1%Utilities & Communications 6.9% 7.3%Energy 6.6% 7.3%Basic Materials 5.6% 6.8%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perceptionof, issuer, market, economic, industry, political,regulatory, geopolitical, and other conditions.• Investments in foreign markets can involvegreater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can haveless market structure, depth, and regulatory,custodial or operational oversight and greaterpolitical, social, and economic instability thandeveloped markets. • This is no assurance thatthe fund's predicted tracking error will equal itstarget predicted tracking error at any point intime or consistently for any period of time, orthat the fund's predicted tracking error andactual tracking error will be similar. The fund'sstrategy to target a predicted tracking error ofapproximately 2% compared to the Index andto blend fundamental and quantitative researchmay not produce the intended results. Inaddition, MFS fundamental research is notavailable for all issuers. • MFS' investmentanalysis, its development and use of quantitativemodels, and its selection of investments may notproduce the intended results and/or can lead toan investment focus that results in the fundunderperforming other funds with similarinvestment strategies and/or underperformingthe markets in which the fund invests.Investments selected using quantitative modelsmay not produce the intended results due to thefactors used in the models, the weight placedon each factor in the models, changing sourcesof market return, and technical issues in thedesign, development, implementation, andmaintenance of the models (e.g., incomplete orinaccurate data, programming or other softwareissues, and technology failures). • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA BRKAX 552987331B BRKBX 552987323C BRKCX 552987315I BRKIX 552987299

China 31.2%South Korea 13.6%Taiwan 10.7%Brazil 8.6%India 6.1%


Samsung Electronics Co LtdTaiwan Semiconductor Manufacturing Co LtdAlibaba Group Holding Ltd ADRTencent Holdings LtdChina Construction Bank CorpIndustrial & Commercial Bank of China LtdLUKOIL PJSC ADRSberbank of Russia PJSC ADRChina Petroleum & Chemical CorpCNOOC Ltd31.8% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 26.57 .— .— .— 20.50Class A with 5.75% maximum sales charge (09/15/15) 19.29 .— .— .— 17.73MSCI Emerging Markets Index (net div) 24.93 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 14.43 38.74



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MFS® BLENDED RESEARCH® GLOBAL EQUITY FUNDA disciplined approach to investing in global equitiesThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, global equity portfolio.

Stocks 98.69%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJonathan W. Sage, Lead PortfolioManager 22 years in industryJames C. Fallon 19 years in industryMatthew Krummell 25 years in industryJohn E. Stocks 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKMSCI All Country World Index (net div)


Financial Services 20.9% 21.8%Technology 15.9% 16.5%Health Care 11.0% 10.7%Utilities & Communications 6.8% 6.6%Leisure 6.7% 4.7%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investor perceptionof, issuer, market, economic, industry, political,regulatory, geopolitical, and other conditions.• Investments in foreign markets can involvegreater risk and volatility than U.S. investmentsbecause of adverse market, currency, economic,industry, political, regulatory, geopolitical, orother conditions. • Emerging markets can haveless market structure, depth, and regulatory,custodial or operational oversight and greaterpolitical, social, and economic instability thandeveloped markets. • This is no assurance thatthe fund's predicted tracking error will equal itstarget predicted tracking error at any point intime or consistently for any period of time, orthat the fund's predicted tracking error andactual tracking error will be similar. The fund'sstrategy to target a predicted tracking error ofapproximately 2% compared to the Index andto blend fundamental and quantitative researchmay not produce the intended results. Inaddition, MFS fundamental research is notavailable for all issuers. • MFS' investmentanalysis, its development and use of quantitativemodels, and its selection of investments may notproduce the intended results and/or can lead toan investment focus that results in the fundunderperforming other funds with similarinvestment strategies and/or underperformingthe markets in which the fund invests.Investments selected using quantitative modelsmay not produce the intended results due to thefactors used in the models, the weight placedon each factor in the models, changing sourcesof market return, and technical issues in thedesign, development, implementation, andmaintenance of the models (e.g., incomplete orinaccurate data, programming or other softwareissues, and technology failures). • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA BRLAX 552987430B BRLBX 552987422C BRLCX 552987414I BRLJX 552987398

United States 49.0%Japan 8.7%Canada 6.0%United Kingdom 5.3%France 4.7%


Alphabet Inc Class AFacebook IncTaiwan Semiconductor Manufacturing Co Ltd ADRAdobe Systems IncSamsung Electronics Co LtdBoeing CoLVMH Moet Hennessy Louis Vuitton SECisco Systems IncMagna International IncBNP Paribas SA16.7% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 15.80 .— .— .— 12.18Class A with 5.75% maximum sales charge (09/15/15) 9.14 .— .— .— 9.60MSCI All Country World Index (net div) 14.85 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 6.75 24.61



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MFS® BLENDED RESEARCH® INTERNATIONAL EQUITY FUNDA disciplined approach to investing in non-US equitiesThe fund uses an actively managed approach and a consistent, disciplined bottom-up stock selection and portfolio constructionprocess that systematically blends fundamental and quantitative research to build a well-diversified, international equityportfolio.

Stocks 98.57%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJohn E. Stocks, Lead PortfolioManager 19 years in industryJames C. Fallon 19 years in industryMatthew Krummell 25 years in industryJonathan W. Sage 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKMSCI All Country World (ex-US) Index (netdiv)


Financial Services 25.3% 26.2%Technology 10.8% 11.9%Consumer Staples 8.2% 7.8%Basic Materials 7.6% 7.4%Health Care 7.5% 7.4%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Stock markets and investments in individualstocks are volatile and can decline significantly inresponse to or investor perception of, issuer,market, economic, industry, political, regulatory,geopolitical, and other conditions. • Investmentsin foreign markets can involve greater risk andvolatility than U.S. investments because ofadverse market, currency, economic, industry,political, regulatory, geopolitical, or otherconditions. • Emerging markets can have lessmarket structure, depth, and regulatory, custodialor operational oversight and greater political,social, and economic instability than developedmarkets. • This is no assurance that the fund'spredicted tracking error will equal its targetpredicted tracking error at any point in time orconsistently for any period of time, or that thefund's predicted tracking error and actual trackingerror will be similar. The fund's strategy to target apredicted tracking error of approximately 2%compared to the Index and to blend fundamentaland quantitative research may not produce theintended results. In addition, MFS fundamentalresearch is not available for all issuers. • MFS'investment analysis, its development and use ofquantitative models, and its selection ofinvestments may not produce the intendedresults and/or can lead to an investment focusthat results in the fund underperforming otherfunds with similar investment strategies and/orunderperforming the markets in which the fundinvests. Investments selected using quantitativemodels may not produce the intended results dueto the factors used in the models, the weightplaced on each factor in the models, changingsources of market return, and technical issues inthe design, development, implementation, andmaintenance of the models (e.g., incomplete orinaccurate data, programming or other softwareissues, and technology failures). • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA BRXAX 552987539B BRXBX 552987521C BRXCX 552987513I BRXIX 552987497

Japan 15.5%United Kingdom 12.1%China 9.0%France 8.4%Switzerland 7.7%


Toyota Motor CorpNovartis AGAlibaba Group Holding Ltd ADRTaiwan Semiconductor Manufacturing Co Ltd ADRRoche Holding AGBP PLCSamsung Electronics Co LtdBritish American Tobacco PLCLVMH Moet Hennessy Louis Vuitton SEBNP Paribas SA18.4% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/15) 18.63 .— .— .— 10.18Class A with 5.75% maximum sales charge (09/15/15) 11.81 .— .— .— 7.65MSCI All Country World (ex-US) Index (net div) 16.53 .— .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— .— .— 1.32 26.84



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MFS® EMERGING MARKETS EQUITY FUNDUncovering opportunities in emerging markets worldwideThe portfolio invests in stocks of emerging market companies around the world. This fund has the flexibility to invest acrosssectors, countries, and market capitalizations.

Stocks 97.20%


FUND OBJECTIVE



Jose Luis Garcia 23 years in industryRobert W. Lau 24 years in industryHarry Purcell 20 years in industry


FUND BENCHMARK

MSCI Emerging Markets Index (netdiv)


Technology 25.5% 26.1%Financial Services 24.6% 26.8%Consumer Staples 9.1% 4.7%Special Products & Services 8.2% 3.5%Leisure 5.9% 3.2%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market,economic, industry, political,regulatory, geopolitical, and otherconditions. • Investments in foreignmarkets can involve greater risk andvolatility than U.S. investmentsbecause of adverse market, currency,economic, industry, political,regulatory, geopolitical, or otherconditions. • Emerging markets canhave less market structure, depth, andregulatory, custodial or operationaloversight and greater political, social,and economic instability thandeveloped markets. • Please see theprospectus for further information onthese and other risk considerations.


A MEMAX 55273E509B MEMBX 55273E608C MEMCX 55273E889I MEMIX 55273E855

China 24.0%South Korea 11.5%Brazil 8.2%India 8.0%Taiwan 7.4%


Taiwan Semiconductor Manufacturing Co LtdAlibaba Group Holding Ltd ADRSamsung Electronics Co LtdTencent Holdings LtdHousing Development Finance Corp LtdBaidu Inc ADRYum China Holdings IncLUKOIL PJSC ADRChina Construction Bank CorpBanco Bradesco SA ADR32.3% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.The performance shown is attributable in part to unusual market conditions. These conditions may not berepeated in the future.Performance information shown for periods prior to November 30, 1999, reflects periods when a subadvisor (Foreign & ColonialManagement Ltd. and its subsidiary Foreign and Colonial Emerging Markets Ltd.) was responsible for selecting investments for thefund. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/24/95) 26.69 9.94 3.78 1.48 6.60Class A with 5.75% maximum sales charge (10/24/95) 19.41 7.79 2.56 0.88 6.32MSCI Emerging Markets Index (net div) 24.93 8.81 4.99 3.02 .—Lipper Emerging Markets Funds category average 23.20 8.18 4.65 2.95 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -55.55 68.10 23.07 -18.81 18.69 -5.42 -6.85 -12.91 8.60 37.38



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MFS® GLOBAL EQUITY FUNDA core global stock fundOur core global portfolio focuses on larger-cap companies with growth characteristics whose stocks are selling at reasonablelevels.

Stocks 98.65%


FUND OBJECTIVE



Ryan P McAllister 15 years in industryRoger Morley 21 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK



Consumer Staples 18.2% 7.1%Health Care 17.9% 11.8%Financial Services 13.3% 21.1%Leisure 8.6% 4.9%Industrial Goods & Services 8.4% 7.3%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • Please see theprospectus for further information onthese and other risk considerations.


A MWEFX 552986507B MWEBX 552986606C MWECX 552986887I MWEIX 552986861

United States 53.7%France 9.6%United Kingdom 8.0%Switzerland 7.8%Germany 6.2%


Thermo Fisher Scientific IncBayer AGVisa IncMedtronic PLCAccenture PLCHoneywell International IncNestle SAComcast CorpReckitt Benckiser Group PLCLVMH Moet Hennessy Louis Vuitton SE24.5% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/07/93) 12.29 7.38 9.17 7.35 8.80Class A with 5.75% maximum sales charge (09/07/93) 5.83 5.28 7.88 6.71 8.53MSCI World Index (net div) 13.59 7.97 9.70 5.90 .—Lipper Global Large-Cap Core category average 13.97 7.19 8.56 5.71 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -34.08 31.19 11.80 -4.42 23.42 27.51 3.75 -1.68 7.07 23.62



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MFS® GLOBAL GROWTH FUNDSeeking growth opportunities across the globeSeeks well-run businesses poised for growth in the U.S., international and emerging markets. The managers look for companieswith strong fundamentals and superior management.

Stocks 98.84%


FUND OBJECTIVE



Jeffrey C. Constantino 20 years in industryDavid A. Antonelli 30 years in industryEffective 5/1/18, Joseph Skorski willbe added as a portfolio manager ofthe fund.


FUND BENCHMARK

MSCI All Country World GrowthIndex (net div)


Technology 15.9% 24.5%Consumer Staples 15.8% 7.5%Special Products & Services 12.4% 5.2%Retailing 10.4% 9.0%Health Care 9.9% 11.4%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market,economic, industry, political,regulatory, geopolitical, and otherconditions. • Investments in foreignmarkets can involve greater risk andvolatility than U.S. investmentsbecause of adverse market, currency,economic, industry, political,regulatory, geopolitical, or otherconditions. • Emerging markets canhave less market structure, depth, andregulatory, custodial or operationaloversight and greater political, social,and economic instability thandeveloped markets. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A MWOFX 552989303B MWOBX 552989402C MWOCX 552989501I MWOIX 552989808

United States 56.8%United Kingdom 10.7%Switzerland 6.4%France 5.9%Japan 3.5%


Alphabet Inc Class AMicrosoft CorpNIKE IncAccenture PLCTaiwan Semiconductor Manufacturing Co Ltd ADRReckitt Benckiser Group PLCStarbucks CorpNestle SAAon PLCPernod Ricard SA22.5% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (11/18/93) 20.74 10.24 10.20 7.10 8.20Class A with 5.75% maximum sales charge (11/18/93) 13.80 8.08 8.90 6.47 7.94MSCI All Country World Growth Index (net div) 19.98 9.56 10.83 6.73 .—Lipper Global Multi-Cap Growth category average 19.69 8.75 10.54 6.16 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -39.25 39.74 11.35 -6.68 19.43 20.87 4.03 -2.01 5.08 31.38



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MFS® GLOBAL NEW DISCOVERY FUNDA global equity fund focused on small- and mid-cap stocksA research-driven global equity fund that invests primarily in small and medium capitalization companies. Management employsa flexible geographic approach in seeking stocks of companies that have significant growth potential and/or whose valuationsdo not reflect the fundamental strengths of the company.

Stocks 95.20%


FUND OBJECTIVE

Seeks capital appreciation


Peter F. Fruzzetti 24 years in industryMichael S. Grossman 18 years in industry


FUND BENCHMARK

MSCI All Country World Small MidCap Index (net div)


Special Products & Services 15.6% 6.3%Technology 11.9% 11.5%Industrial Goods & Services 11.9% 10.2%Financial Services 10.3% 22.0%Basic Materials 9.4% 8.6%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market,economic, industry, political,regulatory, geopolitical, and otherconditions. • Investments in foreignmarkets can involve greater risk andvolatility than U.S. investmentsbecause of adverse market, currency,economic, industry, political,regulatory, geopolitical, or otherconditions. • Investments in small-capcompanies can be more volatile thaninvestments in larger companies. • Thefund's performance may be closely tiedto the performance of companies in alimited number of sectors and couldbe more volatile than the performanceof less focused funds. • Please see theprospectus for further information onthese and other risk considerations.


A GLNAX 552987646B GLNBX 552987638C GLNCX 552987620I GLNIX 552987612

United States 42.8%Japan 15.2%United Kingdom 9.2%Germany 4.1%Norway 2.1%


Fuji Seal International IncObic Co LtdNissei ASB Machine Co LtdBunzl PLCYamato Holdings Co LtdKoito Manufacturing Co LtdLogMeIn IncNice Ltd ADRICON PLCSymrise AG11.8% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/16/11) 25.83 11.88 9.62 .— 13.85Class A with 5.75% maximum sales charge (12/16/11) 18.60 9.70 8.33 .— 12.79MSCI All Country World Small Mid Cap Index (net div) 15.94 8.55 9.82 .— .—Lipper Global Small-/Mid-Cap Funds category average 19.47 10.01 10.64 .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— 25.16 29.90 -6.24 2.19 6.59 29.42



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MFS® GLOBAL REAL ESTATE FUNDThe Fund invests primarily in U.S. and foreign real estate-related investmentsThe Fund focuses on equity real estate investment trusts (REITs) believed to have attractive valuations and above-averagegrowth prospects. Equity REITs invest directly in real property, receive income from rents and may realize gains by sellingappreciated property.

Stocks 95.11%


FUND OBJECTIVE

Seeks total return.


Richard R. Gable 25 years in industry


FUND BENCHMARK

FTSE EPRA/NAREIT Developed RealEstate Index (net div)


Financial Services 93.4% 97.9%Utilities & Communications 0.9% 0.0%Special Products & Services 0.8% 0.2%Technology 0.0% 1.6%Retailing 0.0% 0.0%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • The fund'sperformance could be more volatilethan the performance of morediversified funds. • Real estate-relatedinvestments can be volatile because ofgeneral, regional, and local economicconditions, fluctuations in interest ratesand property tax rates; shifts in zoninglaws, environmental regulation andother governmental actions; increasedoperation expenses; lack of availabilityof mortgage funds; losses due tonatural disasters; changes in propertyvalues and rental rates; overbuilding;losses due to casualty orcondemnation, cash flows;themanagement skill and creditworthinessof the REIT manager, and other factors.• Please see the prospectus for furtherinformation on these and other riskconsiderations.


A MGLAX 552982753B MGLDX 552982688C MGLCX 552982670I MGLIX 552982746

United States 50.1%Japan 9.3%United Kingdom 7.6%Hong Kong 6.4%Australia 4.7%


Simon Property Group Inc REITPublic Storage REITUnibail-Rodamco SE REITMitsui Fudosan Co LtdLink REIT REITHealth Care REIT Inc REITBrixmor Property Group Inc REITSun Communities Inc REITMedical Properties Trust Inc REITHang Lung Properties Ltd33.4% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (03/11/09) 4.85 4.17 5.81 .— 15.85Class A with 5.75% maximum sales charge (03/11/09) -1.18 2.13 4.57 .— 15.10FTSE EPRA/NAREIT Developed Real Estate Index (net div) 3.23 1.52 4.10 .— .—Lipper Global Real Estate Funds category average 5.06 2.03 4.55 .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— 15.29 -7.22 29.49 4.74 14.96 0.40 7.23 12.64



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TOP 10 HOLDINGS^ FUND DATA^TOP 5 COUNTRIES^


TOP 5 EQUITY SECTORS^ stocks vs. benchmark




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MFS® GLOBAL TOTAL RETURN FUNDA conservative global balanced fundOur team-managed global balanced fund maintains an investment mix of stocks and bonds, which historically has beenallocated at approximately 60% stocks and 40% bonds. The portfolio follows a conservative approach investing in large-capcompanies trading at attractive valuations and global bonds.

Stocks 57.58%

Bonds 35.67%


Other 2.38%

FUND OBJECTIVESeeks total return.PORTFOLIO MANAGEMENTThe fund is managed by portfolio managersNevin Chitkara, Pablo de la Mata, StevenGorham, Vipin Narula, Jonathan Sage andBenjamin Stone (Equity Securities); PilarGomez-Bravo, Richard Hawkins, RobertSpector (Debt Instruments), Robert Persons(Investment Grade Debt Instruments), andErik Weisman (Sovereign Debt Instruments).Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKMSCI World Index (net div)


Financial Services 21.5% 21.1%Consumer Staples 15.8% 7.1%Health Care 12.1% 11.8%Industrial Goods & Services 8.9% 7.3%Technology 8.2% 15.1%(% of equity assets)

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Stock markets and investments inindividual stocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory, geopolitical, andother conditions. • Investments in debtinstruments may decline in value as the resultof declines in the credit quality of the issuer,borrower, counterparty, or other entityresponsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certaintypes of debt instruments can be moresensitive to these factors and therefore morevolatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share pricemay decline during rising rates. Funds thatconsist of debt instruments with longerdurations are generally more sensitive to arise in interest rates than those with shorterdurations. At times, and particularly duringperiods of market turmoil, all or a largeportion of segments of the market may nothave an active trading market. As a result, itmay be difficult to value these investmentsand it may not be possible to sell a particularinvestment or type of investment at anyparticular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest rate changeslike other debt instruments; however, aninstrument purchased at a negative interestrate is expected to produce a negative returnif held to maturity. • Investments in foreignmarkets can involve greater risk and volatilitythan U.S. investments because of adversemarket, currency, economic, industry, political,regulatory, geopolitical, or other conditions.• Please see the prospectus for furtherinformation on these and other riskconsiderations.


FUND SYMBOL AND CUSIPA MFWTX 552986101B MFWBX 552986200C MFWCX 552986804I MFWIX 552986853

Taiwan Semiconductor Manufacturing Co Ltd ADRPhilip Morris International IncJapan Government Twenty Year Bond 1.5% MAR 20 34US Treasury Note 2.125% DEC 31 22JPMorgan Chase & CoNestle SAUS Treasury Note 1.375% APR 30 20Lockheed Martin CorpAccenture PLCUST 10Yr Ultra Bond Future JUN 20 18*10.2% long and 2.0% short (*) positions of total netassets

Comm. Date 09/04/90Net Assets $2,270.3 millionNumber of Issues 568Market Cap(wtd. avg.) $92.87 billionPrice/Book 2.60Price/Earnings (12 monthsforward) 14.46Turnover Ratio 41%

United States 53.0%Japan 8.2%United Kingdom 6.3%France 5.7%Switzerland 5.1%

PORTFOLIO DATA^


Non-U.S. Sovereigns 39.3%Investment Grade Corporates 28.9%U.S. Treasuries 13.3%Mortgage Backed 8.4%Emerging Markets Debt 5.0%(% of fixed income assets)


NAV HISTORY


FUND EXPENSES


This written agreement willcontinue until modified bythe fund's Board of Trustees,but suchagreement willcontinue until at leastFebruary 28, 2019.


1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/04/90) 9.69 5.57 6.31 5.40 8.36Class A with 5.75% maximum sales charge (09/04/90) 3.38 3.50 5.06 4.78 8.12MSCI World Index (net div) 13.59 7.97 9.70 5.90 .—Lipper Mixed-Asset Target Alloc Moderate Funds category average 7.55 4.70 5.99 5.40 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -15.61 14.30 7.89 2.21 10.99 16.07 3.48 -1.55 5.28 15.14


^ See Legend for important information.^^See Glossary for important information*Short positions, unlike long positions, lose value if the underlying asset gains value.

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FUND EXPENSESNAV HISTORYFUND DATA^






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MFS® INTERNATIONAL DIVERSIFICATIONSM FUNDA diversified portfolio of MFS international stock fundsThe fund has a target weighting of 100% international stocks, provides convenient access to five distinct international equityfunds in a single investment, and is periodically rebalanced.

FUND OBJECTIVE



Team of QuantitativeProfessionals General Oversight by Thomas Melendez 26 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

Int'l Stocks 100%

FUND BENCHMARK

MSCI All Country World (ex-US)Index (net div)

MFS Research International Fund 29.9%MFS International Value Fund 25.0%MFS International Growth Fund 24.9%MFS International New Discovery Fund 10.0%MFS Emerging Markets Equity Fund 10.0%Cash & Cash Equivalents 0.1%


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • MFS' strategy ofinvesting in underlying funds exposesthe fund to the risks of the underlyingfunds. Each underlying fund pursues itsown objective and strategies and maynot achieve its objective. In addition,shareholders of the fund will indirectlybear the fees and expenses of theunderlying funds. • Please see theprospectus for further information onthese and other risk considerations.


A MDIDX 55273G330B MDIFX 55273G322C MDIGX 55273G314I MDIJX 55273G298



Financial Services 17.9%Consumer Staples 17.1%Technology 14.8%Basic Materials 8.1%Health Care 8.1%


Nestle SARoche Holding AGReckitt Benckiser Group PLCSchneider Electric SEAmadeus IT Group SA8.7% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/30/04) 20.01 8.00 7.23 4.51 7.83Class A with 5.75% maximum sales charge (09/30/04) 13.11 5.89 5.97 3.90 7.36MSCI All Country World (ex-US) Index (net div) 16.53 6.18 5.89 2.70 .—Lipper International Multi-Cap Core category average 15.29 5.81 6.54 2.84 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -40.25 34.21 13.20 -9.40 18.16 16.93 -4.08 -0.12 2.16 29.94



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MFS® INTERNATIONAL GROWTH FUNDAn international multi-cap growth offeringOur international growth fund seeks well-run non-US businesses capable of generating sustainable growth. Managementfocuses on businesses with strong fundamentals, superior management, and a sustainable competitive advantage.

Stocks 98.41%


FUND OBJECTIVE



David A. Antonelli 30 years in industryKevin M. Dwan 20 years in industryMatthew T. Barrett 22 years in industry


FUND BENCHMARK

MSCI All Country World (ex-US)Growth Index (net div)


Consumer Staples 18.1% 13.3%Technology 16.7% 20.3%Health Care 13.4% 9.6%Financial Services 11.9% 12.2%Basic Materials 7.9% 7.8%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market,economic, industry, political,regulatory, geopolitical, and otherconditions. • Investments in foreignmarkets can involve greater risk andvolatility than U.S. investmentsbecause of adverse market, currency,economic, industry, political,regulatory, geopolitical, or otherconditions. • Emerging markets canhave less market structure, depth, andregulatory, custodial or operationaloversight and greater political, social,and economic instability thandeveloped markets. • Investments ingrowth companies can be moresensitive to the company's earningsand more volatile than the stockmarket in general. • Please see theprospectus for further information onthese and other risk considerations.


A MGRAX 55273E103B MGRBX 55273E202C MGRCX 55273E863I MQGIX 55273E848

France 18.7%United Kingdom 12.4%Switzerland 11.2%Germany 10.7%Japan 8.7%


Nestle SATaiwan Semiconductor Manufacturing Co Ltd ADRAIA Group LtdRoche Holding AGAccenture PLCPernod Ricard SASAP SEAlibaba Group Holding Ltd ADRL'Oreal SALVMH Moet Hennessy Louis Vuitton SE28.2% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.Performance information shown for periods prior to November 30, 1998, reflects periods when a subadvisor (Foreign & ColonialManagement Ltd. and its subsidiary Foreign and Colonial Emerging Markets Ltd.) was responsible for selecting investments for thefund.Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/24/95) 20.79 8.35 6.62 4.63 5.87Class A with 5.75% maximum sales charge (10/24/95) 13.84 6.23 5.37 4.01 5.60MSCI All Country World (ex-US) Growth Index (net div) 19.92 7.28 6.84 3.25 .—Lipper International Large-Cap Growth category average 16.96 5.96 6.25 3.38 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -40.10 37.65 14.99 -10.85 19.39 13.56 -5.32 0.02 2.39 32.17



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MFS® INTERNATIONAL NEW DISCOVERY FUNDAn international growth fund focused on small- and mid-cap stocksThe fund generally focuses on growth companies with small and mid market capitalizations. The fund also seeks internationalstocks with valuations in line with fundamental strengths and growth prospects.

Stocks 96.41%


FUND OBJECTIVE



David A. Antonelli 30 years in industryPeter F. Fruzzetti 24 years in industryJose Luis Garcia 23 years in industryRobert W. Lau 24 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK

MSCI All Country World (ex-US)Small Mid Cap Index (net div)


Financial Services 14.4% 20.8%Special Products & Services 11.5% 6.5%Technology 11.0% 9.3%Basic Materials 10.3% 11.0%Consumer Staples 9.6% 4.6%



0.0% Other. Other consists of: (i) currency derivatives and/or(ii) any derivative offsets.


The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • Emerging marketscan have less market structure, depth,and regulatory, custodial oroperational oversight and greaterpolitical, social, and economicinstability than developed markets.• Investments in small-cap companiescan be more volatile than investmentsin larger companies. • The fund'sperformance may be closely tied to theperformance of companies in a limitednumber of sectors and could be morevolatile than the performance of lessfocused funds. • Please see theprospectus for further information onthese and other risk considerations.


A MIDAX 552981888B MIDBX 552981870C MIDCX 552981862I MWNIX 552981854

Japan 21.5%United Kingdom 18.3%Germany 6.7%China 3.6%Australia 3.5%


Obic Co LtdBunzl PLCAmadeus IT Group SACroda International PLCDollarama IncSymrise AGFuji Seal International IncYamato Holdings Co LtdHiscox LtdEPAM Systems Inc15.4% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/09/97) 23.86 10.24 8.47 6.86 11.40Class A with 5.75% maximum sales charge (10/09/97) 16.74 8.08 7.19 6.23 11.08MSCI All Country World (ex-US) Small Mid Cap Index (net div) 19.23 8.97 7.90 4.58 .—Lipper International Small/Mid-Cap Growth category average 24.58 10.41 9.85 6.20 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -43.99 47.42 21.85 -10.04 24.71 19.46 -2.90 2.48 0.22 31.75



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S1 Effective at the close of business on May 29, 2015 (the 'Closing Date'), the fund was closed to new investors subject to certain exceptions. Please see the prospectus foradditional information.

MFS® INTERNATIONAL VALUE FUNDS1

A long-term oriented international value fundA more conservative international equity offering relative to our other international funds, seeks companies that areundervalued compared to their intrinsic value. The fund generally focuses on companies it believes have intrinsic value greaterthan the perceived value in the marketplace.

Stocks 93.35%


Other -0.02%

FUND OBJECTIVE



Benjamin Stone22 years in industryPablo de la Mata14 years in industry


FUND BENCHMARK

MSCI EAFE (Europe, Australasia, FarEast) Value Index (net div)


Consumer Staples 29.5% 2.5%Technology 16.9% 1.6%Financial Services 12.7% 39.5%Industrial Goods & Services 10.1% 5.1%Special Products & Services 8.4% 3.2%





The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • Investments inderivatives can be used to take bothlong and short positions, be highlyvolatile, involve leverage (which canmagnify losses), and involve risks inaddition to the risks of the underlyingindicator(s) on which the derivative isbased, such as counterparty andliquidity risk. • Investments in valuecompanies can continue to beundervalued for long periods of time,not realize their expected value, andbe more volatile than the stock marketin general. • Please see the prospectusfor further information on these andother risk considerations.


A MGIAX 55273E301B MGIBX 55273E400C MGICX 55273E871I MINIX 55273E822

Japan 20.3%United Kingdom 14.1%Germany 12.6%Switzerland 11.5%France 10.9%


Nestle SAGivaudan SAHenkel AG & Co KGaA IPSTaiwan Semiconductor Manufacturing Co Ltd ADRPernod Ricard SAReckitt Benckiser Group PLCKao CorpDanone SAAmadeus IT Group SAColgate-Palmolive Co25.0% of total net assets



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.Performance information shown for periods prior to November 30, 1998, reflects periods when a subadvisor (Foreign & ColonialManagement Ltd. and its subsidiary Foreign and Colonial Emerging Markets Ltd.) was responsible for selecting investments for thefund. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/24/95) 17.38 9.32 10.70 7.10 8.25Class A with 5.75% maximum sales charge (10/24/95) 10.63 7.19 9.40 6.47 7.97MSCI EAFE (Europe, Australasia, Far East) Value Index (net div) 12.19 4.29 5.78 1.97 .—Lipper International Multi-Cap Growth category average 19.44 6.96 6.96 3.17 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -31.91 24.64 9.13 -1.96 15.81 27.35 1.28 6.48 3.93 26.83



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MFS® LOW VOLATILITY GLOBAL EQUITY FUNDA Global equity fund with a disciplined approach to seeking reduced volatilityThe fund seeks to provide long-term growth of capital and reduce downside market exposure by investing primarily in lessvolatile global equities selected through a blend of fundamental and quantitative research.

Stocks 98.68%


FUND OBJECTIVESeeks capital appreciation.PORTFOLIO MANAGEMENTJames C. Fallon, Lead PortfolioManager19 years in industryJonathan W. Sage22 years in industryMatthew Krummell25 years in industryJohn E. Stocks19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKMSCI All Country World Index (net div)


Financial Services 16.3% 21.8%Health Care 15.5% 10.7%Utilities & Communications 15.3% 6.6%Consumer Staples 13.5% 6.8%Technology 11.7% 16.5%

RISK MEASURES VS. BENCHMARK^Alpha 0.95Beta 0.67R2 74.56Standard Deviation 8.49Sharpe Ratio 0.71Risk measures are based on a trailing 3year period.

FUND SYMBOL AND CUSIPA MVGAX 55273H213B MVGBX 55273H197C MVGCX 55273H189I MVGIX 55273H171

United States 44.3%Japan 12.7%Canada 8.8%Switzerland 6.5%Hong Kong 4.6%


Taiwan Semiconductor Manufacturing Co Ltd ADRTerumo CorpJohnson & JohnsonABC-Mart IncRoss Stores IncRoche Holding AGLockheed Martin CorpPfizer IncFisher & Paykel Healthcare Corp LtdAdobe Systems Inc23.1% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (12/05/13) 10.37 6.45 .— .— 7.97Class A with 5.75% maximum sales charge (12/05/13) 4.02 4.37 .— .— 6.50MSCI All Country World Index (net div) 14.85 8.12 .— .— .—Lipper Global Multi-Cap Core category average 14.42 7.41 .— .— .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— .— .— 9.85 1.11 5.72 18.15



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MFS® LOW VOLATILITY GLOBAL EQUITY FUND

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 significantlyin response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. • Investments in foreign markets can involve greater risk andvolatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions. • This is no assurance that the fund will be lessvolatile 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 morevolatile 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 allissuers. 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 ofquantitative 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 similarinvestment 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 usedin 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 themodels (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 riskconsiderations.

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MFS® RESEARCH INTERNATIONAL FUNDAn analyst-run core international stock fundManaged by a team of MFS equity analysts. The fund is designed to be broadly diversified by sector with the flexibility to investacross regions, industries, styles, and market capitalizations.

Stocks 98.35%


FUND OBJECTIVE



Team of AnalystsGeneral Oversight by Jose Luis Garcia23 years in industryGeneral Oversight by Thomas Melendez26 years in industryGeneral Oversight by Victoria Higley24 years in industryPortfolio manager(s) may change; acurrent listing is available on MFS'website.

FUND BENCHMARK

MSCI EAFE (Europe, Australasia, FarEast) Index (net div)


Capital Goods 24.4% 24.7%Financial Services 24.3% 24.5%Technology 10.2% 10.1%Consumer Staples 9.3% 9.7%Health Care 9.3% 9.7%




The fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Stockmarkets and investments in individualstocks are volatile and can declinesignificantly in response to or investorperception of, issuer, market, economic,industry, political, regulatory,geopolitical, and other conditions.• Investments in foreign markets caninvolve greater risk and volatility thanU.S. investments because of adversemarket, currency, economic, industry,political, regulatory, geopolitical, orother conditions. • Please see theprospectus for further information onthese and other risk considerations.


A MRSAX 552983512B MRIBX 552983496C MRICX 552983488I MRSIX 552983470

Japan 18.3%Switzerland 12.4%United Kingdom 11.8%Germany 9.2%France 8.7%


Nestle SARoche Holding AGBayer AGSchneider Electric SEUBS Group AGAIA Group LtdBNP Paribas SANovo Nordisk ASLinde AGAkzo Nobel NV19.8% of total net assets




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/02/97) 18.28 5.21 5.51 2.56 6.61Class A with 5.75% maximum sales charge (01/02/97) 11.48 3.15 4.27 1.95 6.31MSCI EAFE (Europe, Australasia, Far East) Index (net div) 14.80 5.55 6.50 2.74 .—Lipper International Multi-Cap Growth category average 19.44 6.96 6.96 3.17 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -42.67 31.15 10.96 -10.90 16.69 18.64 -6.97 -2.02 -1.10 28.05



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1. Portfolio StructurePortfolio Structure shows the percentage of net assets invested in stocks,bonds, and cash as of the most recent calendar quarter-end.

2. Top 5 Fixed Income SectorsTop 5 Fixed Income Sectors reflects the fund’s diversification amongmajor sectors as of the most recent calendar quarter-end.

3. Top HoldingsTop Holdings are shown on a price-weighted basis in order from largestto smallest for the periods referenced. The top holdings may not reflectcurrent or future holdings, may change at any time, and are updated ona calendar quarter-end basis. The data are based on unaudited net assetsas of the period shown.

4. Distribution HistoryDistribution History shows dividends paid by the fund on a per-sharebasis for the previous four months.

5. Portfolio DataAverage Effective Maturity is a weighted average of maturity of thebonds held in a portfolio, taking into account any prepayments, puts, andadjustable coupons which may shorten the maturity. Longer-maturityfunds are generally considered more interest-rate sensitive than shortermaturity funds.Average Effective Duration is a measure of how much a bond’s priceis likely to fluctuate with general changes in interest rates, e.g., if ratesrise 1.00%, a bond with a 5-year duration is likely to lose about 5.00%of its value.

6. Fund DataCommencement Date is the date on which the fund began operations.Net Assets is the total of the fund’s assets under management as of themost recent calendar quarter-end.Number of Issues represents how many different fixed-incomesecurities were held in the portfolio as of the most recent calendarquarter-end.Turnover Ratio is the percentage of a fund’s assets that have changedover the course of a given time period, usually a year. It is calculated bydividing the average assets during the period by the lesser of the value ofpurchases and the value of sales during the same period.

7. Fund ExpensesGross Expense Ratio is the fund’s total operating expense ratio fromthe fund’s most recent prospectus. Net Expense Ratio reflects the reduction of expenses from fee waiversand reimbursements. Elimination of these reductions will result in higherexpenses and lower performance.

8. Calendar Year Total ReturnCalendar Year Total Returns are for the fund’s Class A shares and do notinclude sales charges. Returns include the changes in share price and thereinvestment of dividends and capital gains but do not include theeffects of any applicable sales charges that would lower the returns.Past performance is no guarantee of future results.

9. Average Annual Total ReturnsAverage Annual Total Returns are for the fund’s Class A shares, withand without sales charges. Returns are historical and include thechanges in share price, reinvestment of dividends, and capital gains.Index returns, which do not take into account fund fees and expenses,and Lipper Category returns, which are based on past performanceat net asset value, are for comparison purposes only. Performancedata shown represent past performance and are no guaranteeof future results. Investment return and principal valuefluctuate so your shares, when sold, may be worth moreor less than the original cost; current performance may belower or higher than quoted. For most recent month-endperformance, please visit mfs.com.

10. Risk MeasuresRisk Measures are calculated for the trailing three-year period. Definitions for Risk Measures cited may be found in the glossary inthe back section of this publication.

11. Fund Symbol and CUSIPFund Symbol is a five-letter designation assigned by the FinancialIndustry Regulatory Authority (FINRA) to identify the fund. New fundsmay not have a symbol pending FINRA assignment.CUSIP is an identification number assigned to the fund by theCommittee on Uniform Security Identification Procedures.

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PORTFOLIO STRUCTURE

FUND EXPENSES

TOP 10 HOLDINGS^

PORTFOLIO DATA^


FUND DATA^


MFS® CORPORATE BOND FUNDA corporate bond fund with an investment grade focusFocuses on corporate bonds our analysts believe have solid or improving credit fundamentals. The fund may also invest in high-yield and international bonds, as well as emerging market debt.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTRichard O. Hawkins36 years in industryAlexander M. Mackey19 years in industryRobert D. Persons31 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. Credit Bond Index

Bonds 97.45%


Investment Grade Corporates 83.1%High Yield Corporates 8.6%Emerging Markets Debt 3.5%U.S. Treasuries 0.9%Mortgage Backed 0.9%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Investments indebt instruments may decline in value asthe result of declines in the credit quality ofthe issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certaintypes of debt instruments can be moresensitive to these factors and thereforemore volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise,prices usually fall), therefore the Fund'sshare price may decline during rising rates.Funds that consist of debt instruments withlonger durations are generally moresensitive to a rise in interest rates thanthose with shorter durations. At times, andparticularly during periods of marketturmoil, all or a large portion of segments ofthe market may not have an active tradingmarket. As a result, it may be difficult tovalue these investments and it may not bepossible to sell a particular investment ortype of investment at any particular time orat an acceptable price. The price of aninstrument trading at a negative interestrate responds to interest rate changes likeother debt instruments; however, aninstrument purchased at a negative interestrate is expected to produce a negativereturn if held to maturity. • Investments inforeign markets can involve greater risk andvolatility than U.S. investments because ofadverse market, currency, economic,industry, political, regulatory, geopolitical, orother conditions. • Investments in belowinvestment grade quality debt instrumentscan be more volatile and have greater riskof default, or already be in default, thanhigher-quality debt instruments. • Pleasesee the prospectus for further informationon these and other risk considerations.FUND SYMBOL AND CUSIPA MFBFX 55272P208B MFBBX 55272P307C MFBCX 55272P703I MBDIX 55272P877



Income Paid MonthlyMarch $0.03300February $0.03400January $0.03400December $0.03400

Bank of New York Mellon Corp 2.95% JAN 29 23Anheuser-Busch InBev Worldwide Inc 3.75% JAN 15 22US Treasury Bond 3.5% FEB 15 39Bank of America Corp FRB JAN 23 22Broadcom Corp 3.875% JAN 15 27Sempra Energy 3.25% JUN 15 27Reckitt Benckiser Treasury Services PLC 144A 3% JUN 26 27Constellation Brands Inc 4.25% MAY 01 23Citigroup Inc FRB OCT 27 28ONEOK Inc 4.95% JUL 13 478.8% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (05/08/74) 2.08 2.07 2.71 5.67 7.97Class A with 4.25% maximum sales charge (05/08/74) -2.26 0.60 1.82 5.22 7.86Bloomberg Barclays U.S. Credit Bond Index 2.59 2.16 2.83 5.15 .—Lipper Corporate Debt Funds BBB-Rated category average 2.27 1.96 2.67 4.96 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -9.98 28.37 11.22 6.40 10.44 -0.51 5.69 -0.36 5.81 6.06


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PORTFOLIO STRUCTURE

FUND EXPENSES

TOP 10 HOLDINGS^

PORTFOLIO DATA^


FUND DATA^


MFS® CORPORATE BOND FUNDA corporate bond fund with an investment grade focusFocuses on corporate bonds our analysts believe have solid or improving credit fundamentals. The fund may also invest in high-yield and international bonds, as well as emerging market debt.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTRichard O. Hawkins36 years in industryAlexander M. Mackey19 years in industryRobert D. Persons31 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. Credit Bond Index

Bonds 97.45%


Investment Grade Corporates 83.1%High Yield Corporates 8.6%Emerging Markets Debt 3.5%U.S. Treasuries 0.9%Mortgage Backed 0.9%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objectiveand/or you could lose money on yourinvestment in the fund. • Investments indebt instruments may decline in value asthe result of declines in the credit quality ofthe issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certaintypes of debt instruments can be moresensitive to these factors and thereforemore volatile. In addition, debt instrumentsentail interest rate risk (as interest rates rise,prices usually fall), therefore the Fund'sshare price may decline during rising rates.Funds that consist of debt instruments withlonger durations are generally moresensitive to a rise in interest rates thanthose with shorter durations. At times, andparticularly during periods of marketturmoil, all or a large portion of segments ofthe market may not have an active tradingmarket. As a result, it may be difficult tovalue these investments and it may not bepossible to sell a particular investment ortype of investment at any particular time orat an acceptable price. The price of aninstrument trading at a negative interestrate responds to interest rate changes likeother debt instruments; however, aninstrument purchased at a negative interestrate is expected to produce a negativereturn if held to maturity. • Investments inforeign markets can involve greater risk andvolatility than U.S. investments because ofadverse market, currency, economic,industry, political, regulatory, geopolitical, orother conditions. • Investments in belowinvestment grade quality debt instrumentscan be more volatile and have greater riskof default, or already be in default, thanhigher-quality debt instruments. • Pleasesee the prospectus for further informationon these and other risk considerations.FUND SYMBOL AND CUSIPA MFBFX 55272P208B MFBBX 55272P307C MFBCX 55272P703I MBDIX 55272P877




Bank of New York Mellon Corp 2.95% JAN 29 23Anheuser-Busch InBev Worldwide Inc 3.75% JAN 15 22US Treasury Bond 3.5% FEB 15 39Bank of America Corp FRB JAN 23 22Broadcom Corp 3.875% JAN 15 27Sempra Energy 3.25% JUN 15 27Reckitt Benckiser Treasury Services PLC 144A 3% JUN 26 27Constellation Brands Inc 4.25% MAY 01 23Citigroup Inc FRB OCT 27 28ONEOK Inc 4.95% JUL 13 478.8% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (05/08/74) 2.08 2.07 2.71 5.67 7.97Class A with 4.25% maximum sales charge (05/08/74) -2.26 0.60 1.82 5.22 7.86Bloomberg Barclays U.S. Credit Bond Index 2.59 2.16 2.83 5.15 .—Lipper Corporate Debt Funds BBB-Rated category average 2.27 1.96 2.67 4.96 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -9.98 28.37 11.22 6.40 10.44 -0.51 5.69 -0.36 5.81 6.06


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PORTFOLIO STRUCTURE

PORTFOLIO DATA^

TOP 5 EMERGING MARKET COUNTRIES

TOP 10 HOLDINGS^ TOP 10 CURRENCY WEIGHTS

FUND EXPENSES

FUND DATA^


Total developed market exposure including cash and futureswas 8.4% of which 8.1% was United States, and 7 othercountries with weights less than 1%, totaling 0.3%.

MFS® EMERGING MARKETS DEBT FUNDUncovering fixed income opportunities in emerging markets worldwideFocuses primarily on debt issued by emerging market countries; however, the fund may invest in corporate debt issued bycompanies located in emerging market countries.

FUND OBJECTIVESeeks total return with an emphasis on highcurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTMatthew W. Ryan 31 years in industryWard Brown 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKJPMorgan Emerging Markets Bond IndexGlobal

Bonds 97.54%

Other 1.29%


Stocks 0.06%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, orother conditions. Certain types of debt instrumentscan be more sensitive to these factors andtherefore more volatile. In addition, debtinstruments entail interest rate risk (as interest ratesrise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds thatconsist of debt instruments with longer durationsare generally more sensitive to a rise in interestrates than those with shorter durations. At times,and particularly during periods of market turmoil,all or a large portion of segments of the marketmay not have an active trading market. As a result,it may be difficult to value these investments and itmay not be possible to sell a particular investmentor type of investment at any particular time or atan acceptable price. The price of an instrumenttrading at a negative interest rate responds tointerest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negativereturn if held to maturity. • Investments in foreignmarkets can involve greater risk and volatility thanU.S. investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Emergingmarkets can have less market structure, depth, andregulatory, custodial or operational oversight andgreater political, social, and economic instabilitythan developed markets. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty andliquidity risk. • Investments in below investmentgrade quality debt instruments can be more volatileand have greater risk of default, or already be indefault, than higher-quality debt instruments.• Please see the prospectus for further informationon these and other risk considerations.

Argentina 10.2%Russia 6.5%Mexico 5.7%Indonesia 5.4%Brazil 5.3%

FUND SYMBOL AND CUSIPA MEDAX 55273E673B MEDBX 55273E665C MEDCX 55273E657I MEDIX 55273E640





US Treasury Note 2.125% DEC 31 22Argentine Republic GovernmentInternational Bond 5.875% JAN 11 28US Treasury Note 2.625% FEB 28 23Argentine Republic GovernmentInternational Bond 6.875% APR 22 21Argentine Republic GovernmentInternational Bond 5.625% JAN 26 22Russian Foreign Bond - Eurobond 144A5.25% JUN 23 47Malaysia Government Bond 3.58% SEP 28 18Republic of South Africa Government Bond10.5% DEC 21 26UST Bond 30Yr Future Jun 20 18Russian Foreign Bond - Eurobond RegS4.5% APR 04 2211.9% of total net assets

United States Dollar 90.6%Mexican Peso 1.8%Malaysian Ringgit 1.5%South African Rand 1.5%Czech Koruna 0.9%Argentine Peso 0.7%Chinese Yuan Offshore (HK) 0.7%Polish Zloty 0.5%Indonesian Rupiah 0.4%Indian Rupee 0.4%

Avg. Eff. Maturity 9.80 yrs.Avg. Eff. Duration 6.37 Gross Expense Ratio 1.09%

Net Expense Ratio 1.09%


^^Portfolio characteristics data are based on theequivalent exposure of unaudited net assets asof 3/31/18. The portfolio is actively managed,and current holdings may be different.


1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (03/17/98) 3.82 4.45 2.98 6.37 9.59Class A with 4.25% maximum sales charge (03/17/98) -0.59 2.95 2.09 5.91 9.35JPMorgan Emerging Markets Bond Index Global 3.34 5.48 3.86 6.80 .—Lipper Emerging Mrkts Hard Currency Debt Funds category average 5.64 5.50 2.45 6.05 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -11.00 30.85 11.20 5.84 18.83 -6.40 4.37 -0.77 9.21 9.33


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PORTFOLIO DATA^

TOP 5 EMERGING MARKET COUNTRIES


FUND EXPENSES

FUND DATA^


Total developed market exposure including cash and futureswas -11.6%.

MFS® EMERGING MARKETS DEBT LOCAL CURRENCY FUNDA global emerging local currency bond fundAn emerging markets debt fund that offers exposure to the return potential of emerging market currencies and potentiallyhigher yields relative to other sovereign debt markets.

FUND OBJECTIVESeeks total return with an emphasis on highcurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTMatthew W. Ryan 31 years in industryWard Brown 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKJPMorgan Government Bond IndexEmerging Markets Global Diversified

Bonds 108.83%


Stocks 0.07%

Other -20.40%

South Africa 19.6%Mexico 17.3%Indonesia 12.4%Brazil 9.9%Malaysia 8.9%

FUND SYMBOL AND CUSIPA EMLAX 552746455B EMLBX 552746448C EMLCX 552746430I EMLIX 552746422


Alpha -0.42Beta 1.01R2 98.37Standard Deviation 11.45Sharpe Ratio -0.12Risk measures are based ona trailing 5 year period.



Brazil Notas do Tesouro Nacional Serie F10% JAN 01 21Republic of South Africa Government Bond7% FEB 28 31Indonesia Treasury Bond 7% MAY 15 22Malaysia Treasury Bill 0% SEP 07 18Indonesia Treasury Bond 8.25% JUL 15 21Republic of South Africa Government Bond6.5% FEB 28 41Mxn Tiie 2Yr Receiver 7.920 JAN 10 20Mxn Tiie 2Yr Receiver 7.920 JAN 09 20Hungary Government Bond 5.5% JUN 24 25UST 10Yr Ultra Bond Future JUN 20 18*37.6% long and 5.3% short (*)positions of total net assets

Mexican Peso 11.5%Indonesian Rupiah 9.2%Polish Zloty 8.9%Malaysian Ringgit 8.8%Brazilian Real 8.6%South African Rand 7.9%Colombian Peso 7.2%Russian Ruble 6.9%Thailand Offshore Rate 6.6%United States Dollar* -17.2%



Commencement Date 09/15/11Net Assets $323.9 millionNumber of Issues 145Turnover Ratio 102%



1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/15/11) 12.03 4.13 -1.11 .— 0.13Class A with 4.25% maximum sales charge (09/15/11) 7.27 2.63 -1.97 .— -0.53JPMorgan Government Bond IndexEmerging Markets Global Diversified 12.99 5.43 -0.67 .— .—Lipper Emerging Markets Local Currency Debt Fds category average 10.88 4.47 -0.93 .— .—

This written agreement will continue untilmodified by the fund's Board of Trustees, butsuchagreement will continue until at leastFebruary 28, 2019.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— .— 14.86 -10.59 -4.30 -16.63 9.49 14.44


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The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result of declines in the creditquality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund'sshare price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. Attimes, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value theseinvestments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interestrate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.• 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 otherconditions. • Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, and economic instability than developed markets.• Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of theunderlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk. • Investments in below investment grade quality debt instruments can be more volatile and havegreater risk of default, or already be in default, than higher-quality debt instruments. • The fund's performance could be more volatile than the performance of more diversified funds. • The value ofsecurities denominated in emerging market currencies are affected by changes in currency rates or exchange control regulations, restrictions or prohibition on the repatriation of currencies,application of tax laws, including withholding taxes, changes in government administration or economic or monetary policy or changed circumstances in dealings between nations. • Please see theprospectus for further information on these and other risk considerations.

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PORTFOLIO STRUCTURE

PORTFOLIO DATA^



FUND EXPENSES

FUND DATA^


MFS® GLOBAL BOND FUNDA fixed-income fund investing across global bond marketsThe fund invests primarily in a portfolio of developed market and investment-grade emerging market sovereign and corporatebonds, as well as other fixed-income asset classes, with a focus on developed markets.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTPilar Gomez-Bravo, Lead PortfolioManager 20 years in industryRichard O. Hawkins, Lead PortfolioManager 36 years in industryRobert Spector, Lead PortfolioManager 25 years in industryRobert D. Persons 31 years in industryErik S. Weisman 20 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Global Aggregate BondIndex

Bonds 92.59%

Other 10.24%

Cash & Cash Equivalents -2.83%

Non-U.S. Sovereigns 33.1%Investment Grade Corporates 27.8%Mortgage Backed 9.2%Emerging Markets Debt 7.3%U.S. Treasuries 4.6%

FUND SYMBOL AND CUSIPA MGBAX 552746638B MGBBX 552746620C MGBDX 552746612I MGBJX 552746596


Alpha -2.06Beta 1.19R2 84.61Standard Deviation 6.06Sharpe Ratio -0.11Risk measures are based ona trailing 5 year period.



US Treasury Note 2% JAN 31 20Japan Government Twenty Year Bond 1.5%MAR 20 34French Republic Government Bond OAT1.75% MAY 25 23Italy Buoni Poliennali Del Tesoro 2.05%AUG 01 27Japan Government Thirty Year Bond 2.4%MAR 20 37US Treasury Bill 0% JAN 31 19US Treasury Note 2.125% DEC 31 22Italy Buoni Poliennali Del Tesoro 3.75%MAR 01 21UST Bond 10Yr Future Jun 20 18*UST 10Yr Ultra Bond Future JUN 20 18*18.4% long and 8.8% short (*)positions of total net assets

United States Dollar 40.3%Euro 27.5%Japanese Yen 18.7%British Pound Sterling 5.3%Canadian Dollar 1.6%South Korean Won 1.3%New Zealand Dollar 1.1%Malaysian Ringgit 1.1%Swiss Franc 0.7%Swedish Krona 0.5%

Avg. Eff. Maturity 10.11 yrs.Avg. Eff. Duration 6.96 Gross Expense Ratio 1.17%

Net Expense Ratio 1.05%



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.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 gradequality debt instruments (lower quality debt instruments). The fund's investment policies and strategies changed effective December1, 2014. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/02/10) 6.79 2.72 -0.36 .— 1.82Class A with 4.25% maximum sales charge (06/02/10) 2.25 1.25 -1.22 .— 1.26Bloomberg Barclays Global Aggregate Bond Index 6.97 3.14 1.49 .— .—Lipper Global Income Funds category average 5.30 2.41 1.57 .— .—

These reductions will continue until at leastMarch 31, 2019.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A .— .— .— 6.01 5.33 -8.42 -1.10 -4.57 2.33 7.58


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The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower,counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors andtherefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments withlonger durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not havean active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of aninstrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.• 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. • Investments inderivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based,such as counterparty and liquidity risk. • Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments. • Thefund's performance could be more volatile than the performance of more diversified funds. • Please see the prospectus for further information on these and other risk considerations.

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TOP 10 HOLDINGS^

PORTFOLIO DATA^


FUND DATA^


MFS® GLOBAL HIGH YIELD FUNDSeeking a high level of current income from global high yield bondsSeeks total return with an emphasis on a high current income but also considering capital appreciation by investing in lowerquality bonds from around the world. Management focuses on bonds issued globally by companies our analysts believe havesolid and/or improving credit fundamentals. Management allocates across a variety of high-yield industries and issuers.

FUND OBJECTIVESeeks total return with an emphasis on highcurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTDavid P. Cole 24 years in industryWilliam J. Adams 23 years in industryMatthew W. Ryan 31 years in industryMichael J. Skatrud 22 years in industryEffective 9/1/18, William Adams will nolonger be a manager of the fund.Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBofA Merrill Lynch Global High Yield -Constrained Index (USD Hedged)

Bonds 93.69%

Other 3.79%


Stocks 0.26%

High Yield Corporates 78.3%Emerging Markets Debt 17.1%Investment Grade Corporates 0.8%Bank Loans 0.7%U.S. Treasuries* -3.6%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline in valueas the result of declines in the credit quality of theissuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or otherconditions. Certain types of debt instruments can bemore sensitive to these factors and therefore morevolatile. In addition, debt instruments entail interest raterisk (as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during rising rates.Funds that consist of debt instruments with longerdurations are generally more sensitive to a rise ininterest rates than those with shorter durations. Attimes, and particularly during periods of market turmoil,all or a large portion of segments of the market maynot have an active trading market. As a result, it maybe difficult to value these investments and it may notbe possible to sell a particular investment or type ofinvestment at any particular time or at an acceptableprice. The price of an instrument trading at a negativeinterest rate responds to interest rate changes likeother debt instruments; however, an instrumentpurchased at a negative interest rate is expected toproduce a negative return if held to maturity.• Investments in foreign markets can involve greaterrisk and volatility than U.S. investments because ofadverse market, currency, economic, industry, political,regulatory, geopolitical, or other conditions. • Emergingmarkets can have less market structure, depth, andregulatory, custodial or operational oversight andgreater political, social, and economic instability thandeveloped markets. • Investments in derivatives can beused to take both long and short positions, be highlyvolatile, involve leverage (which can magnify losses),and involve risks in addition to the risks of theunderlying indicator(s) on which the derivative is based,such as counterparty and liquidity risk. • Investments inbelow investment grade quality debt instruments canbe more volatile and have greater risk of default, oralready be in default, than higher-quality debtinstruments. • Please see the prospectus for furtherinformation on these and other risk considerations.FUND SYMBOL AND CUSIPA MHOAX 552984700B MHOBX 552984809C MHOCX 552984882I MHOIX 552984874





Telecom Italia SpA/Milano 144A 5.303% MAY 30 24Park Aerospace Holdings Ltd 144A 5.5% FEB 15 24Consolidated Energy Finance SA 144A 6.875% JUN 15 25Jaguar Land Rover Automotive PLC 144A 4.5% OCT 01 27Unitymedia Hessen GmbH & Co KG RegS 6.25% JAN 15 29Altice Financing SA 144A 7.5% MAY 15 26Freeport-McMoRan Inc 6.875% FEB 15 23Petra Diamonds US Treasury PLC 144A 7.25% MAY 01 22Grifols SA RegS 3.2% MAY 01 25UST Bond 10Yr Future Jun 20 18*5.8% long and 3.6% short (*) positions of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (07/01/98) 2.92 3.83 3.94 6.22 5.96Class A with 4.25% maximum sales charge (07/01/98) -1.46 2.34 3.04 5.76 5.72BofA Merrill Lynch Global High Yield - Constrained Index (USD Hedged) 4.35 5.99 5.52 8.78 .—Lipper High Yield Funds category average 3.25 3.91 3.86 6.67 .—

These reductions willcontinue until at least May31, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -32.82 52.71 16.34 3.48 15.02 5.53 2.48 -4.03 12.92 7.10


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FUND EXPENSES

TOP 10 HOLDINGS^

PORTFOLIO DATA^


FUND DATA^


MFS® GOVERNMENT SECURITIES FUNDInvests in a range of U.S. government and agency securitiesManagement seeks to drive performance through sector rotation among various government securities, including: U.S.Treasuries, Ginnie Maes, Freddie Macs, Fannie Maes, and other U.S. agencies and instrumentalities.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTGeoffrey L. Schechter 29 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S.Government/Mortgage Bond Index

Bonds 99.79%


Other -1.11%

Mortgage Backed 48.4%U.S. Treasuries 37.5%U.S. Govt Agencies 4.4%Investment Grade Corporates 3.4%Commercial Mtg Backed 2.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Investments in debt instrumentsmay decline in value as the result of declines inthe credit quality of the issuer, borrower,counterparty, or other entity responsible forpayment, underlying collateral, or changes ineconomic, political, issuer-specific, or otherconditions. Certain types of debt instrumentscan be more sensitive to these factors andtherefore more volatile. In addition, debtinstruments entail interest rate risk (as interestrates rise, prices usually fall), therefore theFund's share price may decline during risingrates. Funds that consist of debt instrumentswith longer durations are generally moresensitive to a rise in interest rates than thosewith shorter durations. At times, and particularlyduring periods of market turmoil, all or a largeportion of segments of the market may nothave an active trading market. As a result, itmay be difficult to value these investments andit may not be possible to sell a particularinvestment or type of investment at anyparticular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest rate changeslike other debt instruments; however, aninstrument purchased at a negative interest rateis expected to produce a negative return if heldto maturity. • Investments in derivatives can beused to take both long and short positions, behighly volatile, involve leverage (which canmagnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on whichthe derivative is based, such as counterpartyand liquidity risk. • The fund's performancecould be more volatile than the performance ofmore diversified funds. • Mortgage-backedsecurities can be subject to prepayment and/orextension and therefore can offer less potentialfor gains and greater potential for loss. • U.S.government securities not supported as to thepayment of principal or interest by the U.S.Treasury are subject to greater credit risk thanare U.S. government securities supported by theU.S. Treasury. • Please see the prospectus forfurther information on these and other riskconsiderations.FUND SYMBOL AND CUSIPA MFGSX 552982100B MFGBX 552982209C MFGDX 552982308I MGSIX 552982407





FNMA 30YR 4.0US Treasury Note 2.5% AUG 15 23FNMA 30YR 3.5US Treasury Note 1% JUN 30 19FHLMC GOLD 30YR 3.5US Treasury Bond 2.5% FEB 15 45FNMA 30YR 4.5US Treasury Note 2.5% MAY 15 24US Treasury Note 1.625% JUN 30 19FHLMC GOLD 30YR 3.046.8% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (07/25/84) 0.18 0.08 0.65 2.62 5.86Class A with 4.25% maximum sales charge (07/25/84) -4.07 -1.35 -0.22 2.18 5.72Bloomberg Barclays U.S. Government/Mortgage Bond Index 0.58 0.75 1.38 3.07 .—Lipper General U.S. Government Funds category average 0.11 0.00 0.72 2.53 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A 8.51 4.23 4.59 7.19 2.08 -2.96 4.63 0.27 0.52 1.91


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FUND DATA^


MFS® HIGH INCOME FUNDSeeking a high level of current income since 1978Seeks total return with an emphasis on a high current income but also considering capital appreciation by investing in lowerquality bonds. Management focuses on bonds issued by companies our analysts believe have solid and/or improving creditfundamentals. Management allocates across a variety of high-yield industries and issuers.

FUND OBJECTIVESeeks total return with an emphasis on highcurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTWilliam J. Adams 23 years in industryDavid P. Cole 24 years in industryMichael J. Skatrud 22 years in industryEffective 9/1/18, William Adams will nolonger be a manager of the fund.Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. High-YieldCorporate Bond 2% Issuer Capped Index

Bonds 94.54%

Other 3.23%


Stocks 0.19%

High Yield Corporates 93.0%Emerging Markets Debt 2.9%Bank Loans 1.1%Investment Grade Corporates 0.8%U.S. Treasuries* -3.0%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political,issuer-specific, or other conditions. Certain typesof debt instruments can be more sensitive tothese factors and therefore more volatile. Inaddition, debt instruments entail interest rate risk(as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during risingrates. Funds that consist of debt instruments withlonger durations are generally more sensitive to arise in interest rates than those with shorterdurations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not bepossible to sell a particular investment or type ofinvestment at any particular time or at anacceptable price. The price of an instrumenttrading at a negative interest rate responds tointerest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negativereturn if held to maturity. • Investments in foreignmarkets can involve greater risk and volatilitythan U.S. investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments inderivatives can be used to take both long andshort positions, be highly volatile, involve leverage(which can magnify losses), and involve risks inaddition to the risks of the underlying indicator(s)on which the derivative is based, such ascounterparty and liquidity risk. • Investments inbelow investment grade quality debt instrumentscan be more volatile and have greater risk ofdefault, or already be in default, than higher-quality debt instruments. • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MHITX 552984106B MHIBX 552984205C MHICX 552984502I MHIIX 552984601





Tallgrass Energy Partners LP 144A 5.5% JAN 15 28Targa Resources Partners LP 5.375% FEB 01 27Freeport-McMoRan Inc 6.875% FEB 15 23EnerSys 144A 5% APR 30 23Six Flags Entertainment Corp 144A 4.875% JUL 31 24Park Aerospace Holdings Ltd 144A 5.5% FEB 15 24First Data Corp 144A 5% JAN 15 24Allison Transmission Inc 144A 5% OCT 01 24Interval Acquisition Corp 5.625% APR 15 23UST Bond 10Yr Future Jun 20 18*7.0% long and 3.0% short (*) positions of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/17/78) 2.39 3.62 3.95 6.31 8.28Class A with 4.25% maximum sales charge (02/17/78) -1.96 2.13 3.05 5.85 8.17Bloomberg Barclays U.S. High-Yield Corporate Bond 2% Issuer CappedIndex 3.78 5.18 5.00 8.32 .—Lipper High Yield Funds category average 3.25 3.91 3.86 6.67 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -28.47 46.72 15.39 4.11 14.13 6.34 2.20 -3.82 13.38 6.13


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MFS® INFLATION-ADJUSTED BOND FUNDSeeks to maintain investor's purchasing power by investing in a range of inflation-adjusteddebt securitiesThe fund's manager seeks a total return for the fund ahead of the rate of inflation over the long-term through a portfolio ofinflation-adjusted securities issued by the U.S. Treasury, U.S. Government agencies and instrumentalities other than the U.S.Treasury, and by other entities such as U.S. and foreign corporations and foreign governments.

FUND OBJECTIVESeeks total return that exceeds the rate ofinflation over the long-term with anemphasis on current income, but alsoconsidering capital appreciation.PORTFOLIO MANAGEMENTGeoffrey L. Schechter 29 years in industryErik S. Weisman 20 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. Treasury InflationProtected Securities Index

Bonds 97.75%


U.S. Treasuries 90.7%Investment Grade Corporates 3.0%Collateralized Debt Obligations 1.8%Mortgage Backed 1.1%Municipals 0.8%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment in thefund. • Investments in debt instruments maydecline in value as the result of declines in thecredit quality of the issuer, borrower,counterparty, or other entity responsible forpayment, underlying collateral, or changes ineconomic, political, issuer-specific, or otherconditions. Certain types of debt instruments canbe more sensitive to these factors and thereforemore volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, pricesusually fall), therefore the Fund's share price maydecline during rising rates. Funds that consist ofdebt instruments with longer durations aregenerally more sensitive to a rise in interest ratesthan those with shorter durations. At times, andparticularly during periods of market turmoil, allor a large portion of segments of the marketmay not have an active trading market. As aresult, it may be difficult to value theseinvestments and it may not be possible to sell aparticular investment or type of investment atany particular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest rate changeslike other debt instruments; however, aninstrument purchased at a negative interest rateis expected to produce a negative return if heldto maturity. • Investments in foreign marketscan involve greater risk and volatility than U.S.investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • The fund'sperformance could be more volatile than theperformance of more diversified funds. • Interestpayments on inflation-adjusted debt instrumentscan be unpredictable and vary based on thelevel of inflation. • U.S. government securitiesnot supported as to the payment of principal orinterest by the U.S. Treasury are subject togreater credit risk than are U.S. governmentsecurities supported by the U.S. Treasury.• Please see the prospectus for furtherinformation on these and other riskconsiderations.FUND SYMBOL AND CUSIPA MIAAX 55272P414B MIABX 55272P349C MIACX 55272P331I MIAIX 55272P398




US Treasury Inflation Indexed Bonds 2.375% JAN 15 25US Treasury Inflation Indexed Bonds 0.625% JUL 15 21US Treasury Inflation Indexed Bonds 1.125% JAN 15 21US Treasury Inflation Indexed Bonds 0.125% JAN 15 22US Treasury Inflation Indexed Bonds 1.25% JUL 15 20US Treasury Inflation Indexed Bonds 0.625% JAN 15 24US Treasury Inflation Indexed Bonds 0.125% JUL 15 22US Treasury Inflation Indexed Bonds 0.375% JUL 15 25United States Treasury Inflation Indexed Bonds 0.125 JUL 15 26US Treasury Inflation Indexed Bonds 2% JAN 15 2643.4% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/30/03) 0.32 0.58 -0.71 2.01 3.12Class A with 4.25% maximum sales charge (09/30/03) -3.95 -0.86 -1.57 1.57 2.82Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index 0.92 1.30 0.05 2.93 .—Lipper Inflation Protected Bond Funds category average 0.79 1.03 -0.41 2.12 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -2.33 8.91 5.21 12.78 6.01 -9.38 2.74 -2.35 3.98 2.41


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MFS® LIMITED MATURITY FUNDA conservative short-term bond fundSeeks to provide total return with an emphasis on current income, but also considering capital preservation, throughinvestment-grade securities with an average effective maturity normally not exceeding five years.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalpreservation.PORTFOLIO MANAGEMENTPhilipp S. Burgener 18 years in industryAlexander M. Mackey 19 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays 1-3 Year U.S.Government/Credit Bond Index

Bonds 99.39%


Investment Grade Corporates 55.8%Asset Backed 12.5%Collateralized Debt Obligations 11.1%U.S. Treasuries 7.0%Commercial Mtg Backed 3.8%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Investments in debt instrumentsmay decline in value as the result of declinesin the credit quality of the issuer, borrower,counterparty, or other entity responsible forpayment, underlying collateral, or changes ineconomic, political, issuer-specific, or otherconditions. Certain types of debt instrumentscan be more sensitive to these factors andtherefore more volatile. In addition, debtinstruments entail interest rate risk (asinterest rates rise, prices usually fall), thereforethe Fund's share price may decline duringrising rates. Funds that consist of debtinstruments with longer durations aregenerally more sensitive to a rise in interestrates than those with shorter durations. Attimes, and particularly during periods ofmarket turmoil, all or a large portion ofsegments of the market may not have anactive trading market. As a result, it may bedifficult to value these investments and itmay not be possible to sell a particularinvestment or type of investment at anyparticular time or at an acceptable price. Theprice of an instrument trading at a negativeinterest rate responds to interest rate changeslike other debt instruments; however, aninstrument purchased at a negative interestrate is expected to produce a negative returnif held to maturity. • Investments in foreignmarkets can involve greater risk and volatilitythan U.S. investments because of adversemarket, currency, economic, industry, political,regulatory, geopolitical, or other conditions.• Investments in derivatives can be used totake both long and short positions, be highlyvolatile, involve leverage (which can magnifylosses), and involve risks in addition to therisks of the underlying indicator(s) on whichthe derivative is based, such as counterpartyand liquidity risk. • Please see the prospectusfor further information on these and otherrisk considerations.FUND SYMBOL AND CUSIPA MQLFX 55272P109B MQLBX 55272P406C MQLCX 55272P802I MQLIX 55272P869




US Treasury Note 2.375% MAR 15 21US Treasury Note 2.625% FEB 28 23US Treasury Note 2.25% MAR 31 20Goldman Sachs Group Inc 2.55% OCT 23 19Morgan Stanley 2.375% JUL 23 19General Motors Financial Co Inc 2.65% APR 13 20Bank of America Corp FRB JUL 21 21Intesa Sanpaolo SpA/New York NY FRB JUL 17 19Citigroup Inc 2.4% FEB 18 20Reckitt Benckiser Treasury Services PLC 144A 2.375% JUN 24 2213.5% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/26/92) 0.64 0.75 0.71 1.83 3.68Class A with 2.50% maximum sales charge (02/26/92) -1.88 -0.10 0.20 1.58 3.58Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index 0.24 0.66 0.76 1.56 .—Lipper Short Investment Grade Debt Funds category average 0.85 1.03 0.93 2.00 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -4.24 11.25 3.93 1.22 3.49 0.42 0.75 0.13 1.44 1.29


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MFS® STRATEGIC INCOME FUNDFlexibly invests across global bond marketsManagement seeks to drive performance by making investments across a wide range of fixed-income categories, includinghigh-grade and high-yield corporate bonds, international, emerging markets, U.S. Treasury, mortgage-backed, agency-backed,and asset-backed securities.

FUND OBJECTIVESeeks total return with an emphasis on highcurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTThe fund is managed by portfolio managersJoshua Marston (Lead), William Adams,David Cole and Michael Skatrud (BelowInvestment Grade Debt Instruments), WardBrown and Matthew Ryan (EmergingMarkets Debt Instruments), Philipp Burgener(Structured Securities), Alexander Mackeyand Robert Persons (Investment Grade DebtInstruments). Effective 9/1/18, William Adams will nolonger be a manager of the fund.Portfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. Aggregate BondIndex

Bonds 104.63%


Stocks 0.07%

Other -5.51%

Investment Grade Corporates 31.2%U.S. Treasuries 20.9%High Yield Corporates 19.0%Collateralized Debt Obligations 10.2%Commercial Mtg Backed 9.2%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, orother conditions. Certain types of debt instrumentscan be more sensitive to these factors andtherefore more volatile. In addition, debtinstruments entail interest rate risk (as interest ratesrise, prices usually fall), therefore the Fund's shareprice may decline during rising rates. Funds thatconsist of debt instruments with longer durationsare generally more sensitive to a rise in interestrates than those with shorter durations. At times,and particularly during periods of market turmoil,all or a large portion of segments of the marketmay not have an active trading market. As a result,it may be difficult to value these investments and itmay not be possible to sell a particular investmentor type of investment at any particular time or atan acceptable price. The price of an instrumenttrading at a negative interest rate responds tointerest rate changes like other debt instruments;however, an instrument purchased at a negativeinterest rate is expected to produce a negativereturn if held to maturity. • Investments in foreignmarkets can involve greater risk and volatility thanU.S. investments because of adverse market,currency, economic, industry, political, regulatory,geopolitical, or other conditions. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty andliquidity risk. • Investments in below investmentgrade quality debt instruments can be more volatileand have greater risk of default, or already be indefault, than higher-quality debt instruments.• Please see the prospectus for further informationon these and other risk considerations.FUND SYMBOL AND CUSIPA MFIOX 552989105B MIOBX 552989204C MIOCX 552989600I MFIIX 552989709





US Treasury Note 1.5% APR 15 20UST Bond 2Yr Future JUN 29 18US Treasury Note 1.75% FEB 28 22UST Bond 5Yr Future JUN 29 18US Treasury Bond 3.5% FEB 15 39UST Ultra Bond Future Jun 20 18US Treasury Note 1.375% DEC 15 19UST Bond 30Yr Future Jun 20 18Bank of America Corp 3.248% OCT 21 27UST 10Yr Ultra Bond Future JUN 20 18*27.6% long and 5.6% short (*) positions of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/29/87) 1.97 2.59 2.62 4.85 6.41Class A with 4.25% maximum sales charge (10/29/87) -2.36 1.12 1.73 4.39 6.26Bloomberg Barclays U.S. Aggregate Bond Index 1.20 1.20 1.82 3.63 .—Lipper Multi-Sector Income Funds category average 3.28 2.99 2.92 5.14 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -11.82 24.97 9.90 4.33 10.71 1.29 2.98 -2.07 7.84 5.68


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MFS® TOTAL RETURN BOND FUNDA research-driven core plus bond fundPrimarily investment-grade bond fund that integrates macro, bottom-up, and quantitative perspectives in an effort to add valuethrough sector allocation, security selection, and duration/yield curve decisions. Through a collaborative process, portfoliomanagers set the strategy's risk budget and work with analysts to select securities.

FUND OBJECTIVESeeks total return with an emphasis oncurrent income, but also considering capitalappreciation.PORTFOLIO MANAGEMENTJoshua P. Marston 25 years in industryRobert D. Persons 31 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays U.S. Aggregate BondIndex

Bonds 102.49%


Other -2.91%

Investment Grade Corporates 34.1%U.S. Treasuries 28.2%Mortgage Backed 14.8%Commercial Mtg Backed 8.8%Collateralized Debt Obligations 5.9%

IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/oryou could lose money on your investment inthe fund. • Investments in debt instrumentsmay decline in value as the result of declines inthe credit quality of the issuer, borrower,counterparty, or other entity responsible forpayment, underlying collateral, or changes ineconomic, political, issuer-specific, or otherconditions. Certain types of debt instrumentscan be more sensitive to these factors andtherefore more volatile. In addition, debtinstruments entail interest rate risk (as interestrates rise, prices usually fall), therefore theFund's share price may decline during risingrates. Funds that consist of debt instrumentswith longer durations are generally moresensitive to a rise in interest rates than thosewith shorter durations. At times, andparticularly during periods of market turmoil,all or a large portion of segments of themarket may not have an active trading market.As a result, it may be difficult to value theseinvestments and it may not be possible to sella particular investment or type of investmentat any particular time or at an acceptableprice. The price of an instrument trading at anegative interest rate responds to interest ratechanges like other debt instruments; however,an instrument purchased at a negative interestrate is expected to produce a negative return ifheld to maturity. • Investments in derivativescan be used to take both long and shortpositions, be highly volatile, involve leverage(which can magnify losses), and involve risks inaddition to the risks of the underlyingindicator(s) on which the derivative is based,such as counterparty and liquidity risk.• Investments in below investment gradequality debt instruments can be more volatileand have greater risk of default, or already bein default, than higher-quality debtinstruments. • Mortgage-backed securities canbe subject to prepayment and/or extensionand therefore can offer less potential for gainsand greater potential for loss. • Please see theprospectus for further information on theseand other risk considerations.FUND SYMBOL AND CUSIPA MRBFX 55272P810B MRBBX 55272P794C MRBCX 55272P786I MRBIX 55272P778





US Treasury Note 1.625% JUN 30 19US Treasury Note 1% NOV 30 18UST Bond 2Yr Future JUN 29 18US Treasury Note 1.75% NOV 30 21FNMA 30YR 4.0UST Bond 5Yr Future JUN 29 18US Treasury Bond 4.5% AUG 15 39US Treasury Note 1.75% SEP 30 22US Treasury Note 1.625% NOV 30 20UST 10Yr Ultra Bond Future JUN 20 18*27.5% long and 4.2% short (*) positions of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (01/04/99) 1.39 1.22 1.95 4.44 5.03Class A with 4.25% maximum sales charge (01/04/99) -2.92 -0.23 1.07 3.99 4.80Bloomberg Barclays U.S. Aggregate Bond Index 1.20 1.20 1.82 3.63 .—Lipper Core Bond Funds category average 1.15 1.12 1.63 3.59 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -6.08 20.71 8.29 6.47 7.40 -1.04 5.68 -0.53 3.54 4.08


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MFS® MUNICIPAL HIGH INCOME FUNDThe first high-yield municipal fundEstablished in 1984, management seeks total return while providing a high and consistent level of tax-advantaged income byexploiting inefficiencies in municipal credit markets through active sector, quality and security selection. The portfolio hasinvested primarily in municipal securities rated BBB+ and below by credit rating agencies. We aim to capitalize on the strengthof our fundamental research by actively managing risk in all market conditions.

FUND OBJECTIVESeeks total return with an emphasis on highincome exempt from federal income tax,but also considering capital appreciation.

PORTFOLIO MANAGEMENTGeoffrey L. Schechter 29 years in industryGary A. Lasman 32 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 99.47%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline in valueas the result of declines in the credit quality of theissuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or otherconditions. Certain types of debt instruments can bemore sensitive to these factors and therefore morevolatile. In addition, debt instruments entail interest raterisk (as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during rising rates.Funds that consist of debt instruments with longerdurations are generally more sensitive to a rise ininterest rates than those with shorter durations. Attimes, and particularly during periods of market turmoil,all or a large portion of segments of the market maynot have an active trading market. As a result, it maybe difficult to value these investments and it may notbe possible to sell a particular investment or type ofinvestment at any particular time or at an acceptableprice. The price of an instrument trading at a negativeinterest rate responds to interest rate changes likeother debt instruments; however, an instrumentpurchased at a negative interest rate is expected toproduce a negative return if held to maturity.• Investments in derivatives can be used to take bothlong and short positions, be highly volatile, involveleverage (which can magnify losses), and involve risksin addition to the risks of the underlying indicator(s) onwhich the derivative is based, such as counterparty andliquidity risk. • Investments in below investment gradequality debt instruments can be more volatile and havegreater risk of default, or already be in default, thanhigher-quality debt instruments. • The fund'sperformance could be more volatile than theperformance of more diversified funds. • Investmentsin municipal instruments can be volatile andsignificantly affected by adverse tax or court rulings,legislative or political changes, market and economicconditions, issuer, industry-specific (including the creditquality of municipal insurers), and other conditions.• The fund's performance could be closely tied to theeconomic, political, and other conditions in the stateand other states and U.S. territories and possessions inwhich the fund invests and could be more volatile thanthe performance of more geographically diversifiedfunds. • Please see the prospectus for furtherinformation on these and other risk considerations.FUND SYMBOL AND CUSIPA MMHYX 552984304B MMHBX 552984403C MMHCX 552984866I MMIIX 552984692




Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 6.500 JUN 01 47Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 5.125 JUN 01 24NY Liberty Development Corp Goldman Sachs Headquarters 5.250 OCT 01 35Puerto Rico Highways & Transportation Authority PR Ref-Ser L AMBAC 5.250 JUL 01 38Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 5.875 JUN 01 30Tobacco Settlement Financing Corp NJ Ser 1A 4.750 JUN 01 34Black Belt Energy Gas District AL Ser-B-1 2.030 DEC 01 48Palomar Health CA Ref-Palomar Health & Arch Heal AGM 5.000 NOV 01 47Chicago Board of Education IL 6.000 APR 01 46State Public School Building Authority PA Ref-Sch-Philadelphia Sch Dist 5.000 JUN 01 337.1% of total net assets


Commencement Date 02/24/84Net Assets $4,605.8 millionNumber of Issues 1,533Turnover Ratio 22%



Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance 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 subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.Dividends are generally subject to state and local taxes. For investors subject to the alternative minimum tax, a small portion ofdividend income may be taxable. Capital gains distributions, if any, are taxable.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/24/84) 5.02 4.10 4.19 5.66 6.34Class A with 4.25% maximum sales charge (02/24/84) 0.56 2.60 3.29 5.21 6.20Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper High Yield Municipal Debt Funds category average 5.03 3.67 3.83 4.75 .—

These reductions willcontinue until at least May31, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -20.16 29.65 4.56 11.22 13.94 -6.02 14.74 5.03 1.81 7.64


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MFS® MUNICIPAL INCOME FUNDA diversified national municipal bond fundManagement seeks to drive total return by exploiting inefficiencies in municipal credit markets through active sector, qualityand security selection. The portfolio focuses on high-quality municipal securities rated investment grade ("BBB" or higher) bycredit rating agencies, but may also invest in lower-rated bonds.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax,but also considering capital appreciation.PORTFOLIO MANAGEMENTGeoffrey L. Schechter 29 years in industryJason R. Kosty 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 99.99%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or otherconditions. Certain types of debt instruments can bemore sensitive to these factors and therefore morevolatile. In addition, debt instruments entail interestrate risk (as interest rates rise, prices usually fall),therefore the Fund's share price may decline duringrising rates. Funds that consist of debt instrumentswith longer durations are generally more sensitive toa rise in interest rates than those with shorterdurations. At times, and particularly during periods ofmarket turmoil, all or a large portion of segments ofthe market may not have an active trading market. Asa result, it may be difficult to value these investmentsand it may not be possible to sell a particularinvestment or type of investment at any particulartime or at an acceptable price. The price of aninstrument trading at a negative interest rateresponds to interest rate changes like other debtinstruments; however, an instrument purchased at anegative interest rate is expected to produce anegative return if held to maturity. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty and liquidityrisk. • Investments in below investment grade qualitydebt instruments can be more volatile and havegreater risk of default, or already be in default, thanhigher-quality debt instruments. • Investments inmunicipal instruments can be volatile and significantlyaffected by adverse tax or court rulings, legislative orpolitical changes, market and economic conditions,issuer, industry-specific (including the credit quality ofmunicipal insurers), and other conditions. • The fund'sperformance could be closely tied to the economic,political, and other conditions in the state and otherstates and U.S. territories and possessions in whichthe fund invests and could be more volatile than theperformance of more geographically diversified funds.• Please see the prospectus for further informationon these and other risk considerations.FUND SYMBOL AND CUSIPA MFIAX 55273N574B MMIBX 55273N566C MMICX 55273N525I MIMIX 55273N434




Tobacco Settlement Financing Corp Ser 1A 4.500 JUN 01 23State Public School Building Authority PA Ref-Sch-Philadelphia Sch Dist 5.000 JUN 01 33Commonwealth of Massachusetts MA Ser J 5.000 DEC 01 36Black Belt Energy Gas District AL Ser-B-1 2.030 DEC 01 48Chicago Board of Education IL 6.000 APR 01 46Puerto Rico Highways & Transportation Authority PR Ref-Ser L AMBAC 5.250 JUL 01 38State of Illinois IL Ser-A 5.000 NOV 01 18Central Puget Sound Regional Transit Authority WA Ser S-1-Green Bonds 5.000 NOV 01 41NY Liberty Development Corp Goldman Sachs Headquarters 5.250 OCT 01 35New Jersey Higher Education Student Assistance Authority NJ Amt-Ref-Ser 1B 2.950 DEC 01 285.8% of total net assets


Commencement Date 09/07/93Net Assets $3,257.1 millionNumber of Issues 1,306Turnover Ratio 21%




1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (09/07/93) 3.35 2.67 2.86 4.70 4.73Class A with 4.25% maximum sales charge (09/07/93) -1.04 1.19 1.97 4.24 4.55Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper General & Insured Municipal Debt Funds category average 2.92 2.14 2.53 4.13 .—

These reductions willcontinue until at least July31, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -7.59 18.05 1.93 10.62 10.46 -4.99 10.85 3.33 0.99 5.89


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MFS® MUNICIPAL LIMITED MATURITY FUNDA diversified high-quality municipal bond fundManagement seeks to drive total return by exploiting inefficiencies in municipal credit markets through active sector, qualityand security selection, as well as yield curve and duration decisions. The portfolio focuses on high-quality municipal securitiesrated investment grade ("BBB" or higher) by credit rating agencies, but may also invest in lower-rated bonds. The conservativefund's average maturity may not exceed five years.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax,but also considering capital preservation.PORTFOLIO MANAGEMENTGeoffrey L. Schechter 29 years in industryJason R. Kosty 22 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays 1-9 Year MunicipalBond Index

Bonds 97.96%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline in valueas the result of declines in the credit quality of theissuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, or otherconditions. Certain types of debt instruments can bemore sensitive to these factors and therefore morevolatile. In addition, debt instruments entail interest raterisk (as interest rates rise, prices usually fall), thereforethe Fund's share price may decline during rising rates.Funds that consist of debt instruments with longerdurations are generally more sensitive to a rise ininterest rates than those with shorter durations. Attimes, and particularly during periods of market turmoil,all or a large portion of segments of the market maynot have an active trading market. As a result, it maybe difficult to value these investments and it may notbe possible to sell a particular investment or type ofinvestment at any particular time or at an acceptableprice. The price of an instrument trading at a negativeinterest rate responds to interest rate changes likeother debt instruments; however, an instrumentpurchased at a negative interest rate is expected toproduce a negative return if held to maturity.• Investments in derivatives can be used to take bothlong and short positions, be highly volatile, involveleverage (which can magnify losses), and involve risksin addition to the risks of the underlying indicator(s) onwhich the derivative is based, such as counterparty andliquidity risk. • Investments in below investment gradequality debt instruments can be more volatile and havegreater risk of default, or already be in default, thanhigher-quality debt instruments. • Investments inmunicipal instruments can be volatile and significantlyaffected by adverse tax or court rulings, legislative orpolitical changes, market and economic conditions,issuer, industry-specific (including the credit quality ofmunicipal insurers), and other conditions. • The fund'sperformance could be closely tied to the economic,political, and other conditions in the state and otherstates and U.S. territories and possessions in which thefund invests and could be more volatile than theperformance of more geographically diversified funds.• Please see the prospectus for further information onthese and other risk considerations.FUND SYMBOL AND CUSIPA MTLFX 55272P505B MTLBX 55272P604C MTLCX 55272P885I MTLIX 55274K504




Connecticut State Health & Educational Facilities Authority CT Ref-Yale University-Ser C-2 JUL 01 57Metropolitan Transportation Authority NY Bans-Ser A-2 4.000 AUG 15 19City of New York NY Adjustable-Subser-G-3 0.760 APR 01 42Virginia Public Building Authority VA Ref-Ser B 5.000 AUG 01 24Black Belt Energy Gas District AL Ser-B-1 2.030 DEC 01 48County of Cook IL Ref-Ser C-Agm-Cr AGM 5.000 NOV 15 25Tobacco Settlement Financing Corp Ser 1A 4.500 JUN 01 23Mission Economic Development Corp TX Var-Republic Svcs Inc-Ser A 0.300 JAN 01 20Commonwealth of Pennsylvania PA Ref-1St Ser-Agm-Cr 5.000 SEP 15 25New York State Energy Research & Development Auth NY Amt-Ref-Ars-Ny Elec & Gas Proj FRB DEC 01 277.1% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (03/17/92) 1.47 1.25 1.24 2.65 3.52Class A with 2.50% maximum sales charge (03/17/92) -1.07 0.40 0.73 2.39 3.42Bloomberg Barclays 1-9 Year Municipal Bond Index 0.79 1.16 1.45 2.92 .—Lipper Short-Intmdt Municipal Debt Funds category average 0.64 0.70 0.90 2.27 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A 0.95 8.29 2.60 6.03 3.05 -0.84 3.12 1.75 0.05 3.22


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MFS® ALABAMA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andAlabama personal income tax, if any, butalso considering capital appreciation.

PORTFOLIO MANAGEMENTMichael L. Dawson 29 years in industry


FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 99.36%


FUND SYMBOL AND CUSIPA MFALX 55273N301B MBABX 55273N780I MLALX 55273N392




Alabama Board of Education AL Chattahoochee Vy Cmnty College AGC 5.000 JUN 01 34Alabama Special Care Facilities Fin Auth-Birmingham AL Dghters Charity-AMBAC-Tcrs 5.00 NOV 01 25Montgomery County Public Facilities Authority AL Ref-Warrants-Cnty Facs Proj 5.000 MAR 01 27City of Huntsville AL Sch Warrants-Ser C 5.000 NOV 01 30UAB Medicine Finance Authority AL Ref-Uab Medicine-Ser B 5.000 SEP 01 35Auburn Water Works Board AL 5.000 SEP 01 36State of Alabama Docks Department AL Amt-Ref-Docks Facs Rev-Ser A AGM 5.000 OCT 01 35Tuscaloosa City Board of Education AL Warrants 5.000 AUG 01 36Cullman Utilities Board Water Division AL Ser A AGMC 5.000 SEP 01 35Huntsville Health Care Authority Ser A 5.000 JUN 01 3019.9% of total net assets





Performance data shown represent past performance and are no guarantee of future results. Investment returnand principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; currentperformance 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 subsidiesand waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capitalgains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change.A small portion of income may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to acapital gains tax.

1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/01/90) 2.35 2.00 2.27 3.88 5.20Class A with 4.25% maximum sales charge (02/01/90) -2.00 0.53 1.38 3.43 5.04Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper Other States Municipal Debt Funds category average 1.35 1.35 1.79 3.49 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.13 15.26 -0.03 10.22 7.62 -4.72 9.94 3.06 0.24 4.47


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The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, orother conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (asinterest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generallymore sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of themarket may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type ofinvestment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments in derivatives can be used totake both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on whichthe derivative is based, such as counterparty and liquidity risk. • Investments in below investment grade quality debt instruments can be more volatile and have greater risk ofdefault, or already be in default, than higher-quality debt instruments. • Investments in municipal instruments can be volatile and significantly affected by adverse tax or courtrulings, legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. • Thefund's performance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the fund investsand could be more volatile than the performance of more geographically diversified funds. • Please see the prospectus for further information on these and other riskconsiderations.

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MFS® ARKANSAS MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andArkansas personal income tax, if any, butalso considering capital appreciation.




Bonds 100.16%


FUND SYMBOL AND CUSIPA MFARX 55273N400B MBARX 55273N772I MARLX 55273N426




City of Little Rock AR 5.000 JUL 01 34Springdale Public Facilities Board AR Arkansas Childrens Northwest 5.000 MAR 01 40Guam Power Authority GU Ref-Ser A AGMC 5.000 OCT 01 30Bentonville School District No 6 AR Ref & Construction-Ser B 4.000 JUN 01 47AR Development Finance Authority Ref-St Agy Facs-Donaghey Plaza 5.000 JUN 01 34City of Fayetteville AR Ref & Impt BAM 5.000 NOV 01 34AR State University Ref-Jonesboro Campus 4.500 MAR 01 31University of AR Ref-Various Facs-Uams Campus 5.000 NOV 01 25City of Fort Smith AR Sales & Use Tax-Ref 5.000 MAY 01 24University of Arkansas AR Athletic Facs-Fayetteville Cam 5.000 SEP 15 3517.6% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -3.23 13.80 0.16 10.29 5.93 -5.46 9.47 3.05 0.00 4.09


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The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, orother conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (asinterest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generallymore sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of themarket may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type ofinvestment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments in derivatives can be used totake both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on whichthe derivative is based, such as counterparty and liquidity risk. • Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings,legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. • The fund'sperformance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the fund invests andcould be more volatile than the performance of more geographically diversified funds. • Please see the prospectus for further information on these and other risk considerations.

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MFS® CALIFORNIA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andCalifornia personal income tax, if any, butalso considering capital appreciation.PORTFOLIO MANAGEMENTMichael L. Dawson 29 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 100.10%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, orother conditions. Certain types of debt instrumentscan be more sensitive to these factors and thereforemore volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usuallyfall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not be possibleto sell a particular investment or type of investmentat any particular time or at an acceptable price. Theprice of an instrument trading at a negative interestrate responds to interest rate changes like other debtinstruments; however, an instrument purchased at anegative interest rate is expected to produce anegative return if held to maturity. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty and liquidityrisk. • Investments in below investment gradequality debt instruments can be more volatile andhave greater risk of default, or already be in default,than higher-quality debt instruments. • Investmentsin municipal instruments can be volatile andsignificantly affected by adverse tax or court rulings,legislative or political changes, market and economicconditions, issuer, industry-specific (including thecredit quality of municipal insurers), and otherconditions. • The fund's performance could beclosely tied to the economic, political, and otherconditions in the state and other states and U.S.territories and possessions in which the fund investsand could be more volatile than the performance ofmore geographically diversified funds. • Please seethe prospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MCFTX 55273N590B MBCAX 55273N582C MCCAX 55273N558I MCAVX 55273N418




Marin Healthcare District CA Election 2013-Ser A 4.000 AUG 01 47San Mateo Cnty Com College Dist CA Cap Apprec-Elec Of 2001-Ser A Natl Public Fin 0.000 SEP 01 21State of CA Var Purp 5.500 MAR 01 40California Health Facilities Financing Authority CA Ref-Sutter Hlth-Ser B 5.000 NOV 15 46Fontana Redevelopment Agency Ref-Jurupa Hills Redev Pj-A 5.500 OCT 01 27Los Angeles Department of Water CA Ref-Ser A 5.000 JUL 01 41City of Fillmore CA Wastewater Revenue CA Ref AGM 5.000 MAY 01 47Silicon Valley Clean Water CA 4.000 AUG 01 44Mount San Antonio Community College District CA Convertible Cabs-Election 2008 0.000 AUG 01 43San Francisco City & County Airport Comm-SF Intl Airport CA AMT-SAN FRANCISCO INTL 5.000 MAY 01 4611.0% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/18/85) 3.47 2.99 3.37 4.84 5.95Class A with 4.25% maximum sales charge (06/18/85) -0.93 1.51 2.48 4.38 5.81Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper California Municipal Debt Funds category average 3.18 2.40 3.11 4.52 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -10.07 18.63 0.84 12.35 10.29 -4.68 12.11 4.56 0.95 6.14


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MFS® GEORGIA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andGeorgia personal income tax, if any, butalso considering capital appreciation.




Bonds 100.77%


FUND SYMBOL AND CUSIPA MMGAX 55273N608B MBGAX 55273N756I MGATX 55273N384




Board of Water Light & Sinking Fund Commissioners of The City of Dalton/The GA Comb 5.000 MAR 01 29County of DeKalb GA Ref-Ser B 5.250 OCT 01 25Henry County Water & Sewerage Authority GA Ref-Natl-Agm-Cr Bhac-Cr BHAC 5.250 FEB 01 27City of Atlanta GA Water & Wastewater Revenue GA Ref-Ser A 5.000 NOV 01 37City of Atlanta GA Water & Wastewater Revenue GA Ref-Ser A 5.000 NOV 01 38Private Colleges & Universities Authority GA Ref-Emory Univ-Ser A 5.000 OCT 01 46City of Atlanta GA Public Impt 4.875 DEC 01 26Gwinnett County School District Ref 5.000 FEB 01 29Dahlonega Downtown Development Authority GA Ref-North Georgia Mac Llc Proj 5.000 JUL 01 36Fulton County Development Authority GA Revenue Anticipation Ctfs-Well 5.000 APR 01 3415.2% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.20 15.68 0.00 10.52 8.16 -5.52 10.24 2.72 0.27 4.32


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MFS® MARYLAND MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andMaryland personal income tax, if any, butalso considering capital appreciation.




Bonds 99.28%


FUND SYMBOL AND CUSIPA MFSMX 55273N707B MBMDX 55273N723I MMDIX 55273N376




County of Baltimore MD Pub Impt 5.000 FEB 01 28City of Baltimore MD Kidder Mvrics-Ref-Wastewtr-A NATL VRB JUL 01 20MD Health & Higher Educational Facilities Authority Johns Hopkins Univ Proj-Ser A 5.000 JUL 01 37County of Prince George's MD Cons Pub Impt-Ser A 5.000 SEP 15 30County of Frederick MD Urbana Cmnty Dev Auth-A 5.000 JUL 01 40MD Community Development Administration Residential-A-Non Amt Non Ace 5.000 SEP 01 34County of Baltimore MD Met Dist Bds 80 Issue 5.000 MAR 01 33City of Baltimore MD Ref-Wtr Proj-Ser B 5.000 JUL 01 42Maryland Stadium Authority MD Baltimore City Public Schools 5.000 MAY 01 32Puerto Rico Highways & Transportation Authority PR Ref-Ser Cc AGMC 5.250 JUL 01 3318.6% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/31/84) 2.39 1.96 2.00 3.74 5.55Class A with 4.25% maximum sales charge (10/31/84) -1.96 0.50 1.12 3.29 5.42Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper Maryland Municipal Debt Funds category average 1.55 1.50 1.69 3.48 .—

hese reductions will continueuntil at least July 31, 2018.

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -8.51 18.42 1.80 9.96 7.04 -5.49 9.04 2.81 0.63 4.39


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MFS® MASSACHUSETTS MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andMassachusetts personal income tax, if any,but also considering capital appreciation.




Bonds 100.03%


FUND SYMBOL AND CUSIPA MFSSX 55273N806B MBMAX 55273N731I MTALX 55273N368




Massachusetts State College Building Authority MA Cap Apprec-Ref-Ser B SYNCORA 0.000 MAY 01 22Massachusetts Bay Transportation Authority MA Sub-Ser A-2 5.000 JUL 01 34MA Health & Educational Facilities Authority Sterling & Francine Clark Art 5.000 JUL 01 30Commonwealth of Massachusetts MA Ser F 5.000 NOV 01 42Commonwealth of Massachusetts MA Consolidated Loan-Ser D 5.000 FEB 01 33Commonwealth of Mass Transportation Fund Rev MA Rail Enhancement & Accelerated 5.000 JUN 01 42Massachusetts Port Authority MA Amt-Ref-Ser A 5.000 JUL 01 42University of MA Building Authority Senior-Ser 1 5.000 NOV 01 39Commonwealth of Mass Transportation Fund Revenue MA Rail Enhancement & Accelerated 5.000JUN 01 36Metropolitan Boston Transit Parking Corp MA 5.250 JUL 01 3615.3% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (04/09/85) 2.60 2.10 2.24 4.03 5.74Class A with 4.25% maximum sales charge (04/09/85) -1.76 0.63 1.35 3.58 5.60Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper Massachusetts Municipal Debt Funds category average 1.01 1.22 1.70 3.56 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -6.83 18.26 -0.02 11.25 7.97 -6.13 10.68 3.11 0.38 4.85


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MFS® MISSISSIPPI MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andMississippi personal income tax, if any, butalso considering capital appreciation.




Bonds 99.35%


FUND SYMBOL AND CUSIPA MISSX 55273N103B MBMSX 55273N715I MMSTX 55273N350




MS Hospital Equipment & Facilities Authority North Miss Hlth Svcs-Ser 1 5.000 OCT 01 39Jackson County Utility Authority MS Wtr & Swr Rev AGMC 5.000 SEP 01 40University of Southern Mississippi MS Ref-Ser A 5.000 MAR 01 28Mississippi Development Bank MS Ref-Dept Corrections-Walnut Gr 5.000 AUG 01 27MS State University Educational Building Corp 5.000 AUG 01 36Jackson State University Educational Building Corp Ref-Ser A-1 5.000 MAR 01 34Medical Center Educational Building Corp MS Ref-Univ Of Mississippi Med Ct 5.000 JUN 01 47Mississippi Development Bank MS Ref-Jackson Wtr & Swr Sys Pj-A AGMC 5.000 SEP 01 23Mississippi Development Bank MS Washington Cnty Regl Corr Fac AGC 4.750 JUL 01 31Mississippi Development Bank MS Ref-Biloxi Ms Proj BAM 5.000 NOV 01 2718.7% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -2.81 13.65 0.45 10.43 7.26 -4.63 9.41 3.22 -0.03 4.06


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The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, orother conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (asinterest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generallymore sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of themarket may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type ofinvestment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments in derivatives can be used totake both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on whichthe derivative is based, such as counterparty and liquidity risk. • Investments in below investment grade quality debt instruments can be more volatile and have greater risk ofdefault, or already be in default, than higher-quality debt instruments. • The fund's performance could be more volatile than the performance of more diversified funds.• Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions,issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. • The fund's performance could be closely tied to the economic, political, and otherconditions in the state and other states and U.S. territories and possessions in which the fund invests and could be more volatile than the performance of more geographicallydiversified funds. • Please see the prospectus for further information on these and other risk considerations.

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MFS® NEW YORK MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andNew York personal income tax, if any, butalso considering capital appreciation.PORTFOLIO MANAGEMENTMichael L. Dawson 29 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 100.36%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, orother conditions. Certain types of debt instrumentscan be more sensitive to these factors and thereforemore volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usuallyfall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not be possibleto sell a particular investment or type of investmentat any particular time or at an acceptable price. Theprice of an instrument trading at a negative interestrate responds to interest rate changes like other debtinstruments; however, an instrument purchased at anegative interest rate is expected to produce anegative return if held to maturity. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty and liquidityrisk. • Investments in below investment gradequality debt instruments can be more volatile andhave greater risk of default, or already be in default,than higher-quality debt instruments. • Investmentsin municipal instruments can be volatile andsignificantly affected by adverse tax or court rulings,legislative or political changes, market and economicconditions, issuer, industry-specific (including thecredit quality of municipal insurers), and otherconditions. • The fund's performance could beclosely tied to the economic, political, and otherconditions in the state and other states and U.S.territories and possessions in which the fund investsand could be more volatile than the performance ofmore geographically diversified funds. • Please seethe prospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MSNYX 55273N889B MBNYX 55273N681C MCNYX 55273N467I MNYLX 55273N343




NYC Transitional Fin Auth Building Aid Revenue NY Ser S-3 5.000 JUL 15 43City of New York NY NY Ser B-1 5.000 DEC 01 41New York State Dormitory Authority NY Ser A 5.000 FEB 15 41NY City Transitional Finance Authority Future Tax Secured-Fiscal 2011 5.000 FEB 01 27NY City Industrial Development Agency Ref-Sr-Trips-Ser A 5.000 JUL 01 28New York City Transitional Fin Auth Future Tax Sec Revenue NY Future Tax-Sub-Ser A-3 4.000 AUG 01 43County of Nassau NY Ser B-Agm-Cr AGM 5.000 APR 01 34NYC Transitional Finance Auth Future Tax Secured Rev NY Sub-Ftr Tax Secured Fiscal 5.000 FEB 01 43NY Liberty Development Corp Ref-2Nd Priority-Bk Amer 6.375 JUL 15 49NYC Transitional Fin Auth Future Tax Secured Rev NY Sub-Future Tax Secured Fiscal 5.000 FEB 01 3513.7% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (06/06/88) 2.89 2.35 2.43 4.00 5.50Class A with 4.25% maximum sales charge (06/06/88) -1.48 0.88 1.55 3.55 5.34Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper New York Municipal Debt Funds category average 2.27 2.05 2.31 3.88 .—

‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -6.97 17.00 0.84 9.27 8.66 -6.36 11.05 3.61 0.35 5.56


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MFS® NORTH CAROLINA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andNorth Carolina personal income tax, if any,but also considering capital appreciation.

PORTFOLIO MANAGEMENTMichael L. Dawson 29 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 99.59%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit qualityof the issuer, borrower, counterparty, or otherentity responsible for payment, underlyingcollateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debtinstruments can be more sensitive to these factorsand therefore more volatile. In addition, debtinstruments entail interest rate risk (as interestrates rise, prices usually fall), therefore the Fund'sshare price may decline during rising rates. Fundsthat consist of debt instruments with longerdurations are generally more sensitive to a rise ininterest rates than those with shorter durations. Attimes, and particularly during periods of marketturmoil, all or a large portion of segments of themarket may not have an active trading market. Asa result, it may be difficult to value theseinvestments and it may not be possible to sell aparticular investment or type of investment at anyparticular time or at an acceptable price. The priceof an instrument trading at a negative interestrate responds to interest rate changes like otherdebt instruments; however, an instrumentpurchased at a negative interest rate is expectedto produce a negative return if held to maturity.• Investments in derivatives can be used to takeboth long and short positions, be highly volatile,involve leverage (which can magnify losses), andinvolve risks in addition to the risks of theunderlying indicator(s) on which the derivative isbased, such as counterparty and liquidity risk.• Investments in municipal instruments can bevolatile and significantly affected by adverse tax orcourt rulings, legislative or political changes,market and economic conditions, issuer, industry-specific (including the credit quality of municipalinsurers), and other conditions. • The fund'sperformance could be closely tied to theeconomic, political, and other conditions in thestate and other states and U.S. territories andpossessions in which the fund invests and couldbe more volatile than the performance of moregeographically diversified funds. • Please see theprospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MSNCX 55273N871B MBNCX 55273N699C MCNCX 55273N541I MNCLX 55273N335




University of North Carolina at Chapel Hill Univ Of NC Hosp At Chapel Hill 5.000 FEB 01 46University of North Carolina at Charlotte NC Ref-Gen-Ser A 4.000 OCT 01 40County of Wake NC 5.000 JAN 01 33North Carolina Capital Facilities Finance Agency NC Ref-Duke University-Ser B 5.000 OCT 01 44NC State University at Raleigh Gen-Ser A 5.000 OCT 01 29NC Medical Care Commission Ref-Rex Healthcare-Ser A 5.000 JUL 01 30City of Charlotte NC Charlotte Cops-C Nascar 5.000 JUN 01 39NC Medical Care Commission Ref-Wakemed-Ser A 5.000 OCT 01 31Cape Fear Public Utility Authority NC Wtr & Swr Sys Revenue 5.000 AUG 01 36Western Carolina University NC Gen 5.000 OCT 01 4314.4% of total net assets







‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -4.49 14.59 0.36 11.05 7.45 -5.74 9.57 3.05 0.21 4.35


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MFS® PENNSYLVANIA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andPennsylvania personal income tax, if any,but also considering capital appreciation.




Bonds 101.91%


FUND SYMBOL AND CUSIPA MFPAX 55273N798B MBPAX 55273N673I MPALX 55273N327




City of Philadelphia PA Airport Revenue Ser A MPA 5.000 JUN 15 40The School District of Philadelphia PA Ref-Ser F 5.000 SEP 01 38Commonwealth Financing Authority PA Ser B 5.000 JUN 01 36Berks County Municipal Authority PA Reading Hosp Med Center-Ser A 5.000 NOV 01 40State Public School Building Authority PA Ref-Sch-Philadelphia Sch Dist 5.000 JUN 01 33Deer Lakes School District PA AGC 5.375 APR 01 34Philadelphia Authority for Industrial Development PA Hsg-Univ Sq Apts Proj-Proj Bas 5.000 DEC 01 58Delaware River Port Authority PA 5.000 JAN 01 29PA Economic Development Financing Authority Proctor & Gamble Paper Proj 5.375 MAR 01 31Township of Cranberry PA 5.000 OCT 01 3512.0% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (02/01/93) 3.29 2.66 2.66 4.18 4.87Class A with 4.25% maximum sales charge (02/01/93) -1.10 1.18 1.77 3.73 4.69Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper Pennsylvania Municipal Debt Funds category average 2.34 1.93 2.30 3.86 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -6.89 16.50 1.03 9.37 9.30 -5.89 10.75 3.61 1.09 5.15


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MFS® SOUTH CAROLINA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andSouth Carolina personal income tax, if any,but also considering capital appreciation.

PORTFOLIO MANAGEMENTMichael L. Dawson29 years in industry



Bonds 98.28%


FUND SYMBOL AND CUSIPA MFSCX 55273N863B MBSCX 55273N665I MTSCX 55273N319




Charleston Educational Excellence Finance Corp SC Ref-Charleston Cnty Sch 5.000 DEC 01 30North Charleston Sewer District 5.000 JUL 01 39Greenville Hospital System Board 6.000 MAY 01 20Greenwood Fifty Schools Facilities Inc SC Ref-Greenwood Sch Dist #50 Sc BAM 5.000 DEC 01 28Richland County School District No 1 SC Ser B 5.000 MAR 01 29City of Columbia SC Ref Ser A 5.000 FEB 01 36County of Florence SC Mcleod Regl Med Ctr-Ser A 5.000 NOV 01 37SC Transportation Infrastructure Bank Ref-Ser A 5.000 OCT 01 23Piedmont Municipal Power Agency SC Elec Rev Ref FGIC 6.250 JAN 01 21City of Charleston SC Waterworks & Sewer System Revenue SC Ref-Ser B 5.000 JAN 01 3018.3% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.99 15.15 0.48 9.71 7.60 -6.41 9.78 3.15 -0.11 4.33


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MFS® SOUTH CAROLINA MUNICIPAL BOND FUND


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MFS® TENNESSEE MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and the Tennessee Hall Income Tax) forin-state residents. Management seeks to drive performance through sector/security selection and quantitative analysis of theyield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andthe Tennessee Hall Income Tax, if any, butalso considering capital appreciation.

PORTFOLIO MANAGEMENTMichael L. Dawson29 years in industry



Bonds 99.91%


FUND SYMBOL AND CUSIPA MSTNX 55273N855B MBTNX 55273N657I MTNLX 55273N293




Memphis-Shelby County Sports Authority Inc Ref-Memphis Arena Proj-Ser B 5.375 NOV 01 29Memphis-Shelby County Industrial Development Board TN Ref-Ser B 5.000 NOV 01 30Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue 5.000 JUL 01 32County of Shelby TN Ref-Ser A 5.000 MAR 01 28Metropolitan Government of Nashville & Davidson County TN Ref-Ser D 5.000 JUL 01 21Met Govt Nashville & Davidson Cnty Hlth & Edu Facs Bd TN Unrefunded-Vanderbilt-Ser 5.000 OCT 01 34Met Govt Nashville & Davidson Cnty Hlth & Edu Facs Bd TN Vanderbilt Univ Med Cntr-Ser 5.000 JUL 01 4Tennessee State School Bond Authority TN Higher Eductnl Facs 2Nd Progra STHED 5.000 NOV 01 36Shelby County Health Edu & Housing Facilities Brd TN Methodist Le Bonheur Hlthcare- 5.000 MAY 01 35City of Jackson TN Ref-Jackson-Madison Cnty Hosp 5.000 APR 01 2819.9% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.45 15.10 0.79 10.09 7.97 -6.37 9.62 2.64 0.43 3.90


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MFS® TENNESSEE MUNICIPAL BOND FUND

The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, orother conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (asinterest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generallymore sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of themarket may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type ofinvestment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments in derivatives can be used totake both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on whichthe derivative is based, such as counterparty and liquidity risk. • Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings,legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. • The fund'sperformance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the fund invests andcould be more volatile than the performance of more geographically diversified funds. • Please see the prospectus for further information on these and other risk considerations.

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MFS® VIRGINIA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andVirginia personal income tax, if any, but alsoconsidering capital appreciation.PORTFOLIO MANAGEMENTMichael L. Dawson 29 years in industryPortfolio manager(s) may change; a currentlisting is available on MFS' website.FUND BENCHMARKBloomberg Barclays Municipal Bond Index

Bonds 99.26%


IMPORTANT RISK CONSIDERATIONSThe fund may not achieve its objective and/or youcould lose money on your investment in the fund.• Investments in debt instruments may decline invalue as the result of declines in the credit quality ofthe issuer, borrower, counterparty, or other entityresponsible for payment, underlying collateral, orchanges in economic, political, issuer-specific, orother conditions. Certain types of debt instrumentscan be more sensitive to these factors and thereforemore volatile. In addition, debt instruments entailinterest rate risk (as interest rates rise, prices usuallyfall), therefore the Fund's share price may declineduring rising rates. Funds that consist of debtinstruments with longer durations are generally moresensitive to a rise in interest rates than those withshorter durations. At times, and particularly duringperiods of market turmoil, all or a large portion ofsegments of the market may not have an activetrading market. As a result, it may be difficult tovalue these investments and it may not be possibleto sell a particular investment or type of investmentat any particular time or at an acceptable price. Theprice of an instrument trading at a negative interestrate responds to interest rate changes like other debtinstruments; however, an instrument purchased at anegative interest rate is expected to produce anegative return if held to maturity. • Investments inderivatives can be used to take both long and shortpositions, be highly volatile, involve leverage (whichcan magnify losses), and involve risks in addition tothe risks of the underlying indicator(s) on which thederivative is based, such as counterparty and liquidityrisk. • Investments in below investment gradequality debt instruments can be more volatile andhave greater risk of default, or already be in default,than higher-quality debt instruments. • Investmentsin municipal instruments can be volatile andsignificantly affected by adverse tax or court rulings,legislative or political changes, market and economicconditions, issuer, industry-specific (including thecredit quality of municipal insurers), and otherconditions. • The fund's performance could beclosely tied to the economic, political, and otherconditions in the state and other states and U.S.territories and possessions in which the fund investsand could be more volatile than the performance ofmore geographically diversified funds. • Please seethe prospectus for further information on these andother risk considerations.FUND SYMBOL AND CUSIPA MSVAX 55273N830B MBVAX 55273N632C MVACX 55273N533I MIVAX 55273N285




Fairfax County Economic Development Authority VA Ref-Route 28 Project-Ser B 2.875 APR 01 34Washington Metropolitan Area Transit Authority DC Ser B 5.000 JUL 01 42VA Small Business Financing Authority Ref-Sentara Healthcare 5.000 NOV 01 40University of VA Ref-Gen 5.000 SEP 01 25VA Housing Development Authority Rental hsg-ser f 5.100 JAN 01 41Virginia Commonwealth Transportation Board VA #N/A Field Not Applicable 4.000 MAY 15 42NY Liberty Development Corp Goldman Sachs Headquarters 5.250 OCT 01 35New River Valley Regional Jail Authority VA Ref 5.000 OCT 01 36Tender Option Bond Trust Certificates VA Residuals-Ser 2016-Xf0453-2 Fo 9.037 NOV 01 27Fairfax County Water Authority VA Ref 5.000 APR 01 4114.0% of total net assets






1 yr. 3 yr. 5 yr. 10 yr. LifeClass A without sales charge (10/31/84) 2.13 1.98 2.14 3.78 5.70Class A with 4.25% maximum sales charge (10/31/84) -2.21 0.51 1.25 3.33 5.56Bloomberg Barclays Municipal Bond Index 2.66 2.25 2.73 4.40 .—Lipper Virginia Municipal Debt Funds category average 1.57 1.57 1.80 3.36 .—


‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.47 15.88 0.51 9.70 7.17 -5.42 9.56 3.30 0.49 4.01


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MFS® WEST VIRGINIA MUNICIPAL BOND FUNDSeeking income exempt from federal and state income taxesThe fund seeks to provide double tax-free income (income that is exempt from federal and state taxes) for in-state residents.Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve.

FUND OBJECTIVESeeks total return with an emphasis onincome exempt from federal income tax andWest Virginia personal income tax, if any,but also considering capital appreciation.




Bonds 98.32%


FUND SYMBOL AND CUSIPA MFWVX 55273N822B MBWVX 55273N616I MWVIX 55273N277




Fairmont State University WV Ref-Ser A 5.000 JUN 01 32West Virginia University WV Univ Sys-W Va Univ Pjs-Ser A National Public Fin 5.250 APR 01 28City of Wheeling WV Waterworks & Sewerage System Revenue Comb 5.000 JUN 01 38WV Economic Development Authority Ser A 5.000 JUN 15 40Putnam County Board of Education WV Pub Sch 4.000 MAY 01 20School Building Authority of West Virginia WV Ser B 5.000 JUL 01 32WV Economic Development Authority Ref-Corrl Juvenile Public Safe 5.000 JUN 01 29Monongalia County Board of Education WV Ref-Public Sch 5.000 MAY 01 31WV Board of Education Ref 5.000 MAY 01 30State of WV Ref 4.000 JUN 01 2225.5% of total net assets








‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17Class A -5.94 13.18 1.59 10.46 6.38 -6.06 9.91 2.85 0.27 3.98


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MFS® WEST VIRGINIA MUNICIPAL BOND FUND

The fund may not achieve its objective and/or you could lose money on your investment in the fund. • Investments in debt instruments may decline in value as the result ofdeclines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, orother conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (asinterest rates rise, prices usually fall), therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generallymore sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of themarket may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type ofinvestment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debtinstruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. • Investments in derivatives can be used totake both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on whichthe derivative is based, such as counterparty and liquidity risk. • Investments in below investment grade quality debt instruments can be more volatile and have greater risk ofdefault, or already be in default, than higher-quality debt instruments. • The fund's performance could be more volatile than the performance of more diversified funds.• Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions,issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. • The fund's performance could be closely tied to the economic, political, and otherconditions in the state and other states and U.S. territories and possessions in which the fund invests and could be more volatile than the performance of more geographicallydiversified funds. • Please see the prospectus for further information on these and other risk considerations.

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1 Because of rounding in the calculation of offering price, actual sales charges may be more or less than those calculated using these percentages.A contingent deferred sales charge (CDSC) of 1% may be deducted from your redemption proceeds if you buy $1 million or more of Class Ashares and you redeem your investment within 24 months of your purchase if you purchased shares prior to August 1, 2012, and within 18months of your purchase if you purchased shares on or after August 1, 2012.

2 This fund has fixed income pricing but is categorized as Multi Asset.

FlExiBlE PRiCiNg OPTiONSTo help you meet “best-pricing” standards, MFS has fund pricing and sales policies that help you choose what fits. Please note that Letter of Intent/Rights of Accumulation linking must be with accounts with the same broker/dealer of record.

U.S. Equity, Global/International Equity, Multi Asset, and Specialty/AlternativeMassachusetts Investors TrustMassachusetts Investors Growth Stock FundMFS® Aggressive Growth Allocation FundMFS® Blended Research® Core Equity FundMFS® Blended Research® Emerging Markets

Equity FundMFS® Blended Research® Global Equity FundMFS® Blended Research® Growth Equity FundMFS® Blended Research® International Equity FundMFS® Blended Research® Mid Cap Equity FundMFS® Blended Research® Small Cap Equity FundMFS® Blended Research® Value Equity FundMFS® Conservative Allocation FundMFS® Core Equity FundMFS® Emerging Markets Equity FundMFS® Equity Income FundMFS® Equity Opportunities FundMFS® Global Alternative Strategy FundMFS® Global Equity FundMFS® Global Growth FundMFS® Global New Discovery FundMFS® Global Real Estate FundMFS® Global Total Return FundMFS® Growth Allocation FundMFS® Growth FundMFS® International DiversificationSM FundMFS® International Growth FundMFS® International New Discovery FundMFS® International Value FundMFS® Lifetime® 2020 FundMFS® Lifetime® 2025 FundMFS® Lifetime® 2030 FundMFS® Lifetime® 2035 Fund MFS® Lifetime® 2040 FundMFS® Lifetime® 2045 FundMFS® Lifetime® 2050 FundMFS® Lifetime® 2055 FundMFS® Lifetime® 2060 FundMFS® Low Volatility Equity FundMFS® Low Volatility Global Equity FundMFS® Managed Wealth Fund

(Continued next column)

Limited MaturityMFS® Limited Maturity FundMFS® Municipal Limited Maturity Fund

Sales charge1

Purchase amount (% of offering price)

Less than $50,000 2.50%$ 50,000 to < $100,000 2.25%$100,000 to < $250,000 2.00%$250,000 to < $500,000 1.50%$500,000 or more None

MFS® Mid Cap Growth FundMFS® Mid Cap Value FundMFS® Moderate Allocation FundMFS® New Discovery FundMFS® New Discovery Value FundMFS® Prudent Investor FundMFS® Research FundMFS® Research International FundMFS® Technology FundMFS® Total Return FundMFS® Utilities FundMFS® Value Fund Sales charge1

Purchase amount (% of offering price)Less than $50,000 5.75%$ 50,000 to < $100,000 4.75%$100,000 to < $250,000 3.75%$250,000 to < $500,000 2.75%$500,000 to < $1,000,000 2.00%$1,000,000 or more None

Fixed Income and Tax-Advantaged Fixed IncomeMFS® Corporate Bond FundMFS® Emerging Markets Debt FundMFS® Emerging Markets Debt Local Currency FundMFS® Global Bond FundMFS® Global High Yield FundMFS® Government Securities FundMFS® High Income FundMFS® Inflation-Adjusted Bond FundMFS® Municipal High Income FundMFS® Municipal Income FundMFS® Strategic Income FundMFS® Total Return Bond FundMFS® State Municipal Bond Funds

MFS® Diversified Income Fund2

MFS® Liifetime Income Fund2

Sales charge1

Purchase amount (% of offering price)

Less than $100,000 4.25%

$100,000 to < $250,000 3.25%

$250,000 to < $500,000 2.25%

$500,000 or more None

CLASS A SHARES

Letters of intent — available for reducedsales charges on investment commitment within a13-month period (36 months for a $1 millioncommitment).

Q1 | MARCH 31, 2018 160

For purchases/maximum account value up to $99,9994

Includes annual service fee of up to 0.25%• based on average daily net assets• paid quarterly beginning in second year

Contingent deferred sales charge• declines over six years (4%, 4%, 3%, 3%, 2%, 1%, 0%)

Class B shares converts to Class A shares, with their lowerexpenses, after eight years.

Withdrawals free of sales charge• shares acquired by reinvestment of dividends and capital gains

• principal appreciation• Systematic Withdrawal Plan of up to 10% of fund/account value annually

• principal amounts invested more than six years

NOTE: Class B shares are not available on all funds. Please see the appropriate fund prospectus for availabilityof Class B shares.

For purchases/maximum account value up to $999,999 forstock, balanced, and asset allocation funds and up to$499,999 for Bond, MFS Limited Maturity, and MFSMunicipal Limited Maturity funds4

Includes annual service/distribution fee of 1%• based on average daily net assets• paid quarterly beginning in second year

Contingent deferred sales charge• 1% on redemptions within 12 months

Class C shares does not convert to Class A shares.

Withdrawals free of sales charge• shares acquired by reinvestment of dividends and capital gains

• principal appreciation• Systematic Withdrawal Plan of up to 10% of fund/account value annually

• principal amounts invested more than one year

NOTE: Class C shares are not available on all funds. Please see the appropriate fund prospectus for availabilityof Class C shares.

4 Purchases of additional shares will not be allowed if the value of all accounts (determined using MFS' new LOI/ROA policy) is $99,999 forClass B shares or $999,999 for stock, balanced, and asset allocation funds and $499,999 for Bond, MFS Limited Maturity, and MFS MunicipalLimited Maturity funds Class C shares. The maximum account value includes all assets in Classes A, B, and C shares.

CLASS B SHARES CLASS C SHARES

FlExiBlE PRiCiNg OPTiONS

Q1 | MARCH 31, 2018161

BofA Merrill Lynch Global High Yield - Constrained Index(USD Hedged) tracks the performance of below-investment-gradecorporate debt of issuers domiciled in countries having an investment-grade foreign currency long-term debt rating (based on an average ofMoody's and S&P). The index is weighted by outstanding issuance, butconstrained such that the percentage of any one issuer may notrepresent more than 2% of the index.Bloomberg Barclays 1-3 Year US Government/Credit BondIndex measures the short-term (1 to 3 years) government and investment-grade corporate bond markets. Bloomberg Barclays 1-3 Year US Treasury Bond Indexmeasures public obligations of the US Treasury with maturities of oneyear up to (but not including) three years.Bloomberg Barclays 1-9 Year Municipal Bond Index is amarket capitalization–weighted index that measures the performanceof the medium-term (1 to 9 years) tax-exempt bond market. Bloomberg Barclays Global Aggregate Bond Index provides abroad-based measure of the global investment-grade fixed incomemarkets.Bloomberg Barclays Municipal Bond Index measures themunicipal bond market. Bloomberg Barclays U.S. Aggregate Bond Index measures theUS bond market.Bloomberg Barclays US Credit Bond Index measures theperformance of publicly issued, SEC-registered, US corporate andspecified foreign debentures and secured notes that meet specifiedmaturity, liquidity and quality requirements. Bloomberg Barclays US Government/Credit Bond Indexmeasures all debt obligations of the US Treasury and US governmentagencies, and all investment-grade domestic corporate debt. Bloomberg Barclays US Government/Mortgage Bond Indexmeasures government and mortgage securities markets. Bloomberg Barclays US High-Yield Corporate Bond 2%Issuer Capped Index is a market capitalization–weighted indexthat measures the performance of non-investment-grade, fixed-ratedebt. Eurobonds and debt issues from countries designated asemerging markets are excluded. This index is the 2% Issuer Capcomponent of the US Corporate High Yield index.Bloomberg Barclays US Treasury Inflation ProtectedSecurities Index consists of inflation-protection securities issued bythe US Treasury.Dow Jones Industrial Average (DJIA) measures the US stock market.FTSE EPRA/NAREIT Developed Real Estate Index measures theperformance of eligible real estate equities worldwide that generatea majority of their revenue and income through the ownership,disposure and development of income-producing real estate.JPMorgan Emerging Markets Bond Index Global tracks debtinstruments in the emerging markets (includes a broader array of countries than the EMBI Plus). JPMorgan Global Government Bond Index measures government bond markets around the world.

JPMorgan Government Bond Index Emerging Markets GlobalDiversified is a market capitalization–weighted index that is designed tomeasure the performance of local currency government bonds issued inemerging markets. The index includes only countries that give foreigninvestors access to their capital markets; it therefore excludes China, Indiaand Thailand. Individual country weights in the index are limited to 10% inorder for the index to remain fully diversified.MSCI All Country World Index measures developed and emerging market stock markets.MSCI All Country World (ex-US) Growth Index is a market capitalization index that is designed to measure equity market performance for growth securities in developed and emerging markets, excluding the United States.MSCI All Country World (ex-US) Index measures developed andemerging market stock markets.MSCI All Country World (ex-US) Small Mid Cap Index is a free-float weighted index that is designed to measure equity marketperformance of small and mid-cap companies across developed andemerging market countries, excluding the United States.MSCI All Country World Growth Index measures global growth stocks. MSCI All Country World Small Mid Cap Index is a free-floatweighted index that measures equity market performance of small andmid-cap companies across developed and emerging market countries.MSCI EAFE (Europe, Australasia, Far East) Index measures thenon-US stock market. MSCI EAFE (Europe, Australasia, Far East) Value Indexmeasures non-US value stocks. MSCI EAFE + EM Index measures the MSCI EAFE Index and alsoincludes emerging market countries.MSCI Emerging Markets Index measures emerging market stocks.MSCI World Index measures stock markets in the developed world. NASDAQ Composite Index measures domestic and foreign-basedstocks traded on the National Association of Securities DealersAutomated Quotation system.Russell 1000® Growth Index measures large-cap US growth stocks. Russell 1000® Index measures large-cap US stocks.Russell 1000® Value Index measures large-cap US value stocks. Russell 2000® Growth Index measures small-cap US growth stocks. Russell 2000® Index measures small-cap US stocks.Russell 2000® Value Index measures small-cap US value stocks. Russell 3000® Index measures the US stock market. Russell Midcap® Growth Index measures mid-cap US growth stocks.Russell Midcap® Index measures mid-cap US stocks.Russell Midcap® Value Index measures mid-cap US value stocks.S&P 500 Stock Index measures the broad US stock market. S&P 500 Utilities Index measures the utilities sector. S&P North American Technology Sector Index measurestechnology stocks.Index returns do not take into account investment-related fees andexpenses. It is not possible to invest directly in an index.

BENCHMARK iNdEx dEFiNiTiONS

Q1 | MARCH 31, 2018 162

AlphaA measure of a portfolio’s risk-adjusted performance. When compared with the portfolio’s beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance.

Average effective duration A measure of how much a bond's price is likely to fluctuate with generalchanges in interest rates, e.g., if rates rise 1.00%, a bond with a 5-yearduration is likely to lose about 5.00% of its value.

Average effective maturityA weighted average of maturity of the bonds held in a portfolio, takinginto account any prepayments, puts and adjustable coupons that mayshorten the maturity. Longer-maturity funds are generally consideredmore interest rate–sensitive than shorter-maturity funds.

BetaA measure of the volatility of a fund relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. Beta ismost reliable as a risk measure when the return fluctuations of the fundare highly correlated with the return fluctuations of the index chosen to represent the market.

Credit qualityFor all securities other than those specifically described below, ratingsare assigned to underlying securities using ratings from Moody's, Fitchand Standard & Poor's rating agencies and applying the followinghierarchy: If all three agencies provide a rating, the middle rating (afterdropping the highest and lowest ratings) is assigned; if two of the threeagencies rate a security, the lower of the two is assigned. Ratings areshown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. US Government includes securities issued by the USDepartment of the Treasury. Federal agencies includes rated and unrated US agency fixed income securities, US agency MBS and CMOsof US agency MBS. Other not rated includes fixed income securitiesthat have not been rated by any rating agency.

Dollar-weighted average market capThe market value, calculated by multiplying a security’s price by thenumber of shares outstanding, of the stock that lies in the middle of amarket value rank-order distribution of all the stocks held in theportfolio.

Dollar-weighted median market capA measure in which each stock’s weight in the portfolio is proportionateto its market value, rather than treating each component equally.

Expense ratios Gross expense ratio is the fund’s total operating expense ratio fromits most recent prospectus. Net expense ratio reflects the reduction ofexpenses from fee waivers, reimbursements and the exclusion of interestand fees. Elimination of these reductions will result in higher expensesand lower performance.

MedianA type of average, found by arranging the values in order and thenselecting the one in the middle. If the total number of values in thesample is even, then the median is the mean of the two middlenumbers. The median is a useful number in cases where the distributionhas very large extreme values that otherwise skew the data.

Net asset value (NAV)The market price of a mutual fund’s total assets (after deducting liabilities) per share. It is the price at which a shareholder would sell afund’s shares.

Portfolio characteristicsPortfolio 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.

Price to bookPrice/Book ratio (P/B) is the ratio of a stock’s price to its book value per share.

Price/Earnings (forward 12 mo.)The ratio of the current price of a stock to an estimate of forward 12-month earnings.

R2The percentage of the portfolio’s movements that can be explained bythe general movements of the market. Index portfolios will tend to havevalues very close to 100.

Sharpe ratioA risk-adjusted measure calculated to determine reward per unit of risk.It uses a standard deviation and excess return. The higher the Sharperatio, the better the portfolio’s historical risk-adjusted performance.

SpecialtySpecialty includes investments in commodities, REITs, derivatives orMFS funds that concentrate in such investments.

Standard deviationAn indicator of the portfolio’s total return volatility. The larger theportfolio’s standard deviation, the greater the portfolio’s volatility.

Turnover ratioThe percentage of a fund’s assets that have changed over the course of a given time period, usually a year. It is calculated by dividing theaverage assets during the period by the lesser of the value of purchasesand the value of sales during the same period.

Weighted averageAn average that takes into account the proportional relevance of eachcomponent rather than treating each component equally.

glOSSARy

Q1 | MARCH 31, 2018163

NOTES

Q1 | MARCH 31, 2018 164

How to contact MFS

ONLINE

mfs.com

Visit our website for access to individual account informa-

tion, performance of MFS funds and other details about MFS’

products and services.

linkedin.com/company/mfs-investment-management

facebook.com/followmfs

twitter.com/followmfs

youtube.com/followMFS

BY PHONE

1-800-MFS-TALK

(1-800-637-8255)

Call MFS’ automated information line anytime for

• prices

• account balances

• exchanges

• duplicate statements

• more

For account services and literature call

1-800-225-2606

SHAREHOLDERS

1-800-343-2829

FINANCIAL ADVISORS

BY MAIL

Mailing address


P.O. Box 55824

Boston, MA 02205-5824

Overnight mail


c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

Flexibility designed to meet your needsChoose from a wide range of products and services• mutual funds

• separate accounts

• Roth and traditional IRAs

• workplace IRAs (SEP, SARSEP and SIMPLE IRAs)

• investment options for 401(k), 403(b) and 457

plans as well as other variable platforms

• 529 college savings plan

Add to your accounts with ease• automatic reinvestment of distributions

• Automatic Investment Plan

• Automatic Exchange Plan

• invest by mail, by phone or online

Use your investments to meet current financial needs• distributions in cash

• Systematic Withdrawal Plan

Keep up-to-date on your accounts• online account access

• statements of account activity

• year-end tax information

For more than 90 years, MFS has

actively managed investments —

around the globe, across asset classes

and through a myriad of economic and

market environments. While the

opportunities and challenges have

changed, we have kept our long-term

perspective and cultivated our robust

investment platform.

Founded on integrated research,

fortified by collaborative thinking and

supported by active risk management,

our investment platform drives

information flow and effective decision

making. This is how we turn

information into an analysis

advantage, maintain our conviction

and allow enough time for our insights

to help create the long-term value that

drives better outcomes for clients.

Q1 | MARCH 31, 2018165

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Q1MFS

®

FundfactsPortfolio and performance review March 31, 2018

MFS® Fundfacts: Q1, March 31, 2018

MFS Fund Distributors, Inc. 111 Huntington Avenue Boston MA 02199

MFSP-FNDFCT-PR-5/18 13343.48

MFS

® Fun

dfacts: Q

1, March

31, 2018

q4 - mfs.com investment platform drives information flow and effective decision making. this is how...

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