Form 497 MFS SERIES TRUST I
SUPPLEMENT TO THE PROSPECTUS
Supplement dated September 30, 2022, to the Prospectus dated December 29, 2021.
MFS® U.S. Government Cash Reserve Fund
Effective immediately, the two paragraphs after the table in the section entitled "Purchase and Sale of Fund Shares" under the main heading
entitled "Summary of Key Information," after the first paragraph under the main heading entitled "Description of Share Classes," and after the third paragraph in the section entitled "How to Purchase Shares" under the main heading entitled "How To
Purchase, Redeem, and Exchange Shares" are restated in their entirety as follows:
Effective at the close of business on May 29, 2020 (the Closing Date), the fund is closed to all purchases except: 1) purchases through
the reinvestment of distributions in the fund; 2) purchases as a result of exchanges from another MFS fund; 3) purchases as a result of shareholders exercising their one-time Reinstatement Privilege (described in Appendix A of this prospectus) to
reinvest in shares of the fund within 90 days of a redemption of fund shares; 4) purchases in connection with a shareholder’s transfer of some or all of the shares in the shareholder’s account to another account; 5) purchases by retirement plans
other than traditional IRAs, SIMPLE IRAs, Roth IRAs, SEP plans, and SARSEP plans if the fund was offered or officially selected as an investment option by such plan (or any predecessor plan or other plan sponsored by the same employer) as of the
Closing Date; 6) purchases by qualified tuition programs established under Section 529 of the Internal Revenue Code of 1986, as amended, if the fund was offered as an investment option by such program on the Closing Date; and 7) investors approved
by the fund, the fund’s investment adviser, and the fund’s distributor.
1049639
1
LMM-SUP-I-093022
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