MFS Institutional International Equity Fundpersonnel.lacity.org/deferredcomp/MFSInstitutiona... · 8/21/2018 · MFS II 1019-I-CT-IIE-21Aug18.II ® Institutional International Equity

FOR INSTITUTIONAL USE ONLY

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus, containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully.MFS® investment products are offered through, MFS Fund Distributors, Inc.,111 Huntington Avenue, Boston, MA 02199

MFS® Institutional International Equity FundPresented to

City of Los Angeles Deferred Compensation Plan August 21, 2018

19231.35 ex31OCT18

II1019-I-CT-IIE-21Aug18.IIMFS® Institutional International Equity Fund

Presenters

For US Retirement Investors: These materials are directed at persons having professional experience related to investments and, if the investor is a retirement plan subject to ERISA or an IRA (“Retirement Investor”), using such materials in their role as a fi duciary to such Retirement Investor. When presenting its products and services, MFS relies on the exception in the Department of Labor’s Fiduciary Rule for transactions with an independent fi duciary with fi nancial expertise; such fi duciaries must be regulated fi nancial institutions or manage at least $50 million. If you or your plan fi duciary (as applicable) does not meet the independent fi duciary requirements, please notify MFS. MFS does not provide impartial or fi duciary investment advice as to the selection and use of its products as MFS will receive compensation in connection with any purchase of its fi nancial products and services (collectively, “products”) which creates a potential confl ict of interest.

Presenters Bio Report

Chris A. Sunderland

Carolyn Lucey, CIMA

- Investment Officer

- Institutional Portfolio Manager

- As an Institutional Portfolio Manager, participates in the research process and strategy discussions. Assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash flows. Communicates investment policy, strategy, and positioning.

- Joined MFS in 2015.

- Previous experience includes 5 years as Institutional Portfolio Manager (Director) at Eaton Vance Investment Management; 10 years as Portfolio Manager at State Street Global Advisors.

- Babson College, MBA

- Babson College, BS

- Director, Relationship Management

- As a Relationship Manager, responsible for the overall client experience including communicating portfolio positioning, strategy, and performance attribution and ensuring that our clients' ongoing service needs are met.

- Joined MFS in 1998; previous positions include Investment Director for Private Portfolio Services; Vice President, Director of Product Management; Assistant Vice President, Domestic Equity Product Manager.

- Previous experience includes 1 year as Product Manager at Van Kampen American Capital; 6 years as Product Manager at John Hancock Funds; 2 years as Associate at Putnam Investments.

- Affiliations include Investment Management Consultants Association (IMCA)

- Manhattanville College, BA

11019-I-CT-IIE-21Aug18.1MFS® Institutional International Equity Fund

Investment Provider Summary Sheet

Firm Name MFS Investment Management

As of date 6/30/18

Fund Name MFS Institutional International Equity Fund

Ticker Symbol MIEIX

Investment Vehicle Type Institutional Mutual Fund

Fund Manager Daniel Ling, Filipe Benzinho

Manager Tenure with Firm Ling 2006, Benzinho 2009

Manager Tenure with Fund Ling 2009, Benzinho 2016

Total Firm Assets Under Management $474 Billion

Total FIrm Assets in Strategy $23,317,849,729

Total Assets Managed for City of LA DCP $308,748,306

in DCP Fund $172,569,786

In Profile Funds

Fees: Expense Ratio for LA DCP Holdings 0.71%

Revenue Share None

Returns (net of fees) 1 year 3 year 5 year 10 year

Fund Return 7.20% 5.77% 7.24% 5.18%

Benchmark Return 6.84% 4.90% 6.44% 2.34%

Difference 0.36% 0.87% 0.80% 2.34%

Benchmark: MSCI EAFE

$136,178,520


Strategy Background, Portfolio Characteristics & Performance Review


Toronto Boston

Mexico City

São Paulo

London

Tokyo

Hong Kong

Singapore

Sydney

99Fundamental

Research Analysts

8Global

Sector Teams

81Portfolio

Managers

organized by regionand sectors

USD 44.9 bn in AUM1 with signifi cant industry experience in value, core, growth, quantitative and fi xed income investing

9 quantitative analysts provide proprietary research models, stock rankings, and scenario testing; backed by14 quantitative researchassociates

Collaborative research environment

1As of 31-Mar-18As of 30-Jun-18

We believe a fully integrated global research platform provides competitive advantages

MFS Global Research Platform

Analyst-Managed Strategies

11Quantitative

Research Analysts

9

26 U.S. equity analysts 36 non-U.S. equity analysts37 credit analysts backed by29 research/investment associates


Daniel Ling, CFAPortfolio Manager19 years industry experience

Filipe BenzinhoPortfolio Manager 11 years industry experience

Brett FleishmanInstitutional Portfolio Manager 21 years industry experience

Chris SunderlandInstitutional Portfolio Manager 27 years industry experience

Experienced MFS International Equity Team

Experienced team, deep resources

Additional resources

Kevin Beatty

Portfolio Manager32 years industry experience

Roger Morley


Ted Maloney


Ryan McAllister, CFA


Ben Kottler, CFA

Institutional Portfolio Manager29 years industry experience

Victoria Higley


Sanjay Natarajan


Ann Marie Costello

Investment Product Specialist30 years industry experience

Experienced MFS Institutional International Equity Fund Team


Investment Approach

Risks

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 signifi cantly in response 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, or other conditions. Please see the prospectus for further information on these and other risk considerations.

Seeks to outperform the market through a diversified portfolio of high conviction ideas

Investment objective Seeks capital appreciation

Goal We seek to outperform the MSCI EAFE Index (net div) over full market cycles by relying on stock selection as the primary source of alpha.

Philosophy

Invest rather than speculate

We invest with a long-term investment horizon, which capitalizes on opportunities created by investors with shorter investment horizons. Our global research platform, collaborative investment approach and compensation structure are all aligned with this timeframe.

A growth at a reasonable price style with a quality bias

We seek companies we believe have above-average, sustainable growth and return prospects over the long term. Typically these companies have identifi able competitive advantages that lead to fairly predictable earnings and cash fl ow, strong balance sheets, management interests that are aligned with shareholders, and transparent corporate governance.

Focus on downside risk

We manage capital with the goal of attempting to avoid stocks with substantial downside risk, and only invest where we believe valuations more than compensate for inherent risks. Downside risk is emphasized in stock selection, portfolio construction, and risk management.


Investment Process Overview

Evaluate long-term risk/reward trade off through a rigorous investment process

Risk management at all stages

The information listed above is current as of the date of the material, and any additions, modifi cations, or deletions that have occurred since that date are not refl ected.

Highconviction

ideas

Generally has been 60 to 80 holdings

§ Growth rate greaterthan global GDP growth

§ Return on capital exceeds cost of capital

§ Strong free cash fl ow generation

Portfolio's buy criteria

§ 350–450 non-US “buy” candidates

§ Identify the best ideas within sector

§ Assess a company's potential to outperform its industry peers

§ Active collaboration between portfolio managers and analysts

Focus on high quality and valuation

§ More than 1,000 non-US stocks rated by analyst team

§ Represents broad range of investable universe

§ Conduct original hands-on research

Actively followed securities

Global researchplatform

Analysts andportfolio managers Portfolio managers MFS® Institutional

International Equity Fund


Historical Relative Performance in Diverse Markets Net of fees (USD)

MFS® Institutional International Equity Fund vs MSCI EAFE (Europe, Australasia, Far East) Index (net div)

April 1996-June 2018

Market returnless than -5%

Market return-5% to +5%

Market returngreater than +5%

Total

Average quarterlyrelative performance (%) +1.87 +0.78 -0.23 +0.66

Nu

mb

er o

f qu

arte

rs a

bov

e /b

elow

ben

chm

ark

Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.Past performance is no guarantee of future results. MFS Institutional Trust Funds are not subject to a sales charge.Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fl uctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com.

Number of outperforming quarters Number of underperforming quarters

0

10

20

30

40

50

60


As of 30-Jun-18 Portfolio (%) Benchmark (%) Underweight/Overweight (%) Largest Holdings

Consumer Staples 17.5 9.8 7.7 Nestle SA, Pernod Ricard SA, Beiersdorf AG

Technology 14.2 7.7 6.5 Hoya Corp, SAP SE, Amadeus IT Group SA

Special Products & Services 7.4 3.8 3.6Tata Consultancy Services Ltd, Compass Group PLC, Experian PLC

Health Care 13.3 10.2 3.1 Bayer AG, Roche Holding AG, Terumo Corp

Leisure 5.2 3.0 2.2 WPP PLC, Yum China Holdings Inc, RELX NV

Industrial Goods & Services 8.1 7.7 0.4 Schneider Electric SE, Daikin Industries Ltd

Basic Materials 7.3 7.4 -0.1 Air Liquide SA, Akzo Nobel NV, Rio Tinto PLC

Transportation 2.4 2.7 -0.3 Canadian National Railway Co

Retailing 2.9 5.1 -2.2 LVMH Moet Hennessy Louis Vuitton SE

Energy 3.2 5.9 -2.7 Suncor Energy Inc, Eni SpA

Autos & Housing 1.2 6.3 -5.1 Denso Corp

Utilities & Communications 1.1 7.2 -6.1 Engie SA

Financial Services 14.6 23.2 -8.6 AIA Group Ltd, UBS Group AG, ING Groep NV

1.4% Cash & Cash Equivalents.0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.Portfolio and benchmark data shown is based on MFS' sector/industry classifi cation methodology, which differs from the benchmark's.

Sector Weights Relative to MSCI EAFE Index


Characteristics

City of Los Angeles Deferred CompensationCRPEQUITY-IIE-30-Jun-18

Benchmark^ (%)Portfolio (%)Top 10 issuers as of 30-Jun-18

NESTLE SA 3.4 1.7

BAYER AG 2.9 0.7

AIA GROUP LTD 2.8 0.7

HOYA CORP 2.6 0.2

SAP SE 2.5 0.8

AIR LIQUIDE SA (EQ) 2.5 0.4

ROCHE HOLDING AG 2.5 1.1

SCHNEIDER ELECTRIC SE 2.4 0.3

PERNOD-RICARD 2.2 0.2

TERUMO CORP 2.1 0.1

6.225.9Total

As of 30-Jun-18 Benchmark^PortfolioFundamentals - weighted average

9.2% 9.7%IBES long-term EPS growth

16.9x 13.7xPrice/earnings (12 months forward ex-negativeearnings)

12.0% 8.8%Return on invested capital

Market capitalization

69.5 bn 60.8 bnMarket capitalization (USD) 1

Diversification

26% 11%Top ten holdings

77 926Number of holdings

Turnover

14% –Trailing 1 year turnover 2

Risk profile (current)

81% –Active share

MSCI EAFE IndexWeighted average.(Lesser of Purchase or Sales)/Average Month End Market ValueWeighted average.1

(Lesser of Purchase or Sales)/Average Month End Market Value2

^

No forecasts can be guaranteed.

11

11


Regional Exposures — Domicile vs. RevenueMFS Institutional International Equity Fund relative to MSCI EAFE Index

By Domicile By Revenue

MFS InternationalInstitutional

Equity Fund (%)

MSCI EAFE Index (%)

Relative weight (%)

MFS International Institutional

Equity Fund (%)

MSCI EAFE Index (%)

Relative weight (%)

North America 4.1 0.0 4.1 29.1 18.6 10.4

Europe Ex-U.K. 52.7 45.4 7.3 22.3 22.6 -0.3

United Kingdom 14.2 18.0 -3.8 5.4 7.0 -1.7

Developed - Middle East/Africa 1.4 0.5 0.9 0.2 0.4 -0.1

Japan 13.7 24.0 -10.3 7.5 16.3 -8.8

Asia Pacific Ex-Japan 5.0 12.0 -7.0 4.3 9.2 -4.9

Emerging Markets 7.5 0.0 7.5 28.8 23.3 5.5

Other Countries 0.0 0.0 0.0 2.4 2.6 -0.2

Source: MSCI, FactSet. For companies not covered by the MSCI database, regional exposure was allocated based on country of domicile. All portfolio calculations exclude cash.The "Other Countries" category consists of countries not followed by MSCI.

NorthAmerica

EuropeEx-U.K.

United Kingdom Developed - Middle East/

Africa

Japan Asia PacificEx-Japan

EmergingMarkets

OtherCountries

Perc

ent (

%) 4.1

10.4

7.3

-0.3

-3.8-1.7

0.9

-0.1

-10.3-8.8

-7.0-4.9

7.55.5

0.0

-0.2

Relative weight (%), as of 30-Jun-18

■ By Revenue■ By Domcile

111019-I-CT-IIE-21Aug18.11MFS® Institutional International Equity Fund City of Los Angeles Deferred CompensationCRPEQUITY-IIE-30-Jun-18

Performance Results

Performance results (%) net of fees (USD) as of 30-Jun-18

Benchmark^ (%)Period Portfolio (%)Excess return vsbenchmark (%)

0.16 -1.242Q 2018 1.40

-1.37 -1.531Q 2018 0.16

4.00 4.234Q 2017 -0.23

4.35 5.403Q 2017 -1.05

-1.22 -2.752018 YTD 1.53

28.02 25.032017 2.99

0.30 1.002016 -0.70

0.02 -0.812015 0.83

-4.21 -4.902014 0.69

18.56 22.782013 -4.22

7.20 6.841 year 0.36

5.77 4.903 year 0.87

7.24 6.445 year 0.80

5.18 2.8410 year 2.34

4.65 3.84Since client inception (26-Jun-15) 0.81

Source for benchmark performance SPAR, FactSet Research Systems Inc. All periods greater than one year are annualized.Past performance is no guarantee of future results.MSCI EAFE (Europe, Australasia, Far East) Index (net div)^

3

3


Performance Drivers — RegionsRelative to MSCI EAFE Index (USD) — second quarter 2018

Average relative

weighting (%)

Portfolio returns (%)

Benchmark returns (%)

Regionallocation (%) + Stock

selection (%) + Currency effect (%) =

Relative contribution

(%)

Contributors Europe Ex-U.K. 7.7 -0.5 -2.3 -0.1 0.9 0.0 0.8

Japan -10.4 0.6 -2.8 0.3 0.5 -0.1 0.7

North America 3.9 15.4 – 0.5 – 0.1 0.6

Cash 1.3 0.5 – -0.0 – 0.1 0.0

Detractors Asia/Pacifi c Ex-Japan -6.7 1.3 1.8 -0.1 -0.1 -0.1 -0.2

Developed - Middle East/Africa

0.8 -1.7 11.0 0.1 -0.2 0.0 -0.1

Emerging Markets 7.3 -1.6 -16.8 -1.3 1.1 0.1 -0.0

United Kingdom -3.8 4.1 3.1 -0.2 0.1 0.0 -0.0

Total Total 0.8 -1.0 -0.8 2.4 0.2 1.8

Attribution results are generated by the FactSet application utilizing a methodology which is widely accepted in the investment industry. Results are based upon daily holdings using a buy and hold methodology to generate individual security returns and do not include expenses. As such, attribution results are essentially estimates and may not aggregate to the total return of the portfolio or of the benchmark which can be found elsewhere in this presentation.


Average Relative

Weighting (%)

Portfolio Returns (%)

Benchmark Returns (%)

Sector Allocation (%) + Stock

Selection (%) + Currency Effect (%) =

Relative Contribution

(%)

Top Contributors Special Products & Services 3.6 9.3 1.5 0.1 0.6 -0.1 0.6

Technology 6.1 4.3 1.3 0.1 0.3 0.1 0.5

Autos & Housing -5.5 -10.7 -8.3 0.4 -0.0 -0.0 0.4

Transportation -0.4 9.8 -1.7 0.0 0.2 0.1 0.3

Financial Services -8.7 -5.8 -5.0 0.4 -0.2 0.1 0.2

Industrial Goods & Services 0.3 -1.7 -3.8 -0.0 0.2 -0.0 0.2

Basic Materials -0.1 2.2 1.1 0.0 0.1 -0.0 0.1

Cash 1.3 0.5 — -0.0 — 0.1 0.0

Retailing -2.0 10.7 5.3 -0.1 0.2 -0.0 0.0

Utilities & Communications -6.0 -5.8 -1.8 0.0 -0.0 -0.0 0.0

Health Care 3.7 1.1 1.7 0.1 -0.1 0.0 0.0

Top Detractors Energy -2.6 14.8 11.7 -0.3 0.0 0.1 -0.2

Leisure 2.4 -2.5 2.5 0.1 -0.3 0.0 -0.2

Consumer Staples 8.1 -1.2 -0.2 0.1 -0.2 -0.0 -0.1

Total 0.8 -1.0 0.9 0.7 0.2 1.8


Performance Drivers – Sectors Relative to MSCI EAFE Index ( USD ) — second quarter 2018


Average Weighting (%) Returns (%)

Portfolio Benchmark Portfolio1 Benchmark Relative Contribution (%)

Top Contributors Tata Consultancy Services Ltd 1.9 — 24.5 — 0.4

Suncor Energy, Inc 1.9 — 18.7 — 0.3

HOYA Corporation 2.5 0.1 14.0 14.0 0.3

Canadian National Railway 1.9 — 12.3 — 0.2

Experian Plc 1.6 0.1 16.2 16.2 0.2

Top Detractors AmBev SA 0.6 — -35.8 — -0.3

Royal Dutch Shell PLC — 2.0 — 12.9 -0.2

Taiwan Semiconductor 1.3 — -14.0 — -0.2

ING Groep NV 2.0 0.4 -11.9 -11.9 -0.2

Prosiebensat.1 Media Se 0.7 0.1 -21.6 -21.6 -0.1

1 Represents performance for the time period stock was held in portfolio.Attribution results are generated by the FactSet application utilizing a methodology which is widely accepted in the investment industry. Results are based upon daily holdings using a buy and hold methodology to generate individual security returns and do not include expenses. As such, attribution results are essentially estimates and may not aggregate to the total return of the portfolio or of the benchmark which can be found elsewhere in this presentation.

Performance Drivers – Stocks Relative to MSCI EAFE Index ( USD ) — second quarter 2018


Performance Drivers — RegionsRelative to MSCI EAFE Index (USD) — year to date 30 June 2018


Average Relative

Weighting (%)



RegionAllocation (%) + Stock



(%)

Contributors Emerging Markets 7.6 4.2 -10.9 -0.6 1.3 -0.1 0.5

Europe Ex-U.k. 7.8 -2.3 -3.4 0.0 0.5 0.0 0.5

North America 3.7 5.8 – 0.3 – -0.0 0.3

Asia/Pacifi c Ex-Japan -6.9 4.8 -2.0 -0.2 0.2 0.2 0.3

Japan -10.3 -0.5 -1.8 0.3 0.2 -0.4 0.1

United Kingdom -4.1 -0.4 -0.9 -0.0 0.1 0.0 0.1

Cash 1.3 0.8 – 0.0 – 0.0 0.0

Detractors Developed - Middle East/Africa

0.8 -5.7 5.2 0.1 -0.2 0.0 -0.1

Total -0.6 -2.4 -0.1 2.1 -0.2 1.8

Performance Drivers — RegionsRelative to MSCI EAFE Index (USD) — YTD as of 30 June 2018


Average Relative

Weighting (%)






(%)

Top Contributors Special Products & Services 3.3 11.4 0.3 0.1 0.9 -0.2 0.8

Financial Services -8.7 -4.7 -6.9 0.4 0.4 0.0 0.8

Technology 6.2 5.2 2.4 0.2 0.4 0.0 0.6

Basic Materials -0.3 1.3 -2.2 0.0 0.3 -0.0 0.2

Industrial Goods & Services 0.2 -1.7 -4.0 -0.0 0.1 0.1 0.2

Autos & Housing -5.4 -17.7 -8.5 0.4 -0.2 -0.0 0.2

Transportation -0.5 -2.3 -4.3 0.0 0.0 0.0 0.1

Cash 1.3 0.8 — 0.0 — 0.0 0.0

Retailing -2.1 15.7 6.9 -0.2 0.2 -0.0 0.0

Utilities & Communications -6.0 -8.8 -3.5 0.1 -0.0 -0.0 0.0

Top Detractors Leisure 2.4 -8.1 2.0 0.1 -0.5 -0.0 -0.4

Health Care 3.8 -2.6 0.9 0.1 -0.5 0.0 -0.3

Consumer Staples 8.3 -4.1 -3.7 -0.1 -0.0 -0.1 -0.2

Energy -2.5 13.1 9.4 -0.3 0.1 -0.0 -0.2

Total -0.6 -2.4 0.8 1.2 -0.2 1.8


Performance Drivers – Sectors Relative to MSCI EAFE Index ( USD ) — YTD as of 30 June 2018




Top Contributors Tata Consultancy Services Ltd 1.8 — 28.8 — 0.5

Terumo Corp 2.2 0.1 21.5 21.5 0.5

HOYA Corporation 2.4 0.1 14.8 14.8 0.4


LVMH Moet Hennessy Louis Vuitton SE 2.1 0.6 14.4 14.4 0.2

Top Detractors ING Groep NV 2.1 0.4 -19.4 -19.4 -0.3

Denso Corp 1.5 0.2 -17.7 -17.7 -0.2

UBS AG 2.3 0.4 -12.8 -12.8 -0.2


Kubota Corp 1.0 0.1 -19.1 -19.1 -0.2


Performance Drivers – Stocks Relative to MSCI EAFE Index ( USD ) — YTD as of 30 June 2018


Performance Drivers — RegionsRelative to MSCI EAFE Index (USD) — one year as of 30 June 2018

Average relative

weighting (%)

Portfolio returns (%)

Benchmark returns (%)

Regionallocation (%) + Stock

selection (%) + Currency effect (%) =

Relative contribution

(%)

Contributors Emerging Markets 8.1 19.1 13.2 0.4 0.7 -0.3 0.9

Europe Ex-U.K. 7.3 5.8 4.4 -0.2 0.8 -0.1 0.5

Asia/Pacific Ex-Japan -6.9 20.9 8.8 -0.3 0.5 0.3 0.5

North America 4.1 18.6 -- 0.5 -- -0.1 0.4

Detractors United Kingdom -4.4 3.6 10.1 -0.0 -0.8 -0.1 -0.9


0.7 -10.5 -4.2 -0.0 -0.1 0.0 -0.1

Cash 1.3 1.4 -- -0.0 -- -0.0 -0.1

Japan -10.2 13.5 10.9 -0.3 0.3 -0.1 -0.0

Total Total 8.6 7.4 0.0 1.4 -0.2 1.2



Average Relative

Weighting (%)






(%)

Top Contributors Financial Services -9.5 7.0 1.2 0.5 1.1 -0.1 1.5

Special Products & Services 3.1 19.1 11.2 0.1 0.6 -0.1 0.7

Utilities & Communications -6.1 2.6 -0.3 0.5 0.1 -0.0 0.6

Technology 6.5 15.7 15.9 0.5 -0.1 0.0 0.5

Industrial Goods & Services 0.3 12.9 7.5 -0.0 0.3 0.1 0.4

Autos & Housing -5.1 12.0 7.2 0.1 0.1 -0.0 0.2

Top Detractors Leisure 2.5 -11.8 8.8 0.0 -1.2 0.0 -1.2

Energy -2.4 38.8 37.2 -0.6 0.1 -0.1 -0.6

Basic Materials -0.4 14.8 18.5 -0.0 -0.3 0.1 -0.3

Retailing -1.5 20.9 18.6 -0.2 0.0 0.0 -0.2

Consumer Staples 8.4 3.4 1.5 -0.5 0.4 -0.1 -0.2

Health Care 3.4 1.8 1.8 -0.1 -0.0 -0.0 -0.1

Transportation -0.4 0.9 4.9 0.0 -0.1 -0.1 -0.1

Cash 1.3 1.4 — -0.0 — -0.0 -0.1

Total 8.6 7.4 0.3 1.1 -0.2 1.2


Performance Drivers – SectorsRelative to MSCI EAFE Index (USD) — one year as of 30 June 2018




Top Contributors Terumo Corp 2.1 0.1 47.0 47.0 0.7

Tata Consultancy Services Ltd 1.7 — 50.0 — 0.7


DBS Group Holdings 1.6 0.2 36.6 36.6 0.4

LVMH Moet Hennessy Louis Vuitton SE 2.0 0.6 36.2 36.2 0.4

Top Detractors WPP Group PLC 2.0 0.2 -21.3 -21.3 -0.6

Bayer 3.3 0.7 -11.0 -10.9 -0.5


Reckitt Benckiser Group PLC 1.9 0.4 -16.5 -16.5 -0.4

ING Groep NV 2.2 0.5 -12.5 -12.5 -0.4


Performance Drivers – StocksRelative to MSCI EAFE Index (USD) — one year as of 30 June 2018


34865.8

1 vs. MSCI EAFE Index (net div). Based on monthly returns since inception (Feb-96 to Jun-18). For all time periods, results were calculated on a rolling basis, measured monthly. The fund outperformed 150 out of 150 rolling 10 year periods, 186 out of 186 rolling 7 year periods, 194 out of 210 rolling 5 year periods, and 201 out of 234 rolling 3 year periods.Past performance is no guarantee of future results.

Historically Consistent Long-Term PerformanceMFS Institutional International Equity Fund (NAV) rolling relative performance1 (USD)

-10

-5

0

5

10

15

20

25

-10 -5 0 5 10 15 20 25

Man

ager

Ret

urns

(%)


-20-15-10

-505

101520253035

-20 -15 -10 -5 0 5 10 15 20 25 30 35M

anag

er R

etur

ns (%

)


-10

-5

0

5

10

15

20

25

-10 -5 0 5 10 15 20 25

Man

ager

Ret

urns

(%)


-10

-5

0

5

10

15

20

25

-10 -5 0 5 10 15 20 25

Man

ager

Ret

urns

(%)


Rolling 3 yearsRolling 5 years

Rolling 7 yearsRolling 10 years

% of outperforming periods: 100%Average excess return: 2.74%





Economic/Market Review


Market Overview

Market review as of 30-Jun-18 § With the equity bull market entering the 10th year, valuations remain rich by historical measures and volatility has increased from the subdued

levels in 2017.

§ However, leading economic indicators, while losing momentum, are not yet signaling the end of the prolonged business cycle.

§ The global economic expansion has continued, led by tax-cut-driven growth and consumer spending in the United States. However, growth momentum outside the US has decelerated, impacted by trade tensions, falling global liquidity and higher energy prices. Emerging markets weakened in recent months amidst increasing trade tensions between the US and China and a strengthening US dollar.

§ While earnings growth has been strong, profi t margins may weaken going forward due to retreating globalization, rising labor costs, increasing capital investment and higher interest rates.

1 Source: FactSet Research Systems, Inc. Region performance based on MSCI regional/country indexes.2 Source: FactSet Research Systems, Inc. Portfolio Analysis application. Sector performance based on MFS sector classifi cation. The analysis of MSCI EAFE constituents are broken out by MFS defi ned sectors..

Region performance (%)1,as of 30-Jun-18

MSCI EAFE Index sector performance (%)2,as of 30-Jun-18

Market Overview - Region and Sector

4.73.4 2.9

1.8

-2.8 -2.9

-8.0

9.1

13.9

10.08.7

10.5

3.5

8.2

Ca

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da

Un

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d S

tate

s

UK

Pa

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x Ja

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Jap

an

Eu

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2Q18One year One year

A. William HamillID-IIE-30-Jun-18

Time periods as of 30-Jun-18 Time Period: One quarter, one year, US sort order

Currency = USD Benchmark = MSCI EAFE Index

Vendor name = MSCI Sector Schema Code = MFS_SECTOR

3

3


MARKET REVIEWThe global equity bullmarket has entered its 10th year, and valuations acrossmost regions remain at a premium by historical measures. Volatility has also remained elevated from the subdued levels last year, due to heightened central bank policy uncertainty, inflation concerns and the potential for trade wars. However, several leading economic indicators, while losing momentum, are not yet signaling the end of the prolonged business cycle. The global economic expansion has continued, led by tax-cut-driven growth and consumer spending in the United States. However, growth momentumoutside the US has decelerated, impacted by trade tensions, falling global liquidity and higher energy prices. Emerging marketsweakened in recentmonths amid increasing trade tensions between the United States and China and a strengthening US dollar. While earnings growth has been strong, profitmargins mayweaken going forward due to retreating globalization, rising labor costs, increasing capital investment and higher interest rates.

MARKET OUTLOOKIn Europe (ex-UK), economic growth downshifted in the previous quarter, while an anticipated rebound in Q2 has thus far failed to materialize. The economy continues to expand, but not as robustly as in late 2017. Recent data suggest growth has begun to stabilize at a more sustainable level than the torrid pace experienced at the end of last year.While growth hasmoderated and inflation remainsmuted, the European Central Bank has signaled that it will end its asset purchases at the end of 2018. Themove is seen at least partially as a warning to Italy's new populist government that the ECB does not intend to backstop countries that do not adhere to European Union budget rules. Political uncertainty surrounding Italy's newly installed antiestablishment government, alongwith a sharp decline in European bond yields since their January peaks, has helped undermine the euro versus itsmajor competitors on the foreign exchangemarket. A weaker exchange rate should provide European exporters with a modest tailwind. However, growing international trade friction remains a particular risk to the export-heavy European economy, as does ongoing Brexit uncertainty. Finally, the trailing twelve-month earningsmultiples have de-rated to 17x, below last quarter's 17.6x and their 18.4x 20-year average.

Ongoing Brexit uncertainty continues to act as a headwind to business investment in the UK, although solid global demand and accommodative financial conditions are supportive. With inflationmoderating following a currency-fueled spike in the post-Brexit vote period, the Bank of England is seen as delaying any additional rate hikes until the second half of 2018 at the earliest. Despite the lowest unemployment rates since 1975, UK real wage growth remains in negative territory and tight labormarkets have failed to translate into paychecks growing quickly enough to keep pace with inflation. A faltering housingmarket and the highly leveraged state of the UK consumer are additional cyclical headwinds. Strong demand for UK exports continues to underpin the sales of UK-based multinational firms, as does a recent weakening of the pound. Regarding valuation, LTM earnings of 17.2x are not far from their 20-year average of 16.1x, reflecting a significant correction from the 27x multiple that prevailed just over a year ago.

Market Review and Outlook


Against a backdrop of modest domestic economic growth and solid but decelerating global growth, consumer and business sentiment in Japan remains relatively healthy, though businesses are increasingly wary of growing US protectionism. A higher labor force participation rate and very low unemployment (2.5%) are not translating into strong wage growth nor into a significant rise in consumer prices, which remain well below the Bank of Japan's 2%target. CPI was last reported at just 0.7%. Japan's economy contracted at an annualized rate of 0.6% in Q1, snapping an eight-quarter streak of GDP growth. Despite the soft patch, which was influenced by particularly harsh winter weather, growth is seen as rebounding and averaging around 1%for all of 2018. Growing global trade tensions are a risk to the outlook given Japan's close supply-chain links with China and other regionalmanufacturing economies while recent USD/JPY strength has been a tailwind. No material change in the Bank of Japan's ultra-easy monetary policy is seen in the near tomedium term given Japan's continued inflation shortfall. Lastly, the trailing twelve-month P/E ratio is little changed versus a quarter ago at 13.9x and trades somewhat below the 15x 20- year average.

After outperforming developedmarket equities in 2017, emerging market equities have been an underperformer thus far in 2018. A strong US dollar, rising rates and commodity prices and global trade tensions are major concerns, especially for export-dependent economies. The uneven pace of global growth is a source of regional apprehension. Growth in 2017 was unusually synchronized while 2018 has experienced a slowdown from last year's fast pace inmost regions outside the US. However, on balance, EM economies continue to grow. Of particular concern for the region is how well countries that have closely integrated supply chainswith China, such as South Korea and Taiwan, are able to weather the gathering storm over global trade. From a P/E perspective, EM has re-rated below its 20-year average of 14.9x LTM, trading nowat 14.3x.

Market Review and Outlookcontinued


Corporate Update


On January 3, 2018 the revised Markets In Financial Instruments Directive (MiFID II) took effect. Accordingly, MFS decided to assume all external research costs for all clients globally.

Personnel Updates:

Effective January 1, 2018 Carol Geremia, co-head of Global Distribution and president of MFS Institutional Advisors, Inc., became head of Global Distribution and president of MFS Investment Management. Carol brings to the role 33 years of experience in business development, management and enhancing client relationships with the firm. She has been leading MFS' global institutional business since 2004. Carol, who joined MFS in 1984 will continue to serve as a member of the MFS Management Committee.

Jeff Cho, a U.S. equity research analyst based in Boston departed the firm

Mariana Paixao, a non U.S. equity research analyst based in Brazil departed the firm

Maile Clark, a U.S. equity research analyst based in Boston departed the firm

MFS firm update


Appendix


Appendix

Contents Page

Your MFS Relationship Team 30

MFS Institutional International Equity Fund Team 31

Historical Portfolio Weights 33

Relative Annual Historical Sector and Region Allocations 34

Portfolio Holdings 36

Market Capitalization ( USD ) 39

301019-I-CT-IIE-21Aug18.30MFS® Institutional International Equity Fund City of Los Angeles Deferred CompensationCRPEQUITY-IIE-30-Jun-18

Your MFS Relationship Team

Carolyn LuceyDirectorRelationship ManagementPhone: 617-954-5980Email: [email protected]

Erin MandigoClient Service ManagerPhone: 617-954-4046Email: [email protected]

MFS Institutional Advisors, Inc.111 Huntington AvenueBoston, MA 02199-7632

Tel: +1 617 954 5000

Boston I Hong Kong I London I Mexico City I SãoPaulo I Singapore I Sydney I Tokyo I Toronto

19

19


11JUL18

MFS International Equity Team

Filipe M.G. Benzinho - Investment Officer

- Portfolio Manager

- As a Non-U.S. Equity Portfolio Manager, responsible for final buy and sell decisions, portfolio construction,

risk and cash management. Participates in the research process and strategy discussions.

- Joined MFS in 2009; previous positions include Equity Research Analyst.

- Previous experience includes 3 years as Business Analyst at A.T. Kearney.

- Harvard Business School, MBA

- Instituto Superior das Ciencias do Trabalho e da Empresa

Daniel T. Ling, CFA - Investment Officer

- Equity Portfolio Manager

- As a Non-U.S. Equity Portfolio Manager, responsible for final buy and sell decisions, portfolio construction,

risk and cash management. Participates in the research process and strategy discussions.


- Previous experience includes 6 years as Investment Manager at Lion Global Investors; 1 year as Process

Analyst at Accenture.

- Affiliations include CFA Institute

- Nanyang Technological University, BA, with honors

MFS Institutional International Equity Fund Team


MFS International Equity TeamContinued…

Brett A. Fleishman - Investment Officer

- Institutional Equity Portfolio Manager

- As an Institutional Portfolio Manager, participates in the research process and strategy discussions.

Assesses portfolio risk, customizes portfolios to client objectives and guidelines, and manages daily cash

flows. Communicates investment policy, strategy, and positioning.

- Joined MFS in 2001; previous positions include Investment Specialist; Senior Associate Investment

Specialist; Equity Research Analyst.

- Previous experience includes 2 years as Senior Consultant at Ernst & Young LLP, Economics Consulting

Group; 2 years as Research Analyst at Industrial Economics, Inc..

- University of Pennsylvania, MBA

- Brandeis University, BA, Phi Beta Kappa, magna cum laude

Chris A. Sunderland - Investment Officer






- Previous experience includes 5 years as Institutional Portfolio Manager (Director) at Eaton Vance

Investment Management; 10 years as Portfolio Manager at State Street Global Advisors.



MFS Institutional International Equity Fund TeamContinued…

MFS International Equity TeamContinued…

Brett A. Fleishman - Investment Officer

- Institutional Equity Portfolio Manager




- Joined MFS in 2001; previous positions include Investment Specialist; Senior Associate Investment

Specialist; Equity Research Analyst.

- Previous experience includes 2 years as Senior Consultant at Ernst & Young LLP, Economics Consulting

Group; 2 years as Research Analyst at Industrial Economics, Inc..

- University of Pennsylvania, MBA

- Brandeis University, BA, Phi Beta Kappa, magna cum laude

Chris A. Sunderland - Investment Officer






- Previous experience includes 5 years as Institutional Portfolio Manager (Director) at Eaton Vance

Investment Management; 10 years as Portfolio Manager at State Street Global Advisors.




Historical Portfolio WeightsFive years as of 30 June 2018

Developed markets weights Max Min Avg

Asia Pacifi c ex Japan 6.2 4.3 5.4

Australia 0.9 0.0 0.4

Hong Kong 3.5 2.5 3.1

Singapore 2.4 1.3 1.9

Europe ex U.K. 53.8 44.7 49.3

Austria 0.0 0.0 0.0

Belgium 1.2 0.0 0.6

Denmark 2.5 0.0 1.1

France 15.8 12.8 14.3

Germany 13.2 10.7 11.5

Italy 2.5 0.0 0.9

Netherlands 8.6 4.8 6.2

Spain 2.4 1.0 1.5

Sweden 1.4 0.7 1.1

Switzerland 14.3 9.7 12.1

Japan 14.3 12.0 12.9

Middle East/Africa 1.4 0.4 0.8

Israel 1.4 0.4 0.8

North America 7.6 3.8 6.0

Canada 4.9 3.5 4.1

United States 3.2 0.0 1.9

United Kingdom 20.9 12.6 17.2

Emerging markets weights Max Min Avg

Asia 7.8 4.7 6.3

China 3.3 0.2 1.3

India 3.0 1.3 2.2

South Korea 0.8 0.0 0.3

Taiwan 3.4 1.3 2.5

Thailand 0.3 0.0 0.1

Europe/Middle East/Africa 0.8 0.0 0.2

Czech Republic 0.4 0.0 0.0

Russia 0.5 0.0 0.1

South Africa 0.0 0.0 0.0

Latin America 1.4 0.4 0.9

Brazil 1.4 0.4 0.9

Mexico 0.0 0.0 0.0

Total Emerging Markets 8.8 5.2 7.3

Sector weights Max Min Avg

Autos & Housing 5.9 1.2 3.6

Basic Materials 9.4 6.5 7.5

Consumer Staples 19.8 14.2 16.9

Energy 4.7 2.2 3.0

Financial Services 20.7 13.0 16.1

Health Care 13.6 8.8 11.9

Industrial Goods & Services 8.3 4.7 6.4

Leisure 8.0 3.4 6.0

Retailing 6.3 2.2 4.7

Special Products & Services 8.7 5.9 7.7

Technology 14.2 8.7 11.1

Transportation 2.7 2.0 2.4

Utilities & Communications 2.3 1.1 1.6

Average Countries 21

Maximum Countries 23

Highest Country Weight 20.9 (United Kingdom in December 2013)


Relative Annual Historical Sector and Region AllocationsRelative to MSCI EAFE

Data as of year's end (31-Dec).Data prior to 30-Jun-10 refl ects market value, and is not based on equivalent exposure, which may differ.Portfolio and benchmark data shown is based on MFS's sector/industry classifi cation methodology, which differs from the benchmark's.

1 As of 31-May-2010, the country of Israel was reclassifi ed from ‘Emerging Markets’ to 'Developed – Middle East/Africa'. The relative allocation to 'Developed – Middle East/Africa' in 2010, 2011, and 2012 was -0.80%, -0.65%, and 0.27% respectively.

ConsumerStaples

Tech-nology

SpecialProducts

& Services

Leisure

Retailing

HealthCare

BasicMaterials

Transpor-tation

IndustrialGoods & Services

Energy

Autos &Housing

Utilities &Communi-

cations

FinancialServices

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

Emerging Markets1 Europe rex-UK North America United Kingdom Asia/Pacific ex-Japan Japan

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

■ 2008 ■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017

■ 2008 ■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017

Relative Annual Historical Sector and Region AllocationsRelative to MSCI EAFE

Data as of year's end (31-Dec).Data prior to 30-Jun-10 refl ects market value, and is not based on equivalent exposure, which may differ.Portfolio and benchmark data shown is based on MFS's sector/industry classifi cation methodology, which differs from the benchmark's.

1 As of 31-May-2010, the country of Israel was reclassifi ed from ‘Emerging Markets’ to 'Developed – Middle East/Africa'. The relative allocation to 'Developed – Middle East/Africa' in 2010, 2011, and 2012 was -0.80%, -0.65%, and 0.27% respectively.

ConsumerStaples

Tech-nology

SpecialProducts

& Services

Leisure

Retailing

HealthCare

BasicMaterials

Transpor-tation

IndustrialGoods & Services

Energy

Autos &Housing

Utilities &Communi-

cations

FinancialServices

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

Emerging Markets1 Europe rex-UK North America United Kingdom Asia/Pacific ex-Japan Japan

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

■ 2008 ■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017

■ 2008 ■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017


As of 30-Jun-18 Portfolio (%) MSCI EAFE Index (%)

Underweight/Overweight (%)

Europe ex-U.K. 52.7 45.4 7.3France 15.6 11.0 4.6Switzerland 11.9 7.8 4.1Netherlands 5.8 3.5 2.3Germany 11.1 9.5 1.6Denmark 2.3 1.7 0.6Belgium 1.1 1.1 0.0Italy 2.3 2.4 -0.1Spain 1.9 3.1 -1.2Sweden 0.7 2.6 -1.9Other countries1 0.0 2.7 -2.7

Japan 13.7 24.0 -10.3United Kingdom 14.2 18.0 -3.8Asia/Pacific ex-Japan 5.0 12.0 -7.0

Singapore 1.3 1.3 0.0Hong Kong 2.8 3.6 -0.8Australia 0.9 6.9 -6.0Other countries1 0.0 0.2 -0.2

Developed - Middle East/Africa 1.4 0.5 0.9Israel 1.4 0.5 0.9

Emerging Markets 7.5 0.0 7.5India 3.0 0.0 3.0China 2.7 0.0 2.7Taiwan 1.2 0.0 1.2Brazil 0.5 0.0 0.5

North America 4.1 0.0 4.1Canada 4.1 0.0 4.1

1.4% Cash & Cash Equivalents.0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

1 Portfolio does not own securities in the following country : Finland 1.0%; and 5 other countries with weights less than 1.00% totaling 1.9%.

Underweight/Overweight (%)

Europe ex-U.K. 7.3

Japan -10.3

United Kingdom -3.8

Asia/Pacific ex-Japan

-7.0


0.9

Emerging Markets

7.5

North America 4.1

Region and Country Weights


As of 30-Jun-18 Country Equivalent Exposure (%)

Autos & Housing 1.2

Denso Corp Japan 1.2

Basic Materials 7.3

Air Liquide SA France 2.5

Akzo Nobel NV Netherlands 1.5

Rio Tinto PLC United Kingdom 1.2

Linde AG Germany 0.8

Amcor Ltd/Australia Australia 0.5

Shin-Etsu Chemical Co Ltd Japan 0.4

Orica Ltd Australia 0.4

Cash & Cash Equivalents 1.4

Consumer Staples 17.5

Nestle SA Switzerland 3.4

Pernod Ricard SA France 2.2

Beiersdorf AG Germany 1.9

Reckitt Benckiser Group PLC United Kingdom 1.8

Diageo PLC United Kingdom 1.7

Danone SA France 1.3

Japan Tobacco Inc Japan 1.2

L'Oreal SA France 1.2

Essity AB Sweden 0.7

Carlsberg AS Denmark 0.7

Kao Corp Japan 0.7

Ambev SA ADR Brazil 0.5

Luxottica Group SpA Italy 0.2

Energy 3.2


Suncor Energy Inc Canada 2.1

Eni SpA Italy 1.1

Financial Services 14.6

AIA Group Ltd Hong Kong 2.8

UBS Group AG Switzerland 2.1

ING Groep NV Netherlands 1.9

DBS Group Holdings Ltd Singapore 1.3

KBC Group NV Belgium 1.1

Housing Development Finance Corp Ltd India 1.1

Intesa Sanpaolo SpA Italy 1.0

Julius Baer Group Ltd Switzerland 1.0

Zurich Insurance Group AG Switzerland 0.9

Barclays PLC United Kingdom 0.9

Prudential PLC United Kingdom 0.6

Intesa Sanpaolo SpA Italy 0.0

Health Care 13.3

Bayer AG Germany 2.9

Roche Holding AG Switzerland 2.5

Terumo Corp Japan 2.1

Novartis AG Switzerland 1.6

Novo Nordisk AS Denmark 1.6

Merck KGaA Germany 1.0

Essilor International Cie Generale d'Optique SA

France 0.8

QIAGEN NV Germany 0.7

Industrial Goods & Services 8.1

Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

Portfolio Holdings



Schneider Electric SE France 2.4

Daikin Industries Ltd Japan 1.3

Rolls-Royce Holdings PLC United Kingdom 1.0

Kubota Corp Japan 1.0

Legrand SA France 0.9

FANUC Corp Japan 0.8

MTU Aero Engines AG Germany 0.7

Leisure 5.2

WPP PLC United Kingdom 1.9

Yum China Holdings Inc China 1.4

RELX NV Netherlands 1.1

ProSiebenSat.1 Media SE Germany 0.6

RELX PLC United Kingdom 0.2

Other 0.0

Retailing 2.9

LVMH Moet Hennessy Louis Vuitton SE France 2.1

Tesco PLC United Kingdom 0.5

Hermes International France 0.2

Just Eat PLC United Kingdom 0.1

Special Products & Services 7.4

Tata Consultancy Services Ltd India 2.0

Compass Group PLC United Kingdom 1.9

Experian PLC United Kingdom 1.7

Randstad NV Netherlands 1.3

Smiths Group PLC United Kingdom 0.6

Technology 14.2


Hoya Corp Japan 2.6

SAP SE Germany 2.5

Amadeus IT Group SA Spain 1.9

Check Point Software Technologies Ltd Israel 1.4

Taiwan Semiconductor Manufacturing Co Ltd ADR

Taiwan 1.2

Olympus Corp Japan 1.2

Kyocera Corp Japan 1.2

Dassault Systemes SE France 0.9

Baidu Inc ADR China 0.8

Alibaba Group Holding Ltd ADR China 0.5

Transportation 2.4

Canadian National Railway Co Canada 2.0

Kuehne + Nagel International AG Switzerland 0.4

Utilities & Communications 1.1

Engie SA France 1.1

Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

Portfolio HoldingsContinued...


MFS Institutional International Equity Fund vs. MSCI EAFE IndexHistorical performance through market cycles

Source for benchmark performance: SPAR, FactSet Research Systems Inc. Past performance is no guarantee of future results.

Feb-96 – Mar-00Apr-00

–Mar-03

Apr-03 – Oct-07Nov-07

–Feb-09

Mar-09 – Jun-18

Major events Strategy inception through tech boom Tech bust Housing and

commodities boom

Global financial

crisis

Slow growth and quantitative easing

Institutional International Equity Fund annualized return

18.23% -12.48% 24.87% -40.64% 21.23%

MSCI EAFE Indexannualized return

12.54% -19.54% 27.66% -46.60% 10.65%

Annualized excess return

+569 bps +706 bps -279 bps +596 bps +158 bps

Growth of USD 10,000, as of Feb-96 to Jun-18

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20180

10,000

20,000

30,000

40,000

50,000

60,000

— MFS Institutional International Equity Fund — MSCI EAFE – net return +447.41%

cumulative

return

+190.72%

cumulative

return


As of 30-Jun-18

0-1 bn 1-5 bn 5-10 bn 10-50 bn 50-100 bn 100 bn +

USD Billions Weighted Average Market Cap

Weighted Median Market Cap

MFS® Institutional International Equity Fund

69.6 47.9

MSCI EAFE Index 60.8 37.6

% o

f por

tfol

io

1.4% Cash & Cash Equivalents.0.0% Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

MFS® Institutional International Equity Fund MSCI EAFE Index

0.0 0.0 0.42.5 2.7

11.3

47.8 46.8

22.5

19.0

24.3

20.1

Market Capitalization ( USD )

Documents

MFS Institutional International Equity Fundpersonnel.lacity.org/deferredcomp/MFSInstitutiona... · 8/21/2018 · MFS II 1019-I-CT-IIE-21Aug18.II ® Institutional International Equity