MFS Institutional International EquityFund

FOR INSTITUTIONAL USE ONLYMFS Fund Distributors, Inc., Boston, MA

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

22016.37ex31JAN20

The Global Industry Classifi cation Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or fi nancial products. This report is not approved, reviewed or produced by MSCI.

MFS® Institutional International Equity Fund Presented to

City of Ocala General Employees' PensionNovember 18, 2019

Presenters

Ann Marie Costello � Managing Director

� Managing Director, Investment Product Specialist

� As an Investment Product Specialist, communicates investment policy, strategy and tactics, performs portfolio analysis and leads product development.

� Joined MFS in 2001

� Previous experience includes 13 years as Senior Product Manager, Investment Specialist, Senior Statistical Analyst — Performance and Analytics, and Supervisor — Institutional Accounting at Putnam Investments

� Suffolk University, MBA

� University of Massachusetts, BS

Kelley Rullo � Director, Institutional Sales

� Joined MFS in 2016

� Previous experience includes 2 years as Director at BNY Mellon Investment Management; 6 years as Vice President at State Street Global Markets

� FINRA Series 7, 63

� Boston University, BS, Summa Cum Laude

05NOV19

3IIE-T-MT-USD-US-3Q19.3MFS® Institutional International Equity Fund

Table of Contents

Contents Tab

MFS® Overview 1

Investment Overview 2

Appendix 3

MFS® Institutional International Equity FundIIE-T-MT-USD-US-3Q19.1

We create long-term value by allocating capital responsibly for investors

RISK MANAGEMENTLONG-TERM DISCIPLINE

Conviction and longer time horizons

Sustainable investing

Continuity/Succession planning

Engagement

Diversity and collaboration

Integrated research

Risk-aware culture

Understanding material risks

Capacity management

MFS® — Committed to Alignment

COLLECTIVE EXPERTISE

Uncovering market opportunities while striving to protect our clients' reputations

1

FOR INSTITUTIONAL USE ONLY MFS Institutional Advisors, Inc.MBP-USD-US-3Q19.1

41718.5

As of 30-Sep-19.1 Data is rounded to the nearest figure. ² Total fixed income assets, including non-dedicated fixed income mandates are 87 billion USD.3 Represents global clients in institutional vehicles only.

Well-diversified business across clients, regions, and investment strategies

Business Profile (USD) 494 billion total MFS® AUM

Client Types

Defined benefit/defined contribution

Endowment and foundation

Sovereign wealth fund/government agency

Institutional platform/insurance subadvisory

Diversified Client and Asset Base¹

Institutional Business by Client Type and Region³

Regions

Assets

Regions

Assets

Fixed Income 13%

US equities37%

Regional Equities 6%

Global equities18%

EAFE/ International equities21%

Multi-Strategy 5%

Assets

Global equities 87.4 billion

EAFE/international equities 104.2 billion

US equities 183.6 billion

Regional equities 30.4 billion

Fixed Income² 64.3 billion

Multi-strategy/other 24.3 billion

EMEA19%

North America47%

Asia Pacific34%

2

Product/Non U.S. Equity/International/International Equity/Links/Team Pages and Bios/International Equity Team Pages.indd.3

Experienced MFS® Institutional International Equity Fund Team

Daniel Ling, CFAPortfolio Manager20 years industry experience

Filipe BenzinhoPortfolio Manager 12 years industry experience

Brett FleishmanInstitutional Portfolio Manager1 22 years industry experience

Chris SunderlandInstitutional Portfolio Manager1 28 years industry experience

Ann Marie CostelloInvestment Product Specialist2 31 years industry experience

1 As an Institutional Portfolio Manager, communicates investment policy, strategy, and positioning. Participates in the research process and strategy discussions. Assesses portfolio risk, customizes portfolio objectives and policies, and manages daily cash fl ows.

2 As an Investment Product Specialist, communicates investment policy, strategy and tactics, performs portfolio analysis and leads product development.

MFS® Institutional International Equity Fund 3


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 Approach

Risks

The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stock: 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. International: 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. 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

4

IIE-T-MT-USD-US-3Q19.4MFS® 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-September 2019

Market returnless than -5%

Market return-5% to +5%

Market returngreater than +5%

Total

Average quarterlyrelative performance (%) +1.84 +0.81 -0.18 +0.69

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.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

5


41718.5

We believe a fully integrated global research platform provides competitive advantages

Toronto Boston

Mexico City

São Paulo

London

Tokyo

Hong Kong

Singapore

Sydney

As of 30-Sep-19.

118Fundamental

Research Analysts

8Global

Sector Teams

89Portfolio

Managers

Organized by regionand sectors

USD 48.3 billionin AUM

With signifi cant industry experience in value, core, growth, quantitative and fi xed income investing

Collaborative Research Environment

MFS® Global Research Platform

Analyst-Managed Strategies

11

28 U.S. Equity Analysts

38 Non-U.S. Equity Analysts

43 Credit Analysts

3 Dedicated ESG Research Analysts

backed by30 Research/Investment Associates

9 Quantitative Analysts

backed by14 Quantitative Research Associates

QuantitativeResearch Analysts

9

6


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

7


Portfolio Construction

Employ multi-year investment horizon to exploit market inefficiencies

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.

Relative valuation opportunity

New investment idea

Change in thesis

Target price reached

Better alternative available

Change in company fundamentals

Entry points Portfolio construction Exit points

Generally has been 60 to 80 holdings

Portfolio exposures have generally been

Average position size = 1% to 2% of portfolio

Maximum position size = 5% of portfolio

Emerging markets < 15% of portfolio Unconstrained country/sector weights

Senior management semiannualrisk review

Portfolio vs. objectives

8


Sector Weights Relative to MSCI EAFE Index

1.3% Cash & Cash Equivalents.

As of 30-Sep-19 Portfolio (%) Benchmark (%) Underweight/Overweight (%) Largest Holdings

Consumer Staples 18.4 12.0 6.4NESTLE SA, BEIERSDORF AG, PERNOD RICARD SA

Health Care 17.1 11.6 5.5ROCHE HOLDING AG, HOYA CORP (EQ), BAYER AG

Information Technology 11.6 6.7 4.9

SAP SE, AMADEUS IT GROUP SA, TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD

Industrials 16.9 14.7 2.2SCHNEIDER ELECTRIC SE, EXPERIAN PLC, CANADIAN NATIONAL RAILWAY CO

Materials 7.8 7.0 0.8AIR LIQUIDE SA (EQ), AKZO NOBEL NV, LINDE PLC

Energy 2.8 5.1 -2.3 SUNCOR ENERGY INC

Utilities 1.2 3.8 -2.6 ENGIE SA

Real Estate — 3.6 -3.6

Communication Services 1.6 5.4 -3.8 WPP PLC

Consumer Discretionary 7.5 11.5 -4.0

LVMH MOET HENNESSY LOUIS VUITTON SE, COMPASS GROUP EQUITY, YUM CHINA HOLDINGS INC

Financials 13.8 18.6 -4.8AIA GROUP LTD, ZURICH INSURANCE GROUP, UBS GROUP AG

9


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 4.9 0.0 4.9 29.5 19.4 10.2

Europe Ex-U.K. 53.9 46.3 7.5 22.3 22.2 0.1

United Kingdom 14.0 16.5 -2.5 7.1 6.5 0.6

Developed - Middle East/Africa 1.1 0.6 0.6 0.2 0.4 -0.2

Japan 14.7 24.6 -9.8 7.0 16.3 -9.3

Asia Pacifi c Ex-Japan 3.9 12.1 -8.2 3.9 9.3 -5.4

Emerging Markets 6.2 0.0 6.2 27.5 23.5 4.0

Other Countries 0.0 0.0 0.0 2.4 2.4 0.0

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 (

%)

4.9

10.27.5

0.1

-2.5

0.6 0.6

-0.2

-9.8 -9.3 -8.2

-5.4

6.24.0

0.0 0.0

Relative weight (%), as of 30-Sep-19

■ By Revenue■ By Domcile

10


Characteristics and Top 10 Holdings Net of fees (USD)

1 Source: Ibbotson2 Weighted average.3 (Lesser of Purchase or Sales)/Average Month End Market Value

Past performance is no guarantee of future results. No forecasts can be guaranteed.

As of 30-Sep-19 Portfolio MSCI EAFE Index

Fundamentals - weighted average

IBES long-term EPS growth 1 10.9% 7.9%

Price/earnings (12 months forward ex-negative earnings)

17.0x 13.8x

Return on invested capital 12.0% 9.6%

Long term debt/capital 28.9% 34.4%

Market capitalization

Market capitalization (USD) 2 77.4 bn 64.5 bn

Diversification

Top ten holdings 27% 12%

Number of holdings 77 923

Turnover

Trailing 1 year turnover 3 10% —

Risk profile (current)

Active share 79% —

Risk/reward (10 year)

Upside capture 101.03% —

Downside capture 89.44% —

Top 10 Holdings Portfolio (%) MSCI EAFE Index (%)

NESTLE SA 4.3 2.4

ROCHE HOLDING AG 3.1 1.5

AIA GROUP LTD 2.7 0.8

AIR LIQUIDE SA (EQ) 2.7 0.4

HOYA CORP (EQ) 2.7 0.2

SCHNEIDER ELECTRIC SE 2.7 0.4

SAP SE 2.4 0.8

EXPERIAN PLC 2.2 0.2

BEIERSDORF AG 2.2 0.1

LVMH MOET HENNESSY LOUIS VUITTON SE

2.1 0.8

11


Annualized Returns (%)

Excess Returns (%) 3Q19 YTD 1 Year 3 Years 5 Years 10 YearsNet vs. MSCI EAFE (Europe, Australasia, Far East) Index (net div)

0.17 4.98 5.90 3.21 2.38 2.23

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

MFS® Institutional International Equity Fund - Net

-10.66 28.02 0.30 0.02 -4.21 18.56 22.55 -9.55 10.97 33.12

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

-13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75 31.78

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

Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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. MFS Institutional Trust Funds are available without a sales charge to eligible investors. The minimum initial investment is generally $3 million. Please see a prospectus for complete details. Performance results refl ect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains.All periods greater than one year are annualized. Periods less than one year are actual not annualized.

MFS® Institutional International Equity Fund ( USD )Performance as of 30 September 2019

-0.90 -1.07

17.78

12.80

4.56

-1.34

9.69

6.485.65

3.27

7.13

4.90

12


Benchmark returns (%)Benchmark returns (%)

Benchmark returns (%)Benchmark returns (%)

Rolling 10 Years

-3 0 3 6 9 12

-3

0

3

6

9

12

Man

ager

ret

urn

s (%

)

Rolling 7 Years

-4 0 4 8 12 16

-4

0

4

8

12

16

Man

ager

ret

urn

s (%

)

Rolling 5 Years

-10 0 10 20 30

-10

0

10

20

30

Man

ager

ret

urn

s (%

)

Rolling 3 Years

-40 -20 0 20 40

-40

-20

0

20

40

Man

ager

ret

urn

s (%

)

% of outperforming periods:

Average excess return:100%2.61%







MFS Institutional International Equity Fund vs. MSCI EAFE (Europe, Australasia, Far East) Index (net div)February 1996 - September 2019

The strategy outperformed 165 out of 165 rolling 10 year periods, 201 out of 201 rolling 7 year periods, 209 out of 225 rolling 5 year periods and 216 out of 249 rolling 3 year periods.Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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.For all time periods, results were calculated on a rolling basis, measured monthly. All returns are annualized.

Consistency of Historical Relative OutperformanceOver Rolling Periods Net of fees (USD)

13


Appendix

Contents Page

MFS Institutional International Equity Fund Team 15

Performance and Positioning 18

Region and Country Weights 19

Market Capitalization 20

Relative Annual Historical Sector and Region Allocations 21

Quarterly and Annual Performance Summary 22

14


MFS International Equity Team

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 andcash management. Participates in the research process and strategy discussions.

Joined MFS in 2006

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

Affiliations include CFA Institute

Nanyang Technological University, BA, with honors

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 andcash management. Participates in the research process and strategy discussions.

Joined MFS in 2009; previous positions include Equity Research Analyst

Previous experience includes 2 years as Business Analyst at A.T. Kearney

Harvard Business School, MBA

Instituto Superior das Ciencias do Trabalho e da Empresa

02OCT19

MFS Institutional International Equity Fund Team

15


MFS International Equity Team

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. Communicatesinvestment policy, strategy, and positioning.

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

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

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. Communicatesinvestment policy, strategy, and positioning.

Joined MFS in 2015

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

Babson College, MBA

Babson College, BS

Continued...

02OCT19

MFS Institutional International Equity Fund TeamContinued…

16


MFS International Equity Team Additional Resource

Ann Marie Costello Managing Director

Managing Director, Investment Product Specialist

As an Investment Product Specialist, communicates investment policy, strategy and tactics, performs portfolioanalysis and leads product development.

Joined MFS in 2001

Previous experience includes 13 years as Senior Product Manager, Investment Specialist, Senior Statistical Analyst —Performance and Analytics, and Supervisor — Institutional Accounting at Putnam Investments

Suffolk University, MBA

University of Massachusetts, BS

02OCT19

MFS Institutional International Equity Fund Team Additional Resource

17


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 – Sep-19

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% +11.37%

MSCI EAFE Indexannualized return

12.54% -19.54% 27.66% -46.60% +9.34%

Annualized excess return

+569 bps +706 bps -279 bps +596 bps +204 bps

Growth of USD 10,000, as of Feb-96 to Sep-19

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20190

10,000

20,000

30,000

40,000

50,000

60,000— MFS Institutional International Equity Fund –net — MSCI EAFE – net return

+483.07%

cumulative

return

+190.71%

cumulative

return

18


As of 30-Sep-19 Portfolio (%) MSCI EAFE Index (%)

Underweight/Overweight (%)

Europe ex-U.K. 53.9 46.3 7.6France 16.2 11.4 4.8Switzerland 14.0 9.4 4.6Germany 10.4 8.5 1.9Denmark 2.6 1.8 0.8Belgium 1.4 1.0 0.4Ireland 0.8 0.5 0.3Portugal 0.5 0.2 0.3Italy 2.0 2.3 -0.3Netherlands 3.4 3.9 -0.5Spain 1.9 2.9 -1.0Sweden 0.8 2.6 -1.8Other countries1 0.0 1.9 -1.9

Japan 14.7 24.6 -9.9United Kingdom 14.0 16.5 -2.5Asia/Pacific ex-Japan 3.9 12.1 -8.2

Singapore 1.1 1.3 -0.2Hong Kong 2.7 3.5 -0.8Other countries1 0.0 7.3 -7.3

Developed - Middle East/Africa 1.1 0.6 0.5Israel 1.1 0.6 0.5

Emerging Markets 6.2 0.0 6.2India 2.4 0.0 2.4China 1.7 0.0 1.7Taiwan 1.5 0.0 1.5Brazil 0.6 0.0 0.6

North America 4.9 0.0 4.9Canada 3.5 0.0 3.5United States 1.4 0.0 1.4

Underweight/Overweight (%)

Europe ex-U.K. 7.6

Japan -9.9

United Kingdom -2.5

Asia/Pacific ex-Japan -8.2

Developed - Middle East/Africa

0.5

Emerging Markets 6.2

North America 4.9

1.3% Cash & Cash Equivalents.1 Portfolio does not own securities in the following countries : Australia 7.0%; Finland 1.0%; and 3 other countries with weights less than 1.00% totaling 1.1%.

Region and Country Weights

19


As of 30-Sep-19

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

77.4 46.2

MSCI EAFE Index 64.5 37.5

% o

f por

tfol

io

1.3% Cash & Cash Equivalents.

Market Capitalization ( USD )

MFS® Institutional International Equity Fund MSCI EAFE Index

0.0 0.0 0.43.1 3.3

11.6

52.0

45.1

19.5 18.8

23.521.3

20


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.

1 Effective 30-Nov-18, the Global Industry Classifi cation Standard (GICS) underwent a structural change with respect to its current Telecommunication Services sector, which was broadened and renamed as Communication Services. This renamed sector incorporates existing Telecommunications Services companies and select constituents from the Information Technology and Consumer Discretionary sectors. The sector weights on and after 30-Nov-18 refl ect the GICS sectors after the change; the sector weights before 30-Nov-18 refl ect the GICS sectors before the change.

2 As of 31-May-10, 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.

Europe ex-UK Emerging Markets2 North America Developed - Middle East/Africa

United Kingdom Asia/Pacific ex-Japan Japan

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

ConsumerStaples

HealthCare

InformationTechnology

Materials Industrials Utilities Communi-

cation

Services1

ConsumerDiscretionary

Energy RealEstate

Tele-communi-

cationServices

Financials

-15

-10

-5

0

5

10

15

% o

f Por

tfol

io

■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017 ■ 2018

■ 2009 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2015 ■ 2016 ■ 2017 ■ 2018

21


1Q 2Q 3Q 4Q Year

2019 MFS® Institutional International Equity Fund 11.34 6.74 -0.90 — —

2019 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 9.98 3.68 -1.07 — —

2018 MFS® Institutional International Equity Fund -1.37 0.16 1.87 -11.22 -10.66

2018 MSCI EAFE (Europe, Australasia, Far East) Index (net div) -1.53 -1.24 1.35 -12.54 -13.79

2017 MFS® Institutional International Equity Fund 8.24 8.98 4.35 4.00 28.02

2017 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 7.25 6.12 5.40 4.23 25.03

2016 MFS® Institutional International Equity Fund -2.33 -1.25 6.15 -2.03 0.30

2016 MSCI EAFE (Europe, Australasia, Far East) Index (net div) -3.01 -1.46 6.43 -0.71 1.00

2015 MFS® Institutional International Equity Fund 6.12 1.04 -9.32 2.87 0.02

2015 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 4.88 0.62 -10.23 4.71 -0.81

2014 MFS® Institutional International Equity Fund -0.98 4.14 -4.63 -2.60 -4.21

2014 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 0.66 4.09 -5.88 -3.57 -4.90

2013 MFS® Institutional International Equity Fund 3.12 -1.46 10.58 5.52 18.56

2013 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 5.13 -0.98 11.56 5.71 22.78



2011 MFS® Institutional International Equity Fund 3.07 3.89 -20.30 5.98 -9.55

2011 MSCI EAFE (Europe, Australasia, Far East) Index (net div) 3.36 1.56 -19.01 3.33 -12.14



Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.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.

Quarterly and Annual Performance Summary (%) Net of fees (USD)

22

Documents

MFS Institutional International EquityFund