mfs research international private portfolio · herein. the msci data may not be further...

FOR DEALER AND INSTITUTIONAL USE ONLY. Not to be shown, quoted, or distributed to the public. © 2020 MFS Institutional Advisors, Inc.

MFS® Research International Private Portfolio

Third Quarter 2020

The holdings-based information is based on a model account rather than an actual portfolio. We believe the model account is a better representation of the portfolio, regardless of sponsor. Holdings in your account may vary significantly.

14108.28ex31JAN21

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.

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Research International Private Portfolio iiPP5A-PPM-MT-USD-US-3Q20.ii

Table of Contents

Contents Tab

MFS® Committed to Alignment 1

Investment Overview 2

Appendix 3

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Research International Private Portfolio 1PP5A-PPM-MT-USD-US-3Q20.3

Creating value responsibly for investors

RISK MANAGEMENTLONG-TERM DISCIPLINE

§ Conviction and longer time horizons

§ Alignment of Incentives

§ Continuity/Succession planning

§ Integrated Research

§ Diversity and collaboration

§ Engagement

§ Risk-aware culture

§ Understanding material risks

§ Capacity management

Committed to Alignment

COLLECTIVE EXPERTISE

A History of Active Investing42929.4

FOR INVESTMENT PROFESSIONAL USE ONLY. Not intended for retail investors. — MFS® Research International Private Portfolio 2

Sustainable Investing FrameworkCollaboration across departments and functions

Fundamental ResearchESG Strategy & Governance

Stewardship

ESG DataRisk Management

ESG Integrationenables responsible

value creation

Multiple working groups and committees

Materiality of ESG factors on individual securities, industries and sectors

Custom research on emerging ESG themes that are typically

multi-sector in nature

Data from multiple vendors and specialists

Deep awareness of ESG risks across entire investment platform

Using voting and engagement to infl uence governance and

business practices

44174.4

Thematic Research

Please keep in mind that a sustainable investing approach does not guarantee positive results.


MFS® Research International Private Portfolio Team

Analysts

108 Fundamental analysts

27 US analysts

36 Non-US analysts

45 Credit analysts

§ In-depth analysis of businesses and

stock recommendations

§ Coverage split by industry within

major regions

CIO and Global Director of Research

Ted Maloney 19 years industry experience

§ Oversees analyst team

§ Ensures integrity of process

Portfolio Managers

James Fallon 21 years industry experience

Victoria Higley 26 years industry experience

Camille Humphries Lee 30 years industry experience

§ Oversee portfolio positioning and risk

§ Daily monitoring of portfolio and cashfl ows

§ Communicate investment process and positioning

Sector Leaders

§ Make fi nal buy and sell decisions

§ Lead fundamental research in each sector

§ Chair sector team discussions on positioning

Capital Goods Consumer Cyclicals Consumer Staples Energy

David Falco – 16 years Jeanine Thomson – 21 years Stuart McPherson – 33 years James Neale – 22 years

Financial Services Health Care Technology Telecom / Cable TV

Shanti Das-Wermes – 12 years Yuko Kikuchi – 21 years Reinier Dobbelman – 26 years Eleanor Shing – 16 years

Team structure facilitates effective decision making

As of 30-Sep-20. Years of experience as of 31-Dec-19.


Disciplined Investment Approach

Investment Objective Seeks long-term capital appreciation

Goal Seeks to outperform the MSCI EAFE Index (net div) over full market cycles

Philosophy

We believe bottom-up analysis offers the best opportunity to try to identify high-quality companies (generally defined as sustainable, durable franchises, significant free cash flow, solid balance sheets and strong management teams) with above average, sustainable earnings growth potential

Strategy

§ Analyst-driven decision making process

§ Core, multi-capitalization investment strategy allows flexibility to search for highest conviction ideas

§ Company specific stock selection, not country specific

§ Generally has been sector neutral relative to MSCI EAFE Index


45798.1

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-20.

108Fundamental

Research Analysts

8Global

Sector Teams

96Portfolio

Managers

Organized by regionand sectors

Global, Regional and Country specifi cstrategies with security selection driven by dedicated sector teams on the ground, globally

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

26 U.S. Equity Analysts

35 Non-U.S. Equity Analysts

44 Credit Analysts

3 Dedicated ESG Research Analysts

backed by29 Research/Investment Associates

9 Quantitative Analysts

backed by13 Quantitative Research Associates

QuantitativeResearch Analysts

9


MFS Sector Coverage Teams With Years of Industry Experience

1 By Focus 2 By LocationAs of 30-Sep-20. Materials and industrials included in capital goods; utilities included in energy.

Consumer Cyclicals Industry Exp.

Timothy Dittmer ...................... 15 Matthew Scholder ................... 14 James Schuster ........................ 13 Don Zhang ............................... 12 Erica Zieba ............................... 12 Freda Zhou .............................. 07 Louis Dale III ............................. 04 Zahid Kassam .......................... 12 Koki Akala ................................ 08 David Falco .............................. 16 Nathalie Casali ......................... 14 Philip Evans.............................. 11 Marion de Floris ....................... 10 Guillermo Espallargas ............. 10 Deividas Seferis ....................... 10 Darius Pielikas ......................... 08 Ben Slingsby ............................ 07 Liren Li ..................................... 09 Takeyuki Kora .......................... 25 Jeanine Thomson ..................... 21 Kevin Wei-Cher Yeoh ............... 18 Lionel Gomez ........................... 14 Gaurav Tewary ........................ 08 Taro Koshiba ............................ 05 Ana Paula Lanzana ................... 19 Mariana Araujo ........................ 18 Rosalina Feliciano .................... 32 Lauren McCarthy Rottner ........ 15 Alejandro Luciano .................... 12 Grace Lee ................................. 11 John Haddad ............................ 07 Anne Glancy ............................ 06 Adam Gregg ............................ 20 Lior Jassur ................................ 26 Jordan Cant .............................. 09 Peter McCandless .................... 14 Jay Mitchell .............................. 20 Mandela Toyo .......................... 13

Jenney Zhang Parziale ............. 14

Capital Goods Industry Exp.

Thomas Crowley ...................... 21 Eric Braz ................................... 16 Johnathan Munko .................... 15 Richard Offen .......................... 13 Aparna Bedi Tanna ................... 11 Michael Aurelio ........................ 09 Matthew Doherty .................... 09 Jordan Bertier .......................... 07 Erin McCarty ............................ 05 David Corn ............................... 03 Zahid Kassam .......................... 12 Winter Li .................................. 08 Stuart McPherson .................... 33 James Neale ............................. 22 David Falco .............................. 16 Marion de Floris ....................... 10 Deividas Seferis ....................... 10 Liren Li ..................................... 09 Darius Pielikas ........................ 08 Ben Slingsby ........................... 07 Raj Nair .................................... 24 Mark Syn .................................. 23 Yuko Kikuchi ............................ 21 Ayako Mikami .......................... 20 Kevin Wei-Cher Yeoh ............... 18 Lionel Gomez ........................... 14 Gaurav Tewary ......................... 08 Taro Koshiba ............................ 05 Ana Paula Lanzana ................... 19 Mariana Araujo ........................ 18 Rosalina Feliciano .................... 32 Michael Pandolfi ...................... 20 Gaetan Poirier .......................... 20 Matt Kinnan ............................. 09 Patrick Londergan ................... 06 Laura Monty ............................ 08 Anne Glancy ............................ 06 Alexis Antonelli ........................ 05 Grace Lee ................................. 11 Lior Jassur ................................ 26 John Jackson ............................ 13 Jordan Cant .............................. 09 Peter McCandless .................... 14

Sovereign (con't) Industry Exp.

Kjetil Birkeland... ...................... 22 Neeraj Arora..... ....................... 15 Amiee Kaye...... ........................ 12 Stepan Ochodek... ................... 05 Carl Ang..... .............................. 11

Energy

Claud Davis .............................. 34 Don Zhang ............................... 12 Jude Jason ................................ 12 Scott Walker ............................ 11 Jordan Bertier .......................... 07 Elias Hoban .............................. 07 Ian Bigney ................................ 19 Zahid Kassam .......................... 12 James Neale ............................. 22 Deividas Seferis ....................... 10 Benjamin Slingsby .................. 07 Raj Nair .................................... 24 Eleanor Shing........................... 16 Mariana Araujo ........................ 18 Jeff Wakelin .............................. 34 Jason Kosty .............................. 24 Eric Stewart ............................. 18 Matt Kinnan ............................. 09 Adam Gregg ............................ 20 Sean Carson ............................. 07 Lior Jassur ................................ 26 Peter McCandless .................... 14 Jay Mitchell .............................. 20 Mandela Toyo .......................... 13

Bhushan Vartak ....................... 19

Health Care

Sheba Alexander...................... 25 Matthew Scholder ................... 14 Andrew Quatrale ..................... 09 Nick Demko ............................. 08 Nathalie Casali ......................... 14 Philip Evans.............................. 11 Yuko Kikuchi ............................ 21 Ayako Mikami .......................... 20 Taro Koshiba ............................ 05 Zhitong Wei ............................. 05 David Cobey ............................ 31 Matt Kinnan ............................. 09 Anne Glancy ............................ 06

Bhushan Vartak ....................... 19

Investment Technology Strategist

C.V. Rao .................................... 15

Telecom/CATV Industry Exp.

Scott Walker ............................ 11 Nick Demko ............................. 08 Erin McCarty ............................ 05 Zahid Kassam .......................... 12 Shanti Das-Wermes ................. 12 Guillermo Espallargas ............. 11 Nicholas Spratt ....................... 20 Eleanor Shing........................... 15 Jeff Wakelin .............................. 34 Tim Cronin ............................... 28 Alejandro Luciano .................... 12 Sean Carson ............................. 07 John Jackson ............................ 13

Jim Fallon ................................. 21

Financial Services

Stephen White ......................... 15 Johnathan Munko .................... 14 Matthew Scholder ................... 14 Richard Offen .......................... 13 Molly Frew ............................... 12 Aparna Bedi Tanna ................... 11 Andrew Quatrale ..................... 09 Athena Xie ............................... 06 Colin Moore ............................. 14 Koki Akala ................................ 08 Jean-Marc Chow ...................... 14 Christopher Cork ..................... 12 Shanti Das-Wermes ................. 12 Ben Slingsby ........................... 07 Salman Khan ............................ 26 Takeyuki Kora .......................... 25 Raj Nair .................................... 24 Mark Syn .................................. 24 Kevin Wei-Cher Yeoh ............... 18 Mariana Araujo ........................ 18 Gerald Pendleton..................... 26 Philipp Burgener ...................... 20 Patrick Londergan ................... 06 Grace Lee ................................. 11 Alejandro Luciano .................... 12 Adam Gregg ............................ 20 Evelyn Assamoi ........................ 20 Peter McCandless .................... 14 Serge Savchuk ......................... 17

Noah Rumpf ............................. 22

ESG

Rob Wilson............................... 15 Pooja Daftary ........................... 10 Mahesh Jayakumar .................. 11

Equity1

United States Canada Europe Asia Pacific Latin America

Fixed Income2

United States Canada Europe Emerging Markets1

Asia Pacific

Quantitative

Capital Goods (con't) Industry Exp.

Jay Mitchell .............................. 20 Mandela Toyo .......................... 13

Noah Rumpf ............................. 22

Consumer Staples

Thomas Crowley ...................... 21 James Schuster ........................ 13 Molly Frew ............................... 12 Genevieve Gilroy ..................... 08 Koki Akala ............................... 08 Stuart McPherson .................... 33 Deividas Seferis ....................... 10 Christopher Cork ..................... 12 Salman Khan ............................ 26 Jeanine Thomson ..................... 21 Eleanor Shing........................... 16 Zhitong Wei ............................. 05 Rosalina Feliciano .................... 32 Lauren McCarthy Rottner ........ 15 Alexis Antonelli ........................ 05 Lior Jassur ................................ 26 Jordan Cant .............................. 09 Peter McCandless .................... 14 Jay Mitchell .............................. 20

Ramanathan Sundaram ........... 14

Technology

Matt Sabel ............................... 23 Timothy Dittmer ...................... 15 Bradford Mak ........................... 15 Erica Zieba ............................... 12 Jude Jason ................................ 12 Katherine Ann Cannan ............. 12 Michael Aurelio ........................ 09 Genevieve Gilroy ..................... 08 Colin Moore ............................. 14 Jean-Marc Chow ...................... 14 Christopher Cork ..................... 12 Reinier Dobbelmann ................ 26 Raj Nair .................................... 24 Nicholas Spratt ....................... 20 Jeff Wakelin .............................. 34 Tim Cronin ............................... 28 Alexis Antonelli ........................ 05 John Haddad ............................ 07 John Jackson ............................ 13

Jenney Zhang Parziale ............. 14

Sovereign Analysts

Annalisa Piazza ....................... 21 Peter Goves ............................. 14 Santiago Rodolfo Luzio..... ....... 24


Buy Discipline

Sell Discipline

MFS Research International Private PortfolioGenerally has been 45–65 “highest conviction ideas”

Better opportunity

Portfolio construction

Target price achieved Fundamental change

Fundamental, bottom-up research produces position

recommendations

Analyst

Facilitate team decisions, ensure orderly trading, and oversee sector construction

Sector team leaderSector team discussion

Meet regularly to discuss buy/sell decisions and

position weights

MFS® Research International Private PortfolioSector team decision – buy/sell


MFS® Research International Private Portfolio Risk management and review

Security Level § In-depth fundamental research by experts within international sector teams

§ Position Limit: generally has been 5%

Portfolio Level

Generally

§ Has been no more than 15% emerging market exposure

§ Has been sector neutral relative to the MSCI EAFE Index, no more than 25% in any one industry

Firm/model Level § Automated trading checks

§ Quantitative Risk Management

§ Quantitative model employed daily to access risk level

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


Sector WeightsRelative to MSCI EAFE Index

XADRU-PODBK-5-Nov-20

The sectors described and the associated portfolio composition are based on MFS' own sector classification methodology which differs from industry classification standards, including the standard that is associated with the benchmark composition presented. The variance in sector weights between the portfolio and the benchmark would be different if an industry classification standard was used.The holdings based information presented is based on the representative account of the composite.

As of 30-Sep-20 Portfolio (%) Benchmark (%) Underweight/Overweight (%)

Capital Goods 26.4 23.4 3.0

Telecom / CATV 4.7 3.8 0.9

Consumer Cyclicals 10.5 10.6 -0.1

Financial Services 18.0 18.3 -0.3

Consumer Staples 9.9 10.5 -0.6

Technology 11.2 12.3 -1.1

Energy 5.3 6.8 -1.5

Health Care 12.1 14.2 -2.1


As of 30-Sep-20 Portfolio (%) MSCI EAFE Index (%)

Underweight/Overweight (%)

Europe ex-U.K. 50.8 49.0 1.8Netherlands 6.6 4.3 2.3Switzerland 12.5 10.4 2.1Denmark 3.9 2.5 1.4France 11.7 10.7 1.0Italy 2.9 2.2 0.7Belgium 1.1 1.0 0.1Germany 9.7 9.6 0.1Ireland 0.7 0.7 0.0Spain 1.7 2.2 -0.5Other countries^ — 5.3 -5.3

Japan 18.3 25.8 -7.5United Kingdom 6.2 13.4 -7.2Asia/Pacific ex-Japan 9.7 11.2 -1.5

Hong Kong 7.7 3.3 4.4Australia 2.0 6.6 -4.6Other countries^ — 1.3 -1.3

Emerging Markets 12.0 — 12.0Taiwan 5.4 — 5.4China 4.2 — 4.2India 2.4 — 2.4

North America 1.1 — 1.1Canada 1.1 — 1.1

Underweight/Overweight (%)

Europe ex-U.K. 1.8

Japan -7.5

United Kingdom -7.2

Asia/Pacific ex-Japan -1.5

Emerging Markets 12.0

North America 1.1

^ Portfolio does not own securities in the Developed - Middle East/Africa region (0.6%). Portfolio does not own securities in the following countries : Sweden 3.3%; Finland 1.1%; Singapore 1.0%; and 5 other countries with weights less than 1.00% totaling 1.8%.The holdings based information presented is based on the representative account of the composite.


Region and Country Weights


30-Sep-20

Country Sector Portfolio (%) MSCI EAFE Index (%)

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD

Taiwan Technology 5.0 —

SCHNEIDER ELECTRIC SE France Capital Goods 4.4 0.5

DAIKIN INDUSTRIES LTD Japan Capital Goods 4.0 0.3

NOVO NORDISK A/S Denmark Health Care 3.9 0.9

NESTLE SA Switzerland Consumer Staples 3.8 2.6

TECHTRONIC INDUSTRIES CO LTD Hong Kong Capital Goods 3.5 0.1

ROCHE HOLDING AG Switzerland Health Care 3.5 1.8

KUBOTA CORP Japan Capital Goods 3.2 0.1

SYMRISE AG (EQ) Germany Capital Goods 3.1 0.1

AKZO NOBEL NV Netherlands Capital Goods 3.1 0.1

The holdings based information presented is based on the representative account of the composite.

Top 10 Portfolio Holdings



CharacteristicsGross of fees (USD)


1 Source: Ibbotson2 Weighted average.

Past performance is no guarantee of future results. No forecasts can be guaranteed.The holdings based information presented is based on the representative account of the composite.

As of 30-Sep-20 Portfolio MSCI EAFE Index

Fundamentals - weighted average IBES long-term EPS growth1 8.2% 7.5%

Return on equity (3-year average) 17.5% 16.3%

Market capitalization Market capitalization (USD)2 109.0 bn 66.4 bn

Diversification Top ten holdings 37% 13%

Number of holdings 45 902

Risk/reward (5 year) Beta 0.97 —

Standard deviation 13.81% 14.02%


Annualized Returns (%)

Excess Returns (%) 3Q20 YTD 1 Year 3 Years 5 Years 10 YearsGross vs. Blend of MSCI EAFE Gross to Net at 08/01/2017

0.67 5.22 7.96 3.95 2.72 1.54

Net vs. Blend of MSCI EAFE Gross to Net at 08/01/2017

-0.10 3.03 4.76 0.87 -0.47 -1.60

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

n MFS® Research International Private Portfolio - Gross

28.26 -13.62 27.44 2.82 -0.40 -4.62 22.10 17.42 -10.21 10.45

n MFS® Research International Private Portfolio - Net

24.54 -16.21 23.74 -0.22 -3.35 -7.45 18.55 13.99 -12.89 7.20

n Blend of MSCI EAFE Gross to Net at 08/01/2017

22.01 -13.79 25.50 1.51 -0.39 -4.48 23.29 17.90 -11.73 8.21

n MFS PPM International ADR Composite - Grossn Blend of MSCI EAFE Gross to Net at 08/01/2017

n MFS PPM International ADR Composite - Net

5.474.70 4.80

-1.87

-4.06

-7.09

8.45

5.25

0.49

4.57

1.490.62

8.17

4.985.45

6.49

3.35

4.95


Source: Benchmark performance from SPAR, FactSet Research Systems Inc. It is not possible to invest directly in an index.See the composite report for performance methodology and other information.Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.Periods less than one year are actual not annualized.

MFS® Research International Private Portfolio (USD)Performance as of 30 September 2020


Appendix

Market Capitalization 15

MFS Research International Private Portfolio team 16

Relative Industry Overweights and Underweights 18

Contents Page


As of 30-Sep-20

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® Research International Private Portfolio

109.0 54.5

MSCI EAFE Index 66.4 36.9

% o

f por

tfol

io

MFS® Research International Private Portfolio MSCI EAFE Index

0.42.9 2.0

11.4

39.2

45.0

29.9

21.2

26.6

19.5

PP5A-PODBK-5-Nov-20

Market Capitalization (USD)


Research International Foreign Ordinaries — Private

Jim C. Fallon § Investment Officer

§ Portfolio Manager

§ As a 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 1999; previous positions include Equity Research Associate; Securities Lending Administrator

§ Previous experience includes 1 year as Mutual Fund Custody Accountant at Investors Bank & Trust; 1 year as Financial Analyst at Bardon Trimount

§ Affiliations include CFA Institute, CFA Society of Boston

§ Boston University, MBA

§ University of New Hampshire, BA

Victoria Higley, ASIP § 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 2011

§ Previous experience includes 3 years as UK Institutional Client Director at Fidelity International; 14 years as a UK Institutional Client Director, Pan European Equity Analyst, and UK Portfolio Manager at UBS Asset Management (formerly Phillips & Drew)

§ Affiliations include CFA Institute, CFA Society of the U.K, regular member of the CFA Institute, CFA Society of the UK

§ Durham University, BA

01OCT20


Research International Foreign Ordinaries — Private

Camille Humphries Lee, CFA § Investment Officer

§ Portfolio Manager, Institutional Equity Portfolio Manager

§ Joined MFS in 2000

§ Previous experience includes 3 years as Research Analyst at SG Cowen Securities Corporation; 8 years as Research Analyst and Associate Analyst at Alex Brown


§ University of Virginia, MBA

§ University of Virginia, BA

John W. Mahoney, CFA § Director, Investment Products

§ As an Investment Product Specialist, works closely with the portfolio management teams and is responsible for communicating investment philosophy, process and the positioning of MFS investment strategies, as well as communicating investment perspective to financial advisors, institutional clients and MFS' sales force and relationship managers.

§ Joined MFS in 2005; previous positions include Investment Product Analyst; Client Report Specialist; Asset Control Specialist

§ Previous experience includes 1 year as Cash Control Analyst at State Street Bank

§ FINRA License: Series 7 & 63


§ Bentley University, BS, Financial Management Association National Honors Society

Continued...

02JUL20


As of 30-Sep-20 Portfolio (%) MSCI EAFE Index (%) Relative Weighting

Overweight Machinery & Tools 9.2 3.3 5.9

Specialty Chemicals 7.3 2.4 4.8

Other Banks and Diversified Financials 5.7 2.0 3.7

Wireless Communications 4.7 1.7 3.0

Restaurants 2.3 0.1 2.2

Underweight Automotive 0.0 3.9 -3.9

Real Estate 0.0 3.1 -3.1

Business Services 0.0 2.9 -2.9

Metals & Mining 0.0 2.6 -2.6

Brokers & Asset Managers 0.0 2.2 -2.2

Five Largest Relative Industry Overweights and Underweights

Composite: MFS PPM International ADR CompositeBenchmark: Blend of MSCI EAFE Gross to Net at 08/01/2017Creation Date: 01-Apr-2001

Inception Date: 01-Feb-2001

Investment Objective: To achieve superior, long-term capital appreciation by investing in highest conviction stocks internationally through the use of ADRs. The goal is to outperform the MSCI EAFE Index over a full market cycle.

Wrap Fee ScheduleAsset Breakpoints (USD) FeeFor Assets Up To 999999 MM 300 bp

Accounts in Annualized 3-YearComposite and Benchmark Return % Composite Composite at Standard Deviation Assets in Composite

Period Gross of fees Net of fees Benchmark Dispersion End of Period Composite Benchmark (USD million) %Firm2019 28.26 24.54 22.01 0.85 361 11.24 10.98 $72.2 0.0

2018 -13.62 -16.21 -13.79 0.46 300 11.80 11.44 $45.8 0.0

2017 27.44 23.74 25.50 0.33 272 11.98 12.02 $54.6 0.0

2016 2.82 -0.22 1.51 0.59 394 12.57 12.66 $93.1 0.0

2015 -0.40 -3.35 -0.39 0.41 596 12.05 12.64 $135.3 0.0

2014 -4.62 -7.45 -4.48 0.26 541 12.76 13.18 $153.2 0.0

2013 22.10 18.55 23.29 0.38 729 16.60 16.45 $225.2 0.1

2012 17.42 13.99 17.90 0.48 755 19.96 19.59 $193.7 0.1

2011 -10.21 -12.89 -11.73 0.44 864 23.76 22.77 $180.8 0.1

2010 10.45 7.20 8.21 0.53 1166 n/a n/a $315.4 0.1MFS Investment Management® claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. MFS Investment Management® has been independently verified for the periods 1-Jan-1988 through 31-Dec-2018. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Total PPM Gross-of-fee returns (includes both capital appreciation and income) are in USD terms and net of all transaction costs, but before fees and expenses both direct and indirect with the exception of one retail mutual fund managed in a similar style included in the composite from 1-Feb-2001 until 31-May-2003. Gross performance of this fund was net of transaction costs. Retail funds and certain sub-advised accounts are subject to Fair Valuation as conditions warrant. Typical separate accounts utilize WM/Reuters 4:00 PM (London Time) foreign exchange rates; retail products will use rates deemed most appropriate for daily NAV per share calculations. The possibility exists for performance dispersion between otherwise similarly managed accounts and also with the benchmark. Management fees for this product style are described in full in Form ADV Part II which is available upon request. Net composite returns are prepared by subtracting from the monthly gross returns one-twelfth of the maximum applicable annual wrap fee. Total returns of the benchmark are provided for each period depicted, expressed in USD. Source of Benchmark Performance: FACTSET ®. Benchmark returns and benchmark annualized 3-year standard deviation are not examined by independent accountants. MSCI EAFE - Net Return - a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada. Composite Dispersion is measured by the asset-weighted standard deviation of account returns for all accounts in the composite for the full period. For composites containing less than six accounts for the full period, dispersion is deemed not meaningful. Benchmark Methodology: Prior to 1-Aug-2017 the blend consisted of 100% MSCI EAFE - Gross Return Index; from 1-Aug-2017 the blend consists of 100% MSCI EAFE - Net Return Index. Rebalanced monthly. From 1-Feb-2001 until 31-May-2003, the asset total included one retail mutual fund managed in a similar style. In millions, this funds assets accounted for the following portion of the total assets in the composite: 0.2 in 2001 and 0.4 in 2002. Prior to 30-Jun-2002, accounts were eligible for inclusion in the composite if they have assets greater than $80,000. Subsequent to 30-Jun-2002, there is no account asset minimum. Prior to 27-Jun-05, accounts were included as of their second full month of performance. Effective 27-Jun-2005, accounts are included on their first full calendar month of performance. Reports prior to 2019, it was stated: Total PPM Gross-of-fee returns (includes both capital appreciation and income) are in USD terms and before fees and expenses both direct and indirect with the exception of one retail mutual fund managed in a similar style included in the composite from 1-Feb-2001 until 31-May-2003. Gross performance of this fund was net of transaction costs. Retail funds and certain sub-advised accounts are subject to Fair Valuation as conditions warrant. Typical separate accounts utilize WM/Reuters 4:00 PM (London Time) foreign exchange rates; retail products will use rates deemed most appropriate for daily NAV per share calculations. The possibility exists for performance dispersion between otherwise similarly managed accounts and also with the benchmark. Management fees for this product style are described in full in Form ADV Part II which is available upon request. From 1-Feb-2001 to 28-Feb-2002, the composite consisted of a single non-fee-paying account, which represented one hundred percent of the composite. As of 31-Dec-2002, this account represented six percent of the assets in the composite. This account was removed from the composite as of 31-May-2003, at which point constituted two percent of the composite. None of the assets in the composite are derived from non-fee-paying accounts from 1-Jun-2003 forward.

Run Time: 20-Feb-20 1:22:20 PM XADRU Page 1 of 2

Performance Presentation Report 2019

For purposes of GIPS compliance, the firm is defined as MFS Investment Management® which is comprised of Massachusetts Financial Services Company (MFS) and MFS Institutional Advisors, Inc. (MFSI), each of which is a registered investment advisor, MFS Heritage Trust Company, a New Hampshire Trust company, and MFS Investment Management Canada Limited. Total firm assets are calculated at market value and include assets managed by MFS, MFSI, MFS Heritage Trust Company and MFS Investment Management Canada Limited as well as assets managed by MFS and MFSI in a sub-advisory capacity on behalf of affiliated investment advisors that may or may not be registered under the United States Investment Advisers Act of 1940, such as MFS International (U.K.), Ltd. (MIL UK) and MFS Investment Management K.K. (MIMKK), MFS International Singapore Pte. Ltd and MFS International Australia Pty Ltd as well as assets managed by MFS and MFSI on behalf of unaffiliated investment advisors that are not registered under the United States Investment Advisers Act of 1940. Total firm assets for GIPS purposes do not include assets of non-discretionary advisory relationships. In November of 2011 MFS acquired McLean Budden Limited (now MFS Investment Management Canada Limited). Total firm assets from 31-Mar-2012 forward include the assets of institutional and pooled MFS Investment Management Canada Limited products. Assets from 31-Dec-2012 forward include the MFS Investment Management Canada Limited PPM product assets. A complete list of firm composites and descriptions, along with additional information regarding policies for valuing portfolios, calculating and reporting performance, and preparing compliant presentations are available upon request. Source: MSCI. 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 financial products. This report is not approved, reviewed or produced by MSCI.

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Performance Presentation Report 2019

mfs research international private portfolio · herein. the msci data may not be further...

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