city of miami general employees’ and sanitation employees ... · historical consistent...

FOR INSTITUTIONAL USE ONLYMFS Institutional Advisors, Inc.

24949.1

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus, or summary prospectus, containing this and otherinformation, contact your investment professional or view online at mfs.com. Please read it carefully.MFS® investment products are offered through, MFS Fund Distributors, Inc., 500 Boylston Street, Boston, MA 02116

Presented to

City of Miami General Employees’ andSanitation Employees’ Retirement TrustMFS® Institutional International Equity Fund18 April 2012

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MFS® Institutional International Equity Fund3572-I-MT-18April12.2

Presenters

Sean M. Kenney, CFA - Director, Institutional Sales - Joined MFS in 2004; previous positions include Senior Regional Manager; Senior Retirement Sales

Specialist; Inbound Sales and Marketing Representative. - Affiliations include National Conference of Public Employee Retirement Systems (NCPERS),

National Association of State Retirement Administrators (NASRA), National Association of GovernmentalDefined Contribution Administrators (NAGDCA), Boston Security Analysts Society, Inc., NationalConference on Teachers Retirement (NCTR), CFA Institute, American Society of Pension Professionals& Actuaries (ASPPA).

- Assumption College, BA, magna cum laude

Peter D. Loncto, CFA - Director, Institutional Product Management - As an Institutional Product Manager, communicates investment policy, strategy and tactics, performs

portfolio analysis and leads institutional product development. - Joined MFS in 2007. - Previous experience includes 5 years as Senior Marketing Manager at Nicholas-Applegate Capital

Management; 3 years as Performance Analyst at State Street Bank and Trust Company. - Originally joined MFS in 1997 and departed the firm in 1999 to attend graduate school.

Rejoined MFS in 2007. - Affiliations include CFA Institute, Boston Security Analysts Society, Inc. - Cornell University, MBA - Boston College, BA

1MFS® Institutional International Equity Fund3572-I-MT-18April12.1

As of 31-Dec-11.1 Does not include assets of the recently integrated subsidiary MFS McLean Budden.2 Data is rounded to the nearest figure. 3 Represents global clients in institutional vehicles only.

Business profile (USD)251 billion total MFS AUM

Global equities (19%)

EAFE/International equities (17%)

US equities (30%)

Regional equities (7%)

Fixed Income (20%)

Multi-Strategy (7%)

Asia Pacific (33%)

EMEA (35%)

North America (32%)

Assets2

Regions

Diversified client and asset base1

AssetsGlobal equities 41.7 billionEAFE/international equities 38.7 billionUS equities 67.9 billionRegional equities 15.2 billionFixed Income 43.7 billionMulti-strategy/Other 16.4 billion

Institutional business by client type and region1,3

Client types

• Defined benefit/defined contribution

• Endowment and foundation

• Sovereign wealth fund/government agency

• Institutional platform/insurance subadvisory


Distinguishing characteristics

Experience, teamwork, and long-term focus

What makes us different from other international equity managers?

Experienced investment team • Consistent strategy and approach • Strong track record of managing assets in diverse markets

Integrated global research• Unique, collaborative culture• Fully integrated approach to researching companies combining equity, fixed income and quantitative analysis• Fundamental, bottom-up stock selection drives alpha

Multi-year investment horizon• Seeks companies with above-average sustainable growth and returns, with below-average risk• Aims for low turnover, low volatility

Experienced MFS Institutional International Equity Fund team

Marcus SmithPortfolio Manager

21 years industry experience

Michael Cantara, CFAInstitutional Portfolio Manager


Additional resources

Brett FleishmanInstitutional Portfolio Manager


Daniel Ling, CFAPortfolio Manager


David MannheimPortfolio Manager


Roger MorleyPortfolio Manager


Ben Kottler, CFAInstitutional Portfolio Manager


Sanjay NatarajanInstitutional Portfolio Manager


Kevin BeattyPortfolio Manager


Ann Marie CostelloInstitutional Product Manager


Victoria HigleyInstitutional Portfolio Manager


Ted MaloneyPortfolio Manager


Experienced team, deep resources3MFS® Institutional International Equity Fund

3572-I-MT-18April12.3

Peter Loncto, CFAInstitutional Product Manager



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 arevolatile and can decline significantly in response to issuer, market, economic, political, regulatory, geopolitical and other conditions. Investments in foreign marketsthrough issuers or currencies, can involve greater risk and volatility than U.S. investments due to adverse market, economic, political, regulatory, geopolitical orother conditions.Emerging markets can have less market structure, depth, and regulatory oversight and greater political, social, and economic instability thandeveloped markets. Please see the prospectus for further information on these and other risk considerations.

Investment approach

Goal Construct a diversified, high conviction portfolio of companies with a global footprint that outperforms the MSCI EAFE Index over full market cycles

Philosophy • Companies with above-average returns over the long term have the potential for compounded

growth irrespective of economic conditions • Stocks trading at a discount to their projected value have the potential for multiple expansion• A long-term focus capitalizes on opportunities created by investors with shorter investment horizons

Strategy

• Typically 60 to 80 holdings offering above-average growth potential• Seeks stocks with earnings growth rate of at least 2 times global GDP growth• Price discount to projected long-term growth• Seeks to outperform in a variety of market environments

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


Historical consistent performance in diverse markets (USD)

Market return less than -5%

Market return -5% to 0%

Market return 0% to 5%

Market return greater than 5%

Total0

10

20

30

40

Num

ber o

f qua

rters

abo

ve/b

elow

ben

chm

ark

Number of outperforming quarters

Number of underperforming quarters

1 MSCI EAFE with net dividends reinvested. Source: benchmark performance from SPAR, FactSet Research Systems Inc. Based on quarterly returns.

MFS Institutional International Equity Fund (NAV) vs MSCI EAFE1, April 1996 – March 2012

Strategy has added value in a variety of market environments

Average quarterly +2.13% +1.33% +0.95% -0.38% +0.87%relative performance


Investment process overview

Portfolio constructionFundamental researchIdea generation

Identify companies by qualitycharacteristics to determineinvestable universe.

Narrow the universe by looking at names against buy criteria.

Analyst-managed strategies

Research analysts

Global sector teams

Portfolio managers

Free cash flow

Sustainable growth

Risk/return

Relative valuation

Focus on high quality andvaluation.

Evaluate growth/return potential

Determine appropriate valuation

Assess business risks

750 – 850 stocks rated by non-U.Sanalyst team

300 to 400 buy candidates

150 to 200 stocks that fit investment approach

Quantitative analysis

High conviction ideaswith sustainable

growth and returnprospects

60 to 80 holdings

Risk management at all stages

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

MFS InstitutionalInternational Equity Fund



Global research platform

Depth and collaboration provide competitive advantages

Tokyo

Sydney

London

Mexico City

BostonToronto

Singapore

As of 31-Dec-11.

84 research analysts25 U.S. equity; 33 non-U.S. equity; 26 fixed-income; backed by 20research/investmentassociates

8 global sector teamsorganized by region and sectors; cross-bordercollaboration

11 analyst-managedstrategiesUSD 23.9 billion inassets undermanagement

59 portfolio managerswith significant industryexperience in value,core, growth, and fixedincome

Quantitative screens11 quantitative analystsprovide proprietaryresearch models, stockrankings, and scenariotesting; backed by 11quantitative researchassociates




• Sustainability of business model• Market share/pricing power• Industry growth rates/barriers to entry• Management strength• Free cash flow

• Change in supply/demand• Competitive pressure• Relative strength vs. competition• Potential for loss of competitive

advantage• Scale of risk• Political and macroeconomic factors

• Examine a broad range of outcomes• Reflect future growth and returns• Consider multiple metrics of valuation• Assess value relative to history,

peers, market

Evaluate growth and return potential Assess business risks Determine appropriate valuation

Stock analysis

Seek sustainable business models with valuations that reflect risks



Portfolio construction


Buy criteria

• Earnings growth rate of at least 2times global GDP growth

• Return on capital exceeds cost of capital

• Strong free cash flow generation

Sell discipline

• Target price reached• Better alternative available• Change in company fundamentals

Portfolio

• 60 to 80 holdings• Typical portfolio exposures have 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 semiannual risk review- Portfolio vs. objectives

Employ multi-year investment horizon to exploit market inefficiencies 24464.1



Highconviction

ideas

Idea generation

Fundamental research

Portfo

lio construction

MFS International Equity

Outcome: diversified mix of high conviction ideas

• 60 to 80 holdings offeringabove-average growth potential

• Seeks stocks with earningsgrowth rate of at least 2 timesglobal GDP growth

• Price discount to projectedlong-term growth

• Seeks to outperform in a varietyof market environments


Seeks to generate above-market returns over the long term



0.7% cash and other assets are less liabilities.

As of 29-Feb-12 Portfolio (%) Underweight/overweight (%) Largest holdingsMSCI EAFE Index (%)

Consumer Staples 15.9 9.0 Nestle SA, Heineken NV, Danone

Technology 10.4 5.2 SAP AG, Samsung Electronics Co Ltd, Canon

Special Products & Services 6.5 3.3 Compass, Randstad Holding, Amadeus Holding

Retailing 7.6 4.6 Moet Hennessy Louis Vuitton, Lawson, Li & Fung

Basic Materials 11.2 10.0 Linde AG, Shin-Etsu Chemical Co, Air Liquide

Leisure 2.2 2.2 WPP PLC

Transportation 2.2 2.3 Canadian National Railway Co

Industrial Goods & Services 5.1 7.0 Schneider Electric SA, FANUC, Legrand SA

Autos & Housing 3.1 5.9 Denso Corp, Honda Motor Co Ltd

Financial Services 19.7 22.6 HSBC Holdings, Standard Chartered, Julius Baer

Health Care 6.2 9.3 Bayer AG, Roche Holding AG, Merck KGaA

Energy 5.5 8.8 Inpex Corp, Royal Dutch Shell PLC Class A

Utilities & Communications 3.7 9.9 China Unicom Hong Kong Ltd

6.9

5.2

3.2

3.0

1.2

0.0

-0.1

-1.9

-2.8

-2.9

-3.1

-3.3

-6.2

Sector weights


Portfolio (%)

Underweight/overweight (%)

Region and country weights

0.7% cash and other assets are less liabilities.1 Portfolio does not own securities in the following countries: Italy 2.4%; Denmark 1.1%; Norway 1.0%; Belgium 1.0%; and 7 other countries with weights less than 1.0% totaling 2.5%.

Underweight/overweightas of 29-Feb-12 (%) MSCI EAFE Index (%)

~ Europe ex-U.K. 47.1 41.9 5.2^ Netherlands 8.3 2.4 5.9^ France 13.0 9.2 3.8^ Switzerland 11.2 8.3 2.9^ Germany 11.2 8.4 2.8^ Spain 2.8 3.0 -0.2^ Sweden 0.6 3.3 -2.7^ Other 1 0.0 7.3 -7.3~ United Kingdom 19.7 22.6 -2.9~ Japan 13.7 21.4 -7.7~ Asia/Pacific ex-Japan 4.9 13.5 -8.6^ Hong Kong 2.1 3.0 -0.9^ Singapore 0.4 1.8 -1.4^ Australia 2.3 8.6 -6.3^ Other 1 0.0 0.1 -0.1~ Developed - Middle East/Africa 0.0 0.6 -0.6^ Other 1 0.0 0.6 -0.6~ Emerging Markets 11.6 0.0 11.6^ Taiwan 3.1 0.0 3.1^ India 1.9 0.0 1.9^ South Korea 1.8 0.0 1.8^ Brazil 1.8 0.0 1.8^ China 1.5 0.0 1.5^ Czech Republic 0.8 0.0 0.8^ South Africa 0.7 0.0 0.7~ North America 2.3 0.0 2.3^ Canada 2.2 0.0 2.2^ United States 0.1 0.0 0.1

5.2

-2.9

-7.7

-8.6

-0.6

11.6

2.3

Europeex-U.K.

UnitedKingdom

Japan

Asia/Pacificex-Japan

Developed -MiddleEast/Africa

EmergingMarkets

North America


Top 10 portfolio holdings

As of 29-Feb-12 Country Sector Portfolio (%)

Linde AG Germany Basic Materials 3.4 0.3

Nestle SA Switzerland Consumer Staples 3.2 1.9

Heineken NV Netherlands Consumer Staples 3.2 0.1

HSBC Holdings PLC United Kingdom Financial Services 3.0 1.5

LVMH France Retailing 2.6 0.4

Schneider Electric SA France Industrial Goods & Services 2.5 0.3

Shin-Etsu Chemical Co Ltd Japan Basic Materials 2.3 0.2

Canadian National Railway Co Canada Transportation 2.2 .–

Danone France Consumer Staples 2.1 0.4

Air Liquide SA France Basic Materials 2.1 0.4

MSCI EAFE Index (%)


Characteristics

No forecasts can be guaranteed.1 Weighted average.2 Source: Thomson Reuters.3 (Lesser of purchase or sales)/average market value.

As of 29-Feb-12 Portfolio MSCI EAFE

Fundamentals1 IBES long-term earnings per share growth2 10.1% 8.7%

Price/earnings (12 months forward) 12.7x 11.5x

Return on equity (3 year average) 16.1% 14.3%

Market capitalization (USD) 52.3 bn 54.9 bn

Diversification Top 10 holdings 27% 13%

Number of holdings 75 924

Number of countries 20 22

Turnover3 Trailing 1 year turnover 24% –

Risk profile Historical tracking error (10 years) 4.5% –

Information ratio (10 years) 0.51 –


Annual performance (%), as of 31-Mar-12 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MFS Institutional International Equity Fund 14.32 -9.55 10.97 33.12 -34.95 9.11 27.94 12.92 18.86 31.02 -6.57 MSCI EAFE1 10.86 -12.14 7.75 31.78 -43.38 11.17 26.34 13.54 20.25 38.59 -15.94

Excess return 3.46 2.59 3.22 1.34 8.43 -2.06 1.60 -0.62 -1.39 -7.57 9.37

Excess return (%) vs. MSCI EAFE1 3.46 6.09 3.36 4.43 2.67

1Q12 1 Year 3 Years 5 Years 10 Years

14.3210.86

0.32

-5.77

20.4917.13

0.92

-3.51

8.375.70

MFS Institutional International Equity Fund

MSCI EAFE1

Periods greater than 1 year are annualized returns (%), as of 31-Mar-12

Performance at NAV (USD)

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so yourshares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recentmonth-end performance, please visit mfs.com.

MFS Institutional Trust Funds are not subject to a sales charge. Source: benchmark performance from SPAR, FactSet Research Systems Inc. Performance results reflect any applicable expense subsidies and waivers in effect during the period 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. The performance is as of the date shown; it may not include the fund’s entire investment portfolio and is subjectto change.

1 Performance for MSCI EAFE (net dividend) reflects the deduction of withholding taxes on dividends reinvested.

A proven history of strong relative performance


Distinguishing characteristics

Experience, teamwork, and long-term focus

What makes us different from other international equity managers?

Experienced investment team • Consistent strategy and approach • Strong track record of managing assets in diverse markets

Integrated global research• Unique, collaborative culture• Fully integrated approach to researching companies combining equity, fixed income and quantitative analysis• Fundamental, bottom-up stock selection drives alpha

Multi-year investment horizon• Seeks companies with above-average sustainable growth and returns, with below-average risk• Aims for low turnover, low volatility


Appendix

Contents Tab

Fee schedule (USD) 18

References 19

Portfolio holdings 20

MFS Institutional International Equity Fund team 22

Market review 28

Market capitalization (USD) 30

Historical portfolio weights 31

Quarterly and annual performance summary – at NAV (USD) 33


Vehicle Net expenses

MFS Institutional International Equity Fund1 75 basis points

Fee schedule

1 $3 million minimum. The MFS Institutional Trust net expenses reflect partial fee waivers subsidized by MFS which are subject to annual renewal. In addition, fees reflect an expense offsetarrangement for certain funds which reduce the fund’s custodian fee based upon the amount of cash maintained by the fund with the custodian and dividend disbursing agent. In addition tomanagement fees, other expenses are deducted from fund assets. Please refer to the MFS Institutional Trust prospectus for a complete summary of total expenses.


References

MFS references for the City of Miami General Employees' & Sanitation Employees' Retirement Trust

CLIENT NAME CONTACT PERSON, TITLE PHONE NUMBER EMAIL

City of Pittsburgh Tony Pokura, Assistant Director of Finance (412) 255-2899 [email protected]

City of Los Angeles Department of Water & Power Carlo Manjikian, Investment Officer (213) 367-2324 [email protected]

Hampshire County Retirement System Patrick Brock, Chairman of the Board (413) 584-9100 [email protected]


Portfolio holdings

Cash and other assets are less liabilities.

MarketAs of 29-Feb-12 Country Value (%)


Autos & Housing 3.1Denso Corp Japan 1.6Honda Motor Co Ltd Japan 1.4Delphi Automotive PLC United States 0.1Basic Materials 11.2Linde AG Germany 3.4Shin-Etsu Chemical Co Ltd Japan 2.3Air Liquide SA France 2.1Akzo Nobel NV Netherlands 1.6Rio Tinto PLC United Kingdom 1.4Givaudan SA Switzerland 0.4Cash & Other 0.7Consumer Staples 15.9Heineken NV Netherlands 3.2Nestle SA Switzerland 3.2Danone France 2.1Diageo PLC United Kingdom 2.1Pernod-Ricard SA France 1.9Beiersdorf AG Germany 1.8Reckitt Benckiser Group PLC United Kingdom 1.6Energy 5.5Inpex Corp Japan 2.0Royal Dutch ShellPLC Class A United Kingdom 2.0BG Group PLC United Kingdom 0.9CNOOC Ltd China 0.6

Financial Services 19.7HSBC Holdings PLC United Kingdom 3.0Standard Chartered PLC United Kingdom 2.0Julius Baer Group Ltd Switzerland 1.9ING Groep NV Dutch Cert Netherlands 1.7UBS AG Switzerland 1.5ICICI Bank Ltd India 1.3QBE Insurance Group Ltd Australia 1.3Westpac Banking Corp Australia 1.1Banco Santander SA Spain 1.1AIA Group Ltd Hong Kong 1.0BM&FBovespa SA Brazil 0.9Deutsche Boerse AG Germany 0.9Komercni Banka AS Czech Republic 0.8Swiss Re Ltd Switzerland 0.7Barclays PLC United Kingdom 0.7Health Care 6.2Bayer AG Germany 2.0Roche Holding AG Switzerland 1.9Merck KGaA Germany 1.1Sonova Holding AG Switzerland 0.7Synthes Inc Switzerland 0.5Industrial Goods & Services 5.1Schneider Electric SA France 2.5FANUC Corp Japan 1.5Legrand SA France 1.2Keppel Corp Ltd Singapore 0.0


Portfolio holdings (continued)

Cash and other assets are less liabilities.

Leisure 2.2WPP PLC United Kingdom 1.8Wolters Kluwer NV Netherlands 0.4Retailing 7.6LVMH Moet HennessyLouis Vuitton SA France 2.6Lawson Inc Japan 1.5Li & Fung Ltd Hong Kong 1.2Hennes & Mauritz AB Sweden 0.6Cie Financiere Richemont SA Switzerland 0.5Tesco PLC United Kingdom 0.5Burberry Group PLC United Kingdom 0.5Special Products & Services 6.5Compass Group PLC United Kingdom 1.8Amadeus IT Holding SA Spain 1.3Randstad Holding NV Netherlands 1.3Smiths Group PLC United Kingdom 1.0Infosys Ltd India 0.7Hays PLC United Kingdom 0.4Technology 10.4SAP AG Germany 2.0Samsung Electronics Co Ltd South Korea 1.8Canon Inc Japan 1.7Taiwan SemiconductorManufacturingCo Ltd ADR Taiwan 1.5Hoya Corp Japan 1.2Hon Hai PrecisionIndustry Co Ltd Taiwan 1.0

Dassault Systemes SA France 0.6HTC Corp Taiwan 0.6Transportation 2.2Canadian National Railway Co Canada 2.2Utilities & Communications 3.7China Unicom Hong Kong Ltd China 0.8Tim Participacoes SA ADR Brazil 0.8MTN Group Ltd South Africa 0.7NTT DoCoMo Inc Japan 0.5Red Electrica Corp SA Spain 0.5SingaporeTelecommunications Ltd Singapore 0.4




MFS Institutional International Equity Fund team

Marcus L. Smith - Investment Officer- Director of Equity – Asia, Equity Portfolio Manager- Serves on MFS Global Equity Management Committee.- 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 1994; previous positions include Director of Asian Research.- Previous experience includes 4 years as Senior Consultant, Financial Services Group at

Andersen Consulting.- University of Pennsylvania, MBA- University of Mount Union, BS, cum laude

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.- Joined MFS in 2006.- 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

Michael T. Cantara, CFA - 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 dailycash flows. Communicates investment policy, strategy, and positioning.

- Joined MFS in 2000; previous positions include Investment Product Manager.- Previous experience includes 3 years as International Portfolio Analyst and 5 years as Director, Stable

Value Investments at Fidelity Management Trust Company; 2 years as Business Analyst at FidelityInstitutional Retirement Services Co.

- Co-Chairman of the MFS Responsible Investing Committee- Affiliations include Boston Security Analysts Society, Inc., CFA Institute.- Tufts University, The Fletcher School of Law and Diplomacy, MA- Colby College, BA

Brett A. Fleishman - Investment Officer- Institutional Equity Portfolio Manager- As an Institutional Portfolio Manager, participates in the research process and strategy discussions.


- Joined MFS in 2001; previous positions include Investment Specialist; Senior Associate InvestmentSpecialist; Equity Research Analyst.

- Previous experience includes 2 years as Senior Consultant at Ernst & Young LLP, EconomicsConsulting Group; 2 years as Research Analyst at Industrial Economics, Inc.

- University of Pennsylvania, MBA- Brandeis University, BA, Phi Beta Kappa, magna cum laude

MFS Institutional International Equity Fund team (continued)



David R. Mannheim - Investment Officer- Equity Portfolio Manager- Serves on MFS Global Equity Management Committee.- As a Global 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 1988; previous positions include Equity Research Analyst.- Previous experience includes 4 years as Lending Officer at Mid Atlantic National Bank.- Massachusetts Institute of Technology, MSM- Amherst College, BA

Kevin Beatty - Investment Officer- Director of Equity – North America, Equity Portfolio Manager- Serves on MFS Equity Management Committee.- As a Core Equity Portfolio Manager, responsible for final buy and sell decisions, portfolio construction,

risk and cash management. Participates in research process and strategy discussions.- Joined MFS in 2002; previous positions include Director of U.S. Research; Equity Research Analyst.- Previous experience includes 3 years as Equity Analyst/Sector Head at State Street Research &

Management; 1 year as Investment Research Analyst at Fleet Investment Advisors.- Babson College, MBA- St. Bonaventure University, BA

MFS Institutional International Equity Fund team additional resources


Roger M. Morley - Investment Officer- Equity Portfolio Manager- As an 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 2002; previous positions include Global Equity Research Analyst.- Previous experience includes 3 years as Associate – Healthcare Group at Deutsche Bank AG –

Global Investment Banking; 2 years as Financial Analyst – Technology and Media Group at Alex. Brown& Sons.

- INSEAD, MBA, with distinction- University of Cambridge, MA

Ted Maloney - Investment Officer- Equity Portfolio Manager, Director of Research - US- Serves on MFS Equity Management Committee.- As an 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 2005; previous positions include Equity Research Analyst.- Previous experience includes 2 years as Analyst, Founding Partner at Lyceum Capital, LP; 2 years as

Research Associate at Fidelity Management & Research Company.- Bowdoin College, AB, magna cum laude

MFS Institutional International Equity Fund team additional resources (continued)


Ben Kottler, CFA - Investment Officer- Institutional Equity Portfolio Manager- As an Institutional Portfolio Manager, participates in the research process and strategy discussions.


- Joined MFS in 2005; positions include Investment Specialist.- Previous experience includes 4 years as Senior International Portfolio Manager at State Street Global

Advisors; 4 years as European Portfolio Manager & Analyst at Brown Brothers Harriman; 7 years as UKPortfolio Manager & Analyst at NatWest Investment Management.

- Affiliations include CFA Institute, CFA Society of the U.K.- Durham University, BA

Victoria Higley, ASIP - Investment Officer- Institutional Equity Portfolio Manager- As an Institutional Portfolio Manager, participates in the research process and strategy discussions.


- 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 Managerat UBS Asset Management ( formerly Phillips & Drew).

- Affiliations include regular member of the CFA Institute, CFA Society of the UK.- Durham University, BA




Sanjay Natarajan - Investment Officer- Institutional Equity Portfolio Manager- As an Institutional Portfolio Manager, participates in the research process and strategy discussions.


- Joined MFS in 2007.- Previous experience includes 5 years as Chief Operating Officer, Corporate and Investment Banking at

DBS Bank Ltd; 4 years as Senior Engagement Manager at McKinsey & Co. Inc.; 1 year as ExecutiveDirector at K1 Ventures Limited; 2 years as Senior Officer, Strategic Planning at SingaporeGovernment.

- Harvard University, AM- Dartmouth College, BA, Phi Beta Kappa, magna cum laude

Ann Marie Costello - Director, Institutional Product Management- As an Institutional Product Manager, communicates investment policy, strategy and tactics, performs

portfolio analysis and leads institutional 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 atPutnam Investments.

- Suffolk University, MBA- University of Massachusetts, BS

Peter D. Loncto, CFA - Director, Institutional Product Management - As an Institutional Product Manager, communicates investment policy, strategy and tactics, performs

portfolio analysis and leads institutional product development. - Joined MFS in 2007. - Previous experience includes 5 years as Senior Marketing Manager at Nicholas-Applegate Capital

Management; 3 years as Performance Analyst at State Street Bank and Trust Company. - Originally joined MFS in 1997 and departed the firm in 1999 to attend graduate school. Rejoined MFS

in 2007. - Affiliations include CFA Institute, Boston Security Analysts Society, Inc. - Cornell University, MBA - Boston College, BA


MFS International Equity strategy emerging market exposure

Feb-

2005

Apr-2

005

Jun-

2005

Aug-

2005

Oct

-200

5D

ec-2

005

Feb-

2006

Apr-2

006

Jun-

2006

Aug-

2006

Oct

-200

6D

ec-2

006

Feb-

2007

Apr-2

007

Jun-

2007

Aug-

2007

Oct

-200

7D

ec-2

007

Feb-

2008

Apr-2

008

Jun-

2008

Aug-

2008

Oct

-200

8D

ec-2

008

Feb-

2009

Apr-2

009

Jun-

2009

Aug-

2009

Oct

-200

9D

ec-2

009

Feb-

2010

Apr-2

010

June

-201

0Au

g-20

10O

ct-2

010

Dec

-201

0Fe

b-20

11Ap

r-201

1Ju

n-20

11Au

g-20

11O

ct-2

011

Dec

-201

1

0

2

4

6

8

10

12

5

10

15

20

25

% o

f por

tfolio

ass

ets

Trai

ling

P/E

ratio

Emerging markets exposure (left axis) Trailing P/E ratio (right axis)

Source: Bernstein Research December 2011.Data prior to 30-Jun-10 reflects market value, and is not based on equivalent exposure, which may differ.


Emerging market and developed markets valuation and growth

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 20110.2

0.4

0.6

0.8

1.0

1.2

1.4

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 20110

4

8

12

16

Perc

ent (

%)

EAFE MSCI Emerging Markets

Price-to-trailing earnings EM relative to EAFE, through 31-Dec-11

Implied 10-year earnings growth rate, through 31-Dec-11

Source: Bernstein Research December 2011.

EM more expensive then EAFE

EAFE more expensive then EM

30MFS® Institutional International Equity Fund3572-I-MT-18April12.30Cinprogress1Q

Market capitalization (USD)

As of 31-Dec-11

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

% o

f por

tfolio

0.0 0.0 0.3

9.013.7 12.8

50.6

41.6

21.9 19.612.6

17.0

Portfolio

Benchmark

Small-cap Mid-cap Large-cap

Weighted average market cap (USD billions)Portfolio 47.5MSCI EAFE 51.9


Average countries 19 Maximum countries 21 Highest country weight 23.2 (France, in March 2007)

International Equity strategy historical portfolio weightsFive years as of 31 March 2012

Sector weights Max Min AvgAutos & Housing 5.2 0.0 1.8Basic Materials 11.8 7.3 9.5Consumer Staples 19.5 15.5 17.5Energy 7.2 5.0 5.8Financial Services 21.9 9.1 16.2Health Care 14.8 5.7 10.1Industrial Goods & Services 6.7 4.7 5.7Leisure 6.4 1.8 4.6Retailing 11.4 4.8 7.7Special Products & Services 6.6 1.5 3.5Technology 10.6 7.2 8.9Transportation 4.4 2.1 3.2Utilities & Communications 7.6 2.6 5.0

Developed markets weights Max Min AvgAsia Pacific ex Japan 5.9 1.9 3.3Australia 2.6 0.0 0.8Hong Kong 2.4 0.5 1.3Singapore 1.5 0.4 1.1Europe ex UK 59.2 46.5 53.8Austria 1.9 0.0 0.8France 23.2 12.2 17.5Germany 12.2 6.7 10.4Italy 1.5 0.0 0.6Netherlands 10.2 1.3 6.8Spain 2.7 0.0 0.8Sweden 1.4 0.0 0.5Switzerland 20.1 12.0 16.5Japan 19.0 11.2 14.3North America 3.0 0.8 2.0Canada 3.0 0.8 2.0United States 0.2 0.0 0.0United Kingdom 21.8 16.5 18.7

Emerging markets weights Max Min AvgAsia 8.3 2.8 5.3China 1.6 0.0 0.7India 3.1 0.0 1.6Indonesia 0.5 0.0 0.1South Korea 2.5 1.0 1.6Taiwan 3.2 0.0 1.4Thailand 0.4 0.0 0.0Europe/Middle East/Africa 1.6 0.6 1.2Czech Republic 0.8 0.5 0.6Hungary 0.0 0.0 0.0Poland 0.0 0.0 0.0South Africa 1.0 0.0 0.6Latin America 2.2 0.0 0.9Brazil 2.1 0.0 0.4Mexico 1.4 0.0 0.5Total Emerging Markets 11.6 3.7 7.4


Relative annual historical sector allocations

MFS minus MSCI EAFE sector weights

ConsumerStaples

Leisure

HealthCare

Retailing

IndustrialGoods & Services

Tech-nology

BasicMaterials

Transpor-tation

Energy

Utilities &Communi-

cations

Autos &Housing

SpecialProducts

& Services

FinancialServices

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

% o

f Por

tfolio

Dec-2003

Dec-2004

Dec-2005

Dec-2006

Dec-2007

Dec-2008

Dec2009

Dec2010

Dec2011

Overweight

Underweight

Data prior to 30-Jun-10 reflects market value, and is not based on equivalent exposure, which may differ.


Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so yourshares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recentmonth-end performance, please visit mfs.com.

MFS Institutional Trust Funds are not subject to a sales charge. Source: benchmark performance from SPAR, FactSet Research Systems, Inc. Past performance is no guarantee of future results.1 Performance for MSCI EAFE (net dividend) reflects the deduction of withholding taxes on dividends reinvested.

Quarterly and annual performance summaryNet (NAV) (USD)

1Q 2Q 3Q 4Q Year2012 MFS Institutional International Equity Fund 14.32% 2012 MSCI EAFE1 10.862011 MFS Institutional International Equity Fund 3.07 3.89% -20.30% 5.98% -9.55%2011 MSCI EAFE1 3.36 1.56 -19.01 3.33 -12.142010 MFS Institutional International Equity Fund 0.92 -12.15 16.24 7.68 10.972010 MSCI EAFE1 0.87 -13.97 16.48 6.61 7.752009 MFS Institutional International Equity Fund -12.69 19.38 21.13 5.44 33.122009 MSCI EAFE1 -13.94 25.43 19.47 2.18 31.782008 MFS Institutional International Equity Fund -4.94 -2.57 -15.57 -16.81 -34.952008 MSCI EAFE1 -8.91 -2.25 -20.56 -19.95 -43.382007 MFS Institutional International Equity Fund 3.56 5.24 1.89 -1.74 9.112007 MSCI EAFE1 4.08 6.40 2.18 -1.75 11.172006 MFS Institutional International Equity Fund 9.92 1.48 6.09 8.12 27.942006 MSCI EAFE1 9.40 0.70 3.93 10.35 26.342005 MFS Institutional International Equity Fund -0.13 -2.15 11.18 3.93 12.922005 MSCI EAFE1 -0.17 -1.01 10.38 4.08 13.542004 MFS Institutional International Equity Fund 3.70 1.17 -0.14 13.45 18.862004 MSCI EAFE1 4.34 0.22 -0.28 15.32 20.252003 MFS Institutional International Equity Fund -7.34 16.45 4.57 16.12 31.022003 MSCI EAFE1 -8.21 19.27 8.13 17.08 38.592002 MFS Institutional International Equity Fund 1.99 -0.34 -14.10 7.01 -6.572002 MSCI EAFE1 0.51 -2.12 -19.73 6.45 -15.942001 MFS Institutional International Equity Fund -12.40 3.67 -10.28 6.92 -12.882001 MSCI EAFE1 -13.71 -1.04 -14.00 6.97 -21.44

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