MFS Investment Funds - Blended Research Emerging Markets Equity Fund QZEUR

Objective The fund’s objective is capital appreciation, measured in U.S. dollars. Investment Policy The fund invests primarily (at least 70%) of its net assets in equity securities of issuers that are tied economically to emerging market countries. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective. The Investment Manager uses a bottom-up approach to buying and selling individual investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research to create a blended rating for an issuer. When the Investment Manager's fundamental rating is not available, the Investment Manager treats the issuer as having a neutral fundamental rating. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The Investment Manager then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns and other factors, with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the MSCI Emerging Markets Index. Tracking error measures how the differences between fund and benchmark returns vary over time. The Investment Manager has the discretion to adjust the inputs and parameters for the optimization process and the fund's portfolio holdings. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. Distributions Income will not be distributed to unitholders but reflected in the assets of the fund. Redeeming Shares You may sell your units on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading. Terms to Understand Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer. Tracking error generally measures how the differences between the fund's monthly returns and the Index's monthly returns have varied over a specified time period. A higher tracking error means fund and index returns are less correlated, while a lower tracking error means the returns are more correlated. Actual tracking error realised will depend partly on market conditions and therefore may deviate from predicted tracking error.