Massachusetts Financial Services is rolling out a mutual fund that spreads its investments over five sectors.

The MFS World Asset Allocation Fund will invest in U.S. and foreign stocks, U.S. high-yield and investment grade bonds, and foreign bonds.

"What asset allocation funds generally try to do is match the stock market's returns, while controlling risk through diversification," said Jeremiah M. Potts, director of sales development for the Boston-based firm.

The fund will begin trading July 22. Customers may purchase A, B, or C shares, meaning that sales fees can be paid up front, or when shares are sold, or on an annual basis.

Some of Massachusetts Financial's top executives, including its chairman and chief investment officer, Keith Brodkin, and its president and chief equity officer, Jeffrey Shames, will oversee the asset allocation mix for the new fund.

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