· CONTENTS Letter from the Chairman of the MFS Meridian Funds ............. 3 Performance table ......................................... 4 General information

SHAREHOLDERANNUAL REPORT31 January 2013

MFS®

MERIDIANSM

FUNDS

Luxembourg-Registered SICAV SICAV-UK-GG-ANN-1/13

CONTENTS

Letter from the Chairman of the MFS Meridian Funds . . . . . . . . . . . . . 3

Performance table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

General information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Certain risk management disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Schedules of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Statements of assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

Statements of operations and changes in net assets . . . . . . . . . . . . . . 95

Statistical information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

Notes to financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

Independent auditors’ report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Primary local agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . back cover

MFS® MeridianSM Funds listingThe following sub-funds comprise the MFS Meridian Funds family.Each sub-fund name is preceded with “MFS Meridian Funds –” which maynot be stated throughout this report.

Absolute Return FundAsia Pacific Ex-Japan FundChina Equity FundContinental European Equity FundEmerging Markets Debt FundEmerging Markets Debt Local Currency FundEmerging Markets Equity FundEuropean Concentrated FundEuropean Core Equity FundEuropean Research FundEuropean Smaller Companies FundEuropean Value FundGlobal Bond FundGlobal Concentrated FundGlobal Energy FundGlobal Equity FundGlobal Multi-Asset FundGlobal Research FundGlobal Total Return FundHigh Yield FundInflation-Adjusted Bond FundJapan Equity FundLatin American Equity FundLimited Maturity FundPrudent Wealth FundResearch Bond FundU.K. Equity FundU.S. Concentrated Growth FundU.S. Government Bond FundU.S. Value Fund

In case of a conflict between the English and translated versions, the English version will govern.

The English Prospectus, the English Articles of Incorporation as well as the German Key InvestorInformation Documents of the fund may be inspected at and are available free of charge by mailor by e-mail from the German Paying and Information Agent Marcard, Stein & Co AG,Ballindamm 36, 20095 Hamburg.

DIRECTORSMark N. Polebaum(Chairman)Executive Vice Presidentand General Counsel of MFS111 Huntington AvenueBoston, MA USA 02199-7618

Lina M. MedeirosPresident of MFS International Ltd.c/o MFS International (U.K.) LimitedPaternoster House65 St. Paul’s ChurchyardLondon, U.K., EC4M8AB

Robin A. StelmachExecutive Vice President andChief Operating Officer of MFS111 Huntington AvenueBoston, MA USA 02199-7618

David MaceSenior Managing DirectorMFS Institutional Advisors, Inc.Paternoster House65 St. Paul’s ChurchyardLondon, U.K., EC4M8AB

Mitchell FreestoneVice President and Senior CounselMFS International (U.K.) LimitedPaternoster House65 St. Paul’s ChurchyardLondon, U.K., EC4M8AB

CONDUCTING PERSONSRobert DeNormandieMDO Services S.A.19, rue de BitbourgL-1273, HammGrand-Duchy of Luxembourg

Mitchell Freestone(See above for contact information.)

REGISTERED OFFICEc/o State Street Bank Luxembourg, S.A.49, Avenue J.F. KennedyL-1855 LuxembourgGrand-Duchy of Luxembourg

DISTRIBUTORMFS International Ltd.c/o MFS111 Huntington AvenueBoston, MA USA 02199-7618

INVESTMENT MANAGER ANDADMINISTRATIVE SERVICES AGENTMassachusetts Financial Services Company111 Huntington AvenueBoston, MA, USA 02199-7618

DEPOSITARY, DOMICILIARY,ADMINISTRATION, REGISTRAR, ANDTRANSFER AGENTState Street Bank Luxembourg S.A.49, Avenue J.F. KennedyL-1855 LuxembourgGrand-Duchy of Luxembourg

DATA PROCESSING AGENTInternational Financial Data ServicesLimited Partnershipc/o International Financial Data Services(Canada) Limited30 Adelaide Street East, Suite 1Toronto, Ontario M5C 3G9Canada

LEGAL ADVISERArendt & Medernach14, rue ErasmeL-2082 LuxembourgGrand-Duchy of Luxembourg

INDEPENDENT AUDITORErnst & Young S.A.7, rue Gabriel LippmannParc d’Activité Syrdall 2L-5365 MunsbachGrand-Duchy of Luxembourg

MFS Meridian Funds Annual Report 2013

LETTER FROM THE CHAIRMAN OFTHE MFS® MERIDIANSM FUNDS

Dear Shareholders:

Global financial markets began 2013 with rising optimism. U.S. and Asian economictrends have turned more positive. Europe continues to struggle through its economicslump. However, even there, sentiment has improved. The U.S. Congress averted itsyear-end fiscal cliff, but a degree of uncertainty remains regarding upcomingnegotiations over spending cuts and the debt ceiling. The U.S. Federal Reserve Boardis continuing its accommodative monetary easing, while the U.S. housing and jobmarkets have made steady gains. Corporate profits have been resilient, and investorshave demonstrated increased tolerance for risk.

The eurozone remains in a broad contraction, with economic output receding inFrance as well as Italy and Spain. However, large-scale early repayments of EuropeanCentral Bank loans by banks and Germany’s strong rebound in manufacturing activityare encouraging signs. In Asia, both China and Japan appear to be in the early stagesof a turnaround. China’s economic activity has picked up from last year’s relativeslowdown, and Japan’s sharp devaluation of the yen, an important anti-deflationarymeasure, seems to be having its desired impact: Japanese stocks have soared,corporate profits are rising and confidence is returning among consumers, businessesand investors. However, the yen’s devaluation and the relative rise of the euro couldpresent additional challenges for eurozone exporters.

As always, managing risk in the face of uncertainty remains a top priority forinvestors. At MFS®, our uniquely collaborative investment process employs globalresearch and active risk management. Our global team of investment professionalsshares ideas and evaluates opportunities across continents, investment disciplines andasset classes — all with a goal of building better insights and ultimately better results,for our clients.

We remain mindful of the many economic challenges investors face today, andbelieve it is more important than ever to maintain a long-term view and employtime-tested principles, such as asset allocation and diversification. We also remainconfident that our unique approach can serve investors well as they work with theirfinancial advisors to identify and pursue the most suitable opportunities.

Respectfully,

Mark PolebaumChairman of the BoardMFS Meridian Funds4 April 2013

The opinions expressed in this letter are subject to change, may not be relied upon for investment advice, and no forecasts can be guaranteed.

MFS Meridian Funds Annul Report 2013 3

PERFORMANCE TABLE (unaudited)

Total Rates of Return for the year ended 31 January 2013

MFS Meridian FundsA1

(EUR)A1

(GBP)A1

(USD)A2

(EUR)A2

(USD)AH1(EUR)

B1(USD)

B2(USD)

C1(USD)

C2(USD)

I1(EUR)

Absolute Return Fund (2.42)% —(a) 1.78% N/A 1.85% 0.60% 0.83% 0.86% 0.75% 0.77% (1.72)%

Asia Pacific Ex-Japan Fund 5.04% 8.36% 9.55% N/A N/A N/A 8.71% N/A 8.68% N/A N/A

China Equity Fund 7.52% N/A 12.21% N/A N/A N/A 11.28% N/A 11.28% N/A 8.48%

Continental European Equity Fund 19.61% 23.78% 24.73% N/A N/A N/A N/A N/A N/A N/A N/A

Emerging Markets Debt Fund 9.72% 13.26% 14.46% N/A 14.49% 13.46% 13.37% 13.36% 13.34% 13.30% N/A

Emerging Markets Debt Local CurrencyFund 4.26% 7.69% 8.84% N/A 8.84% N/A 7.69% 7.68% 7.69% 7.68% N/A

Emerging Markets Equity Fund 2.41% N/A 6.86% N/A N/A N/A 5.99% N/A 5.99% N/A 3.42%

European Concentrated Fund 17.92% —(b) 22.99% N/A N/A N/A 22.20% N/A N/A N/A 19.20%

European Core Equity Fund 23.13% N/A 28.47% N/A N/A N/A 27.53% N/A N/A N/A 24.43%

European Research Fund 19.21% 23.48% 24.38% N/A N/A N/A 23.40% N/A N/A N/A 20.39%

European Smaller Companies Fund 25.26% N/A 30.75% N/A N/A N/A 29.75% N/A N/A N/A 26.60%

European Value Fund 18.70% 22.95% 23.81% N/A N/A N/A 22.89% N/A N/A N/A 19.90%

Global Bond Fund (2.17)% 0.97% 2.11% N/A 2.09% N/A 0.99% 1.08% 1.08% 1.08% N/A

Global Concentrated Fund 19.24% N/A 24.21% N/A N/A N/A 23.30% N/A 23.27% N/A 20.33%

Global Energy Fund (1.03)% 2.24% 3.23% N/A N/A N/A 2.47% N/A 2.47% N/A (0.01)%

Global Equity Fund 17.26% 21.03% 22.31% N/A N/A N/A 21.38% N/A 21.36% N/A 18.38%

Global Multi-Asset Fund 2.18% —(a) 6.64% N/A 6.66% N/A 5.86% 5.79% 5.83% 5.92% 3.31%

Global Research Fund 8.34% —(a) 12.97% N/A N/A N/A 12.13% N/A 12.15% N/A 9.38%

Global Total Return Fund 6.58% 10.06% 11.21% N/A 11.19% N/A 10.38% 10.40% 10.36% 10.38% N/A

High Yield Fund 7.67% N/A 12.39% 7.71% 12.24% N/A 11.26% 11.24% 11.29% 11.41% N/A

Inflation-Adjusted Bond Fund N/A N/A 2.49% N/A 2.48% N/A 1.46% 1.47% 1.46% 1.47% N/A

Japan Equity Fund 4.08% N/A 8.81% N/A N/A N/A 7.89% N/A 7.86% N/A 5.28%

Latin American Equity Fund 2.94% —(b) 7.39% N/A N/A N/A 6.61% N/A 6.61% N/A 3.92%

Limited Maturity Fund N/A N/A 1.96% N/A 2.11% N/A 0.97% 0.98% 1.06% 0.98% N/A

Prudent Wealth Fund 7.55% 10.97% 12.23% N/A N/A N/A 11.38% N/A 11.29% N/A 8.66%

Research Bond Fund N/A N/A 4.25% N/A 4.19% N/A 3.16% 3.15% 3.11% 3.16% N/A

U.K. Equity Fund N/A 18.30% 19.57% N/A N/A N/A N/A N/A N/A N/A N/A

U.S. Concentrated Growth Fund N/A —(b) 14.83% N/A N/A N/A 14.04% N/A 13.96% N/A N/A

U.S. Government Bond Fund (8.60)%(d) N/A 0.72% N/A 0.76% N/A (0.27)% (0.24)% (0.27)% (0.24)% N/A

U.S. Value Fund N/A 15.96% 17.25% N/A N/A 15.23% 16.36% N/A 16.35% N/A 13.47%

(a) The class was closed on 9 August 2012 and accordingly no performance information is provided.(b) The class was closed on 5 December 2012 and accordingly no performance information is provided.(c) The class commenced operations on 23 May 2012.(d) The class commenced operations on 24 August 2012.(e) The class commenced operations on 29 November 2012.

Notes to Performance Summary

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than theoriginal cost; current performance may be lower or higher than quoted. For most recent month-end performance, please contact your financial consultant.

Total returns do not include the applicable sales charges. If these charges had been included, the results would have been lower.

From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers, the funds’ performance results would have been less favorable.Please see the prospectus and financial statements for details. All results are historical and assume the reinvestment of dividends and capital gains.

Changes in currency exchange rates may affect the net asset values per share and the performance of share classes denominated in currencies other than a sub-fund’s base currency.

4 MFS Meridian Funds Annual Report 2013

PERFORMANCE TABLE (unaudited)

I1(GBP)

I1(USD)

I2(GBP)

IH1(EUR)

S1(USD)

W1(GBP)

W1(USD)

W2(GBP)

W2(USD)

Z1(EUR)

Z1(USD)

1.45% 2.52% N/A 1.48% N/A N/A 2.40% N/A N/A N/A N/A

9.53% 10.68% N/A N/A 10.69% N/A 18.70%(c) N/A N/A N/A N/A

N/A 13.18% N/A N/A N/A N/A N/A N/A N/A N/A 14.31%

25.29% N/A N/A N/A N/A 24.92% N/A N/A N/A N/A N/A

14.01% 15.21% 4.47%(d) 13.95% 15.12% 13.84% 15.09% 4.37%(d) 4.68%(d) N/A 16.14%

N/A 9.57% N/A N/A N/A N/A 9.42% N/A 7.37%(d) N/A N/A

6.77% 7.91% N/A N/A 8.14% 6.70% N/A N/A N/A 3.08%(e) N/A

23.47% N/A N/A N/A N/A 16.30%(d) N/A N/A N/A N/A N/A

28.88% N/A N/A N/A N/A 28.66% N/A N/A N/A N/A N/A

24.70% 25.60% N/A N/A N/A 24.33% N/A N/A N/A 21.41% N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

24.18% N/A N/A N/A N/A 23.90% 24.78% N/A N/A 20.93% N/A

1.73% 2.80% N/A N/A N/A 1.62% 2.69% N/A 2.35%(d) N/A N/A

24.23% 25.52% N/A N/A 25.69% 14.90%(d) N/A N/A N/A N/A N/A

3.22% 4.31% N/A N/A N/A 3.06% 4.11% N/A N/A N/A N/A

22.21% 23.49% N/A N/A 23.41% 21.89% 23.23% N/A N/A N/A N/A

6.66% 7.78% N/A N/A 7.74% N/A 7.57% N/A N/A N/A N/A

12.92% 14.12% N/A N/A 14.07% N/A 13.93% N/A N/A N/A N/A

11.14% 12.31% N/A N/A 12.26% N/A 12.03% N/A 5.97%(d) N/A N/A

N/A 13.13% N/A N/A 13.00% N/A 12.99% N/A 5.88%(d) N/A N/A


8.68% 9.84% N/A N/A N/A N/A N/A N/A N/A N/A N/A

7.29% 8.42% N/A N/A N/A 13.40%(d) 8.24% N/A N/A N/A N/A


12.18% 13.35% N/A N/A N/A 11.95% 13.17% N/A N/A N/A N/A


19.47% N/A 10.69%(d) N/A N/A 19.31% N/A 10.58%(d) N/A N/A N/A

14.81% 16.01% N/A N/A 16.16% 9.00%(d) 15.80% N/A N/A N/A N/A

N/A 1.37% N/A N/A 1.33% N/A 1.27% N/A (0.31)%(d) N/A N/A

17.15% 18.37% N/A 16.65% 18.35% 16.81% 18.10% N/A N/A N/A N/A

GENERAL INFORMATION

Audited annual and unaudited semi-annual financialstatements are available at the registered office of thefund.

Notices of general meetings and dividend announcementsare published in the Mémorial – Journal Officiel du Grand-Duchéde Luxembourg, the Financial Times and in other newspaperscirculating in jurisdictions in which the fund is registered orin other publications as determined by the directors.

The list of changes in the portfolios for the period ended31 January 2013 is available from the registered office ofthe fund.

Information concerning issue and repurchase prices andpurchases and sales of securities is available from theregistered office of the fund.

The Articles of Incorporation are lodged at the office ofthe Chief Registrar of the District Court of Luxembourg(Greffe du Tribunal d’Arrondissement de et à Luxembourg)and at the registered office of the fund where they areavailable for inspection and where copies thereof may beobtained upon request.

The fund’s most recent offering documents, including theKey Investor Information Documents (KIIDs) and Key FactsStatements (KFS) for Hong Kong investors, containinformation on the fund’s investment objectives, charges,expenses and risks. The offering documents, articles ofassociation and financial reports and other informationabout the funds are available to investors at no cost at thefunds’ registered office, from your financial intermediaryor on the web at meridian.mfs.com. Please read themcarefully before you invest.

MFS Meridian Funds Annual Report 2013 5

CORPORATE GOVERNANCE

ALFI Code of Conduct

The fund is committed to corporate governance standards relating to its management. In connection therewith, thefund adheres to the ALFI (Association of the Luxembourg Fund Industry) Code of Conduct for Luxembourg InvestmentFunds, which was issued in September 2009. This Code sets forth principles regarding qualified and experiencedpersonnel, conflicts of interests and serving the best interests of fund shareholders, due diligence and oversight,compliance with applicable laws and risk management processes.

CERTAIN RISK MANAGEMENT DISCLOSURES (unaudited)

Information Regarding Global Exposure Under The Funds’ Risk Management Program

The Fund must employ a risk management process which enables it to monitor and measure at any time the risk of thepositions in its portfolios and their contribution to the overall risk profile of its portfolios. The global exposure relating tofinancial derivative instruments may be calculated through the “commitment approach” or through a Value-at-Risk(“VaR”) methodology. Generally, a sub-fund that uses derivatives more extensively or as part of its investment objectivewill utilize the VaR methodology, and a sub-fund that uses derivatives less extensively will utilize the commitmentapproach.

For each sub-fund except the Absolute Return Fund and the Global Multi-Asset Fund, the commitment approachmethodology is used to calculate global exposure. The commitment approach is based, in part, on the principle ofconverting the exposure to derivative instruments into equivalent positions of the underlying assets and quantifying theexposure in absolute value of the total commitments (which may account for hedging and netting).

For the Absolute Return Fund and Global Multi-Asset Fund, an absolute Value-at-Risk (“VaR”) approach is used tomeasure global exposure. VaR provides a measure of the potential minimum loss that could arise over a given timeinterval under normal market conditions, and at a given confidence level. The sub-funds’ risk management programlimits the maximum VaR that the sub-fund can have relative to its net asset value, as determined by the sub-fund takinginto account its investment policy and risk profile. For each of the Absolute Return Fund and Global Multi-Asset Fund,the absolute VaR cannot be greater than 20% of its respective net asset value. The VaR approach used by each of thesesub-funds is based upon an historical model. The VaR is measured daily at the 99% level of confidence based on a onemonth (20 day) holding period. The underlying data set encompasses one year of data (minimum of 250 observations).For the Absolute Return Fund, the expected level of leverage may vary between 0% and 275% (measured using the sumof the notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, theCompany supplementally monitors the expected level of leverage measured using the commitment approach, whichmay vary between 0% and 125% based on the net asset value of the sub-fund.

For the Global Multi-Asset Fund, the expected level of leverage may vary between 0% and 400% (measured using thesum of notional value of derivatives used by the sub-fund), based on the net asset value of the sub-fund. In addition, theCompany supplementally monitors the expected level of leverage measured using the commitment approach, whichmay vary between 0% and 200% based on the net asset value of the sub-fund. Under certain circumstances, the levelof leverage might exceed the ranges noted above.

The sum of notional value is the sum of the absolute values of the full underlying exposures of our derivative positions.The sum of notional value is based upon the full notional exposure with no netting or hedging. Under both level ofleverage methodologies, the sum of the absolute exposures is calculated in order that exposures of opposite signs tounrelated assets not offset each other in the final result.

Please see the table below for summary information regarding the daily VaR and leverage results for the Absolute ReturnFund and Global Multi-Asset Fund during the period 1 February 2012 through the period ended 31 January 2013:1 February 2012 – 31 January 2013 Absolute Return Fund Global Multi-Asset Fund

Lowest VaR 1.17% 5.83%

Highest VaR 3.58% 13.22%

Average VaR 1.89% 9.49%

Lowest Leverage Level (Sum of Notional Value) 111.70% 137.64%

Highest Leverage Level (Sum of Notional Value) 221.95% 322.76%

Average Leverage Level (Sum of Notional Value) 161.08% 209.78%

Lowest Leverage Level (Commitment Approach) 53.36% 109.51%

Highest Leverage Level (Commitment Approach) 95.93% 169.15%

Average Leverage Level (Commitment Approach) 75.92% 138.34%

SHAREHOLDER COMPLAINTS

If you wish to make a complaint about any aspect of the service you have received, you may contact your local agent inyour respective country, or contact the funds’ transfer agent at State Street Bank Luxembourg S.A., 49, Avenue J.F.Kennedy, L-1855 Luxembourg Grand-Duchy of Luxembourg (Tel: + 352 464010-1; Fax: + 352 463631)


SCHEDULES OF INVESTMENTS 31 January 2013

MFS Meridian Funds – Absolute Return Fund(Expressed in U.S. Dollars)

Name of SecurityTransferable Securities and Money MarketInstruments Traded on a Regulated Market Shares/Par

MarketValue ($)

NetAssets (%)

BONDS

AirlinesContinental Airlines, Inc., FRN0.66%, 2/06/2013 USD 75,893 75,551 0.29

Apparel ManufacturersVF Corp., FRN1.061%, 23/08/2013 USD 140,000 140,571 0.55

Asset-Backed & SecuritizedARI Fleet Lease Trust, “A”, FRN0.755%, 15/03/2020 USD 71,310 71,499 0.28ARI Fleet Lease Trust, “A”, FRN0.505%, 15/01/2021 122,003 122,035 0.48Chesapeake Funding LLC, “A”, FRN1.955%, 15/09/2021 100,225 100,792 0.39Ford Credit Auto Lease Trust, “A2”0.74%, 15/09/2013 11,374 11,376 0.04Ford Credit FloorplanMaster Owner Trust, “A”, FRN0.555%, 15/09/2016 100,000 100,033 0.39Ford Credit FloorplanMaster Owner Trust, “A2”, FRN0.805%, 15/09/2015 175,000 175,454 0.68GE Equipment Transportation LLC, “A2”0.77%, 22/09/2014 52,339 52,411 0.20Hertz Vehicle Financing LLC,2010-1A, “A1”2.6%, 25/02/2015 140,000 142,463 0.56HLSS Servicer Advance ReceivablesTrust, 2013-T1, “A1”0.898%, 15/01/2044 140,000 140,098 0.55Medallion Trust, FRN0.273%, 10/05/2036 EUR 19,393 26,119 0.10Mercedes Benz Master Owner Trust, FRN0.475%, 15/11/2016 USD 150,000 150,000 0.59Paragon Mortgages PLC, FRN0.552%, 15/05/2041 EUR 57,461 71,640 0.28Porsche Innovative Lease Owner Trust0.92%, 20/02/2014 USD 37,181 37,209 0.15Santander Drive Auto Receivable Trust,“A2”0.91%, 15/05/2015 43,111 43,215 0.17Santander Drive Auto Receivable Trust,“A2”0.57%, 15/12/2015 160,000 160,111 0.63Smart Trust, “A2B”, FRN0.535%, 14/06/2015 170,000 170,128 0.66

1,574,583 6.15

AutomotiveAmerican Honda Finance Corp.1.85%, 19/09/2014 USD 220,000 223,536 0.87BMW U.S. Capital LLC5%, 28/05/2015 EUR 200,000 295,267 1.15Daimler Finance North America LLC, FRN1.509%, 13/09/2013 USD 150,000 150,777 0.59Harley-Davidson Financial Services3.875%, 15/03/2016 100,000 106,770 0.42Toyota Motor Credit Corp.1.25%, 17/11/2014 150,000 151,995 0.60Volkswagen International Finance N.V., FRN1.06%, 21/03/2014 100,000 100,483 0.39

1,028,828 4.02

Banks & Diversified Financials (Covered Bonds)Bank of Nova Scotia1.45%, 26/07/2013 USD 100,000 100,510 0.39Canadian Imperial Bank of Commerce2%, 4/02/2013 150,000 150,000 0.59


MarketValue ($)

NetAssets (%)

Banks & Diversified Financials (Covered Bonds), continuedCompagnie de Financement Foncier2.125%, 22/04/2013 USD 100,000 100,320 0.39UBS AG London3%, 6/10/2014 EUR 100,000 141,115 0.55

491,945 1.92

BroadcastingVivendi S.A.2.4%, 10/04/2015 USD 60,000 61,141 0.24

Brokerage & Asset ManagersBlackRock, Inc.1.375%, 1/06/2015 USD 100,000 101,761 0.39Franklin Resources, Inc.1.375%, 15/09/2017 25,000 25,026 0.10

126,787 0.49

BuildingLafarge S.A.5.448%, 4/12/2013 EUR 100,000 139,752 0.55

Cable TVComcast Corp.5.3%, 15/01/2014 USD 100,000 104,478 0.41DIRECTV Holdings LLC4.75%, 1/10/2014 100,000 106,311 0.41DIRECTV Holdings LLC2.4%, 15/03/2017 30,000 30,612 0.12

241,401 0.94

ChemicalsDow Chemical Co.7.6%, 15/05/2014 USD 56,000 60,823 0.24

Computer SoftwareAdobe Systems, Inc.3.25%, 1/02/2015 USD 150,000 156,903 0.61

ConglomeratesABB Finance (USA), Inc.1.625%, 8/05/2017 USD 80,000 80,701 0.31ABB International Finance Ltd.4.625%, 6/06/2013 EUR 100,000 137,601 0.54Danaher European Finance Co.4.5%, 22/07/2013 100,000 138,302 0.54Ingersoll-Rand Global Holding Co. Ltd.6%, 15/08/2013 USD 110,000 113,179 0.44Pentair Finance S.A.1.35%, 1/12/2015 60,000 59,928 0.23United Technologies Corp., FRN0.81%, 1/06/2015 50,000 50,468 0.20

580,179 2.26

Consumer ProductsLVMH Moet Hennessy Louis Vuitton S.A.1.625%, 29/06/2017 USD 60,000 60,262 0.23Mattel, Inc.2.5%, 1/11/2016 160,000 166,661 0.65Newell Rubbermaid, Inc.2%, 15/06/2015 100,000 101,833 0.40

328,756 1.28

Consumer ServiceseBay, Inc.1.35%, 15/07/2017 USD 71,000 71,330 0.28Western Union Co.2.375%, 10/12/2015 40,000 40,646 0.16

111,976 0.44

Defense ElectronicsBAE Systems Holdings, Inc.4.95%, 1/06/2014 USD 100,000 104,754 0.41



MFS Meridian Funds – Absolute Return Fund, continued


MarketValue ($)

NetAssets (%)

ElectronicsApplied Materials, Inc.2.65%, 15/06/2016 USD 150,000 157,884 0.62Intel Corp.1.35%, 15/12/2017 127,000 126,571 0.49Tyco Electronics Group S.A.1.6%, 3/02/2015 70,000 70,952 0.28

355,407 1.39

Emerging Market Quasi-SovereignCorporacion Nacional del Cobre de Chile4.75%, 15/10/2014 USD 150,000 158,434 0.62Petrobras International Finance Co.3.875%, 27/01/2016 100,000 104,731 0.41

263,165 1.03

Emerging Market SovereignState of Qatar5.15%, 9/04/2014 USD 100,000 104,800 0.41

Energy – IndependentEncana Holdings Finance Corp.5.8%, 1/05/2014 USD 150,000 158,975 0.62

Energy – IntegratedBG Energy Capital PLC2.875%, 15/10/2016 USD 200,000 212,936 0.83BP Capital Markets PLC3.125%, 1/10/2015 200,000 211,867 0.83Cenovus Energy, Inc.4.5%, 15/09/2014 100,000 105,861 0.41Chevron Corp.1.104%, 5/12/2017 68,000 67,974 0.27Shell International Finance B.V.1.125%, 21/08/2017 70,000 69,841 0.27Total Capital International S.A.1.5%, 17/02/2017 150,000 151,695 0.59

820,174 3.20

EntertainmentViacom, Inc.1.25%, 27/02/2015 USD 100,000 100,897 0.39Walt Disney Co.0.45%, 1/12/2015 90,000 89,673 0.35

190,570 0.74

Financial InstitutionsGeneral Electric Capital Corp.2.15%, 9/01/2015 USD 120,000 123,349 0.48General Electric Capital Corp.0.905%, 8/01/2016 70,000 70,204 0.28General Electric Capital Corp., FRN1.155%, 7/01/2014 200,000 201,621 0.79NYSE Euronext2%, 5/10/2017 66,000 67,385 0.26

462,559 1.81

Food & BeveragesAnheuser-Busch InBev S.A.3.625%, 15/04/2015 USD 150,000 159,605 0.62Anheuser-Busch InBev S.A.0.8%, 15/01/2016 20,000 19,980 0.08Campbell Soup Co., FRN0.612%, 1/08/2014 100,000 100,327 0.39Conagra Foods, Inc.5.875%, 15/04/2014 130,000 137,648 0.54Conagra Foods, Inc.1.3%, 25/01/2016 60,000 60,168 0.23Diageo Capital B.V.5.5%, 1/07/2013 EUR 200,000 277,027 1.08


MarketValue ($)

NetAssets (%)

Food & Beverages, continuedGeneral Mills, Inc.0.598%, 29/01/2016 USD 50,000 50,045 0.20General Mills, Inc.5.25%, 15/08/2013 170,000 174,278 0.68Heineken N.V.0.8%, 1/10/2015 50,000 50,052 0.20Ingredion, Inc.3.2%, 1/11/2015 20,000 20,957 0.08Ingredion, Inc.1.8%, 25/09/2017 43,000 42,882 0.17Kellogg Co.4.45%, 30/05/2016 35,000 38,613 0.15Kraft Foods, Inc.6.25%, 20/03/2015 EUR 200,000 299,493 1.17Molson Coors Brewing Co.2%, 1/05/2017 USD 70,000 71,310 0.28Pernod-Ricard S.A.2.95%, 15/01/2017 150,000 156,680 0.61SABMiller PLC4.5%, 20/01/2015 EUR 200,000 289,506 1.13

1,948,571 7.61

Food & Drug StoresCVS Caremark Corp.3.25%, 18/05/2015 USD 100,000 105,726 0.42Walgreen Co.1%, 13/03/2015 80,000 80,045 0.31

185,771 0.73

Gaming & LodgingWyndham Worldwide Corp.2.95%, 1/03/2017 USD 65,000 66,074 0.26

InsuranceAflac, Inc.3.45%, 15/08/2015 USD 80,000 85,108 0.33American International Group, Inc.3%, 20/03/2015 130,000 135,006 0.53MetLife, Inc.1.756%, 15/12/2017 24,000 24,071 0.09New York Life Global Funding1.3%, 12/01/2015 220,000 223,130 0.87

467,315 1.82

Insurance – HealthAetna, Inc.1.5%, 15/11/2017 USD 12,000 11,977 0.05UnitedHealth Group, Inc.4.875%, 15/02/2013 160,000 160,190 0.62WellPoint, Inc.5%, 15/12/2014 150,000 161,439 0.63

333,606 1.30

Insurance – Property & CasualtyACE Ltd.2.6%, 23/11/2015 USD 70,000 73,561 0.29Aon Corp.3.5%, 30/09/2015 100,000 105,128 0.41Berkshire Hathaway, Inc., FRN1.01%, 15/08/2014 160,000 161,542 0.63

340,231 1.33

International Market Quasi-SovereignDong Energy A.S.4.875%, 7/05/2014 EUR 200,000 284,925 1.11ING Bank N.V.3.9%, 19/03/2014 USD 350,000 363,495 1.42Kommunalbanken A.S.2.875%, 27/10/2014 250,000 260,580 1.02





MarketValue ($)

NetAssets (%)

International Market Quasi-Sovereign, continuedStatoil A.S.A.2.9%, 15/10/2014 USD 125,000 129,947 0.51Statoil A.S.A.1.8%, 23/11/2016 60,000 61,799 0.24Swedish Export Credit Corp., FRN1.06%, 14/08/2014 300,000 302,882 1.18Valhalla I S.A., FRN0.534%, 26/03/2013 EUR 200,000 271,221 1.06

1,674,849 6.54

Machinery & ToolsAtlas Copco AB4.75%, 5/06/2014 EUR 27,000 38,654 0.15Caterpillar Financial Services Corp.1.1%, 29/05/2015 USD 30,000 30,345 0.12

68,999 0.27

Major BanksCommonwealth Bank of Australia3.75%, 15/10/2014 USD 100,000 104,890 0.41Credit Suisse Group Finance6.375%, 7/06/2013 EUR 200,000 276,253 1.08Goldman Sachs Group, Inc.5.125%, 16/10/2014 100,000 144,334 0.56HSBC USA, Inc.2.375%, 13/02/2015 USD 100,000 103,133 0.40Macquarie Bank Ltd.5%, 22/02/2017 139,000 152,340 0.59Morgan Stanley4.5%, 29/10/2014 EUR 200,000 285,320 1.11Royal Bank of Scotland PLC2.55%, 18/09/2015 USD 210,000 216,518 0.85Standard Chartered PLC3.85%, 27/04/2015 170,000 179,408 0.70Wells Fargo & Co.1.25%, 13/02/2015 200,000 201,963 0.79Westpac Banking Corp.2%, 14/08/2017 140,000 143,286 0.56

1,807,445 7.05

Medical & Health Technology & ServicesBaxter International, Inc.1.85%, 15/01/2017 USD 60,000 61,447 0.24Becton, Dickinson & Co.1.75%, 8/11/2016 100,000 102,670 0.40Catholic Health Initiatives1.6%, 1/11/2017 50,000 50,315 0.20Covidien International Finance S.A.1.35%, 29/05/2015 50,000 50,699 0.20Express Scripts Holding Co.2.1%, 12/02/2015 80,000 81,739 0.32McKesson Corp.0.95%, 4/12/2015 140,000 140,351 0.55Thermo Fisher Scientific, Inc.2.25%, 15/08/2016 150,000 154,877 0.60

642,098 2.51

Metals & MiningAnglo American Capital2.15%, 27/09/2013 USD 200,000 201,360 0.79Freeport-McMoRan Copper & Gold, Inc.2.15%, 1/03/2017 80,000 80,585 0.31Rio Tinto Finance (USA) Ltd.2.5%, 20/05/2016 150,000 156,750 0.61

438,695 1.71


MarketValue ($)

NetAssets (%)

Mortgage-BackedFannie Mae1.114%, 25/02/2017 USD 80,000 80,513 0.32Freddie Mac1.655%, 25/11/2016 29,758 30,525 0.12Freddie Mac3.5%, 1/08/2026 (f) 431,533 454,340 1.77Freddie Mac, TBA2.5%, 1/12/2028 246,000 253,688 0.99

819,066 3.20

Natural Gas – DistributionGDF Suez1.625%, 10/10/2017 USD 90,000 89,545 0.35

Natural Gas – PipelineEnergy Transfer Partners LP8.5%, 15/04/2014 USD 88,000 95,471 0.37

Network & TelecomAT&T, Inc.2.4%, 15/08/2016 USD 170,000 177,302 0.69Verizon Communications, Inc.5.25%, 15/04/2013 150,000 151,426 0.59

328,728 1.28

Oil ServicesNoble Corp.5.875%, 1/06/2013 USD 150,000 152,193 0.59Transocean, Inc.2.5%, 15/10/2017 40,000 40,137 0.16

192,330 0.75

OilsPhillips 661.95%, 5/03/2015 USD 50,000 50,998 0.20

Other Banks & Diversified FinancialsAmerican Express Credit Corp.2.8%, 19/09/2016 USD 130,000 137,331 0.54Capital One Financial Corp.2.15%, 23/03/2015 170,000 173,463 0.68Danske Bank A/S3.75%, 1/04/2015 200,000 208,898 0.81Intesa Sanpaolo S.p.A., FRN2.711%, 24/02/2014 150,000 151,014 0.59SunTrust Banks, Inc.3.5%, 20/01/2017 99,000 105,746 0.41Svenska Handelsbanken AB2.875%, 4/04/2017 250,000 263,802 1.03

1,040,254 4.06

Personal Computers & PeripheralsHewlett-Packard Co.2.625%, 9/12/2014 USD 100,000 101,052 0.39

PharmaceuticalsAbbVie, Inc., FRN1.071%, 6/11/2015 USD 80,000 81,224 0.32Amgen, Inc.2.3%, 15/06/2016 150,000 156,105 0.61Celgene Corp.2.45%, 15/10/2015 100,000 103,763 0.40Sanofi1.2%, 30/09/2014 200,000 202,434 0.79Teva Pharmaceutical Finance III1.7%, 21/03/2014 100,000 101,336 0.39Teva Pharmaceutical Finance III, FRN1.211%, 8/11/2013 20,000 20,115 0.08Watson Pharmaceuticals, Inc.1.875%, 1/10/2017 40,000 40,147 0.16

705,124 2.75





MarketValue ($)

NetAssets (%)

Printing & PublishingPearson PLC5.5%, 6/05/2013 USD 100,000 101,115 0.39

Real EstateERP Operating, REIT5.125%, 15/03/2016 USD 56,000 62,539 0.24Health Care REIT, Inc.2.25%, 15/03/2018 31,000 31,129 0.12Simon Property Group, Inc., REIT6.1%, 1/05/2016 53,000 60,798 0.24Simon Property Group, Inc., REIT1.5%, 1/02/2018 35,000 34,646 0.14

189,112 0.74

RetailersAutoZone, Inc.6.5%, 15/01/2014 USD 100,000 105,538 0.41Home Depot, Inc.5.25%, 16/12/2013 100,000 104,214 0.41Wesfarmers Ltd.6.998%, 10/04/2013 75,000 75,739 0.29

285,491 1.11

Specialty ChemicalsAir Products & Chemicals, Inc.2%, 2/08/2016 USD 21,000 21,753 0.08Airgas, Inc.2.95%, 15/06/2016 150,000 158,855 0.62Ecolab, Inc.2.375%, 8/12/2014 60,000 61,735 0.24Ecolab, Inc.1%, 9/08/2015 50,000 50,248 0.20

292,591 1.14

Specialty StoresBest Buy Co., Inc.7.25%, 15/07/2013 USD 100,000 101,750 0.40

SupermarketsSafeway, Inc.6.25%, 15/03/2014 USD 125,000 131,359 0.51Tesco PLC2%, 5/12/2014 200,000 204,395 0.80

335,754 1.31

Telecommunications – WirelessVodafone Group PLC6.25%, 15/01/2016 EUR 100,000 155,619 0.61

TobaccoAltria Group, Inc.8.5%, 10/11/2013 USD 100,000 106,056 0.42B.A.T. International Finance PLC8.125%, 15/11/2013 100,000 105,538 0.41B.A.T. International Finance PLC1.4%, 5/06/2015 20,000 20,226 0.08Lorillard Tobacco Co.3.5%, 4/08/2016 100,000 105,898 0.41

337,718 1.32


MarketValue ($)

NetAssets (%)

Transportation – ServicesERAC USA Finance Co.2.25%, 10/01/2014 USD 100,000 101,351 0.40

U.S. Government Agencies and EquivalentsFederal Home Loan Bank1.375%, 28/05/2014 (f) USD 750,000 762,145 2.97

Utilities – Electric PowerAmerican Electric Power Co., Inc.1.65%, 15/12/2017 USD 48,000 47,973 0.19Dominion Resources, Inc.1.95%, 15/08/2016 150,000 154,642 0.60Duke Energy Corp.6.3%, 1/02/2014 150,000 158,076 0.62Duke Energy Corp.1.625%, 15/08/2017 28,000 28,016 0.11Enersis S.A.7.375%, 15/01/2014 81,000 84,973 0.33Exelon Generation Co. LLC5.35%, 15/01/2014 150,000 156,434 0.61NextEra Energy Capital Co.1.2%, 1/06/2015 70,000 70,562 0.27NextEra Energy Capital Holdings, Inc.1.611%, 1/06/2014 50,000 50,526 0.20Northeast Utilities, FRN1.059%, 20/09/2013 130,000 130,565 0.51PG&E Corp.5.75%, 1/04/2014 150,000 158,414 0.62PPL WEM Holdings PLC3.9%, 1/05/2016 100,000 105,335 0.41PSEG Power LLC2.75%, 15/09/2016 150,000 156,544 0.61Southern Co.2.375%, 15/09/2015 175,000 182,061 0.71

1,484,121 5.79

TOTAL BONDS 23,122,589 90.25

SHORT-TERM OBLIGATIONS (y)Bank of Nova Scotia,0.12%, 1/02/2013 USD 722,000 722,000 2.82Barclays U.S. Funding Corp.,0.16%, 1/02/2013 583,000 583,000 2.27

TOTAL SHORT-TERM OBLIGATIONS 1,305,000 5.09

Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, $24,412,619) 24,427,589 95.34

OTHER ASSETS, LESS LIABILITIES 1,192,639 4.66

NET ASSETS 25,620,228 100.00

See schedules of investments footnotes and notes to financial statements



MFS Meridian Funds – Asia Pacific Ex-Japan Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

Apparel ManufacturersLi & Fung Ltd. 1,761,600 2,475,880 1.81Samsonite International S.A. 253,500 552,409 0.40Stella International Holdings 217,000 623,965 0.45

3,652,254 2.66

AutomotiveExide Industries Ltd. 258,825 597,550 0.44Guangzhou Automobile Group Co. Ltd., “H” 2,212,000 1,851,082 1.35Kia Motors Corp. 37,890 1,798,942 1.31Mando Corp. 8,704 967,178 0.70

5,214,752 3.80

Brokerage & Asset ManagersComputershare Ltd. 183,144 1,999,587 1.46

Business ServicesCognizant Technology Solutions Corp., “A” 32,060 2,506,451 1.83

Cable TVAstro Malaysia Holdings Berhad 652,800 586,196 0.43Dish TV India Ltd. 433,198 585,986 0.42

1,172,182 0.85

ChemicalsNufarm Ltd. 157,622 913,887 0.67

Computer Software – SystemsAsustek Computer, Inc. 224,120 2,565,579 1.87Hon Hai Precision Industry Co. Ltd. 872,110 2,492,882 1.82

5,058,461 3.69

ConglomeratesHutchison Whampoa Ltd. 258,000 2,884,261 2.10

ContainersBrambles Ltd. 212,550 1,797,558 1.31

ElectronicsSamsung Electronics Co. Ltd. 2,349 3,123,587 2.28Taiwan Semiconductor Manufacturing Co. Ltd. 1,881,814 6,468,905 4.72

9,592,492 7.00

Energy – IndependentCNOOC Ltd. 924,000 1,908,668 1.39Oil Search Ltd. 318,729 2,426,305 1.77Reliance Industries Ltd. 173,325 2,889,239 2.11

7,224,212 5.27

Energy – IntegratedPetroChina Co. Ltd. 1,178,000 1,679,949 1.23

Engineering – ConstructionKeppel Corp. Ltd. 61,400 570,517 0.42

Food & BeveragesTingyi (Cayman Islands) Holding Corp. 388,000 1,090,647 0.79Want Want China Holdings Ltd. 947,000 1,257,717 0.92

2,348,364 1.71

Food & Drug StoresCP All PLC 464,100 727,588 0.53Dairy Farm International Holdings Ltd. 46,800 570,960 0.41Wumart Stores, Inc., “H” 501,000 997,426 0.73

2,295,974 1.67

Gaming & LodgingSands China Ltd. 1,104,400 5,567,996 4.06

InsuranceAIA Group Ltd. 876,400 3,486,208 2.54Austbrokers Holdings Ltd. 155,559 1,362,622 0.99


MarketValue ($)

NetAssets (%)

Insurance, continuedChina Pacific Insurance Co. Ltd. 366,600 1,432,290 1.05QBE Insurance Group Ltd. 142,787 1,774,867 1.30

8,055,987 5.88

Machinery & ToolsSinotruk Hong Kong Ltd. 1,187,000 794,354 0.58TK Corp. 46,652 931,819 0.68

1,726,173 1.26

Major BanksBOC Hong Kong Holdings Ltd. 414,000 1,427,973 1.04Industrial & Commercial Bank of China, “H” 3,267,000 2,460,128 1.79National Australia Bank Ltd. 135,505 3,866,093 2.82Standard Chartered PLC 42,200 1,112,216 0.81Westpac Banking Corp. 188,910 5,523,748 4.03

14,390,158 10.49

Medical EquipmentFisher & Paykel Healthcare Corp. Ltd. 756,142 1,510,239 1.10

Metals & MiningIluka Resources Ltd. (l) 251,030 2,544,443 1.85Maanshan Iron & Steel Co. Ltd. 3,394,000 1,054,690 0.77MOIL Ltd. 227,688 1,080,437 0.79Rio Tinto Ltd. 81,840 4,620,818 3.37Steel Authority of India Ltd. 791,251 1,288,256 0.94

10,588,644 7.72

Natural Gas – DistributionChina Resources Gas Group Ltd. 478,000 1,060,113 0.77Hong Kong & China Gas Co. Ltd. 264,500 750,316 0.55

1,810,429 1.32

Other Banks & Diversified FinancialsBank Negara Indonesia PT 3,348,547 1,349,389 0.99Bank Rakyat Indonesia 1,896,000 1,547,556 1.13China Construction Bank 3,324,250 2,867,580 2.09DBS Group Holdings Ltd. 173,000 2,091,124 1.53Federal Bank Ltd. 110,161 1,047,037 0.76Hana Financial Group, Inc. 23,750 850,610 0.62HDFC Bank Ltd. 127,628 1,542,981 1.13ICICI Bank Ltd. 58,953 1,320,208 0.96Kasikornbank Co. Ltd. 145,800 977,867 0.71Siam Commercial Bank Co. Ltd. 339,000 2,034,909 1.48Wing Hang Bank Ltd. 92,000 964,438 0.70

16,593,699 12.10

Precious Metals & MineralsNewcrest Mining Ltd. 78,211 1,908,467 1.39

Real EstateAsian Property Development PLC 1,577,500 499,912 0.36BWP Trust, REIT 688,162 1,679,219 1.23China Overseas Land & Investment Ltd. 542,000 1,680,777 1.23Hang Lung Properties Ltd. 622,000 2,345,914 1.71IGB Trust, REIT 1,760,500 770,608 0.56Sun Hung Kai Properties Ltd. 128,000 2,101,039 1.53

9,077,469 6.62

Specialty ChemicalsLG Chemical Ltd. 6,910 1,932,268 1.41PTT Global Chemical PLC 323,402 867,611 0.63

2,799,879 2.04

Telecommunications – WirelessPT Indonesian Satellite Corp. Tbk 1,468,500 1,025,236 0.75



MFS Meridian Funds – Asia Pacific Ex-Japan Fund,continued


MarketValue ($)

NetAssets (%)

Telephone ServicesChina Unicom (Hong Kong) Ltd. 3,045,944 4,893,682 3.57PT XL Axiata Tbk 2,164,500 1,111,140 0.81

6,004,822 4.38

TobaccoITC Ltd. 171,620 992,647 0.72

Utilities – Electric PowerCheung Kong Infrastructure Holdings Ltd. 271,000 1,719,215 1.26China Longyuan Power Group 2,048,000 1,716,481 1.25

3,435,696 2.51

TOTAL COMMON STOCKS 134,398,442 98.01

SHORT-TERM OBLIGATIONS (y)Bank of Nova Scotia,0.12%, 1/02/2013 USD 883,000 883,000 0.64Barclays U.S. Funding Corp.,0.16%, 1/02/2013 1,489,000 1,489,000 1.09



OTHER ASSETS, LESS LIABILITIES 358,319 0.26

NET ASSETS 137,128,761 100.00


MFS Meridian Funds – China Equity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

Apparel ManufacturersBelle International Holdings Ltd. 985,000 2,189,623 1.13Daphne International Holdings Ltd. 908,000 1,169,626 0.61Li & Fung Ltd. 2,314,000 3,252,263 1.69Stella International Holdings 222,000 638,342 0.33

7,249,854 3.76

AutomotiveGreat Wall Motor Co. Ltd. 788,000 3,205,689 1.66Guangzhou Automobile Group Co. Ltd., “H” 3,234,000 2,706,328 1.40

5,912,017 3.06

ChemicalsChina Bluechemical Ltd., “H” 1,014,000 728,264 0.38

Computer Software – SystemsAsustek Computer, Inc. 243,000 2,781,705 1.44


ConstructionAnhui Conch Cement Co. Ltd. 682,000 2,677,734 1.39

Electrical EquipmentDongfang Electric Power Corp. Ltd., “H” 86,600 167,720 0.09Shanghai Electric Group Co. Ltd., “H” 1,016,000 420,528 0.22

588,248 0.31

ElectronicsTaiwan Semiconductor Manufacturing Co. Ltd. 1,080,000 3,712,597 1.92


MarketValue ($)

NetAssets (%)

Energy – IndependentChina Shenhua Energy Co. Ltd. 431,000 1,853,399 0.96CNOOC Ltd. 7,043,000 14,548,426 7.54

16,401,825 8.50

Energy – IntegratedChina Petroleum & Chemical Corp. 4,118,000 4,996,568 2.59PetroChina Co. Ltd. 6,486,000 9,249,705 4.79

14,246,273 7.38

Engineering – ConstructionChina Communications Construction Co. Ltd. 1,509,000 1,531,298 0.79

Food & BeveragesTingyi (Cayman Islands) Holding Corp. 652,000 1,832,736 0.95Want Want China Holdings Ltd. 3,717,000 4,936,573 2.56

6,769,309 3.51

Food & Drug StoresSun Art Retail Group Ltd. 645,500 938,861 0.49Wumart Stores, Inc., “H” 1,033,000 2,056,570 1.06

2,995,431 1.55

Gaming & LodgingSands China Ltd. 272,400 1,373,345 0.71

General MerchandiseGolden Eagle Retail Group Ltd. 239,000 514,648 0.27Intime Department Store 513,000 674,704 0.35

1,189,352 0.62



MFS Meridian Funds – China Equity Fund, continued


MarketValue ($)

NetAssets (%)

InsuranceAIA Group Ltd. 976,000 3,882,405 2.01China Life Insurance Co. Ltd. 1,580,000 5,296,954 2.75China Pacific Insurance Co. Ltd. 612,200 2,391,838 1.24Ping An Insurance Co. of China Ltd., “H” 388,000 3,479,563 1.80

15,050,760 7.80

InternetTencent Holdings Ltd. 203,600 7,124,976 3.69

Machinery & ToolsSinotruk Hong Kong Ltd. 2,122,500 1,420,401 0.73Weichai Power Co. Ltd., “H” 129,800 535,575 0.28

1,955,976 1.01

Major BanksBank of China Ltd. 17,113,600 8,429,475 4.37Industrial & Commercial Bank of China, “H” 18,255,000 13,746,448 7.12

22,175,923 11.49

Medical EquipmentShandong Weigao GroupMedical Polymer Co. Ltd., “H” 468,000 451,381 0.23

Metals & MiningJiangxi Copper Co. Ltd., “H” 579,000 1,571,544 0.82Maanshan Iron & Steel Co. Ltd. 4,542,000 1,411,432 0.73

2,982,976 1.55

Natural Gas – DistributionBeijing Enterprise Holdings Ltd. 132,000 950,589 0.49China Resources Gas Group Ltd. 856,000 1,898,445 0.99

2,849,034 1.48

Other Banks & Diversified FinancialsAgricultural Bank of China Ltd., “H” 6,168,000 3,356,237 1.74China Construction Bank 19,938,710 17,199,625 8.92China Merchants Bank Co. Ltd. 680,975 1,631,446 0.85China Minsheng Banking Corp. Ltd. 1,926,500 2,767,260 1.43Wing Hang Bank Ltd. 134,500 1,409,966 0.73

26,364,534 13.67

Precious Metals & MineralsZhaojin Mining Industry Co. Ltd. 243,000 365,970 0.19Zijin Mining Group Co. Ltd., “H” 1,612,000 621,487 0.32

987,457 0.51


MarketValue ($)

NetAssets (%)

Railroad & ShippingChina Cosco Holdings 996,000 517,559 0.27China Merchants HoldingsInternational Co. Ltd. 358,000 1,269,438 0.66China Shipping Development Co. Ltd., “H” 636,000 350,171 0.18

2,137,168 1.11

Real EstateChina Overseas Land & Investment Ltd. 2,054,000 6,369,588 3.30China Resources Land Ltd. 1,456,000 4,430,668 2.30Hang Lung Properties Ltd. 381,000 1,436,967 0.75Soho China Ltd. 1,740,000 1,566,031 0.81

13,803,254 7.16

RestaurantsAjisen China Holdings Ltd. 616,000 471,011 0.24

Specialty ChemicalsKingboard Chemicals Holdings Ltd. 331,500 1,094,257 0.57

Specialty StoresGOME Electrical Appliances Holdings Ltd. 2,553,000 306,147 0.16

Telecommunications – WirelessChina Mobile Ltd. 951,500 10,459,212 5.42

Telephone ServicesChina Unicom (Hong Kong) Ltd. 5,628,000 9,042,071 4.69

Utilities – Electric PowerChina Longyuan Power Group 2,627,000 2,201,756 1.14China Resources Power Holdings Co. Ltd. 444,000 1,228,019 0.64

3,429,775 1.78




NET ASSETS 192,930,963 100.00


MFS Meridian Funds – Continental European Equity Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

Alcoholic BeveragesHeineken N.V. 5,576 288,781 2.12Pernod Ricard S.A. 3,060 282,132 2.07

570,913 4.19

Apparel ManufacturersLVMH Moet Hennessy Louis Vuitton S.A. 3,695 513,051 3.77Tod’s S.p.A. 1,360 136,816 1.00

649,867 4.77

AutomotiveD’Ieteren S.A. 6,760 220,308 1.62


MarketValue (€)

NetAssets (%)

BroadcastingPublicis Groupe S.A. 9,795 472,658 3.47

Business ServicesAmadeus IT Holding S.A. 21,320 393,887 2.89Cap Gemini S.A. 10,155 360,553 2.65

754,440 5.54

Computer SoftwareDassault Systems S.A. 3,272 267,911 1.96SAP AG 11,174 674,239 4.95

942,150 6.91



MFS Meridian Funds – Continental European Equity Fund,continued


MarketValue (€)

NetAssets (%)

Electrical EquipmentPfeiffer Vacuum Technology AG 750 68,873 0.51Schneider Electric S.A. 9,215 516,962 3.79Siemens AG 4,114 332,576 2.44

918,411 6.74

Energy – IndependentGalp Energia SGPS S.A., “B” 15,304 183,112 1.34

Energy – IntegratedEni S.p.A. 16,841 311,390 2.29

Food & BeveragesGroupe Danone 9,510 485,390 3.56Nestle S.A. 15,602 806,826 5.92Unilever N.V. 9,178 273,504 2.01

1,565,720 11.49

InsuranceING Groep N.V. 25,769 191,953 1.41

Machinery & ToolsSchindler Holding AG 3,425 374,191 2.75

Major BanksBNP Paribas 6,773 312,980 2.30

Medical EquipmentSonova Holding AG 1,615 137,626 1.01

Network & TelecomEricsson, Inc., “B” 22,147 189,846 1.39

Other Banks & Diversified FinancialsErste Group Bank AG 8,781 217,637 1.60Intesa Sanpaolo S.p.A. 65,153 97,860 0.72


MarketValue (€)

NetAssets (%)

Other Banks & Diversified Financials, continuedJulius Baer Group Ltd. 14,667 442,147 3.24Komercni Banka A.S. 1,198 178,235 1.31UBS AG 27,791 354,903 2.60

1,290,782 9.47

PharmaceuticalsBayer AG 8,665 629,772 4.62Novartis AG 14,580 731,556 5.37Roche Holding AG 5,350 871,991 6.40

2,233,319 16.39

Real EstateDeutsche Wohnen AG 24,926 353,451 2.59

Specialty ChemicalsAkzo Nobel N.V. 11,079 558,271 4.10Linde AG 1,981 266,246 1.95

824,517 6.05

Utilities – Electric PowerFortum Corp. 14,103 194,762 1.43


Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, €10,993,662) 12,692,396 93.15


NET ASSETS 13,626,240 100.00


MFS Meridian Funds – Emerging Markets Debt Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

AngolaNorthern Lights III B.V.7%, 16/08/2019 USD 13,631,000 15,368,953 0.31

ArgentinaRepublic of Argentina7%, 3/10/2015 USD 46,239,000 39,603,139 0.80Republic of Argentina7%, 17/04/2017 6,438,616 5,110,438 0.10Republic of Argentina2.5% to 31/03/2019,3.75% to 31/03/2029,5.25% to 31/12/2038 77,102,000 25,636,415 0.51Republic of Argentina, FRN8.28%, 31/12/2033 40,652,995 24,696,695 0.50

95,046,687 1.91

BrazilBanco do Brasil (Cayman), FRN6.25%, 29/12/2049 USD 12,695,000 12,599,788 0.25Banco do Brasil S.A.5.875%, 26/01/2022 1,953,000 2,094,593 0.04Banco do Brasil S.A.3.875%, 10/10/2022 8,889,000 8,800,110 0.18Banco do Brasil S.A.5.875%, 19/01/2023 13,233,000 14,324,723 0.29


MarketValue ($)

NetAssets (%)

Brazil, continuedBanco do Estado Rio Grande do Sul S.A.7.375%, 2/02/2022 USD 17,503,000 19,253,300 0.39Banco do Nordeste do Brasil S.A.3.625%, 9/11/2015 11,561,000 11,907,830 0.24Banco do Nordeste do Brasil S.A.4.375%, 3/05/2019 11,259,000 11,653,065 0.23Caixa Economica Federal3.5%, 7/11/2022 10,518,000 10,465,410 0.21Cielo S.A./Cielo USA, Inc.3.75%, 16/11/2022 14,477,000 13,948,590 0.28Cosan Ltd.7%, 1/02/2017 9,081,000 10,397,745 0.21Federative Republic of Brazil8.25%, 20/01/2034 13,622,000 21,556,815 0.43Federative Republic of Brazil5.625%, 7/01/2041 12,740,000 15,396,290 0.31Fibria Overseas Finance Ltd.7.5%, 4/05/2020 4,403,000 4,843,300 0.10Fibria Overseas Finance Ltd.6.75%, 3/03/2021 4,227,000 4,649,700 0.09Globo Comunicacoes e Participacoes S.A.4.875%, 11/04/2022 3,735,000 4,089,825 0.08Globo Comunicacoes e Participacoes S.A.6.25%, 29/07/2049 16,271,000 17,694,713 0.36



MFS Meridian Funds – Emerging Markets Debt Fund,continued


MarketValue ($)

NetAssets (%)

Brazil, continuedMarfrig Holding Europe B.V.9.875%, 24/07/2017 USD 10,233,000 10,079,505 0.20Marfrig Overseas Ltd.9.5%, 4/05/2020 4,377,000 4,169,093 0.08Minerva Luxembourg S.A.7.75%, 31/01/2023 13,025,000 13,350,625 0.27Odebrecht Finance Ltd.5.125%, 26/06/2022 5,948,000 6,408,970 0.13Odebrecht Finance Ltd.7.125%, 26/06/2042 12,949,000 14,988,468 0.30Petrobras International Finance Co.7.875%, 15/03/2019 17,434,000 21,475,916 0.43Petrobras International Finance Co.5.375%, 27/01/2021 14,882,000 16,304,987 0.33Petrobras International Finance Co.6.75%, 27/01/2041 9,684,000 11,318,834 0.23Qgog Constellation S.A.6.25%, 9/11/2019 14,046,000 14,818,530 0.30Rearden G Holdings Eins GmbH7.875%, 30/03/2020 6,798,000 7,477,800 0.15State of Canta Catarina4%, 27/12/2022 8,452,000 9,077,448 0.18Vale Overseas Ltd.4.375%, 11/01/2022 11,628,000 12,009,957 0.24

325,155,930 6.53

CanadaFirst Quantum Minerals Ltd.7.25%, 15/10/2019 USD 9,993,000 10,167,878 0.21IAMGOLD Corp.6.75%, 1/10/2020 12,290,000 12,044,200 0.24

22,212,078 0.45

ChileAutomotores Gildemeister S.A.8.25%, 24/05/2021 USD 11,311,000 12,555,210 0.25Automotores Gildemeister S.A.6.75%, 15/01/2023 2,708,000 2,802,780 0.06Banco de Credito e Inversiones3%, 13/09/2017 7,004,000 7,151,665 0.15Cencosud S.A.4.875%, 20/01/2023 12,242,000 12,541,231 0.25CorpBanca3.125%, 15/01/2018 15,042,000 14,962,007 0.30Corporacion Nacional del Cobre de Chile3.75%, 4/11/2020 4,350,000 4,578,506 0.09E.CL S.A.5.625%, 15/01/2021 4,869,000 5,510,749 0.11Empresa Nacional del Petroleo6.25%, 8/07/2019 5,186,000 5,900,325 0.12Empresa Nacional del Petroleo5.25%, 10/08/2020 1,933,000 2,103,506 0.04Empresa Nacional del Petroleo4.75%, 6/12/2021 5,815,000 6,121,154 0.12Sociedad Quimica y Minera de Chile S.A.5.5%, 21/04/2020 14,500,000 16,446,915 0.33

90,674,048 1.82

ChinaAmber Circle Funding Ltd. Co.3.25%, 4/12/2022 USD 8,368,000 8,279,634 0.17Baidu, Inc.3.5%, 28/11/2022 12,375,000 12,038,115 0.24CNOOC Finance (2012) Ltd.3.875%, 2/05/2022 14,053,000 14,651,714 0.29CNOOC Finance (2012) Ltd.5%, 2/05/2042 6,400,000 7,102,349 0.14


MarketValue ($)

NetAssets (%)

China, continuedCNPC General Capital Ltd.3.95%, 19/04/2022 USD 13,207,000 14,094,127 0.28Country Garden Holding Co.7.5%, 10/01/2023 3,643,000 3,702,017 0.08Hyva Global B.V.8.625%, 24/03/2016 11,513,000 11,167,610 0.22Sinopec Group OverseasDevelopment (2012) Ltd.3.9%, 17/05/2022 14,176,000 14,961,180 0.30Sinopec Group OverseasDevelopment (2012) Ltd.4.875%, 17/05/2042 9,067,000 9,939,672 0.20Tencent Holdings Ltd.3.375%, 5/03/2018 12,967,000 13,291,771 0.27

109,228,189 2.19

ColombiaBancolombia S.A.5.95%, 3/06/2021 USD 2,445,000 2,823,975 0.06Bancolombia S.A.5.125%, 11/09/2022 12,025,000 12,445,875 0.25Ecopetrol S.A.7.625%, 23/07/2019 10,939,000 13,947,225 0.28Empresa de Telecomunicacionesde Bogota7%, 17/01/2023 COP 16,912,000,000 9,906,715 0.20Empresas de Energia em BomDespacho – Minas Gerais6.125%, 10/11/2021 USD 3,662,000 4,156,370 0.08Grupo Aval Ltd.5.25%, 1/02/2017 3,735,000 3,996,450 0.08Grupo Aval Ltd.4.75%, 26/09/2022 10,802,000 10,991,035 0.22Pacific Rubiales Energy Corp.7.25%, 12/12/2021 14,165,000 16,516,390 0.33Republic of Colombia4.375%, 12/07/2021 1,388,000 1,555,948 0.03Republic of Colombia8.125%, 21/05/2024 4,740,000 6,920,400 0.14Republic of Colombia7.375%, 18/09/2037 2,968,000 4,318,440 0.09Republic of Colombia6.125%, 18/01/2041 11,688,000 14,960,640 0.30

102,539,463 2.06

Costa RicaRepublic of Costa Rica4.25%, 26/01/2023 USD 6,044,000 6,195,100 0.12

Cote d’IvoireIvory Coast5.75%, 31/12/2032 USD 26,116,000 24,940,780 0.50

CroatiaAgrokor D.D.8.875%, 1/02/2020 USD 13,039,000 14,652,576 0.29Republic of Croatia6.25%, 27/04/2017 9,771,000 10,748,100 0.22Republic of Croatia6.625%, 14/07/2020 8,477,000 9,706,165 0.20Republic of Croatia6.375%, 24/03/2021 23,497,000 26,551,610 0.53

61,658,451 1.24

Dominican RepublicBanco de Reservas de LaRepublica Dominicana7%, 1/02/2023 USD 12,475,000 12,630,938 0.25Dominican Republic7.5%, 6/05/2021 9,308,000 10,611,120 0.21





MarketValue ($)

NetAssets (%)

Dominican Republic, continuedDominican Republic8.625%, 20/04/2027 USD 11,141,000 13,647,725 0.28

36,889,783 0.74

El SalvadorRepublic of El Salvador7.375%, 1/12/2019 USD 2,654,000 3,130,393 0.06Republic of El Salvador7.75%, 24/01/2023 4,671,000 5,698,620 0.12Republic of El Salvador5.875%, 30/01/2025 6,311,000 6,673,883 0.13

15,502,896 0.31

GeorgiaJSC Georgian Railway7.75%, 11/07/2022 USD 2,670,000 3,123,900 0.06Republic of Georgia6.875%, 12/04/2021 2,723,000 3,213,140 0.07

6,337,040 0.13

GuatemalaIndustrial Senior Trust Co.5.5%, 1/11/2022 USD 11,215,000 11,327,150 0.23Republic of Guatemala5.75%, 6/06/2022 18,021,000 20,588,993 0.41

31,916,143 0.64

HungaryMagyar Export-Import Bank5.5%, 12/02/2018 USD 17,548,000 18,231,651 0.37Republic of Hungary6.25%, 29/01/2020 3,311,000 3,633,823 0.07Republic of Hungary6.375%, 29/03/2021 10,318,000 11,246,620 0.23Republic of Hungary7.625%, 29/03/2041 3,082,000 3,598,235 0.07

36,710,329 0.74

IcelandRepublic of Iceland4.875%, 16/06/2016 USD 800,000 855,200 0.02Republic of Iceland5.875%, 11/05/2022 24,705,000 27,943,826 0.56

28,799,026 0.58

IndonesiaIndo Energy Finance II B.V.6.375%, 24/01/2023 USD 4,513,000 4,603,260 0.09Listrindo Capital B.V.6.95%, 21/02/2019 6,187,000 6,899,823 0.14Majapahit Holding B.V.7.75%, 17/10/2016 605,000 709,363 0.01Majapahit Holding B.V.7.75%, 17/10/2016 1,292,000 1,514,870 0.03Majapahit Holding B.V.7.75%, 20/01/2020 14,408,000 17,937,960 0.36Pertamina PT5.25%, 23/05/2021 9,716,000 10,687,600 0.21Pertamina PT4.875%, 3/05/2022 26,220,000 28,186,500 0.57Pertamina PT6%, 3/05/2042 20,783,000 22,445,640 0.45PT Perusahaan Listrik Negara5.5%, 22/11/2021 16,084,000 17,933,660 0.36PT Perusahaan Listrik Negara5.25%, 24/10/2042 6,878,000 6,809,220 0.14Republic of Indonesia6.875%, 17/01/2018 12,946,000 15,583,100 0.31


MarketValue ($)

NetAssets (%)

Indonesia, continuedRepublic of Indonesia11.625%, 4/03/2019 USD 9,768,000 14,554,320 0.29Republic of Indonesia5.875%, 13/03/2020 29,961,000 35,653,590 0.72Republic of Indonesia4.875%, 5/05/2021 81,427,000 92,012,510 1.85Republic of Indonesia3.75%, 25/04/2022 20,272,000 21,234,920 0.43Republic of Indonesia8.5%, 12/10/2035 8,836,000 13,563,260 0.27

310,329,596 6.23

IsraelAltice Financing Co. S.A.7.875%, 15/12/2019 USD 342,000 367,308 0.01Israel Electric Corp. Ltd.6.7%, 10/02/2017 3,487,000 3,853,135 0.08

4,220,443 0.09

JamaicaDigicel Group Ltd.8.25%, 1/09/2017 USD 6,390,000 6,773,400 0.14Digicel Group Ltd.8.25%, 30/09/2020 9,489,000 10,580,235 0.21

17,353,635 0.35

KazakhstanDevelopment Bank of Kazakhstan4.125%, 10/12/2022 USD 26,761,000 27,363,123 0.55Halyk Savings Bank of Kazakhstan B.V.7.25%, 3/05/2017 14,435,000 15,986,763 0.32Kazakhstan Temir Zholy Co.6.95%, 10/07/2042 15,781,000 19,686,798 0.40Kazatomprom6.25%, 20/05/2015 4,813,000 5,149,910 0.10

68,186,594 1.37

LatviaRepublic of Latvia5.25%, 22/02/2017 USD 14,573,000 16,146,884 0.33Republic of Latvia5.25%, 16/06/2021 11,128,000 12,658,100 0.25

28,804,984 0.58

LithuaniaRepublic of Lithuania6.125%, 9/03/2021 USD 15,521,000 18,664,003 0.38Republic of Lithuania6.625%, 1/02/2022 17,681,000 22,012,845 0.44

40,676,848 0.82

MalaysiaPetronas Capital Ltd.5.25%, 12/08/2019 USD 38,552,000 45,344,554 0.91Petronas Capital Ltd.7.875%, 22/05/2022 4,613,000 6,501,175 0.13

51,845,729 1.04

MexicoAmerica Movil S.A.B. de C.V.6.45%, 5/12/2022 MXN 111,510,000 9,297,236 0.19Banco Santander S.A.4.125%, 9/11/2022 USD 9,055,000 9,145,550 0.18BBVA Bancomer S.A. de C.V.6.75%, 30/09/2022 17,074,000 19,891,210 0.40BBVA Bancomer S.A. Texas Agency6.5%, 10/03/2021 5,027,000 5,755,915 0.12CEMEX Finance LLC9.5%, 14/12/2016 6,419,000 6,852,283 0.14





MarketValue ($)

NetAssets (%)

Mexico, continuedCEMEX S.A.B. de C.V.9%, 11/01/2018 USD 4,101,000 4,429,080 0.09CEMEX S.A.B. de C.V.9.25%, 12/05/2020 5,029,000 5,406,175 0.11Comision Federal de Electricidad4.875%, 26/05/2021 12,854,000 14,267,940 0.29Comision Federal de Electricidad5.75%, 14/02/2042 10,653,000 11,824,830 0.24Empresas ICA, S.A.B. de C.V.8.375%, 24/07/2017 5,021,000 5,246,945 0.11Grupo Bimbo S.A.B. de C.V.4.5%, 25/01/2022 11,223,000 12,184,228 0.24Grupo KUO S.A.B de C.V.6.25%, 4/12/2022 9,015,000 9,758,738 0.20Grupo Posadas S.A.B. de C.V.7.875%, 30/11/2017 8,039,000 8,521,340 0.17Grupo Posadas S.A.B. de C.V.7.875%, 30/11/2017 2,933,000 3,108,980 0.06Mexichem S.A.B. de C.V.4.875%, 19/09/2022 5,630,000 5,932,613 0.12Mexichem S.A.B. de C.V.6.75%, 19/09/2042 8,922,000 9,948,030 0.20Pemex Project Funding Master Trust5.75%, 1/03/2018 9,215,000 10,620,288 0.21Pemex Project Funding Master Trust6.625%, 15/06/2035 23,890,000 28,847,175 0.58Pemex Project Funding Master Trust6.625%, 15/06/2038 6,359,000 7,678,493 0.15Petroleos Mexicanos6%, 5/03/2020 12,001,000 14,101,175 0.28Petroleos Mexicanos5.5%, 21/01/2021 14,553,000 16,699,568 0.33Petroleos Mexicanos3.5%, 30/01/2023 11,863,000 11,625,740 0.23Petroleos Mexicanos6.5%, 2/06/2041 11,759,000 13,846,223 0.28Petroleos Mexicanos5.5%, 27/06/2044 3,786,000 3,890,115 0.08Petroleos Mexicanos5.5%, 27/06/2044 7,236,000 7,434,990 0.15Sigma Alimentos S.A.5.625%, 14/04/2018 3,499,000 3,971,365 0.08United Mexican States5.95%, 19/03/2019 9,426,000 11,405,460 0.23United Mexican States5.125%, 15/01/2020 74,618,000 87,303,060 1.75United Mexican States3.625%, 15/03/2022 55,874,000 59,924,865 1.20United Mexican States6.05%, 11/01/2040 17,442,000 21,846,105 0.44United Mexican States5.75%, 12/10/2110 28,927,000 32,325,923 0.65

473,091,638 9.50

MongoliaRepublic of Mongolia4.125%, 5/01/2018 USD 4,303,000 4,195,425 0.09Republic of Mongolia5.125%, 5/12/2022 6,946,000 6,668,160 0.13

10,863,585 0.22

NamibiaRepublic of Zambia5.375%, 20/09/2022 USD 4,468,000 4,579,700 0.09


MarketValue ($)

NetAssets (%)

NigeriaAfren PLC11.5%, 1/02/2016 USD 4,753,000 5,537,245 0.11Afren PLC10.25%, 8/04/2019 7,979,000 9,415,220 0.19

14,952,465 0.30

PanamaPanama Canal Railway Co.7%, 1/11/2026 USD 4,134,940 3,938,530 0.08Republic of Panama8.875%, 30/09/2027 6,816,000 10,547,760 0.21Republic of Panama9.375%, 1/04/2029 6,750,000 11,019,375 0.22Republic of Panama6.7%, 26/01/2036 3,315,000 4,450,388 0.09

29,956,053 0.60

ParaguayRepublic of Paraguay4.625%, 25/01/2023 USD 15,153,000 15,001,470 0.30Telfon Celuar del Paraguay6.75%, 13/12/2022 11,599,000 12,584,915 0.25

27,586,385 0.55

PeruAjecorp B.V.6.5%, 14/05/2022 USD 11,170,000 12,287,000 0.25Banco de Credito del Peru5.375%, 16/09/2020 2,891,000 3,223,465 0.07Banco de Credito del Peru, FRN6.125%, 24/04/2027 8,727,000 9,665,153 0.19BBVA Banco Continental S.A.5%, 26/08/2022 14,263,000 15,332,725 0.31Corporacion Azucarera del Peru S.A.6.375%, 2/08/2022 10,986,000 11,809,950 0.24Corporacion Financiera de Desarrollo S.A.4.75%, 8/02/2022 15,084,000 16,554,690 0.33Corporacion Jose R Lindey S.A.6.75%, 23/11/2021 4,385,000 5,075,638 0.10El Fondo Mivivienda S.A.3.5%, 31/01/2023 5,383,000 5,356,085 0.11IIRSA Norte Finance Ltd.8.75%, 30/05/2024 1,192,202 1,459,016 0.03IIRSA Norte Finance Ltd.8.75%, 30/05/2024 2,182,876 2,671,404 0.05Republic of Peru7.35%, 21/07/2025 13,405,000 18,901,050 0.38Republic of Peru5.625%, 18/11/2050 4,293,000 5,044,275 0.10Southern Copper Corp.7.5%, 27/07/2035 6,035,000 7,550,316 0.15Southern Copper Corp.6.75%, 16/04/2040 5,322,000 6,225,862 0.13Southern Copper Corp.5.25%, 8/11/2042 9,824,000 9,586,259 0.19

130,742,888 2.63

PhilippinesNational Power Corp.6.875%, 2/11/2016 USD 528,000 620,400 0.01National Power Corp.8.4%, 15/12/2016 642,000 786,450 0.02Power Sector Assets & LiabilitiesManagement Corp.7.39%, 2/12/2024 8,862,000 12,118,785 0.24Republic of Philippines9.375%, 18/01/2017 7,996,000 10,464,765 0.21





MarketValue ($)

NetAssets (%)

Philippines, continuedRepublic of Philippines9.875%, 15/01/2019 USD 2,380,000 3,382,575 0.07Republic of Philippines10.625%, 16/03/2025 2,858,000 4,858,600 0.10Republic of Philippines5.5%, 30/03/2026 48,600,000 59,595,750 1.20Republic of Philippines6.375%, 15/01/2032 22,681,000 29,456,949 0.59Republic of Philippines6.375%, 23/10/2034 57,554,000 76,834,590 1.54

198,118,864 3.98

PolandEileme 2 AB11.625%, 31/01/2020 USD 9,768,000 11,501,820 0.23PKO Finance AB4.63%, 26/09/2022 10,950,000 11,418,113 0.23Republic of Poland5.125%, 21/04/2021 10,454,000 12,126,640 0.24Republic of Poland5%, 23/03/2022 10,772,000 12,387,800 0.25

47,434,373 0.95

QatarQtel International Finance Co.3.875%, 31/01/2028 USD 4,196,000 4,160,334 0.08Ras Laffan Liquefied Natural Gas Co. Ltd.6.75%, 30/09/2019 3,924,000 4,910,886 0.10Ras Laffan Liquefied Natural Gas Co. Ltd.5.298%, 30/09/2020 3,143,745 3,516,279 0.07

12,587,499 0.25

RomaniaRepublic of Romania6.75%, 7/02/2022 USD 8,336,000 10,036,377 0.20

RussiaAlfa Bank7.5%, 26/09/2019 USD 11,713,000 12,708,605 0.26Brunswick Rail Finance Ltd.6.5%, 1/11/2017 19,869,000 21,234,994 0.43Credit Suisse (Russian Federation, CLN)7.6%, 14/04/2021 RUB 324,554,000 11,576,538 0.23Credit Suisse (Russian Federation, CLN)8.15%, 3/02/2027 270,110,000 9,986,924 0.20Credit Suisse (Russian Federation, CLN)8.15%, 3/02/2027 483,823,000 17,888,651 0.36Evraz Group S.A.9.5%, 24/04/2018 USD 14,753,000 17,084,122 0.34Gaz Capital S.A.9.25%, 23/04/2019 5,561,000 7,250,154 0.15Gaz Capital S.A.3.85%, 6/02/2020 17,884,000 17,889,365 0.36Gaz Capital S.A.5.999%, 23/01/2021 33,568,000 37,805,960 0.76Gaz Capital S.A.4.95%, 19/07/2022 21,444,000 22,462,590 0.45Gaz Capital S.A.4.95%, 6/02/2028 15,287,000 15,232,273 0.31Gazprom Neft4.375%, 19/09/2022 10,021,000 10,061,084 0.20Gazprombank OJSC7.875%, 25/07/2016 RUB 744,900,000 24,695,972 0.50LUKOIL International Finance B.V.6.656%, 7/06/2022 USD 12,155,000 14,677,163 0.29Mobile TeleSystems OJSC8.625%, 22/06/2020 8,451,000 10,675,303 0.21


MarketValue ($)

NetAssets (%)

Russia, continuedRosneft3.149%, 6/03/2017 USD 10,329,000 10,341,889 0.21Rosneft4.199%, 6/03/2022 17,178,000 17,178,000 0.34Russian Federation5%, 29/04/2020 62,500,000 71,171,875 1.43Russian Federation4.5%, 4/04/2022 22,600,000 24,968,480 0.50Russian Federation7.5%, 31/03/2030 100,500,534 125,625,667 2.52Russian Federation5.625%, 4/04/2042 17,600,000 20,636,000 0.41RZD Capital Ltd.5.7%, 5/04/2022 7,286,000 8,242,288 0.17Sberbank of Russia6.125%, 7/02/2022 300,000 342,387 0.01Sberbank of Russia6.125%, 7/02/2022 25,996,000 29,668,975 0.60SIBUR Securities Ltd.3.914%, 31/01/2018 15,620,000 15,544,448 0.31VimpelCom Ltd.7.504%, 1/03/2022 14,283,000 16,282,620 0.33Vnesheconombank6.025%, 5/07/2022 11,002,000 12,624,795 0.25VTB Capital S.A.6%, 12/04/2017 13,565,000 14,514,550 0.29

618,371,672 12.42

SerbiaRepublic of Serbia5.25%, 21/11/2017 USD 9,596,000 10,075,800 0.20Republic of Serbia7.25%, 28/09/2021 11,210,000 13,031,625 0.26Republic of Serbia6.75%, 1/11/2024 851,200 851,200 0.02

23,958,625 0.48

SingaporeDBS Bank Ltd.3.625% to 21/09/2017,FRN to 21/09/2022 USD 12,634,000 13,199,751 0.27

SlovakiaRepublic of Slovakia4.375%, 21/05/2022 USD 15,908,000 16,989,744 0.34

SloveniaRepublic of Slovenia5.5%, 26/10/2022 USD 13,963,000 14,469,159 0.29

South AfricaMyriad International Holdings B.V.6.375%, 28/07/2017 USD 3,251,000 3,641,120 0.08Republic of South Africa6.875%, 27/05/2019 4,157,000 5,113,110 0.10Republic of South Africa5.5%, 9/03/2020 7,445,000 8,571,056 0.17Republic of South Africa4.665%, 17/01/2024 13,943,000 15,023,583 0.30Transnet SOC Ltd.4%, 26/07/2022 7,117,000 7,074,298 0.14

39,423,167 0.79

South KoreaHyundai Capital America4%, 8/06/2017 USD 4,159,000 4,463,347 0.09

Sri LankaBank of Ceylon6.875%, 3/05/2017 USD 11,743,000 12,506,295 0.25





MarketValue ($)

NetAssets (%)

Sri Lanka, continuedRepublic of Sri Lanka6.25%, 4/10/2020 USD 2,860,000 3,088,800 0.06Republic of Sri Lanka6.25%, 4/10/2020 7,195,000 7,770,600 0.16Republic of Sri Lanka6.25%, 27/07/2021 5,858,000 6,369,128 0.13Republic of Sri Lanka5.875%, 25/07/2022 6,274,000 6,619,070 0.13

36,353,893 0.73

SupranationalEurasian Development Bank4.767%, 20/09/2022 USD 8,170,000 8,496,800 0.17

ThailandBangkok Bank (Hong Kong)3.875%, 27/09/2022 USD 12,541,000 12,834,898 0.26PTT PLC3.375%, 25/10/2022 8,322,000 8,159,188 0.17PTT PLC4.5%, 25/10/2042 9,138,000 8,644,904 0.17PTTEP Canada International Finance Ltd.6.35%, 12/06/2042 7,567,000 8,953,880 0.18

38,592,870 0.78

Trinidad & TobagoPetroleum Co. of Trinidad & Tobago Ltd.9.75%, 14/08/2019 USD 6,786,000 9,025,380 0.18Petroleum Co. of Trinidad & Tobago Ltd.6%, 8/05/2022 9,046,375 9,937,443 0.20

18,962,823 0.38

TurkeyAkbank T.A.S.5%, 24/10/2022 USD 8,356,000 8,726,087 0.18Republic of Turkey6.75%, 3/04/2018 10,242,000 12,213,585 0.25Republic of Turkey7%, 11/03/2019 18,466,000 22,620,850 0.45Republic of Turkey7.5%, 7/11/2019 37,480,000 47,599,600 0.96Republic of Turkey7%, 5/06/2020 40,998,000 51,452,490 1.03Republic of Turkey5.625%, 30/03/2021 40,932,000 47,682,505 0.96Republic of Turkey5.125%, 25/03/2022 26,120,000 29,450,300 0.59Republic of Turkey6.25%, 26/09/2022 51,219,000 62,487,180 1.26Republic of Turkey3.25%, 23/03/2023 10,451,000 10,030,870 0.20Republic of Turkey7.375%, 5/02/2025 30,000,000 39,480,000 0.79Republic of Turkey11.875%, 15/01/2030 3,641,000 6,917,900 0.14Republic of Turkey8%, 14/02/2034 6,940,000 10,045,650 0.20Republic of Turkey6%, 14/01/2041 41,487,000 49,369,530 0.99Turk Eximbank5.875%, 24/04/2019 9,319,000 10,413,983 0.21Turkiye Halk Bankasi3.875%, 5/02/2020 12,765,000 12,542,251 0.25Turkiye Halk Bankasi A.S.4.875%, 19/07/2017 5,722,000 6,048,154 0.12Turkiye Is Bankasi A.S.3.875%, 7/11/2017 11,117,000 11,408,821 0.23


MarketValue ($)

NetAssets (%)

Turkey, continuedTurkiye Is Bankasi A.S.6%, 24/10/2022 USD 7,999,000 8,398,950 0.17Turkiye Vakiflar Bankasi T.A.O.5.75%, 24/04/2017 10,593,000 11,482,812 0.23Turkiye Vakiflar Bankasi T.A.O.6%, 1/11/2022 17,369,000 18,075,023 0.36Yapi Ve Kredi Bankasi5.5%, 6/12/2022 16,271,000 16,189,645 0.33

492,636,186 9.90

UkraineBiz Finance PLC8.375%, 27/04/2015 USD 15,894,000 16,013,205 0.32Government of Ukraine6.25%, 17/06/2016 12,431,000 12,431,000 0.25Government of Ukraine9.25%, 24/07/2017 13,591,000 14,780,213 0.30Government of Ukraine7.95%, 23/02/2021 2,690,000 2,851,400 0.06Naftogaz Ukraine9.5%, 30/09/2014 13,843,000 14,223,683 0.28

60,299,501 1.21

United Arab EmiratesDolphin Energy Ltd.5.5%, 15/12/2021 USD 16,419,000 18,922,898 0.38Emirates Airlines4.5%, 6/02/2025 14,257,000 14,248,588 0.29

33,171,486 0.67

United StatesU.S. Treasury Bonds6.5%, 15/11/2026 USD 3,199,000 4,729,021 0.09U.S. Treasury Notes1.75%, 15/05/2022 46,623,000 46,083,945 0.93

50,812,966 1.02

UruguayNavios South American Logistics, Inc.9.25%, 15/04/2019 USD 4,875,000 4,875,000 0.10Republic of Uruguay4.125%, 20/11/2045 19,531,953 18,360,036 0.37Republic of Uruguay8%, 18/11/2022 2,872,650 3,978,620 0.08Republic of Uruguay7.625%, 21/03/2036 2,571,000 3,785,798 0.07

30,999,454 0.62

VenezuelaPetroleos de Venezuela S.A.8%, 17/11/2013 USD 2,867,000 2,901,404 0.06Petroleos de Venezuela S.A.5.125%, 28/10/2016 5,581,000 4,855,470 0.10Petroleos de Venezuela S.A.8.5%, 2/11/2017 29,326,000 28,739,480 0.58Republic of Venezuela8.5%, 8/10/2014 9,324,000 9,557,100 0.19Republic of Venezuela5.75%, 26/02/2016 48,805,000 47,218,838 0.95Republic of Venezuela7%, 1/12/2018 21,631,000 20,733,314 0.42Republic of Venezuela7.75%, 13/10/2019 77,969,000 75,357,039 1.51Republic of Venezuela12.75%, 23/08/2022 83,182,000 99,818,400 2.01Republic of Venezuela9%, 7/05/2023 12,087,000 11,996,348 0.24





MarketValue ($)

NetAssets (%)

Venezuela, continuedRepublic of Venezuela8.25%, 13/10/2024 USD 35,515,000 33,561,675 0.67Republic of Venezuela7.65%, 21/04/2025 29,256,000 26,622,960 0.53Republic of Venezuela11.75%, 21/10/2026 68,776,000 77,957,596 1.57Republic of Venezuela9.25%, 15/09/2027 19,316,000 19,654,030 0.39Republic of Venezuela11.95%, 5/08/2031 67,820,000 77,823,450 1.56Republic of Venezuela7%, 31/03/2038 24,320,500 19,760,406 0.40

556,557,510 11.18

VietnamRepublic of Vietnam6.875%, 15/01/2016 USD 1,554,000 1,709,400 0.03Republic of Vietnam6.75%, 29/01/2020 3,284,000 3,776,600 0.08

5,486,000 0.11

TOTAL BONDS 4,553,787,506 91.47

SHORT-TERM OBLIGATIONS (y)Bank of Montreal/Chicago Branch,0.14%, 5/02/2013 USD 32,755,000 32,755,000 0.66Bank of Montreal/Chicago Branch,0.15%, 6/02/2013 410,000 410,000 0.01Bank of Nova Scotia,0.12%, 1/02/2013 135,992,000 135,992,000 2.73Barclays U.S. Funding Corp.,0.16%, 1/02/2013 113,130,000 113,130,000 2.27


MarketValue ($)

NetAssets (%)

SHORT-TERM OBLIGATIONS (y), continuedMizuho Corporate Bank Ltd.,0.14%, 6/02/2013 USD 39,535,000 39,535,000 0.80


Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, $4,587,973,567) 4,875,609,506 97.94

Issuer/Expiration Month/Strike PriceNumber

of ContractsMarket

Value ($)Net

Assets (%)

PUT OPTIONS PURCHASEDU.S. Treasury Bond 30 yearFutures – February 2013 @ $146(Premiums Paid, $793,967) USD 655 1,893,359 0.04

Issuer/Expiration Month/Strike Price Par AmountMarket

Value ($)Net

Assets (%)

CALL OPTIONS PURCHASEDMXN Currency –March 2013 @ $0.0781(Premiums Paid, $572,287) MXN 626,092,000 627,970 0.01

Total Investments(Identified Cost, $4,589,339,821) 4,878,130,835 97.99


NET ASSETS 4,978,394,114 100.00


MFS Meridian Funds – Emerging Markets Debt Local Currency Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

BrazilBanco do Brasil (Cayman), FRN6.25%, 31/12/2049 USD 446,000 442,655 0.25Federative Republic of Brazil6%, 15/08/2016 BRL 5,409,158 3,120,953 1.75Federative Republic of Brazil10%, 1/01/2017 8,118,000 4,234,195 2.37Federative Republic of Brazil6%, 15/08/2022 580,834 361,296 0.20Federative Republic of Brazil10.25%, 10/01/2028 706,000 444,939 0.25Goldman Sachs Group, Inc. (FederativeRepublic of Brazil, CLN)10%, 8/01/2017 7,831,000 4,084,501 2.29Marfrig Holding Europe B.V.9.875%, 24/07/2017 USD 386,000 380,210 0.21Marfrig Overseas Ltd.9.5%, 4/05/2020 100,000 95,250 0.05Minerva Luxembourg S.A.7.75%, 31/01/2023 487,000 499,175 0.28Qgog Constellation S.A.6.25%, 9/11/2019 505,000 532,775 0.30

14,195,949 7.95


MarketValue ($)

NetAssets (%)

CanadaFirst Quantum Minerals Ltd.7.25%, 15/10/2019 USD 379,000 385,633 0.22IAMGOLD Corp.6.75%, 1/10/2020 408,000 399,840 0.22

785,473 0.44

ChileAutomotores Gildemeister S.A.8.25%, 24/05/2021 USD 348,000 386,280 0.21Automotores Gildemeister S.A.6.75%, 15/01/2023 152,000 157,320 0.09

543,600 0.30

ChinaCountry Garden Holding Co.7.5%, 10/01/2023 USD 202,000 205,272 0.12Hyva Global B.V.8.625%, 24/03/2016 411,000 398,670 0.22

603,942 0.34

ColombiaBancolombia S.A.5.125%, 11/09/2022 USD 400,000 414,000 0.23Emgesa S.A. E.S.P.8.75%, 25/01/2021 COP 180,000,000 120,405 0.07



MFS Meridian Funds – Emerging Markets Debt Local Currency Fund,continued


MarketValue ($)

NetAssets (%)

Colombia, continuedEmpresa de Telecomunicaciones deBogota7%, 17/01/2023 COP 734,000,000 429,963 0.24Titulos de Tesoreria7.5%, 26/08/2026 9,019,100,000 6,020,827 3.37

6,985,195 3.91

Cote d’IvoireIvory Coast5.75%, 31/12/2032 USD 910,000 869,050 0.49

Dominican RepublicBanco de Reservas de La RepublicaDominicana7%, 1/02/2023 USD 437,000 442,463 0.25

GuatemalaIndustrial Senior Trust Co.5.5%, 1/11/2022 USD 407,000 411,070 0.23

HungaryMagyar Export-Import Bank5.5%, 12/02/2018 USD 326,000 338,701 0.19Republic of Hungary8%, 12/02/2015 HUF 251,530,000 1,228,938 0.69Republic of Hungary7.75%, 24/08/2015 97,430,000 476,933 0.27Republic of Hungary5.5%, 12/02/2016 600,600,000 2,792,990 1.56Republic of Hungary6.75%, 24/02/2017 599,460,000 2,884,380 1.62Republic of Hungary7.5%, 12/11/2020 160,660,000 813,321 0.46Republic of Hungary6%, 24/11/2023 300,340,000 1,346,258 0.75

9,881,521 5.54

IcelandRepublic of Iceland5.875%, 11/05/2022 USD 356,000 402,672 0.23

IndonesiaRepublic of Indonesia11.6%, 15/08/2018 IDR 5,975,000,000 809,814 0.45Republic of Indonesia12.8%, 15/06/2021 7,010,000,000 1,082,004 0.61Republic of Indonesia8.25%, 15/07/2021 5,012,000,000 616,911 0.35Republic of Indonesia7%, 15/05/2022 6,487,000,000 748,135 0.42Republic of Indonesia11%, 15/09/2025 8,624,000,000 1,268,751 0.71Republic of Indonesia8.375%, 15/09/2026 12,611,000,000 1,558,129 0.87Republic of Indonesia7%, 15/05/2027 15,000,000,000 1,657,826 0.93Republic of Indonesia9.5%, 15/07/2031 7,723,000,000 1,055,620 0.59Republic of Indonesia8.25%, 15/06/2032 37,057,000,000 4,530,389 2.54Republic of Indonesia6.625%, 15/05/2033 6,261,000,000 664,754 0.37

13,992,333 7.84

JamaicaDigicel Group Ltd.8.25%, 1/09/2017 USD 355,000 376,300 0.21

KazakhstanHalyk Savings Bank of Kazakhstan B.V.7.25%, 3/05/2017 USD 354,000 392,055 0.22


MarketValue ($)

NetAssets (%)

MalaysiaGovernment of Malaysia4.262%, 15/09/2016 MYR 4,335,000 1,447,322 0.81Government of Malaysia4.012%, 15/09/2017 2,956,000 982,918 0.55Government of Malaysia4.24%, 7/02/2018 1,637,000 550,444 0.31Government of Malaysia4.378%, 29/11/2019 1,429,000 486,017 0.27Government of Malaysia4.16%, 15/07/2021 9,253,000 3,105,577 1.74Government of Malaysia4.392%, 15/04/2026 2,458,000 851,042 0.48Government of Malaysia4.498%, 15/04/2030 2,207,000 769,327 0.43Government of Malaysia4.127%, 15/04/2032 2,990,000 989,023 0.55

9,181,670 5.14

MexicoAmerica Movil S.A.B. de C.V.6.45%, 5/12/2022 MXN 4,210,000 351,012 0.20BBVA Bancomer S.A. de C.V.6.75%, 30/09/2022 USD 676,000 787,540 0.44CEMEX Finance LLC9.5%, 14/12/2016 215,000 229,513 0.13CEMEX S.A.B. de C.V.9.25%, 12/05/2020 358,000 384,850 0.22Petroleos Mexicanos7.65%, 24/11/2021 MXN 8,934,600 783,515 0.44United Mexican States7%, 19/06/2014 21,600,000 1,755,992 0.98United Mexican States8%, 17/12/2015 12,200,000 1,047,315 0.59United Mexican States7.25%, 15/12/2016 35,030,000 3,005,060 1.68United Mexican States7.75%, 14/12/2017 32,720,000 2,912,627 1.63United Mexican States8%, 11/06/2020 30,000,000 2,826,816 1.58United Mexican States8%, 7/12/2023 8,860,000 860,744 0.48United Mexican States8.5%, 31/05/2029 28,700,000 2,913,982 1.63United Mexican States7.75%, 29/05/2031 12,000,000 1,137,563 0.64United Mexican States10%, 20/11/2036 9,640,000 1,126,696 0.63United Mexican States8.5%, 18/11/2038 16,840,000 1,734,653 0.97

21,857,878 12.24

NigeriaAfren PLC10.25%, 8/04/2019 USD 334,000 394,120 0.22Federal Republic of Nigeria7%, 23/10/2019 NGN 468,101,000 2,417,802 1.35Federal Republic of Nigeria16.39%, 27/01/2022 518,095,000 4,241,357 2.38

7,053,279 3.95

ParaguayRepublic of Paraguay4.625%, 25/01/2023 USD 237,000 234,630 0.13Telfon Celuar del Paraguay6.75%, 13/12/2022 400,000 434,000 0.24

668,630 0.37





MarketValue ($)

NetAssets (%)

PeruAjecorp B.V.6.5%, 14/05/2022 USD 358,000 393,800 0.22Banco de Credito del Peru, FRN6.125%, 24/04/2027 343,000 379,873 0.21Copeinca S.A.C.9%, 10/02/2017 390,000 411,450 0.23Corporacion Azucarera del Peru S.A.6.375%, 2/08/2022 388,000 417,100 0.24Republic of Peru6.95%, 12/08/2031 PEN 731,000 356,916 0.20Republic of Peru6.95%, 12/08/2031 1,096,000 535,130 0.30Republic of Peru6.9%, 12/08/2037 2,109,000 1,040,995 0.58Republic of Peru6.9%, 12/08/2037 1,995,000 984,725 0.55

4,519,989 2.53

PhilippinesRepublic of Philippines3.9%, 26/11/2022 PHP 54,000,000 1,426,816 0.80

PolandGovernment of Poland5.25%, 25/10/2017 PLN 8,222,000 2,873,657 1.61Government of Poland5.5%, 25/10/2019 4,134,000 1,492,945 0.84Government of Poland5.25%, 25/10/2020 7,561,000 2,705,494 1.51Government of Poland5.75%, 25/10/2021 2,116,000 781,863 0.44Government of Poland5.75%, 23/09/2022 13,540,000 5,043,116 2.82

12,897,075 7.22

RussiaAlfa Bank7.5%, 26/09/2019 USD 372,000 403,620 0.22Brunswick Rail Finance Ltd.6.5%, 1/11/2017 400,000 427,500 0.24Credit Suisse (Russian Federation, CLN)7.35%, 20/01/2016 RUB 69,620,000 2,407,251 1.35Credit Suisse (Russian Federation, CLN)7.4%, 14/06/2017 143,140,000 5,000,285 2.80Credit Suisse (Russian Federation, CLN)7.5%, 15/03/2018 38,250,000 1,351,444 0.76Credit Suisse (Russian Federation, CLN)7.6%, 14/04/2021 23,421,000 835,405 0.47Credit Suisse (Russian Federation, CLN)8.15%, 3/02/2027 31,289,000 1,156,865 0.65Deutsche Bank AG (Russian Federation, CLN)7.5%, 19/03/2018 90,000,000 3,179,868 1.78Deutsche Bank AG (Russian Federation, CLN)7.5%, 19/03/2018 49,641,000 1,753,909 0.98Deutsche Bank AG (Russian Federation, CLN)8.15%, 5/02/2027 94,000,000 3,475,513 1.95Evraz Group S.A.9.5%, 24/04/2018 USD 493,000 570,899 0.32SIBUR Securities Ltd.3.914%, 31/01/2018 591,000 588,141 0.33VimpelCom Ltd.7.504%, 1/03/2022 355,000 404,700 0.23

21,555,400 12.08

SerbiaRepublic of Serbia5.25%, 21/11/2017 USD 202,000 212,100 0.12


MarketValue ($)

NetAssets (%)

SloveniaRepublic of Slovenia5.5%, 26/10/2022 USD 388,000 402,065 0.23

South AfricaRepublic of South Africa8.25%, 15/09/2017 ZAR 11,492,000 1,411,890 0.79Republic of South Africa8%, 21/12/2018 30,417,000 3,725,418 2.09Republic of South Africa7.25%, 15/01/2020 10,713,000 1,256,726 0.70Republic of South Africa6.75%, 31/03/2021 1,969,000 223,557 0.13Republic of South Africa5.5%, 7/12/2023 2,732,721 446,772 0.25Republic of South Africa10.5%, 21/12/2026 11,811,000 1,679,536 0.94Republic of South Africa7%, 28/02/2031 11,948,000 1,222,436 0.68Republic of South Africa6.25%, 31/03/2036 10,994,000 982,328 0.55Transnet Ltd.9.25%, 14/11/2017 5,000,000 617,075 0.35

11,565,738 6.48

ThailandKingdom of Thailand5.4%, 27/07/2016 THB 2,000,000 72,215 0.04Kingdom of Thailand4.125%, 18/11/2016 27,068,000 941,023 0.53Kingdom of Thailand3.45%, 8/03/2019 17,000,000 573,539 0.32Kingdom of Thailand3.875%, 13/06/2019 68,527,000 2,364,751 1.32Kingdom of Thailand1.2%, 14/07/2021 13,596,752 466,519 0.26Kingdom of Thailand3.65%, 17/12/2021 3,931,000 132,701 0.07Kingdom of Thailand4.875%, 22/06/2029 10,204,000 372,056 0.21Kingdom of Thailand3.775%, 25/06/2032 29,168,000 921,366 0.52

5,844,170 3.27

TurkeyAkbank T.A.S.7.5%, 5/02/2018 TRY 1,800,000 1,033,689 0.58Repubic of Turkey11/09/2013 3,116,000 1,710,217 0.96Republic of Turkey10%, 17/06/2015 2,500,000 1,545,131 0.87Republic of Turkey9%, 27/01/2016 11,572,000 7,092,888 3.97Republic of Turkey10.5%, 15/01/2020 2,953,000 2,041,705 1.14Republic of Turkey9.5%, 12/01/2022 6,604,000 4,454,485 2.49Republic of Turkey3%, 23/02/2022 1,336,257 894,637 0.50Turkiye Vakiflar Bankasi T.A.O.6%, 1/11/2022 USD 614,000 638,958 0.36

19,411,710 10.87

United Arab EmiratesEmirates Airlines4.5%, 6/02/2025 USD 531,000 530,687 0.30





MarketValue ($)

NetAssets (%)

VenezuelaPetroleos de Venezuela S.A.5.125%, 28/10/2016 USD 370,000 321,900 0.18Republic of Venezuela12.75%, 23/08/2022 704,000 844,800 0.47Republic of Venezuela11.95%, 5/08/2031 275,000 315,563 0.18

1,482,263 0.83

TOTAL BONDS 168,491,093 94.38

SHORT-TERM OBLIGATIONS (y)Bank of Nova Scotia,0.12%, 1/02/2013 USD 3,838,000 3,838,000 2.15Barclays U.S. Funding Corp.,0.16%, 1/02/2013 4,038,000 4,038,000 2.26


Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, $171,260,988) (k) 176,367,093 98.79

Issuer/Expiration Month/Strike Price Par AmountMarket

Value ($)Net

Assets (%)


Numberof Contracts

PUT OPTIONS PURCHASEDU.S. Treasury Bond 30 year Futures –February 2013 @ $146(Premiums Paid, $26,740) USD 22 63,594 0.04

Total Investments(Identified Cost, $171,306,667) 176,451,469 98.84


NET ASSETS 178,517,552 100.00


MFS Meridian Funds – Emerging Markets Equity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceEmbraer S.A., ADR 24,020 791,937 0.45

AirlinesCopa Holdings S.A., “A” 4,517 495,063 0.28Grupo Aeroportuario del Sureste S.A. de C.V., ADR 5,190 619,738 0.36

1,114,801 0.64

Alcoholic BeveragesCompanhia de Bebidas das Americas, ADR 40,735 1,916,989 1.10

Apparel ManufacturersArezzo Industria e Comercio S.A. 25,430 478,884 0.28Cia.Hering S.A. 21,300 405,174 0.23Li & Fung Ltd. 1,704,000 2,394,925 1.38Stella International Holdings 789,000 2,268,703 1.30Top Glove Corp. 522,200 879,017 0.50

6,426,703 3.69

AutomotiveExide Industries Ltd. 220,553 509,192 0.29Geely Automobile Holdings Ltd. 2,330,000 1,216,765 0.70Guangzhou Automobile Group Co. Ltd., “H” 1,436,000 1,201,697 0.69Kia Motors Corp. 48,880 2,320,725 1.34Mando Corp. 8,002 889,172 0.51

6,137,551 3.53

Brokerage & Asset ManagersBM&F Bovespa S.A. 227,900 1,595,363 0.92Bolsa Mexicana de Valores S.A. de C.V. 273,900 695,596 0.40CETIP S.A. – Balcao Organizado de Ativos eDerivativos 68,423 860,721 0.49

3,151,680 1.81


MarketValue ($)

NetAssets (%)

Business ServicesCognizant Technology Solutions Corp., “A” 31,120 2,432,962 1.40LPS Brasil – Consultoria de Imoveis S.A. 51,800 920,843 0.53

3,353,805 1.93

Cable TVAstro Malaysia Holdings Berhad 533,400 478,978 0.27Dish TV India Ltd. 1,115,805 1,509,347 0.87Naspers Ltd. 44,879 2,904,132 1.67

4,892,457 2.81

Computer SoftwareTotvs S.A. 20,400 444,296 0.26

Computer Software – SystemsAsustek Computer, Inc. 162,000 1,854,470 1.07Hon Hai Precision Industry Co. Ltd. 1,030,805 2,946,504 1.69

4,800,974 2.76

ConglomeratesAlfa S.A de C.V., “A” 217,360 521,920 0.30First Pacific Co. Ltd. 833,200 1,072,199 0.62

1,594,119 0.92

ConstructionAnhui Conch Cement Co. Ltd. 463,000 1,817,875 1.04PDG Realty S.A. 241,300 382,910 0.22Urbi Desarrollos Urbanos S.A. de C.V. 766,217 444,739 0.26

2,645,524 1.52

Consumer ProductsDabur India Ltd. 854,310 2,131,358 1.23Hengan International Group Co. Ltd. 64,500 647,046 0.37Kimberly-Clark de Mexico S.A. de C.V., “A” 219,725 615,042 0.35

3,393,446 1.95



MFS Meridian Funds – Emerging Markets Equity Fund,continued


MarketValue ($)

NetAssets (%)

Consumer ServicesAbril Educacao S.A., IEU 30,310 666,825 0.38Anhanguera Educacional Participacoes S.A. 36,500 710,259 0.41Estacio Participacoes S.A. 36,390 805,885 0.46Kroton Educacional S.A. 24,763 608,085 0.35

2,791,054 1.60

Electrical EquipmentCrompton Greaves Ltd. 166,841 335,470 0.19

ElectronicsSamsung Electronics Co. Ltd. 5,497 7,309,646 4.20Seoul Semiconductor Co. Ltd. 42,893 1,065,506 0.61Siliconware Precision Industries Co. Ltd. 2,334,000 2,454,429 1.41Taiwan Semiconductor Manufacturing Co. Ltd. 1,791,330 6,157,858 3.54

16,987,439 9.76

Energy – IndependentChina Shenhua Energy Co. Ltd. 327,500 1,408,325 0.81CNOOC Ltd. 598,000 1,235,263 0.71INPEX Corp. 205 1,188,146 0.68Reliance Industries Ltd. 162,152 2,702,991 1.55

6,534,725 3.75

Energy – IntegratedOAO Gazprom, ADR 272,356 2,565,594 1.47OAO NOVATEK, GDR 7,350 860,685 0.50Petroleo Brasileiro S.A., ADR 84,635 1,547,128 0.89

4,973,407 2.86

Engineering – ConstructionPromotora y Operadora de Infraestructura S.A.B.de C.V. 92,100 659,099 0.38

Food & BeveragesArca Continental S.A.B de C.V. 77,417 590,373 0.34M. Dias Branco S.A. Industria e Comercio deAlimentos 31,200 1,237,910 0.71

1,828,283 1.05

Food & Drug StoresBrazil Pharma S.A. 101,000 745,575 0.43CP All PLC 728,000 1,141,315 0.66Dairy Farm International Holdings Ltd. 90,900 1,108,980 0.64E-Mart Co. Ltd. 7,400 1,644,558 0.94O’Key Group S.A., GDR 160,510 1,902,043 1.09Raia Drogasil S.A. 45,000 502,800 0.29Wumart Stores, Inc., “H” 370,000 736,622 0.42

7,781,893 4.47

Gaming & LodgingMinor International PLC 1,217,630 1,020,817 0.59Shangri-La Asia Ltd. 482,000 1,141,078 0.65

2,161,895 1.24

General MerchandiseBim Birlesik Magazalar A.S. 11,710 567,606 0.33Clicks Group Ltd. 132,980 891,989 0.51Lojas Renner S.A. 13,900 556,391 0.32Mr. Price Group Ltd. 67,258 927,105 0.53PT Mitra Adiperkasa Tbk 621,500 408,378 0.24

3,351,469 1.93

Health Maintenance OrganizationsOdontoPrev S.A. 75,000 382,278 0.22


MarketValue ($)

NetAssets (%)

InsuranceBrasil Insurance Participacoes eAdministracao S.A. 123,900 1,337,711 0.77China Pacific Insurance Co. Ltd. 566,400 2,212,899 1.27

3,550,610 2.04

Machinery & ToolsGlory Ltd. 49,100 1,147,430 0.66Sinotruk Hong Kong Ltd. 1,568,500 1,049,658 0.60Thermax Ltd. 57,948 634,388 0.37TK Corp. 43,486 868,582 0.50

3,700,058 2.13

Major BanksBank of China Ltd. 5,766,000 2,840,101 1.63Standard Chartered PLC 103,150 2,718,604 1.56

5,558,705 3.19

Medical & Health Technology & ServicesDiagnosticos da America S.A. 60,800 432,029 0.25Fleury S.A. 63,200 706,154 0.40

1,138,183 0.65

Metals & MiningGerdau S.A., ADR 129,900 1,147,017 0.66Grupo Mexico S.A.B. de C.V., “B” 218,993 816,061 0.47Iluka Resources Ltd. (l) 214,356 2,172,715 1.25Mining & Metallurgical Co. Norilsk Nickel, ADR 35,451 705,120 0.41MOIL Ltd. 131,053 621,880 0.36Steel Authority of India Ltd. 814,251 1,325,703 0.76Ternium S.A., ADR 26,060 615,798 0.35Vale S.A., ADR 139,815 2,820,068 1.62

10,224,362 5.88

Network & TelecomVTech Holdings Ltd. 103,700 1,194,728 0.69

Oil ServicesGlobal Ports Investments PLC, GDR 53,630 795,869 0.46Lamprell PLC 367,620 752,128 0.43Tenaris S.A., ADR 25,821 1,086,289 0.62

2,634,286 1.51

Other Banks & Diversified FinancialsAkbank T.A.S. 169,020 855,311 0.49Banco De Oro Unibank, Inc. 61,046 115,385 0.07Banco Santander Chile, ADR 11,267 340,263 0.19Banco Santander S.A., IEU 122,900 904,153 0.52Bancolombia S.A., ADR 5,580 387,866 0.22Bangkok Bank Public Co. Ltd. 317,600 2,343,125 1.35Bank Negara Indonesia PT 3,433,831 1,383,756 0.79Bank Polska Kasa Opieki S.A. 21,170 1,042,338 0.60China Construction Bank 3,680,750 3,175,106 1.82Chinatrust Financial Holding Co. Ltd. 1,967,069 1,125,886 0.65CIMB Group Holdings Berhad 283,300 657,416 0.38Credicorp Ltd. 10,509 1,647,076 0.95Grupo Financiero Banorte S.A. de C.V. 68,600 473,012 0.27Grupo Financiero Santander Mexico S.A.B. deC.V., ADR 49,050 762,727 0.44Hana Financial Group, Inc. 53,750 1,925,064 1.11Housing Development Finance Corp. Ltd. 78,594 1,162,213 0.67ICICI Bank Ltd. 117,919 2,640,707 1.52Itau Unibanco Holding S.A., ADR 59,717 1,028,924 0.59Komercni Banka A.S. 8,403 1,697,486 0.97



MFS Meridian Funds – Emerging Markets Equity Fund,continued


MarketValue ($)

NetAssets (%)

Other Banks & Diversified Financials , continuedSberbank of Russia 574,990 2,084,339 1.20Turkiye Garanti Bankasi A.S. 278,543 1,396,872 0.80

27,149,025 15.60

PharmaceuticalsGenomma Lab Internacional S.A., “B” 447,700 1,022,189 0.59

Precious Metals & MineralsGold Fields Ltd. 104,316 1,210,049 0.70

Real EstateAsian Property Development PLC 2,568,300 813,898 0.47Brasil Brokers Participacoes 262,600 833,420 0.48Hang Lung Properties Ltd. 445,000 1,678,347 0.96Macquarie Mexico Real Estate S.A. de C.V., REIT 377,500 883,583 0.51

4,209,248 2.42

RestaurantsAjisen China Holdings Ltd. 924,000 706,517 0.41Arcos Dorados Holdings, Inc. 42,050 577,767 0.33

1,284,284 0.74

Specialty ChemicalsChugoku Marine Paints Ltd. 144,000 759,014 0.43Formosa Plastics Corp. 249,000 676,335 0.39Mexichem S.A.B de C.V. 110,200 623,345 0.36

2,058,694 1.18

Specialty StoresM.Video 140,310 1,239,003 0.71

Telecommunications – WirelessAmerica Movil S.A.B. de C.V., “L”, ADR 88,284 2,221,225 1.28China Mobile Ltd. 85,500 939,845 0.54Mobile TeleSystems OJSC, ADR 116,357 2,287,579 1.31MTN Group Ltd. 56,929 1,114,402 0.64


MarketValue ($)

NetAssets (%)

Telecommunications – Wireless, continuedTIM Participacoes S.A., ADR 41,957 923,054 0.53Turkcell Iletisim Hizmetleri A.S. 159,600 993,672 0.57

8,479,777 4.87

Telephone ServicesChina Unicom (Hong Kong) Ltd. 1,662,000 2,670,207 1.53Empresa Nacional de Telecomunicaciones S.A. 16,405 356,782 0.21PT XL Axiata Tbk 1,719,000 882,444 0.51

3,909,433 2.25

Utilities – Electric PowerEnergias do Brasil S.A. 110,900 678,872 0.39Terna Participacoes S.A., IEU 56,789 670,169 0.38Tractebel Energia S.A. 19,300 342,997 0.20

1,692,038 0.97

Utilities – WaterAguas Andinas S.A. 1,736,258 1,285,671 0.74






NET ASSETS 174,022,758 100.00


MFS Meridian Funds – European Concentrated Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

AerospaceCobham PLC 19,021 47,035 2.03Meggitt PLC 13,228 67,213 2.91

114,248 4.94

Alcoholic BeveragesHeineken N.V. 1,377 71,315 3.08Pernod Ricard S.A. 844 77,817 3.37

149,132 6.45

Apparel ManufacturersLVMH Moet Hennessy Louis Vuitton S.A. 698 96,917 4.19

AutomotiveD’Ieteren S.A. 2,510 81,801 3.54

BroadcastingPublicis Groupe S.A. 2,357 113,737 4.92

Brokerage & Asset ManagersIG Group Holdings PLC 10,284 53,575 2.32


MarketValue (€)

NetAssets (%)

Business ServicesAmadeus IT Holding S.A. 4,166 76,967 3.33MITIE Group PLC 16,112 53,053 2.29

130,020 5.62

Computer SoftwareSAP AG 1,124 67,822 2.93

Electrical EquipmentSchneider Electric S.A. 1,985 111,358 4.81

Energy – IndependentCairn Energy PLC 13,646 45,746 1.98

Energy – IntegratedBP PLC 10,637 57,992 2.51

Food & BeveragesGroupe Danone 2,122 108,307 4.68Nestle S.A. 2,251 116,406 5.03

224,713 9.71



MFS Meridian Funds – European Concentrated Fund,continued


MarketValue (€)

NetAssets (%)

InsuranceHiscox Ltd. 9,586 53,074 2.29ING Groep N.V. 5,826 43,398 1.88

96,472 4.17

Machinery & ToolsSchindler Holding AG 488 53,315 2.30

Network & TelecomEricsson, Inc., “B” 7,471 64,042 2.77

Other Banks & Diversified FinancialsJulius Baer Group Ltd. 2,861 86,247 3.73Komercni Banka A.S. 349 51,923 2.24UBS AG 6,117 78,117 3.38

216,287 9.35

PharmaceuticalsBayer AG 1,526 110,910 4.79Roche Holding AG 783 127,620 5.52Sanofi 881 63,309 2.74

301,839 13.05


MarketValue (€)

NetAssets (%)

Real EstateDeutsche Wohnen AG 5,686 80,627 3.49

Specialty ChemicalsAkzo Nobel N.V. 2,522 127,084 5.49

Utilities – Electric PowerFortum Corp. 2,106 29,084 1.26




NET ASSETS 2,312,935 100.00


MFS Meridian Funds – European Core Equity Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

AerospaceMeggitt PLC 31,562 160,369 1.13

Alcoholic BeveragesCarlsberg A.S., “B” 2,307 181,821 1.28Diageo PLC 14,113 309,422 2.19Heineken Holding N.V. 7,636 332,357 2.35Pernod Ricard S.A. 2,750 253,550 1.79

1,077,150 7.61

Apparel ManufacturersBurberry Group PLC 7,154 113,396 0.80Compagnie Financiere Richemont S.A. 4,281 259,320 1.83LVMH Moet Hennessy Louis Vuitton S.A. 2,746 381,282 2.70Swatch Group Ltd. 546 220,668 1.56

974,666 6.89

AutomotiveD’Ieteren S.A. 7,870 256,483 1.81Delphi Automotive PLC 9,080 258,530 1.83

515,013 3.64

BroadcastingWPP PLC 23,471 271,826 1.92

Brokerage & Asset ManagersAberdeen Asset Management PLC 24,779 116,469 0.82Deutsche Boerse AG 2,349 113,821 0.80ICAP PLC 18,225 69,441 0.49IG Group Holdings PLC 35,758 186,284 1.32Rathbone Brothers PLC 4,828 75,850 0.54

561,865 3.97


MarketValue (€)

NetAssets (%)

Business ServicesAmadeus IT Holding S.A. 11,013 203,465 1.44Brenntag AG 1,965 206,227 1.46Compass Group PLC 22,870 204,092 1.44Experian Group Ltd. 9,346 118,010 0.83Hays PLC 234,999 244,300 1.73Intertek Group PLC 4,423 160,622 1.13Michael Page International PLC 28,271 134,467 0.95MITIE Group PLC 30,313 99,814 0.71

1,370,997 9.69

ChemicalsWacker Chemie AG 883 46,305 0.33

Computer SoftwareDassault Systems S.A. 1,752 143,454 1.01

Consumer ProductsBeiersdorf AG 3,248 209,983 1.48Reckitt Benckiser Group PLC 8,403 412,437 2.92Svenska Cellulosa Aktiebolaget 13,176 235,354 1.66

857,774 6.06

Electrical EquipmentLegrand S.A. 6,335 211,747 1.50Schneider Electric S.A. 5,212 292,393 2.06

504,140 3.56

ElectronicsASM International N.V. 2,513 73,782 0.52Infineon Technologies AG 22,877 152,018 1.08

225,800 1.60

Food & BeveragesBritvic PLC 19,150 100,390 0.71Coca-Cola Hellenic Bottling Co. S.A. 9,862 188,857 1.34



MFS Meridian Funds – European Core Equity Fund,continued


MarketValue (€)

NetAssets (%)

Food & Beverages, continuedGroupe Danone 7,542 384,944 2.72Nestle S.A. 7,037 363,904 2.57

1,038,095 7.34

Food & Drug StoresTesco PLC 43,913 182,758 1.29

InsuranceAmlin PLC 22,046 98,781 0.70Beazley Group PLC 74,798 160,322 1.13Euler Hermes 1,153 75,810 0.53Hiscox Ltd. 35,024 193,915 1.37ING Groep N.V. 29,492 219,686 1.55Jardine Lloyd Thompson Group PLC 9,045 82,936 0.59

831,450 5.87

Machinery & ToolsSartorius AG, IPS 948 71,669 0.51

Major BanksBNP Paribas 4,732 218,666 1.54Standard Chartered PLC 10,313 202,076 1.43

420,742 2.97

Medical EquipmentSmith & Nephew PLC 10,821 91,827 0.65Sonova Holding AG 1,438 122,542 0.86

214,369 1.51

Oil ServicesSaipem S.p.A. 7,020 146,718 1.04

Other Banks & Diversified FinancialsErste Group Bank AG 8,560 212,160 1.50Julius Baer Group Ltd. 7,357 221,782 1.57Jyske Bank A.S. 4,427 106,214 0.75Komercni Banka A.S. 612 91,052 0.64Raiffeisen International Bank Holding AG 2,332 77,084 0.55Sberbank of Russia, ADR 6,663 72,381 0.51UBS AG 15,554 198,631 1.40

979,304 6.92


MarketValue (€)

NetAssets (%)

PharmaceuticalsBayer AG 3,989 289,921 2.05Merck KGaA 1,395 142,918 1.01

432,839 3.06

Railroad & ShippingKuehne & Nagel, Inc. AG 1,360 117,656 0.83

Real EstateDeutsche Wohnen AG 10,011 141,956 1.00GSW Immobilien AG 3,507 110,225 0.78TAG Immobilien AG 11,410 101,948 0.72

354,129 2.50

Specialty ChemicalsAkzo Nobel N.V. 9,488 478,100 3.38Croda International PLC 6,650 188,287 1.33L’Air Liquide S.A. 2,278 214,451 1.51Linde AG 2,906 390,566 2.76Symrise AG 9,494 247,366 1.75

1,518,770 10.73

Specialty StoresHennes & Mauritz AB, “B” 2,040 55,344 0.39Industria de Diseno Textil S.A. 1,418 146,338 1.04

201,682 1.43

TruckingDSV A.S. 7,673 145,012 1.02

Utilities – Electric PowerFortum Corp. 7,389 102,042 0.72Red Electrica de Espana 3,215 131,847 0.93

233,889 1.65




NET ASSETS 14,152,608 100.00


MFS Meridian Funds – European Research Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

Alcoholic BeveragesHeineken N.V. 221,497 11,471,330 1.92Pernod Ricard S.A. 70,390 6,489,958 1.08

17,961,288 3.00

Apparel ManufacturersCompagnie Financiere Richemont S.A. 85,634 5,187,244 0.87LVMH Moet Hennessy Louis Vuitton S.A. 81,016 11,249,072 1.88

16,436,316 2.75

AutomotiveD’Ieteren S.A. 164,173 5,350,398 0.89GKN PLC 1,018,315 2,864,216 0.48

8,214,614 1.37


MarketValue (€)

NetAssets (%)

BroadcastingPublicis Groupe S.A. 193,896 9,356,451 1.56

Brokerage & Asset ManagersIG Group Holdings PLC 970,946 5,058,212 0.85

Business ServicesAdecco S.A. 90,290 3,821,554 0.64Amadeus IT Holding S.A. 391,965 7,241,553 1.21Brenntag AG 48,350 5,074,332 0.85Compass Group PLC 826,815 7,378,512 1.23Experian Group Ltd. 269,220 3,399,383 0.57MITIE Group PLC 1,113,460 3,666,374 0.61

30,581,708 5.11



MFS Meridian Funds – European Research Fund,continued


MarketValue (€)

NetAssets (%)

Cable TVVirgin Media, Inc. 107,340 3,113,949 0.52Ziggo N.V. 120,040 2,820,340 0.47

5,934,289 0.99

Computer SoftwareDassault Systems S.A. 45,286 3,708,018 0.62Fidessa Group PLC 171,468 3,082,399 0.51

6,790,417 1.13

ConstructionBellway PLC 356,817 4,626,319 0.77Buzzi Unicem S.p.A. 362,753 3,888,712 0.65

8,515,031 1.42

Consumer ProductsReckitt Benckiser Group PLC 213,573 10,482,612 1.75

Electrical EquipmentIMI PLC 234,267 3,201,578 0.54Legrand S.A. 235,843 7,883,052 1.32Pfeiffer Vacuum Technology AG 57,013 5,235,504 0.87Schneider Electric S.A. 116,685 6,546,029 1.09Siemens AG (l) 136,023 10,996,099 1.84

33,862,262 5.66

ElectronicsASM International N.V. 112,434 3,301,062 0.55Infineon Technologies AG 1,047,354 6,959,667 1.16

10,260,729 1.71

Energy – IndependentBankers Petroleum Ltd. 470,503 1,066,585 0.18Cairn Energy PLC 653,484 2,190,705 0.36

3,257,290 0.54

Energy – IntegratedBG Group PLC 481,807 6,303,159 1.05BP PLC 2,452,580 13,371,330 2.23Royal Dutch Shell PLC, “A” 854,516 22,368,103 3.74

42,042,592 7.02

Food & BeveragesGroupe Danone 359,721 18,360,160 3.07Nestle S.A. 486,375 25,151,897 4.20Tate & Lyle PLC 360,240 3,418,869 0.57

46,930,926 7.84

Food & Drug StoresJeronimo Martins SGPS S.A. 410,552 6,427,192 1.07

Gaming & LodgingBetfair Group PLC (l) 295,310 2,295,585 0.38Paddy Power PLC 50,359 3,049,237 0.51

5,344,822 0.89

General MerchandiseBim Birlesik Magazalar A.S. 80,623 2,878,148 0.48

InsuranceDelta Lloyd N.V. 479,810 6,952,447 1.16Hiscox Ltd. 1,079,711 5,977,960 1.00ING Groep N.V. 789,462 5,880,702 0.98Swiss Re Ltd. 125,423 6,876,780 1.15Zurich Insurance Group AG 47,428 10,048,543 1.68

35,736,432 5.97


MarketValue (€)

NetAssets (%)

Machinery & ToolsAtlas Copco AB, “A” 364,497 7,655,003 1.28Schindler Holding AG 36,129 3,947,193 0.66

11,602,196 1.94

Major BanksBarclays PLC 3,492,071 12,277,690 2.05BNP Paribas 199,274 9,208,452 1.54HSBC Holdings PLC 1,878,644 15,727,113 2.63

37,213,255 6.22

Medical EquipmentSonova Holding AG 39,766 3,388,745 0.57

Metals & MiningRio Tinto Ltd. 272,840 11,345,539 1.90

Natural Gas – DistributionGDF SUEZ 465,544 7,034,370 1.18

Network & TelecomEricsson, Inc., “B” 1,468,813 12,590,757 2.10

Other Banks & Diversified FinancialsErste Group Bank AG 187,479 4,646,667 0.77Julius Baer Group Ltd. 102,616 3,093,428 0.52Jyske Bank A.S. 202,276 4,853,078 0.81KBC Group N.V. 177,644 5,157,894 0.86Sydbank A.S. 103,437 1,502,883 0.25UBS AG 590,373 7,539,319 1.26

26,793,269 4.47

PharmaceuticalsBayer AG 155,413 11,295,417 1.89GlaxoSmithKline PLC 649,261 10,962,372 1.83Novartis AG 355,704 17,847,570 2.98Roche Holding AG 106,029 17,281,554 2.88

57,386,913 9.58

Railroad & ShippingKuehne & Nagel, Inc. AG 47,860 4,140,464 0.69

Real EstateGSW Immobilien AG 115,314 3,624,319 0.61

RestaurantsDomino’s Pizza UK & IRL PLC 969,487 5,826,322 0.97Whitbread PLC 205,735 6,176,016 1.03

12,002,338 2.00

Specialty ChemicalsAkzo Nobel N.V. 328,633 16,559,817 2.76Croda International PLC 193,897 5,489,981 0.92Fuchs Petrolub AG, IPS 50,149 2,828,404 0.47Linde AG 133,984 18,007,450 3.01Sika AG 1,914 3,556,415 0.59Symrise AG 307,384 8,008,890 1.34

54,450,957 9.09

Specialty StoresEsprit Holdings Ltd. 2,455,572 2,513,802 0.42Industria de Diseno Textil S.A. 52,066 5,373,211 0.90

7,887,013 1.32

Telecommunications – WirelessVodafone Group PLC 7,161,781 14,396,901 2.40

Telephone ServicesBT Group PLC 2,390,750 6,942,284 1.16TDC A.S. 1,083,904 6,109,093 1.02



MFS Meridian Funds – European Research Fund,continued


MarketValue (€)

NetAssets (%)

Telephone Services, continuedTelecom Italia S.p.A. 7,413,601 4,670,569 0.78

17,721,946 2.96

Utilities – Electric PowerCEZ A.S. 28,212 672,909 0.11Fortum Corp. 174,939 2,415,908 0.41

3,088,817 0.52

Utilities – WaterSUEZ Environnement 355,020 3,461,800 0.58




NET ASSETS 598,774,307 100.00


MFS Meridian Funds – European Smaller Companies Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

AerospaceKongsberg Gruppen A.S.A. 36,908 654,315 0.26Saab AB 76,750 1,222,460 0.50

1,876,775 0.76

AirlinesHamburger Hafen und Logistik AG 66,770 1,215,548 0.50Stagecoach Group PLC 2,450,306 8,760,941 3.57Vopak 84,010 4,224,863 1.72

14,201,352 5.79

Alcoholic BeveragesCarlsberg A.S., “B” 60,316 4,753,678 1.94

Apparel ManufacturersBurberry Group PLC 75,831 1,201,970 0.49Gerry Weber International AG 170,745 6,116,086 2.49Hugo Boss AG 12,750 1,105,297 0.45

8,423,353 3.43

AutomotiveD’Ieteren S.A. 61,540 2,005,589 0.82Pirelli & C. S.p.A. 217,406 1,964,263 0.80

3,969,852 1.62

BiotechnologyAbcam PLC 96,620 439,584 0.18

BroadcastingHavas S.A. 228,311 1,101,829 0.45M&C Saatchi PLC 303,600 709,249 0.29Rightmove PLC 37,245 729,137 0.30

2,540,215 1.04

Brokerage & Asset ManagersAberdeen Asset Management PLC 546,348 2,567,997 1.04Hargreaves Lansdown PLC 303,270 2,447,793 1.00


MarketValue (€)

NetAssets (%)

Brokerage & Asset Managers, continuedICAP PLC 76,881 292,934 0.12IG Group Holdings PLC 276,983 1,442,963 0.59Rathbone Brothers PLC 184,102 2,892,330 1.18Schroders PLC 246,980 4,540,813 1.85

14,184,830 5.78

Business ServicesAmadeus Fire AG 17,664 742,065 0.30Amadeus IT Holding S.A. 332,098 6,135,510 2.50Amsterdam Commodities N.V. 279 4,093 0.00Brenntag AG 11,590 1,216,370 0.50Brunel International N.V. 17,540 691,778 0.28Bunzl PLC 965,221 12,773,908 5.21Compass Group PLC 435,770 3,888,820 1.59CTS Eventim AG 11,253 296,179 0.12Diploma PLC 376,644 2,450,492 1.00DKSH Holding Ltd. 21,430 1,238,281 0.50Edenred 61,497 1,451,944 0.59Intertek Group PLC 32,518 1,180,896 0.48LSL Property Services PLC 138,868 479,727 0.20MITIE Group PLC 863,539 2,843,440 1.16Ricardo PLC 172,260 820,941 0.33Sodexo 44,581 2,923,622 1.19Wolseley PLC 32,154 1,106,082 0.45

40,244,148 16.40

Cable TVKabel Deutschland Holding AG 13,466 804,189 0.33Virgin Media, Inc. 38,670 1,121,822 0.46Ziggo N.V. 142,290 3,343,103 1.36

5,269,114 2.15



MFS Meridian Funds – European Smaller Companies Fund,continued


MarketValue (€)

NetAssets (%)

ChemicalsJohnson Matthey PLC 53,020 1,402,733 0.57Victrex PLC 39,889 714,736 0.29

2,117,469 0.86

ConglomeratesDCC PLC 76,285 1,838,469 0.75

ConstructionBellway PLC 260,116 3,372,540 1.37Bovis Homes Group PLC 190,822 1,334,012 0.54Buzzi Unicem S.p.A. 124,978 1,339,764 0.55Geberit AG 5,404 930,648 0.38

6,976,964 2.84

Consumer ProductsChristian Dior S.A. 13,891 1,787,772 0.73Henkel AG & Co. KGaA 44,260 2,419,694 0.98

4,207,466 1.71

Consumer ServicesDignity PLC 363,597 4,960,555 2.02

ContainersMayr-Melnhof Karton AG 29,056 2,536,589 1.04Viscofan S.A. 72,707 2,800,674 1.14

5,337,263 2.18

Electrical EquipmentDomino Printing Sciences PLC 120,324 925,497 0.38IMI PLC 63,050 861,664 0.35Legrand S.A. 19,013 635,510 0.26Pfeiffer Vacuum Technology AG 5,640 517,921 0.21Spectris PLC 70,092 1,812,647 0.74

4,753,239 1.94

Electronicsams AG 18,270 1,657,459 0.68ASM International N.V. 37,376 1,097,359 0.45Halma PLC 106,366 572,012 0.23Infineon Technologies AG 207,051 1,375,854 0.56

4,702,684 1.92

Energy – IndependentCairn Energy PLC 330,820 1,109,023 0.45Tullow Oil PLC 50,599 672,591 0.28

1,781,614 0.73

Engineering – ConstructionBilfinger SE 19,650 1,465,104 0.60

Food & BeveragesBooker Group PLC 2,164,080 2,659,232 1.08Britvic PLC 183,840 963,740 0.39Chr. Hansen Holding A/S 77,912 2,031,159 0.83Cranswick PLC 166,910 1,871,633 0.76D.E. Master Blenders 1753 N.V. 74,230 674,454 0.28Devro PLC 1,010,109 4,023,368 1.64Kerry Group PLC 24,556 949,089 0.39Tate & Lyle PLC 167,920 1,593,650 0.65

14,766,325 6.02

Food & Drug StoresWilliam Morrison Supermarkets PLC 678,844 1,990,265 0.81

Furniture & AppliancesSEB S.A. 13,960 822,104 0.33

General MerchandiseBim Birlesik Magazalar A.S. 23,782 848,990 0.35


MarketValue (€)

NetAssets (%)

InsuranceAdmiral Group PLC 47,873 683,887 0.28Jardine Lloyd Thompson Group PLC 464,990 4,263,639 1.74Storebrand A.S.A. 292,733 1,105,415 0.45

6,052,941 2.47

InternetReply S.p.A. 135,858 3,266,026 1.33

Machinery & ToolsBelimo Holding AG 981 1,436,171 0.58Burckhardt Compression Holding AG 6,198 1,612,617 0.66ElringKlinger AG 67,559 1,758,899 0.72Neopost S.A. 21,936 921,312 0.38Rotork PLC 22,502 695,732 0.28Sartorius AG, IPS 47,349 3,579,584 1.46Spirax-Sarco Engineering PLC 51,367 1,354,800 0.55

11,359,115 4.63

Medical EquipmentSartorius Stedim Biotech 10,013 898,266 0.37Sonova Holding AG 38,775 3,304,295 1.35William Demant Holding A/S 11,121 718,325 0.29

4,920,886 2.01

Natural Gas – DistributionRubis 19,520 1,041,392 0.42

Oil ServicesAMEC PLC 204,410 2,581,041 1.05Core Laboratories N.V. 16,750 1,574,583 0.64John Wood Group PLC 168,415 1,585,561 0.65Saipem S.p.A. 33,541 701,007 0.29

6,442,192 2.63

Other Banks & Diversified FinancialsJulius Baer Group Ltd. 22,246 670,620 0.27Jyske Bank A.S. 46,572 1,117,372 0.46Sydbank A.S. 33,297 483,787 0.20

2,271,779 0.93

PharmaceuticalsVirbac 13,905 2,294,325 0.93

Printing & PublishingDe La Rue PLC 110,896 1,168,394 0.48Euromoney Institutional Investor PLC 76,380 794,030 0.32

1,962,424 0.80

Real EstateShaftesbury PLC, REIT 98,256 634,101 0.26TAG Immobilien AG 104,130 930,402 0.38

1,564,503 0.64

RestaurantsDomino’s Pizza UK & IRL PLC 281,152 1,689,638 0.69Restaurant Group PLC 321,610 1,414,741 0.57Whitbread PLC 29,157 875,272 0.36

3,979,651 1.62

Specialty ChemicalsCroda International PLC 435,602 12,333,592 5.03Elementis PLC 647,802 1,598,098 0.65Fuchs Petrolub AG 36,206 1,888,143 0.77Sika AG 346 642,905 0.26Symrise AG 220,881 5,755,054 2.34

22,217,792 9.05



MFS Meridian Funds – European Smaller Companies Fund,continued


MarketValue (€)

NetAssets (%)

Specialty StoresDelticom AG 9,810 347,912 0.14Howden Joinery Group PLC 420,463 921,357 0.37NEXT PLC 32,502 1,540,598 0.63

2,809,867 1.14

Telephone ServicesBezeq – The Israel TelecommunicationCorp. Ltd. 1,035,260 894,840 0.36

TobaccoSwedish Match AB 57,319 1,584,246 0.65

TruckingDSV A.S. 69,323 1,310,136 0.53




NET ASSETS 245,359,073 100.00


MFS Meridian Funds – European Value Fund(Expressed in Euros)


MarketValue (€)

NetAssets (%)

COMMON STOCKS

AerospaceCobham PLC 4,042,050 9,995,157 0.95Ultra Electronics Holdings PLC 239,190 4,595,958 0.43

14,591,115 1.38

Alcoholic BeveragesHeineken N.V. 788,273 40,824,659 3.87

Brokerage & Asset ManagersIG Group Holdings PLC 820,555 4,274,740 0.41

Business ServicesAmadeus IT Holding S.A. 960,598 17,747,048 1.68Brenntag AG 104,200 10,935,790 1.04Bunzl PLC 1,528,198 20,224,446 1.92Compass Group PLC 2,530,439 22,581,685 2.14

71,488,969 6.78

ChemicalsGivaudan S.A. 18,904 15,482,207 1.47

Computer SoftwareDassault Systems S.A. 178,366 14,604,608 1.39Fidessa Group PLC 273,399 4,914,764 0.47SAP AG 231,496 13,968,469 1.32

33,487,841 3.18

ConstructionGeberit AG 56,300 9,695,689 0.92

Consumer ProductsBeiersdorf AG 147,620 9,543,633 0.90Henkel KGaA, IPS 407,309 26,487,304 2.51Reckitt Benckiser Group PLC 660,956 32,441,110 3.08

68,472,047 6.49


MarketValue (€)

NetAssets (%)

Electrical EquipmentLegrand S.A. 712,869 23,827,646 2.26Spectris PLC 294,755 7,622,649 0.72

31,450,295 2.98

ElectronicsASM International N.V. 184,973 5,430,807 0.51Halma PLC 2,621,767 14,099,266 1.34

19,530,073 1.85

Energy – IndependentCairn Energy PLC 2,556,589 8,570,574 0.81

Energy – IntegratedBP PLC 3,656,358 19,934,261 1.89Royal Dutch Shell PLC, “A” 1,043,636 27,318,573 2.59

47,252,834 4.48

Food & BeveragesGroupe Danone 856,608 43,721,272 4.15Nestle S.A. 750,077 38,788,712 3.68

82,509,984 7.83

Gaming & LodgingBetfair Group PLC (l) 467,740 3,635,965 0.34

InsuranceAmlin PLC 1,337,031 5,990,833 0.57Beazley Group PLC 3,336,663 7,151,803 0.68Catlin Group Ltd. 1,210,605 7,388,493 0.70Delta Lloyd N.V. 670,740 9,719,023 0.92Euler Hermes 71,677 4,712,763 0.45Hiscox Ltd. 2,164,651 11,984,870 1.14ING Groep N.V. 1,345,978 10,026,190 0.95Jardine Lloyd Thompson Group PLC 961,246 8,813,965 0.83



MFS Meridian Funds – European Value Fund, continued


MarketValue (€)

NetAssets (%)

Insurance, continuedSwiss Re Ltd. 232,261 12,734,569 1.21Zurich Insurance Group AG 58,202 12,331,224 1.17

90,853,733 8.62

Machinery & ToolsNeopost S.A. 304,320 12,781,440 1.21Schindler Holding AG 40,163 4,387,919 0.42

17,169,359 1.63

Major BanksBank of Ireland 34,053,750 4,869,686 0.46HSBC Holdings PLC 3,980,697 33,324,499 3.16

38,194,185 3.62

Network & TelecomEricsson, Inc., “B” 2,985,701 25,593,617 2.43Nokia Oyj (l) 3,729,861 10,749,459 1.02

36,343,076 3.45

Other Banks & Diversified FinancialsAnglo Irish Bank Corp. PLC 496,540 0 0.00DnB NOR A.S.A. 1,311,329 13,506,589 1.28Julius Baer Group Ltd. 488,138 14,715,247 1.40Jyske Bank A.S. 194,641 4,669,897 0.44Sydbank A.S. 290,458 4,220,195 0.40UBS AG 399,943 5,107,446 0.49UniCredit S.p.A. 2,282,289 10,854,566 1.03Unione di Banche Italiane S.c.p.A. 771,697 2,967,947 0.28

56,041,887 5.32

PharmaceuticalsBayer AG 331,080 24,062,894 2.28GlaxoSmithKline PLC 1,596,119 26,949,485 2.56Roche Holding AG 188,559 30,733,030 2.91

81,745,409 7.75


MarketValue (€)

NetAssets (%)

Printing & PublishingPearson PLC 881,270 12,290,808 1.17United Business Media Ltd. 913,603 8,024,952 0.76

20,315,760 1.93

Real EstateDeutsche Wohnen AG 1,828,698 25,930,938 2.46GSW Immobilien AG 718,458 22,581,135 2.14TAG Immobilien AG 1,740,244 15,549,080 1.48

64,061,153 6.08

Specialty ChemicalsSymrise AG 415,486 10,825,488 1.03

Specialty StoresEsprit Holdings Ltd. 6,406,429 6,558,348 0.62


Telephone ServicesDeutsche Telekom AG 1,181,230 10,694,856 1.02TDC A.S. 1,743,304 9,825,599 0.93Telecom Italia S.p.A. 15,116,339 9,523,294 0.90

30,043,749 2.85

TobaccoBritish American Tobacco PLC 624,124 23,933,646 2.27Imperial Tobacco Group PLC 498,542 13,655,629 1.30

37,589,275 3.57


Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, €828,176,560) (k) 964,615,132 91.50


NET ASSETS 1,054,262,692 100.00


MFS Meridian Funds – Global Bond Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

Asset-Backed & SecuritizedCommercial Mortgage Pass-ThroughCertificates, “A3”5.293%, 11/12/2049 USD 42,509 44,003 0.10Commercial Mortgage Pass-ThroughCertificates, “A4”5.306%, 10/12/2046 42,509 48,273 0.11JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.812%, 15/06/2049 73,509 78,750 0.18

171,026 0.39

AutomotiveAutomotores Gildemeister S.A.8.25%, 24/05/2021 USD 100,000 111,000 0.25

BuildingCEMEX S.A.B. de C.V.9.25%, 12/05/2020 USD 70,000 75,250 0.17


MarketValue ($)

NetAssets (%)

Emerging Market Quasi-SovereignBanco do Brasil (Cayman), FRN6.25%, 31/01/2049 USD 200,000 198,500 0.45Banco do Estado Rio Grande do Sul S.A.7.375%, 2/02/2022 200,000 220,000 0.50Empresa de Telecomunicaciones de Bogota7%, 17/01/2023 COP 96,000,000 56,235 0.13Gaz Capital S.A.9.25%, 23/04/2019 USD 200,000 260,750 0.59Gazprombank OJSC7.875%, 25/07/2016 RUB 5,000,000 165,767 0.37Petroleos de Venezuela S.A.8.5%, 2/11/2017 USD 85,000 83,300 0.19Petroleos Mexicanos7.65%, 24/11/2021 MXN 1,204,500 105,628 0.24

1,090,180 2.47

Emerging Market SovereignCredit Suisse (Russian Federation, CLN)7.6%, 14/04/2021 RUB 4,481,000 159,833 0.36



MFS Meridian Funds – Global Bond Fund, continued


MarketValue ($)

NetAssets (%)

Emerging Market Sovereign, continuedCredit Suisse (Russian Federation, CLN)8.15%, 3/02/2027 RUB 5,000,000 184,868 0.42Credit Suisse (Russian Federation, CLN)8.15%, 3/02/2027 10,000,000 369,735 0.84Deutsche Bank AG7.35%, 22/01/2016 5,000,000 172,885 0.39Deutsche Bank AG7.5%, 19/03/2018 40,474,000 1,430,022 3.24Deutsche Bank AG8.15%, 5/02/2027 5,000,000 184,868 0.42Deutsche Bank AG (Russian Federation, CLN)8.15%, 5/02/2027 6,000,000 221,841 0.50Federal Republic of Nigeria7%, 23/10/2019 NGN 47,548,000 245,592 0.56Federal Republic of Nigeria16.39%, 27/01/2022 68,853,000 563,661 1.28Federative Republic of Brazil10%, 1/01/2017 BRL 812,000 423,524 0.96Government of Malaysia4.262%, 15/09/2016 MYR 179,000 59,763 0.14Government of Malaysia4.012%, 15/09/2017 272,000 90,444 0.20Government of Malaysia4.378%, 29/11/2019 415,000 141,146 0.32Government of Malaysia4.16%, 15/07/2021 1,257,000 421,886 0.96Government of Malaysia4.392%, 15/04/2026 339,000 117,373 0.27Government of Malaysia4.498%, 15/04/2030 291,000 101,438 0.23Government of Malaysia4.127%, 15/04/2032 495,000 163,735 0.37Government of Poland5.25%, 25/10/2017 PLN 1,046,000 365,586 0.83Government of Poland5.5%, 25/10/2019 539,000 194,653 0.44Government of Poland5.25%, 25/10/2020 1,029,000 368,199 0.83Government of Poland5.75%, 25/10/2021 280,000 103,460 0.23Government of Poland5.75%, 23/09/2022 1,595,000 594,075 1.35Ivory Coast5.75%, 31/12/2032 USD 100,000 95,500 0.22Kingdom of Thailand4.125%, 18/11/2016 THB 3,556,000 123,625 0.28Kingdom of Thailand3.65%, 17/12/2021 14,079,000 475,274 1.08Kingdom of Thailand3.58%, 17/12/2027 3,358,000 106,873 0.24Notas do Tesouro Nacional10%, 1/01/2021 BRL 818,000 423,456 0.96Republic of Hungary8%, 12/02/2015 HUF 33,820,000 165,239 0.37Republic of Hungary7.75%, 24/08/2015 12,930,000 63,294 0.14Republic of Hungary5.5%, 12/02/2016 81,090,000 377,096 0.85Republic of Hungary6.75%, 24/02/2017 49,220,000 236,828 0.54Republic of Hungary6.75%, 24/11/2017 25,900,000 125,056 0.28Republic of Hungary7.5%, 12/11/2020 22,430,000 113,549 0.26


MarketValue ($)

NetAssets (%)

Emerging Market Sovereign, continuedRepublic of Hungary6%, 24/11/2023 HUF 24,120,000 108,117 0.25Republic of Indonesia7%, 15/05/2022 IDR 2,812,000,000 324,303 0.73Republic of Indonesia8.375%, 15/09/2026 2,961,000,000 365,841 0.83Republic of Indonesia7%, 15/05/2027 2,000,000,000 221,044 0.50Republic of Indonesia9.5%, 15/07/2031 150,000,000 20,503 0.05Republic of Indonesia8.25%, 15/06/2032 6,097,000,000 745,386 1.69Republic of Indonesia6.625%, 15/05/2033 400,000,000 42,469 0.10Republic of Peru6.95%, 12/08/2031 PEN 248,000 121,088 0.27Republic of Peru6.9%, 12/08/2037 257,000 126,854 0.29Republic of Peru6.9%, 12/08/2037 300,000 148,079 0.34Republic of Philippines3.9%, 26/11/2022 PHP 12,000,000 317,070 0.72Republic of South Africa8.25%, 15/09/2017 ZAR 1,531,000 188,096 0.43Republic of South Africa8%, 21/12/2018 3,784,000 463,457 1.05Republic of South Africa7.25%, 15/01/2020 1,460,000 171,270 0.39Republic of South Africa6.75%, 31/03/2021 237,000 26,909 0.06Republic of South Africa5.5%, 7/12/2023 350,796 57,352 0.13Republic of South Africa10.5%, 21/12/2026 1,605,000 228,233 0.52Republic of South Africa7%, 28/02/2031 1,578,000 161,450 0.37Republic of South Africa6.25%, 31/03/2036 1,242,000 110,974 0.25Republic of Turkey10%, 17/06/2015 TRY 500,000 309,026 0.70Repubic of Turkey0%, 11/09/2013 413,000 226,675 0.51Republic of Turkey9%, 27/01/2016 1,377,000 844,012 1.91Republic of Turkey10.5%, 15/01/2020 285,000 197,049 0.45Republic of Turkey9.5%, 12/01/2022 916,000 617,854 1.40Republic of Turkey3%, 23/02/2022 177,463 118,813 0.27Republic of Venezuela12.75%, 23/08/2022 USD 128,000 153,600 0.35Titulos de Tesoreria7.5%, 26/08/2026 COP 1,193,300,000 796,604 1.81United Mexican States7%, 19/06/2014 MXN 2,900,000 235,758 0.53United Mexican States8%, 17/12/2015 1,680,000 144,220 0.33United Mexican States7.25%, 15/12/2016 2,620,000 224,758 0.51United Mexican States7.75%, 14/12/2017 4,070,000 362,298 0.82United Mexican States8%, 11/06/2020 3,760,000 354,294 0.80





MarketValue ($)

NetAssets (%)

Emerging Market Sovereign, continuedUnited Mexican States8%, 7/12/2023 MXN 800,000 77,720 0.18United Mexican States8.5%, 31/05/2029 3,840,000 389,885 0.88United Mexican States7.75%, 29/05/2031 1,200,000 113,756 0.26United Mexican States10%, 20/11/2036 1,300,000 151,940 0.34United Mexican States8.5%, 18/11/2038 2,070,000 213,226 0.48United Mexican States7.75%, 13/11/2042 2,100,000 200,767 0.45

18,665,127 42.31

Energy – IntegratedPacific Rubiales Energy Corp.7.25%, 12/12/2021 USD 117,000 136,422 0.31

Food & BeveragesCopeinca S.A.C.9%, 10/02/2017 USD 100,000 105,500 0.24

IndustrialMarfrig Overseas Ltd.9.5%, 4/05/2020 USD 100,000 95,250 0.22

International Market Quasi-SovereignEksportfinans A.S.A.1.875%, 2/04/2013 USD 50,000 49,957 0.11

International Market SovereignCommonwealth of Australia5.75%, 15/05/2021 AUD 306,000 375,299 0.85Federal Republic of Germany3.75%, 4/01/2015 EUR 778,000 1,126,459 2.55Federal Republic of Germany4.25%, 4/07/2018 74,000 118,583 0.27Federal Republic of Germany3.25%, 4/07/2021 67,000 104,150 0.24Federal Republic of Germany6.25%, 4/01/2030 87,000 185,378 0.42Government of Canada4.5%, 1/06/2015 CAD 300,000 323,503 0.73Government of Canada3.25%, 1/06/2021 119,000 131,713 0.30Government of Canada5.75%, 1/06/2033 97,000 146,712 0.33Government of Japan1.7%, 20/03/2017 JPY 84,950,000 989,204 2.24Government of Japan1.1%, 20/06/2020 109,200,000 1,250,998 2.84Government of Japan2.1%, 20/09/2024 92,450,000 1,139,921 2.58Government of Japan2.2%, 20/09/2027 64,300,000 788,404 1.79Government of Japan2.4%, 20/03/2037 30,300,000 364,894 0.83Kingdom of Belgium4.25%, 28/09/2021 EUR 178,000 282,099 0.64Kingdom of Denmark3%, 15/11/2021 DKK 1,074,000 220,310 0.50Kingdom of Spain4%, 30/07/2015 EUR 245,000 342,141 0.78Kingdom of Spain5.5%, 30/07/2017 199,000 290,095 0.66Kingdom of Spain4.6%, 30/07/2019 200,000 276,649 0.63Kingdom of Sweden5%, 1/12/2020 SEK 1,040,000 201,102 0.46


MarketValue ($)

NetAssets (%)

International Market Sovereign, continuedKingdom of the Netherlands3.75%, 15/07/2014 EUR 244,000 347,802 0.79Kingdom of the Netherlands5.5%, 15/01/2028 66,000 125,737 0.28Republic of France6%, 25/10/2025 152,000 283,368 0.64Republic of France4.75%, 25/04/2035 130,000 225,077 0.51Republic of Iceland4.875%, 16/06/2016 USD 103,000 110,107 0.25Republic of Ireland5.5%, 18/10/2017 EUR 213,000 319,334 0.72Republic of Italy4.25%, 1/02/2015 200,000 284,520 0.64Republic of Italy5.25%, 1/08/2017 828,000 1,231,131 2.79Republic of Italy3.75%, 1/03/2021 360,000 488,756 1.11Republic of Portugal4.45%, 15/06/2018 103,000 133,294 0.30United Kingdom Treasury5%, 7/03/2018 GBP 65,000 123,061 0.28United Kingdom Treasury8%, 7/06/2021 179,000 421,835 0.96United Kingdom Treasury4.25%, 7/12/2027 187,000 355,169 0.80United Kingdom Treasury4.25%, 7/03/2036 176,000 328,152 0.74

13,434,957 30.45

Other Banks & Diversified FinancialsAkbank T.A.S.7.5%, 5/02/2018 TRY 300,000 172,281 0.39Banco de Credito del Peru, FRN6.125%, 24/04/2027 USD 45,000 49,838 0.11Bancolombia S.A.5.125%, 11/09/2022 52,000 53,820 0.12BBVA Banco Continental S.A.5%, 26/08/2022 19,000 20,425 0.05BBVA Bancomer S.A. de C.V.6.75%, 30/09/2022 150,000 174,750 0.40Citigroup, Inc.6.125%, 15/05/2018 22,000 26,205 0.06Halyk Savings Bank of Kazakhstan B.V.7.25%, 3/05/2017 100,000 110,750 0.25Industrial Senior Trust Co.5.5%, 1/11/2022 100,000 101,000 0.23

709,069 1.61

Precious Metals & MineralsIAMGOLD Corp.6.75%, 1/10/2020 USD 54,000 52,920 0.12

Specialty ChemicalsSIBUR Securities Ltd.3.914%, 31/01/2018 USD 200,000 199,033 0.45

U.S. Treasury ObligationsU.S. Treasury Bonds6.875%, 15/08/2025 USD 622,000 934,749 2.12U.S. Treasury Bonds5.25%, 15/02/2029 323,000 433,527 0.98U.S. Treasury Bonds4.5%, 15/08/2039 443,000 563,718 1.28U.S. Treasury Notes4.125%, 15/05/2015 (f) 1,846,000 2,005,793 4.55U.S. Treasury Notes4.75%, 15/08/2017 486,000 572,455 1.30





MarketValue ($)

NetAssets (%)

U.S. Treasury Obligations, continuedU.S. Treasury Notes3.5%, 15/05/2020 USD 1,294,000 1,480,518 3.35

5,990,760 13.58

TOTAL BONDS 40,886,451 92.68





of ContractsMarket

Value ($)Net

Assets (%)

PUT OPTIONS PURCHASEDU.S. Treasury Bond 30 year Futures –February 2013 @ $146(Premiums Paid, $3,481) USD 3 8,672 0.02

Par Amount


Total Investments(Identified cost $42,847,291) 43,265,821 98.07


NET ASSETS 44,115,152 100.00


MFS Meridian Funds – Global Concentrated Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceHoneywell International, Inc. 145,090 9,900,941 4.41United Technologies Corp. 93,950 8,227,202 3.66

18,128,143 8.07

Alcoholic BeveragesDiageo PLC 245,885 7,319,805 3.26Heineken N.V. 152,090 10,695,046 4.76

18,014,851 8.02

Apparel ManufacturersCompagnie Financiere Richemont S.A. 88,623 7,289,085 3.24LVMH Moet Hennessy Louis Vuitton S.A. 47,613 8,976,510 4.00

16,265,595 7.24

BroadcastingOmnicom Group, Inc. 152,780 8,292,898 3.69Walt Disney Co. 216,910 11,687,111 5.20

19,980,009 8.89

Business ServicesAccenture PLC, “A” 148,600 10,682,854 4.76

Chemicals3M Co. 64,770 6,512,624 2.90

Computer SoftwareOracle Corp. 250,900 8,909,459 3.97


Electrical EquipmentLegrand S.A. 181,129 8,220,448 3.66

Food & BeveragesGroupe Danone 121,488 8,419,381 3.75Nestle S.A. 141,978 9,969,116 4.44

18,388,497 8.19

Major BanksBank of New York Mellon Corp. 294,400 7,995,904 3.56


MarketValue ($)

NetAssets (%)

Medical EquipmentMedtronic, Inc. 155,220 7,233,252 3.22Thermo Fisher Scientific, Inc. 141,390 10,199,875 4.54Waters Corp. 83,020 7,602,141 3.39

25,035,268 11.15

Other Banks & Diversified FinancialsVisa, Inc., “A” 58,300 9,206,153 4.10

Railroad & ShippingCanadian National Railway Co. 90,770 8,683,058 3.86

Specialty ChemicalsAkzo Nobel N.V. 105,522 7,219,772 3.21Linde AG 60,139 10,974,672 4.89Praxair, Inc. 61,940 6,836,318 3.04

25,030,762 11.14

TruckingUnited Parcel Service, Inc., “B” 117,020 9,278,516 4.13






NET ASSETS 224,611,114 100.00




MFS Meridian Funds – Global Energy Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

Energy – IndependentAnadarko Petroleum Corp. 2,490 199,250 2.03Bankers Petroleum Ltd. 29,309 90,213 0.92Cabot Oil & Gas Corp. 6,890 363,654 3.70Cairn Energy PLC 34,949 159,082 1.62Cenovus Energy, Inc. 7,210 239,345 2.43CNOOC Ltd. 63,000 130,136 1.32Energy XXI (Bermuda) Ltd. 1,420 44,474 0.45EOG Resources, Inc. 2,640 329,947 3.36EQT Corp. 4,780 283,980 2.89INPEX Corp. 35 202,854 2.06MEG Energy Corp. 2,694 92,078 0.94Noble Energy, Inc. 2,030 218,814 2.23Occidental Petroleum Corp. 6,170 544,626 5.54Pioneer Natural Resources Co. 1,470 172,784 1.76Range Resources Corp. 1,860 124,936 1.27Reliance Industries Ltd., GDR 4,926 164,922 1.68SM Energy Co. 2,780 161,685 1.64

3,522,780 35.84

Energy – IntegratedBG Group PLC 9,399 166,956 1.70BP PLC 94,804 701,801 7.14Chevron Corp. 2,680 308,602 3.14Exxon Mobil Corp. 10,190 916,794 9.33OAO NOVATEK, GDR 500 58,550 0.59Royal Dutch Shell PLC, “A” 26,028 925,094 9.41Suncor Energy, Inc. 7,807 265,347 2.70

3,343,144 34.01

Natural Gas – DistributionGDF SUEZ 6,612 135,654 1.38

Natural Gas – PipelineKinder Morgan, Inc. 4,325 162,015 1.65

Oil ServicesCameron International Corp. 4,800 303,888 3.09Dockwise Ltd. 6,765 170,274 1.73Dresser-Rand Group, Inc. 6,530 398,657 4.06FMC Technologies, Inc. 2,260 107,011 1.09


MarketValue ($)

NetAssets (%)

Oil Services, continuedLamprell PLC 24,330 49,778 0.51Oceaneering International, Inc. 1,620 102,400 1.04Oil States International, Inc. 1,440 111,715 1.14Saipem S.p.A. 548 15,551 0.16Schlumberger Ltd. 4,700 366,835 3.73

1,626,109 16.55

Utilities – Electric PowerCEZ A.S. 866 28,046 0.29Edison International 5,840 281,430 2.86Energias do Brasil S.A. 15,900 97,331 0.99

406,807 4.14


CONVERTIBLE PREFERRED STOCKS

Energy – IndependentApache Corp. 6% 3,290 155,716 1.58

Utilities – Electric PowerPPL Corp. 9.5% 2,410 130,285 1.33

TOTAL CONVERTIBLE PREFERRED STOCKS 286,001 2.91

StrikePrice ($)

FirstExercise

Numberof Shares

MarketValue ($)

NetAssets (%)

WARRANTSKinder Morgan, Inc.(1 share for 1 warrant) 40 15/2/17 8,025 35,792 0.36

Shares/ParMarket

Value ($)Net

Assets (%)


TOTAL SHORT-TERM OBLIGATIONS 153,000 1.56



NET ASSETS 9,828,959 100.00


MFS Meridian Funds – Global Equity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceHoneywell International, Inc. 716,884 48,920,163 2.14United Technologies Corp. 473,354 41,451,610 1.81

90,371,773 3.95

Alcoholic BeveragesCarlsberg A.S., “B” 180,501 19,315,811 0.84Diageo PLC 1,862,967 55,459,077 2.43Heineken N.V. 836,995 58,857,914 2.58Pernod Ricard S.A. 230,838 28,898,435 1.26

162,531,237 7.11


MarketValue ($)

NetAssets (%)

Apparel ManufacturersBurberry Group PLC 563,593 12,129,660 0.53Compagnie Financiere Richemont S.A. 337,843 27,786,988 1.22LVMH Moet Hennessy Louis Vuitton S.A. 229,336 43,236,866 1.89NIKE, Inc., “B” 177,836 9,612,036 0.42

92,765,550 4.06

AutomotiveDelphi Automotive PLC 472,895 18,282,121 0.80Harley-Davidson, Inc. 84,063 4,406,582 0.19

22,688,703 0.99



MFS Meridian Funds – Global Equity Fund, continued


MarketValue ($)

NetAssets (%)

BroadcastingOmnicom Group, Inc. 533,246 28,944,593 1.27Viacom, Inc., “B” 173,694 10,482,433 0.46Walt Disney Co. 1,132,510 61,019,639 2.67WPP PLC 1,978,494 31,112,195 1.36

131,558,860 5.76

Brokerage & Asset ManagersDeutsche Boerse AG 209,872 13,807,950 0.60

Business ServicesAccenture PLC, “A” 627,346 45,099,904 1.97Adecco S.A. 245,392 14,102,524 0.62Brenntag AG 72,103 10,274,764 0.45Compass Group PLC 2,239,056 27,130,732 1.19

96,607,924 4.23

Chemicals3M Co. 384,381 38,649,510 1.69

Computer SoftwareAutodesk, Inc. 245,557 9,547,256 0.42Check Point Software Technologies Ltd. 171,720 8,586,000 0.37Dassault Systems S.A. 65,885 7,324,879 0.32Oracle Corp. 1,317,064 46,768,943 2.05

72,227,078 3.16

Computer Software – SystemsCanon, Inc. 482,200 17,744,032 0.78

ConstructionSherwin-Williams Co. 17,960 2,912,034 0.13

Consumer ProductsBeiersdorf AG 70,823 6,216,972 0.27Colgate-Palmolive Co. 289,869 31,123,235 1.36International Flavors & Fragrances, Inc. 311,246 21,921,056 0.96Procter & Gamble Co. 115,380 8,671,961 0.38Reckitt Benckiser Group PLC 857,997 57,180,114 2.50Svenska Cellulosa Aktiebolaget 1,220,244 29,595,166 1.30

154,708,504 6.77

Electrical EquipmentAmphenol Corp., “A” 314,490 21,250,089 0.93Legrand S.A. 642,381 29,154,137 1.28Rockwell Automation, Inc. 62,559 5,579,637 0.24Schneider Electric S.A. 430,190 32,768,704 1.43

88,752,567 3.88

ElectronicsAltera Corp. 372,440 12,446,945 0.55Hoya Corp. 858,700 16,573,957 0.73Microchip Technology, Inc. 419,008 14,015,818 0.61Samsung Electronics Co. Ltd. 15,029 19,984,840 0.87

63,021,560 2.76

Energy – IndependentINPEX Corp. 2,440 14,141,834 0.62

Food & BeveragesDr Pepper Snapple Group, Inc. 342,039 15,415,698 0.68Groupe Danone 586,391 40,638,162 1.78J.M. Smucker Co. 102,609 9,094,236 0.40Nestle S.A. 967,928 67,963,957 2.97

133,112,053 5.83


MarketValue ($)

NetAssets (%)

Food & Drug StoresLawson, Inc. 99,800 7,235,759 0.32Walgreen Co. 632,269 25,265,469 1.10

32,501,228 1.42

Gaming & LodgingWilliam Hill PLC 2,210,219 13,464,270 0.59

General MerchandiseTarget Corp. 340,075 20,543,931 0.90

InsuranceSwiss Re Ltd. 232,889 17,337,761 0.76

Major BanksBank of New York Mellon Corp. 1,290,316 35,044,983 1.54Goldman Sachs Group, Inc. 170,491 25,208,799 1.10Standard Chartered PLC 1,282,665 34,125,496 1.49State Street Corp. 786,241 43,754,312 1.92

138,133,590 6.05

Medical EquipmentDENTSPLY International, Inc. 414,202 17,297,076 0.76Medtronic, Inc. 567,178 26,430,495 1.16Sonova Holding AG 114,372 13,233,747 0.58St. Jude Medical, Inc. 851,996 34,676,237 1.52Thermo Fisher Scientific, Inc. 645,005 46,530,661 2.03Waters Corp. 262,447 24,032,272 1.05

162,200,488 7.10

Network & TelecomCisco Systems, Inc. 795,969 16,373,082 0.72

Oil ServicesNational Oilwell Varco, Inc. 310,627 23,029,886 1.01Saipem S.p.A. 466,053 13,225,670 0.58Schlumberger Ltd. 401,076 31,303,982 1.37

67,559,538 2.96

Other Banks & Diversified FinancialsAeon Credit Service Co. Ltd. (l) 374,300 7,752,465 0.34American Express Co. 362,918 21,343,208 0.94Banco Santander Brasil S.A., ADR 313,347 2,325,035 0.10Credicorp Ltd. 51,627 8,091,500 0.35Erste Group Bank AG 387,499 13,040,541 0.57ICICI Bank Ltd. 609,691 13,653,571 0.60Itau Unibanco Holding S.A., ADR 963,340 16,598,348 0.73Julius Baer Group Ltd. 464,436 19,010,209 0.83Komercni Banka A.S. 53,164 10,739,634 0.47Sberbank of Russia, ADR 570,941 8,421,380 0.37UBS AG 1,252,776 21,722,768 0.95Visa, Inc., “A” 291,229 45,987,971 2.01

188,686,630 8.26

PharmaceuticalsBayer AG 474,295 46,805,788 2.05Johnson & Johnson 204,662 15,128,615 0.66Merck KGaA 214,905 29,894,726 1.31Roche Holding AG 75,630 16,737,412 0.73

108,566,541 4.75

Railroad & ShippingCanadian National Railway Co. 405,185 38,759,997 1.70Kuehne & Nagel, Inc. AG 40,679 4,778,402 0.21

43,538,399 1.91



MFS Meridian Funds – Global Equity Fund, continued


MarketValue ($)

NetAssets (%)

RestaurantsMcDonald’s Corp. 228,850 21,807,117 0.95

Specialty ChemicalsAkzo Nobel N.V. 505,804 34,606,901 1.51L’Air Liquide S.A. 102,881 13,150,597 0.57Linde AG 371,543 67,802,303 2.97Praxair, Inc. 231,487 25,549,220 1.12Shin-Etsu Chemical Co. Ltd. 88,700 5,422,199 0.24

146,531,220 6.41

Specialty StoresHennes & Mauritz AB, “B” 218,707 8,056,368 0.35Sally Beauty Holdings, Inc. 536,895 14,249,193 0.63

22,305,561 0.98


Utilities – Electric PowerRed Electrica de Espana 124,067 6,908,474 0.30

TOTAL COMMON STOCKS 2,238,782,163 97.99


MarketValue ($)

NetAssets (%)





NET ASSETS 2,284,798,600 100.00


MFS Meridian Funds – Global Multi-Asset Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

AerospaceBombardier, Inc.7.75%, 15/03/2020 USD 175,000 198,184 0.13

AirlinesContinental Airlines, Inc., FRN0.66%, 2/06/2013 USD 1,005,577 1,001,052 0.64

Asset-Backed & SecuritizedBayview Financial Revolving Mortgage LoanTrust, FRN1.803%, 28/12/2040 USD 417,719 263,319 0.17Citigroup/Deutsche BankCommercial Mortgage Trust5.322%, 11/12/2049 560,000 636,259 0.41Credit Suisse Mortgage Capital Certificate5.311%, 15/12/2039 490,000 550,908 0.35Crest Ltd., CDO7%, 28/01/2040 (b)(p) 1,443,840 72,192 0.05CWCapital LLC5.223%, 15/08/2048 490,000 549,907 0.35JPMorgan Chase Commercial MortgageSecurities Corp., “A4”, FRN5.812%, 15/06/2049 490,000 565,010 0.36Merrill Lynch/Countrywide CommercialMortgage Trust, FRN5.741%, 12/06/2050 340,000 385,680 0.25

3,023,275 1.94

AutomotiveDaimler Finance North America LLC1.3%, 31/07/2015 USD 300,000 301,541 0.19Ford Motor Co.4.75%, 15/01/2043 77,000 72,276 0.05Ford Motor Credit Co. LLC3.984%, 15/06/2016 130,000 137,845 0.09


MarketValue ($)

NetAssets (%)

Automotive, continuedHyundai Capital America2.125%, 2/10/2017 USD 23,000 23,013 0.02Nissan Motor Acceptance Corp.1.95%, 12/09/2017 12,000 12,125 0.01Toyota Motor Credit Corp.0.875%, 17/07/2015 300,000 301,565 0.19Volkswagen International Finance N.V.2.375%, 22/03/2017 123,000 126,240 0.08

974,605 0.63

Banks & Diversified Financials (Covered Bonds)Compagnie de Financement Foncier2.125%, 22/04/2013 USD 800,000 802,560 0.52

BiotechnologyLife Technologies Corp.6%, 1/03/2020 USD 190,000 209,937 0.14

BroadcastingLBI Media, Inc.13.5%, 15/04/2020 (p) USD 133,000 54,530 0.04

BuildingMohawk Industries, Inc.6.375%, 15/01/2016 USD 200,000 226,250 0.15

Cable TVDIRECTV Holdings LLC5.875%, 1/10/2019 USD 270,000 319,868 0.21

ConglomeratesRoper Industries, Inc.1.85%, 15/11/2017 USD 43,000 42,878 0.03

ContainersCrown Americas LLC7.625%, 15/05/2017 USD 200,000 211,638 0.14

Electrical EquipmentEricsson, Inc.4.125%, 15/05/2022 USD 73,000 74,407 0.05



MFS Meridian Funds – Global Multi-Asset Fund,continued


MarketValue ($)

NetAssets (%)

Emerging Market Quasi-SovereignComision Federal de Electricidad5.75%, 14/02/2042 USD 200,000 222,000 0.14Gaz Capital S.A.3.85%, 6/02/2020 200,000 200,060 0.13Petrobras International Finance Co.5.375%, 27/01/2021 220,000 241,036 0.15Petroleos Mexicanos5.5%, 21/01/2021 300,000 344,250 0.22PTT PLC3.375%, 25/10/2022 230,000 225,500 0.15

1,232,846 0.79

Emerging Market SovereignFederal Republic of Nigeria7%, 23/10/2019 NGN 49,794,000 257,192 0.17Government of Poland5.75%, 25/10/2021 PLN 1,011,000 373,565 0.24Republic of Colombia6.125%, 18/01/2041 USD 150,000 192,000 0.12Republic of Lithuania6.625%, 1/02/2022 250,000 311,250 0.20Republic of Peru5.625%, 18/11/2050 2,000 2,350 0.00Republic of Philippines5.5%, 30/03/2026 200,000 245,250 0.16Republic of Turkey8%, 14/02/2034 80,000 115,800 0.07

1,497,407 0.96

Energy – IndependentEOG Resources, Inc.2.625%, 15/03/2023 USD 46,000 45,155 0.03Plains Exploration & Production Co.6.875%, 15/02/2023 253,000 289,369 0.19

334,524 0.22

Financial InstitutionsGeneral Electric Capital Corp.3.1%, 9/01/2023 USD 157,000 155,078 0.10International Lease Finance Corp.5.75%, 15/05/2016 150,000 161,372 0.10

316,450 0.20

Food & BeveragesGrupo Bimbo S.A.B. de C.V.4.5%, 25/01/2022 USD 200,000 217,130 0.14SABMiller Holdings, Inc.3.75%, 15/01/2022 207,000 219,849 0.14Tyson Foods, Inc.6.6%, 1/04/2016 220,000 252,800 0.16

689,779 0.44

Forest & Paper ProductsFibria Overseas Finance Ltd.7.5%, 4/05/2020 USD 116,000 127,600 0.08Georgia-Pacific Corp.5.4%, 1/11/2020 173,000 203,764 0.13

331,364 0.21

Gaming & LodgingFontainebleau Las Vegas Holdings LLC10.25%, 15/06/2015 (d) USD 310,000 194 0.00Marriott International, Inc.5.625%, 15/02/2013 540,000 540,690 0.35Wyndham Worldwide Corp.7.375%, 1/03/2020 285,000 347,954 0.22

888,838 0.57


MarketValue ($)

NetAssets (%)

InsuranceAmerican International Group, Inc.4.875%, 15/09/2016 USD 170,000 189,876 0.12UnumProvident Corp.6.85%, 15/11/2015 182,000 204,917 0.13

394,793 0.25

Insurance – Property & CasualtyAXIS Capital Holdings Ltd.5.75%, 1/12/2014 USD 340,000 363,896 0.24Liberty Mutual Group, Inc.4.95%, 1/05/2022 62,000 67,332 0.04

431,228 0.28

International Market Quasi-SovereignBRFkredit A/S, FRN0.554%, 15/04/2013 USD 1,000,000 999,945 0.64Eksportfinans A.S.A.1.875%, 2/04/2013 300,000 299,742 0.19Electricite de France, FRN5.25%, 29/12/2049 200,000 195,242 0.13ING Bank N.V.3.9%, 19/03/2014 570,000 591,978 0.38Statoil A.S.A.4.25%, 23/11/2041 170,000 175,917 0.11Temasek Financial I Ltd.2.375%, 23/01/2023 280,000 268,412 0.17Vestjysk Bank A/S, FRN0.858%, 17/06/2013 630,000 631,216 0.41Westpac Banking Corp.3.45%, 28/07/2014 260,000 271,367 0.18

3,433,819 2.21

International Market SovereignCommonwealth of Australia5.75%, 15/05/2021 AUD 872,000 1,069,480 0.69Federal Republic of Germany3.75%, 4/01/2015 EUR 645,000 933,890 0.60Federal Republic of Germany3.25%, 4/07/2021 29,000 45,080 0.03Federal Republic of Germany6.25%, 4/01/2030 344,000 732,989 0.47Government of Canada4.5%, 1/06/2015 CAD 622,000 670,730 0.43Government of Canada4.25%, 1/06/2018 1,135,000 1,293,472 0.83Government of Canada3.25%, 1/06/2021 205,000 226,900 0.15Government of Canada5.75%, 1/06/2033 218,000 329,723 0.21Government of Japan1.7%, 20/03/2017 JPY 132,750,000 1,545,813 1.00Government of Japan1.1%, 20/06/2020 185,000,000 2,119,364 1.36Government of Japan2.1%, 20/09/2024 127,900,000 1,577,024 1.02Government of Japan2.2%, 20/09/2027 62,250,000 763,268 0.49Government of Japan2.4%, 20/03/2037 62,800,000 756,282 0.49Kingdom of Belgium4.25%, 28/09/2021 EUR 264,000 418,394 0.27Kingdom of Denmark3%, 15/11/2021 DKK 1,995,000 409,234 0.26Kingdom of Spain4%, 30/07/2015 EUR 796,000 1,111,608 0.72





MarketValue ($)

NetAssets (%)

International Market Sovereign, continuedKingdom of Spain5.5%, 30/07/2017 EUR 238,000 346,947 0.22Kingdom of Spain4.6%, 30/07/2019 364,000 503,502 0.32Kingdom of Sweden5%, 1/12/2020 SEK 2,920,000 564,632 0.36Kingdom of the Netherlands3.75%, 15/07/2014 EUR 770,000 1,097,573 0.71Kingdom of the Netherlands5.5%, 15/01/2028 124,000 236,232 0.15Republic of Austria4.65%, 15/01/2018 303,000 482,588 0.31Republic of France6%, 25/10/2025 270,000 503,350 0.32Republic of France4.75%, 25/04/2035 361,970 626,702 0.40Republic of Iceland4.875%, 16/06/2016 USD 430,000 459,670 0.30Republic of Ireland5.5%, 18/10/2017 (e) EUR 707,000 1,059,948 0.68Republic of Italy4.25%, 1/02/2015 660,000 938,916 0.60Republic of Italy5.25%, 1/08/2017 1,110,000 1,650,430 1.06Republic of Italy3.75%, 1/03/2021 672,000 912,344 0.59Republic of Portugal4.45%, 15/06/2018 260,000 336,471 0.22United Kingdom Treasury8%, 7/12/2015 GBP 621,000 1,195,597 0.77United Kingdom Treasury5%, 7/03/2018 585,000 1,107,545 0.71United Kingdom Treasury8%, 7/06/2021 238,000 560,876 0.36United Kingdom Treasury4.25%, 7/12/2027 183,000 347,572 0.22United Kingdom Treasury4.25%, 7/03/2036 365,000 680,543 0.44

27,614,689 17.76

Machinery & ToolsCase New Holland, Inc.7.875%, 1/12/2017 USD 190,000 224,675 0.14

Major BanksABN AMRO Bank N.V.4.25%, 2/02/2017 USD 240,000 260,249 0.17Bank of America Corp.6.5%, 1/08/2016 410,000 474,066 0.31Goldman Sachs Group, Inc.1.6%, 23/11/2015 14,000 14,069 0.01Goldman Sachs Group, Inc.5.75%, 24/01/2022 214,000 249,445 0.16Macquarie Group Ltd.6%, 14/01/2020 176,000 191,421 0.12Morgan Stanley7.3%, 13/05/2019 220,000 269,307 0.17UFJ Finance Aruba AEC6.75%, 15/07/2013 623,000 640,117 0.41

2,098,674 1.35

Medical & Health Technology & ServicesExpress Scripts Holding Co.2.65%, 15/02/2017 USD 300,000 310,906 0.20Express Scripts Holding Co.3.9%, 15/02/2022 42,000 44,509 0.03

355,415 0.23


MarketValue ($)

NetAssets (%)

Metals & MiningRio Tinto Finance (USA) PLC3.5%, 22/03/2022 USD 164,000 170,569 0.11Southern Copper Corp.6.75%, 16/04/2040 100,000 116,984 0.08Vale Overseas Ltd.4.375%, 11/01/2022 112,000 115,679 0.07

403,232 0.26

Mortgage-BackedFannie Mae4.5%, 1/03/2034 – 1/10/2040 USD 1,113,994 1,200,166 0.77Fannie Mae5%, 1/03/2036 844,958 916,730 0.59Fannie Mae5.5%, 1/01/2037 171,318 185,929 0.12Fannie Mae6%, 1/06/2038 244,623 267,130 0.17Fannie Mae, TBA3%, 1/02/2043 600,000 619,594 0.40Freddie Mac2.699%, 25/05/2018 300,000 319,273 0.20Freddie Mac4.224%, 25/03/2020 350,000 400,622 0.26Freddie Mac3.808%, 25/08/2020 350,000 389,881 0.25Ginnie Mae5%, 20/11/2041 450,294 494,240 0.32Ginnie Mae, TBA3%, 1/03/2043 580,000 603,563 0.39

5,397,128 3.47

Natural Gas – PipelineEnergy Transfer Partners LP4.65%, 1/06/2021 USD 229,000 246,746 0.16Spectra Energy Capital LLC8%, 1/10/2019 191,000 252,252 0.16

498,998 0.32

Network & TelecomCenturylink, Inc.7.65%, 15/03/2042 USD 80,000 82,328 0.05

Oil ServicesTransocean, Inc.6.5%, 15/11/2020 USD 240,000 280,535 0.18

Other Banks & Diversified FinancialsBanco de Credito del Peru, FRN6.125%, 24/04/2027 USD 120,000 132,900 0.09Capital One Financial Corp.8.8%, 15/07/2019 282,000 386,285 0.25Citigroup, Inc.8.5%, 22/05/2019 215,000 286,726 0.18Groupe BPCE S.A.12.5%, 29/08/2049 171,000 209,172 0.14Santander Holdings USA, Inc.4.625%, 19/04/2016 150,000 159,525 0.10Santander UK PLC8.963% to 30/06/2030, FRN to 29/12/2049 150,000 173,250 0.11SunTrust Banks, Inc.3.5%, 20/01/2017 134,000 143,131 0.09U.S. Bancorp2.95%, 15/07/2022 34,000 33,709 0.02

1,524,698 0.98

PharmaceuticalsAbbVie, Inc.1.2%, 6/11/2015 USD 270,000 271,388 0.18





MarketValue ($)

NetAssets (%)

Pharmaceuticals, continuedTeva Pharmaceutical Finance B.V.2.95%, 18/12/2022 USD 100,000 99,025 0.06

370,413 0.24

Printing & PublishingAmerican Media, Inc.13.5%, 15/06/2018 USD 23,764 20,794 0.01

Real EstateWEA Finance LLC, REIT6.75%, 2/09/2019 USD 290,000 357,719 0.23

RetailersGap, Inc.5.95%, 12/04/2021 USD 100,000 112,859 0.07Limited Brands, Inc.6.9%, 15/07/2017 175,000 201,688 0.13

314,547 0.20

Specialty ChemicalsSIBUR Securities Ltd.3.914%, 31/01/2018 USD 200,000 199,033 0.13

Telecommunications – WirelessAmerican Tower Corp., REIT4.7%, 15/03/2022 USD 34,000 36,649 0.02American Tower Corp., REIT3.5%, 31/01/2023 26,000 25,387 0.02

62,036 0.04

Transportation – ServicesERAC USA Finance Co.2.75%, 15/03/2017 USD 34,000 35,299 0.02ERAC USA Finance Co.7%, 15/10/2037 115,000 145,592 0.10

180,891 0.12

U.S. Government Agencies and EquivalentsFannie Mae1.25%, 30/01/2017 USD 350,000 356,896 0.23

U.S. Treasury ObligationsU.S. Treasury Bonds6.875%, 15/08/2025 USD 50,000 75,141 0.05U.S. Treasury Bonds5.25%, 15/02/2029 375,000 503,321 0.32U.S. Treasury Bonds4.5%, 15/08/2039 357,000 454,283 0.29U.S. Treasury Bonds, TIPS0.125%, 15/04/2017 940,630 1,012,426 0.65U.S. Treasury Bonds, TIPS1.625%, 15/01/2018 427,484 497,484 0.32U.S. Treasury Bonds, TIPS1.125%, 15/01/2021 (f) 862,993 1,009,971 0.65U.S. Treasury Bonds, TIPS2.375%, 15/01/2025 (f) 726,703 970,603 0.63U.S. Treasury Bonds, TIPS2%, 15/01/2026 470,936 609,751 0.39U.S. Treasury Bonds, TIPS2.375%, 15/01/2027 390,427 530,127 0.34U.S. Treasury Bonds, TIPS1.75%, 15/01/2028 414,297 527,710 0.34U.S. Treasury Bonds, TIPS3.625%, 15/04/2028 425,597 664,995 0.43U.S. Treasury Bonds, TIPS2.5%, 15/01/2029 389,241 546,580 0.35U.S. Treasury Bonds, TIPS3.875%, 15/04/2029 582,579 948,739 0.61U.S. Treasury Bonds, TIPS3.375%, 15/04/2032 142,672 230,349 0.15


MarketValue ($)

NetAssets (%)

U.S. Treasury Obligations, continuedU.S. Treasury Bonds, TIPS2.125%, 15/02/2040 USD 254,571 363,082 0.23U.S. Treasury Bonds, TIPS2.125%, 15/02/2041 423,666 608,656 0.39U.S. Treasury Bonds, TIPS0.75%, 15/02/2042 467,652 495,455 0.32U.S. Treasury Notes3.5%, 15/05/2020 (f) 399,000 456,512 0.29U.S. Treasury Notes, TIPS2%, 15/01/2014 377,526 391,152 0.25U.S. Treasury Notes, TIPS1.25%, 15/04/2014 379,653 393,326 0.25U.S. Treasury Notes, TIPS2%, 15/07/2014 (f) 685,177 726,877 0.47U.S. Treasury Notes, TIPS1.625%, 15/01/2015 (f) 708,946 758,572 0.49U.S. Treasury Notes, TIPS0.5%, 15/04/2015 (f) 663,963 698,406 0.45U.S. Treasury Notes, TIPS1.875%, 15/07/2015 (f) 532,620 585,299 0.38U.S. Treasury Notes, TIPS2%, 15/01/2016 (f) 661,166 738,440 0.48U.S. Treasury Notes, TIPS0.125%, 15/04/2016 1,070,118 1,135,579 0.73U.S. Treasury Notes, TIPS2.5%, 15/07/2016 499,311 577,836 0.37U.S. Treasury Notes, TIPS2.375%, 15/01/2017 388,144 452,976 0.29U.S. Treasury Notes, TIPS2.625%, 15/07/2017 433,212 521,107 0.34U.S. Treasury Notes, TIPS1.375%, 15/07/2018 415,304 485,387 0.31U.S. Treasury Notes, TIPS2.125%, 15/01/2019 337,771 410,788 0.26U.S. Treasury Notes, TIPS1.875%, 15/07/2019 (f) 420,510 512,431 0.33U.S. Treasury Notes, TIPS1.375%, 15/01/2020 (f) 569,572 674,408 0.43U.S. Treasury Notes, TIPS1.25%, 15/07/2020 (f) 850,854 1,007,730 0.65U.S. Treasury Notes, TIPS0.625%, 15/07/2021 (f) 946,893 1,073,022 0.69U.S. Treasury Notes, TIPS0.125%, 15/01/2022 (f) 1,149,402 1,242,342 0.80U.S. Treasury Notes, TIPS0.125%, 15/07/2022 888,995 960,462 0.62

23,851,325 15.34

Utilities – Electric PowerCMS Energy Corp.5.05%, 15/03/2022 USD 13,000 14,487 0.01

TOTAL BONDS 80,898,745 52.04

COMMON STOCKS

AerospaceHoneywell International, Inc. 5,312 362,483 0.23Precision Castparts Corp. 1,775 325,535 0.21United Technologies Corp. 2,777 243,182 0.16

931,200 0.60

Alcoholic BeveragesHeineken N.V. 5,689 400,053 0.25Pernod Ricard S.A. 3,075 384,957 0.25

785,010 0.50





MarketValue ($)

NetAssets (%)

Apparel ManufacturersGuess?, Inc. 5,670 153,600 0.10Li & Fung Ltd. 222,000 312,015 0.20LVMH Moet Hennessy Louis Vuitton S.A. 853 160,817 0.10NIKE, Inc., “B” 5,902 319,003 0.21VF Corp. 1,785 263,430 0.17

1,208,865 0.78

AutomotiveDelphi Automotive PLC 5,910 228,481 0.15DENSO Corp. 6,600 246,837 0.16GKN PLC 51,091 195,121 0.13Guangzhou Automobile Group Co. Ltd., “H” 142,000 118,831 0.08Honda Motor Co. Ltd. 7,800 298,967 0.19Kia Motors Corp. 2,790 132,464 0.08

1,220,701 0.79

BiotechnologyGilead Sciences, Inc. 6,220 245,379 0.16

BroadcastingNews Corp., “A” 9,962 276,346 0.18Nippon Television Holdings, Inc. 8,420 119,792 0.08Publicis Groupe S.A. 2,188 143,359 0.09Walt Disney Co. 6,770 364,768 0.23

904,265 0.58

Brokerage & Asset ManagersBlackRock, Inc. 1,032 243,841 0.16Franklin Resources, Inc. 1,749 239,403 0.15

483,244 0.31

Business ServicesAccenture PLC, “A” 4,902 352,405 0.23Cognizant Technology Solutions Corp., “A” 3,433 268,392 0.17Fidelity National Information Services, Inc. 5,200 192,972 0.12

813,769 0.52

Cable TVComcast Corp., “Special A” 11,057 406,124 0.26Virgin Media, Inc. 6,483 255,365 0.17

661,489 0.43

ChemicalsCelanese Corp. 4,386 205,616 0.13

Computer SoftwareAutodesk, Inc. 1,997 77,643 0.05Check Point Software Technologies Ltd. 4,266 213,300 0.14Citrix Systems, Inc. 2,610 190,948 0.12Oracle Corp. 16,450 584,140 0.38Salesforce.com, Inc. 1,710 294,342 0.19TIBCO Software, Inc. 6,310 147,906 0.09

1,508,279 0.97

Computer Software – SystemsApple, Inc. 1,841 838,226 0.54EMC Corp. 16,473 405,401 0.26Hewlett-Packard Co. 19,435 320,872 0.21

1,564,499 1.01

ConglomeratesHutchison Whampoa Ltd. 19,000 212,407 0.14

ConstructionAnhui Conch Cement Co. Ltd. 52,000 204,167 0.13Stanley Black & Decker, Inc. 3,870 297,332 0.19


MarketValue ($)

NetAssets (%)

Construction, continuedUrbi Desarrollos Urbanos S.A. de C.V. 102,600 59,553 0.04

561,052 0.36

Electrical EquipmentDanaher Corp. 11,584 694,229 0.44Schneider Electric S.A. 3,619 275,669 0.18Siemens AG 2,932 321,830 0.21

1,291,728 0.83

ElectronicsAltera Corp. 9,089 303,754 0.19JDS Uniphase Corp. 12,550 182,101 0.12Mellanox Technologies Ltd. 2,970 158,063 0.10Microchip Technology, Inc. 10,779 360,558 0.23Taiwan Semiconductor Manufacturing Co. Ltd. 94,000 323,133 0.21

1,327,609 0.85

Energy – IndependentAnadarko Petroleum Corp. 3,140 251,263 0.16Cabot Oil & Gas Corp. 8,197 432,638 0.28Cairn Energy PLC 17,468 79,511 0.05Cenovus Energy, Inc. 6,280 208,473 0.13CNOOC Ltd. 89,000 183,844 0.12EOG Resources, Inc. 2,550 318,699 0.21INPEX Corp. 39 226,038 0.15Occidental Petroleum Corp. 4,599 405,954 0.26

2,106,420 1.36

Energy – IntegratedBG Group PLC 10,098 179,373 0.12BP PLC 70,069 518,697 0.33Exxon Mobil Corp. 13,124 1,180,766 0.76Royal Dutch Shell PLC, “A” 22,372 795,151 0.51

2,673,987 1.72

Engineering – ConstructionFluor Corp. 3,644 236,241 0.15JGC Corp. 18,000 509,618 0.33Keppel Corp. Ltd. 19,000 176,544 0.11

922,403 0.59

Food & BeveragesGroupe Danone 10,607 735,088 0.47M. Dias Branco S.A. Industria e Comerciode Alimentos 4,600 182,512 0.12Mondelez International, Inc. 15,506 430,912 0.28Nestle S.A. 7,745 543,822 0.35Want Want China Holdings Ltd. 80,000 106,249 0.07

1,998,583 1.29

Food & Drug StoresJeronimo Martins SGPS S.A. 9,780 207,887 0.13Lawson, Inc. 2,500 181,256 0.12

389,143 0.25

Gaming & LodgingSands China Ltd. 65,200 328,715 0.21

General MerchandiseTarget Corp. 13,298 803,332 0.52

InsuranceACE Ltd. 3,833 327,070 0.21AIA Group Ltd. 89,600 356,417 0.23Delta Lloyd N.V. 15,200 299,053 0.19Hiscox Ltd. 39,696 298,420 0.19





MarketValue ($)

NetAssets (%)

Insurance, continuedING Groep N.V. 23,419 236,866 0.15MetLife, Inc. 8,590 320,751 0.21Swiss Re Ltd. 2,055 152,987 0.10

1,991,564 1.28

InterneteBay, Inc. 3,767 210,688 0.14Google, Inc., “A” 806 609,086 0.39Rackspace Hosting, Inc. 1,420 106,997 0.07

926,771 0.60

Machinery & ToolsEaton Corp. PLC 4,350 247,733 0.16Glory Ltd. 7,500 175,269 0.11Joy Global, Inc. 5,658 357,416 0.23Schindler Holding AG 2,026 300,544 0.19Sinotruk Hong Kong Ltd. 159,000 106,405 0.07

1,187,367 0.76

Major BanksBarclays PLC 87,575 418,071 0.27BNP Paribas 5,425 340,386 0.22BOC Hong Kong Holdings Ltd. 73,000 251,792 0.16Goldman Sachs Group, Inc. 2,426 358,708 0.23JPMorgan Chase & Co. 13,138 618,143 0.40PNC Financial Services Group, Inc. 4,991 308,444 0.20Standard Chartered PLC 10,963 291,672 0.19State Street Corp. 5,220 290,493 0.18Wells Fargo & Co. 12,060 420,050 0.27

3,297,759 2.12

Medical & Health Technology & ServicesKobayashi Pharmaceutical Co. Ltd. 6,400 312,144 0.20

Medical EquipmentCovidien PLC 6,684 416,681 0.27Sonova Holding AG 1,969 227,829 0.15St. Jude Medical, Inc. 7,364 299,715 0.19Thermo Fisher Scientific, Inc. 6,534 471,363 0.30

1,415,588 0.91

Metals & MiningIluka Resources Ltd. 23,300 236,169 0.15Nippon Steel & Sumitomo Metal Corp. 45,000 124,501 0.08Rio Tinto Ltd. 8,573 484,045 0.31Steel Authority of India Ltd. 75,157 122,365 0.08

967,080 0.62

Natural Gas – DistributionGDF SUEZ 11,350 232,861 0.15Tokyo Gas Co. Ltd. 41,000 193,242 0.12

426,103 0.27

Oil ServicesDresser-Rand Group, Inc. 2,965 181,013 0.12Schlumberger Ltd. 3,247 253,428 0.16

434,441 0.28

Other Banks & Diversified FinancialsAmerican Express Co. 4,800 282,288 0.18Bank Rakyat Indonesia 304,500 248,540 0.16DBS Group Holdings Ltd. 35,000 423,060 0.27Discover Financial Services 6,735 258,557 0.17Erste Group Bank AG 9,869 332,122 0.21


MarketValue ($)

NetAssets (%)

Other Banks & Diversified Financials, continuedGrupo Financiero Santander Mexico S.A.B.de C.V., ADR 16,660 259,063 0.17ICICI Bank Ltd., ADR 6,907 316,341 0.20Itau Unibanco Holding S.A., IPS 12,200 210,445 0.14Siam Commercial Bank Co. Ltd. 44,900 269,520 0.17UBS AG 24,624 426,973 0.27UniCredit S.p.A. 50,038 323,130 0.21Visa, Inc., “A” 4,018 634,482 0.41

3,984,521 2.56

PharmaceuticalsBayer AG 4,403 434,510 0.28Novartis AG 9,700 660,843 0.43Pfizer, Inc. 27,621 753,501 0.48Roche Holding AG 2,930 648,428 0.42Santen Pharmaceutical Co. Ltd. 8,000 329,378 0.21

2,826,660 1.82

Precious Metals & MineralsNewcrest Mining Ltd. 6,510 158,854 0.10

Printing & PublishingAmerican Media Operations, Inc. 6,090 28,928 0.02

Railroad & ShippingEast Japan Railway Co. 1,700 114,889 0.08Union Pacific Corp. 1,789 235,182 0.15

350,071 0.23

Real EstateAdvance Residence Investment Corp., REIT 41 85,233 0.06Alexandria Real Estate Equities, Inc., REIT 1,930 139,925 0.09Ascendas India Trust, IEU 254,000 168,287 0.11Atrium European Real Estate Ltd. 47,860 295,614 0.19AvalonBay Communities, Inc., REIT 1,430 185,600 0.12Beni Stabili S.p.A. 104,990 72,561 0.05Big Yellow Group PLC, REIT 27,300 160,202 0.10BioMed Realty Trust, Inc., REIT 6,890 140,212 0.09Boston Properties, Inc., REIT 1,420 149,498 0.10BR Malls Participacoes S.A. 6,500 84,149 0.05British Land Co. PLC, REIT 14,095 125,633 0.08CFS Retail Property Trust Group, REIT 80,704 168,316 0.11Corio N.V., REIT 4,937 239,749 0.15Corporate Office Properties Trust, REIT 2,290 60,593 0.04DDR Corp., REIT 6,010 99,706 0.06Derwent London PLC, REIT 2,500 85,565 0.06Digital Realty Trust, Inc., REIT 1,210 82,171 0.05EastGroup Properties, Inc., REIT 3,000 168,120 0.11EPR Properties, REIT 1,870 87,628 0.06Equity Lifestyle Properties, Inc., REIT 2,490 178,284 0.12Federal Realty Investment Trust, REIT 1,110 117,494 0.08Global Logistic Properties Ltd. 78,000 173,943 0.11Granite REIT 2,380 93,548 0.06GSW Immobilien AG 2,539 108,354 0.07Hang Lung Properties Ltd. 132,000 497,847 0.32Henderson Land Development Co. Ltd. 19,584 140,907 0.09Home Properties, Inc., REIT 2,330 143,225 0.09Host Hotels & Resorts, Inc., REIT 9,630 161,688 0.10Kenedix Realty Investment Corp., REIT 38 148,559 0.10Link, REIT 49,062 254,945 0.16Medical Properties Trust, Inc., REIT 15,070 202,692 0.13





MarketValue ($)

NetAssets (%)

Real Estate, continuedMid-America Apartment Communities, Inc., REIT 2,720 177,806 0.11Mitsubishi Estate Co. Ltd. 33,000 798,972 0.51Mitsui Fudosan Co. Ltd. 13,000 296,976 0.19National Health Investors, Inc., REIT 1,940 123,481 0.08National Retail Properties, Inc., REIT 3,830 122,637 0.08NTT Urban Development Corp. 191 190,906 0.12Plum Creek Timber Co. Inc., REIT 3,730 179,711 0.12Potlatch Corp., REIT 1,290 55,973 0.04Public Storage, Inc., REIT 2,310 355,578 0.23Retail Opportunity Investment Corp., REIT 5,240 68,382 0.04SEGRO PLC, REIT 39,858 156,899 0.10Simon Property Group, Inc., REIT 3,110 498,160 0.32Spirit Realty Capital, Inc., REIT 3,030 58,964 0.04Stockland, IEU 74,360 267,522 0.17Sun Hung Kai Properties Ltd. 10,197 167,377 0.11TAG Immobilien AG 6,945 84,256 0.05Tanger Factory Outlet Centers, Inc., REIT 4,180 148,056 0.10Unibail-Rodamco 1,137 268,702 0.17Ventas, Inc., REIT 2,920 193,567 0.13Vornado Realty Trust, REIT 2,780 234,799 0.15Westfield Group, REIT 21,597 251,789 0.16Weyerhaeuser Co., REIT 4,830 145,480 0.09

9,666,241 6.22

RestaurantsArcos Dorados Holdings, Inc. 13,200 181,368 0.12McDonald’s Corp. 3,690 351,620 0.22

532,988 0.34

Specialty ChemicalsAirgas, Inc. 3,687 351,150 0.23Akzo Nobel N.V. 7,538 515,747 0.33Linde AG 1,767 322,457 0.21

1,189,354 0.77

Specialty StoresTiffany & Co. 4,130 271,548 0.17Urban Outfitters, Inc. 2,550 109,115 0.07

380,663 0.24

Telecommunications – WirelessAmerican Tower Corp., REIT 2,072 157,783 0.10KDDI Corp. 4,592 341,469 0.22TIM Participacoes S.A., ADR 11,825 260,150 0.17Vodafone Group PLC 185,605 506,610 0.32

1,266,012 0.81

Telephone ServicesBT Group PLC 65,050 256,479 0.17China Unicom (Hong Kong) Ltd. 116,000 186,368 0.12Telecom Italia S.p.A. 76,332 75,867 0.05Telecom Italia S.p.A. 185,752 158,895 0.10Verizon Communications, Inc. 5,830 254,246 0.16

931,855 0.60


MarketValue ($)

NetAssets (%)

TobaccoJapan Tobacco, Inc. 27,600 859,284 0.55Philip Morris International, Inc. 3,351 295,424 0.19

1,154,708 0.74

TruckingExpeditors International of Washington, Inc. 7,651 328,228 0.21Yamato Holdings Co. Ltd. 14,700 247,076 0.16

575,304 0.37

Utilities – Electric PowerCEZ A.S. 1,424 46,118 0.03CMS Energy Corp. 19,119 491,358 0.32Edison International 5,848 281,815 0.18Energias do Brasil S.A. 41,000 250,980 0.16

1,070,271 0.69



AutomotiveGeneral Motors Co.4.75% 2,720 117,830 0.07

FirstExercise

Numberof Shares

MarketValue ($)

NetAssets (%)

WARRANTSDeutsche Bank (Federal BankLtd. – Zero Strike Warrant(1 share for 1 warrant)) 29/05/18 30,702 291,620 0.19

Shares/ParMarket

Value ($)Net

Assets (%)





of ContractsMarket

Value ($)Net

Assets (%)

CALL OPTIONS WRITTENJDS Uniphase Corp. –February 2013 @ $13(Premiums received, $790) (19) (3,002) (0.00)


NET ASSETS 155,458,010 100.00




MFS Meridian Funds – Global Research Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceHoneywell International, Inc. 45,170 3,082,393 0.74Precision Castparts Corp. 15,300 2,806,020 0.67United Technologies Corp. 23,680 2,073,658 0.50

7,962,071 1.91

Alcoholic BeveragesHeineken N.V. 48,063 3,379,815 0.81Pernod Ricard S.A. 26,330 3,296,233 0.79

6,676,048 1.60

Apparel ManufacturersGuess?, Inc. 47,560 1,288,400 0.31Li & Fung Ltd. 1,940,000 2,726,616 0.65LVMH Moet Hennessy Louis Vuitton S.A. 7,223 1,361,757 0.33NIKE, Inc., “B” 50,880 2,750,064 0.66VF Corp. 14,710 2,170,902 0.52

10,297,739 2.47

AutomotiveDelphi Automotive PLC 49,890 1,928,747 0.47DENSO Corp. 58,100 2,172,913 0.52GKN PLC 430,827 1,645,366 0.40Guangzhou Automobile Group Co. Ltd., “H” 1,204,000 1,007,551 0.24Honda Motor Co. Ltd. 67,600 2,591,044 0.62Kia Motors Corp. 23,730 1,126,653 0.27

10,472,274 2.52

BiotechnologyGilead Sciences, Inc. 54,860 2,164,227 0.52

BroadcastingNews Corp., “A” 84,670 2,348,746 0.56Nippon Television Holdings, Inc. 71,730 1,020,512 0.25Publicis Groupe S.A. 18,362 1,203,091 0.29Walt Disney Co. 56,930 3,067,388 0.74

7,639,737 1.84

Brokerage & Asset ManagersBlackRock, Inc. 8,713 2,058,708 0.49Franklin Resources, Inc. 15,060 2,061,413 0.50

4,120,121 0.99

Business ServicesAccenture PLC, “A” 42,270 3,038,790 0.73Cognizant Technology Solutions Corp., “A” 29,320 2,292,238 0.55Fidelity National Information Services, Inc. 43,880 1,628,387 0.39

6,959,415 1.67

Cable TVComcast Corp., “Special A” 95,440 3,505,511 0.84Virgin Media, Inc. 54,950 2,164,481 0.52

5,669,992 1.36

ChemicalsCelanese Corp. 37,640 1,764,563 0.42

Computer SoftwareAutodesk, Inc. 16,850 655,128 0.16Check Point Software Technologies Ltd. 37,270 1,863,500 0.45Citrix Systems, Inc. 22,240 1,627,078 0.39Oracle Corp. 138,890 4,931,984 1.18Salesforce.com, Inc. 14,650 2,521,705 0.60TIBCO Software, Inc. 52,740 1,236,226 0.30

12,835,621 3.08


MarketValue ($)

NetAssets (%)

Computer Software – SystemsApple, Inc. 15,400 7,011,774 1.68EMC Corp. 137,980 3,395,688 0.82Hewlett-Packard Co. 162,770 2,687,333 0.65

13,094,795 3.15


ConstructionAnhui Conch Cement Co. Ltd. 360,000 1,413,467 0.34Stanley Black & Decker, Inc. 32,640 2,507,731 0.60Urbi Desarrollos Urbanos S.A. de C.V. 890,200 516,703 0.13

4,437,901 1.07

Electrical EquipmentDanaher Corp. 99,450 5,960,039 1.43Schneider Electric S.A. 30,921 2,355,334 0.56Siemens AG (l) 24,916 2,734,895 0.66

11,050,268 2.65

ElectronicsAltera Corp. 76,110 2,543,596 0.61JDS Uniphase Corp. 105,800 1,535,158 0.37Mellanox Technologies Ltd. 24,860 1,323,049 0.32Microchip Technology, Inc. 90,370 3,022,877 0.72Taiwan Semiconductor Manufacturing Co. Ltd. 811,704 2,790,306 0.67

11,214,986 2.69

Energy – IndependentAnadarko Petroleum Corp. 26,250 2,100,525 0.50Cabot Oil & Gas Corp. 69,790 3,683,516 0.88Cairn Energy PLC 146,904 668,681 0.16Cenovus Energy, Inc. 53,040 1,760,732 0.42CNOOC Ltd. 769,000 1,588,491 0.38EOG Resources, Inc. 21,850 2,730,813 0.66INPEX Corp. 306 1,773,525 0.43Occidental Petroleum Corp. 39,550 3,491,079 0.84

17,797,362 4.27

Energy – IntegratedBG Group PLC 85,011 1,510,067 0.36BP PLC 600,480 4,445,146 1.07Exxon Mobil Corp. 111,810 10,059,546 2.42Royal Dutch Shell PLC, “A” 189,138 6,722,392 1.61

22,737,151 5.46

Engineering – ConstructionFluor Corp. 30,180 1,956,569 0.47JGC Corp. 102,000 2,887,834 0.70Keppel Corp. Ltd. 112,500 1,045,328 0.25

5,889,731 1.42

Food & BeveragesGroupe Danone 90,171 6,249,045 1.50M. Dias Branco S.A. Industria e Comercio deAlimentos 36,000 1,428,358 0.35Mondelez International, Inc. 130,750 3,633,543 0.87Nestle S.A. 66,514 4,670,342 1.12Want Want China Holdings Ltd. 698,000 927,019 0.22

16,908,307 4.06

Food & Drug StoresJeronimo Martins SGPS S.A. 82,188 1,747,019 0.42Lawson, Inc. 15,800 1,145,541 0.28

2,892,560 0.70



MFS Meridian Funds – Global Research Fund, continued


MarketValue ($)

NetAssets (%)

Gaming & LodgingSands China Ltd. 538,800 2,716,440 0.65


InsuranceACE Ltd. 33,480 2,856,848 0.69AIA Group Ltd. 758,800 3,018,410 0.72Delta Lloyd N.V. 128,110 2,520,505 0.61Hiscox Ltd. 334,566 2,515,147 0.60ING Groep N.V. 198,396 2,006,629 0.48MetLife, Inc. 72,650 2,712,751 0.65Swiss Re Ltd. 17,310 1,288,668 0.31

16,918,958 4.06

InterneteBay, Inc. 31,640 1,769,625 0.42Google, Inc., “A” 6,860 5,184,033 1.25Rackspace Hosting, Inc. 12,010 904,954 0.22

7,858,612 1.89

Machinery & ToolsEaton Corp. PLC 36,800 2,095,760 0.50Glory Ltd. 63,100 1,474,599 0.36Joy Global, Inc. 48,900 3,089,013 0.74Schindler Holding AG 17,149 2,543,943 0.61Sinotruk Hong Kong Ltd. 1,312,500 878,340 0.21

10,081,655 2.42

Major BanksBarclays PLC 734,854 3,508,090 0.84BNP Paribas 45,772 2,871,917 0.69BOC Hong Kong Holdings Ltd. 619,500 2,136,785 0.51Goldman Sachs Group, Inc. 20,860 3,084,360 0.74JPMorgan Chase & Co. 113,310 5,331,236 1.28PNC Financial Services Group, Inc. 42,750 2,641,950 0.63Standard Chartered PLC 92,428 2,459,061 0.59State Street Corp. 44,590 2,481,434 0.60Wells Fargo & Co. 100,990 3,517,482 0.85

28,032,315 6.73

Medical & Health Technology & ServicesKobayashi Pharmaceutical Co. Ltd. 54,300 2,648,346 0.64

Medical EquipmentCovidien PLC 57,390 3,577,693 0.86Sonova Holding AG 16,815 1,945,629 0.47St. Jude Medical, Inc. 63,330 2,577,531 0.62Thermo Fisher Scientific, Inc. 52,900 3,816,206 0.91

11,917,059 2.86

Metals & MiningIluka Resources Ltd. (l) 193,831 1,964,673 0.47Nippon Steel & Sumitomo Metal Corp. 379,000 1,048,576 0.25Rio Tinto Ltd. 72,500 4,093,466 0.98Steel Authority of India Ltd. 630,480 1,026,501 0.25

8,133,216 1.95

Natural Gas – DistributionGDF SUEZ 97,554 2,001,454 0.48Tokyo Gas Co. Ltd. 300,000 1,413,965 0.34

3,415,419 0.82


MarketValue ($)

NetAssets (%)

Oil ServicesDresser-Rand Group, Inc. 25,270 1,542,734 0.37Schlumberger Ltd. 27,310 2,131,546 0.51

3,674,280 0.88

Other Banks & Diversified FinancialsAmerican Express Co. 40,560 2,385,334 0.57Bank Rakyat Indonesia 2,567,000 2,095,241 0.50DBS Group Holdings Ltd. 277,000 3,348,216 0.80Discover Financial Services 57,650 2,213,184 0.53Erste Group Bank AG 82,566 2,778,601 0.67Federal Bank Ltd. 253,021 2,404,865 0.58Grupo Financiero Santander Mexico S.A.B. deC.V., ADR 140,450 2,183,998 0.52ICICI Bank Ltd. 119,359 2,672,955 0.64Itau Unibanco Holding S.A., IPS 103,100 1,778,434 0.43Siam Commercial Bank Co. Ltd. 379,400 2,277,418 0.55UBS AG 208,171 3,609,624 0.87UniCredit S.p.A. 421,634 2,722,786 0.65Visa, Inc., “A” 34,180 5,397,364 1.30

35,868,020 8.61

PharmaceuticalsBayer AG 37,643 3,714,798 0.89Novartis AG 81,890 5,579,012 1.34Pfizer, Inc. 237,200 6,470,816 1.55Roche Holding AG 24,772 5,482,205 1.32Santen Pharmaceutical Co. Ltd. 70,200 2,890,295 0.70

24,137,126 5.80

Precious Metals & MineralsNewcrest Mining Ltd. 55,325 1,350,014 0.32

Railroad & ShippingEast Japan Railway Co. 9,600 648,783 0.16Union Pacific Corp. 15,370 2,020,540 0.48

2,669,323 0.64

Real EstateHang Lung Properties Ltd. 368,000 1,387,936 0.33Mitsubishi Estate Co. Ltd. 164,000 3,970,649 0.96

5,358,585 1.29

RestaurantsArcos Dorados Holdings, Inc. 105,870 1,454,654 0.35McDonald’s Corp. 31,100 2,963,519 0.71

4,418,173 1.06

Specialty ChemicalsAirgas, Inc. 31,840 3,032,442 0.73Akzo Nobel N.V. 63,809 4,365,785 1.05Linde AG 14,843 2,708,676 0.65

10,106,903 2.43

Specialty StoresTiffany & Co. 34,550 2,271,663 0.55Urban Outfitters, Inc. 23,760 1,016,690 0.24

3,288,353 0.79

Telecommunications – WirelessAmerican Tower Corp., REIT 18,000 1,370,700 0.33KDDI Corp. 36,473 2,712,192 0.65TIM Participacoes S.A., ADR 99,090 2,179,980 0.53Vodafone Group PLC 1,545,682 4,218,948 1.01

10,481,820 2.52



MFS Meridian Funds – Global Research Fund, continued


MarketValue ($)

NetAssets (%)

Telephone ServicesBT Group PLC 542,800 2,140,150 0.51China Unicom (Hong Kong) Ltd. 938,000 1,507,012 0.36Telecom Italia S.p.A. 649,761 645,804 0.16Telecom Italia S.p.A. 1,595,721 1,365,003 0.33Verizon Communications, Inc. 49,240 2,147,356 0.52

7,805,325 1.88

TobaccoJapan Tobacco, Inc. 225,100 7,008,144 1.68Philip Morris International, Inc. 28,260 2,491,402 0.60

9,499,546 2.28

TruckingExpeditors International of Washington, Inc. 65,050 2,790,645 0.67Yamato Holdings Co. Ltd. 123,100 2,069,055 0.50

4,859,700 1.17

Utilities – Electric PowerCEZ A.S. 12,408 401,846 0.10CMS Energy Corp. 163,260 4,195,782 1.01Edison International 49,750 2,397,453 0.57Energias do Brasil S.A. 348,500 2,133,334 0.51

9,128,415 2.19



MarketValue ($)

NetAssets (%)





of ContractsMarket

Value ($)Net

Assets (%)

CALL OPTIONS WRITTENJDS Uniphase Corp. –February 2013 @ $13(Premiums received, $6,614) (159) (25,122) (0.00)

OTHER ASSETS, LESS LIABILITIES (1,143,822) (0.28)

NET ASSETS 416,391,833 100.00


MFS Meridian Funds – Global Total Return Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceCobham PLC 1,048,134 3,519,174 0.28Honeywell International, Inc. 181,940 12,415,585 1.00Northrop Grumman Corp. 158,570 10,313,392 0.83United Technologies Corp. 145,260 12,720,417 1.03

38,968,568 3.14

Alcoholic BeveragesHeineken N.V. 172,135 12,104,620 0.98

AutomotiveJohnson Controls, Inc. 124,080 3,857,646 0.31USS Co. Ltd. 35,180 3,947,145 0.32

7,804,791 0.63

BroadcastingFuji Television Network, Inc. 1,842 2,894,585 0.23Nippon Television Holdings, Inc. 198,500 2,824,085 0.23Omnicom Group, Inc. 99,110 5,379,690 0.44Viacom, Inc., “B” 86,740 5,234,758 0.42Walt Disney Co. 161,100 8,680,067 0.70

25,013,185 2.02

Brokerage & Asset ManagersBlackRock, Inc. 31,226 7,378,079 0.59Computershare Ltd. 234,030 2,555,166 0.21Daiwa Securities Group, Inc. 632,000 3,669,878 0.30

13,603,123 1.10


MarketValue ($)

NetAssets (%)

Business ServicesAccenture PLC, “A” 173,140 12,447,035 1.00Amadeus IT Holding S.A. 250,408 6,281,578 0.51Bunzl PLC 292,344 5,253,241 0.42Compass Group PLC 766,280 9,285,046 0.75Dun & Bradstreet Corp. 38,370 3,128,690 0.25Nomura Research, Inc. 214,600 4,916,474 0.40

41,312,064 3.33

Cable TVComcast Corp., “Special A” 138,400 5,083,432 0.41

Chemicals3M Co. 95,030 9,555,267 0.77Givaudan S.A. 4,060 4,514,829 0.37PPG Industries, Inc. 51,580 7,111,335 0.57

21,181,431 1.71


Computer Software – SystemsCanon, Inc. 176,100 6,480,141 0.52International Business Machines Corp. 57,300 11,635,911 0.94

18,116,052 1.46

ConstructionGeberit AG 15,188 3,551,460 0.29Stanley Black & Decker, Inc. 72,990 5,607,822 0.45

9,159,282 0.74



MFS Meridian Funds – Global Total Return Fund,continued


MarketValue ($)

NetAssets (%)

Consumer ProductsHenkel KGaA, IPS 120,045 10,599,709 0.85Kao Corp. 316,800 9,090,527 0.73KOSE Corp. 87,500 1,844,825 0.15Procter & Gamble Co. 100,740 7,571,618 0.61Reckitt Benckiser Group PLC 115,417 7,691,819 0.62

36,798,498 2.96

Electrical EquipmentDanaher Corp. 83,080 4,978,984 0.40Legrand S.A. 139,089 6,312,484 0.51Pentair Ltd. 16,126 817,266 0.06Spectris PLC 85,861 3,014,927 0.24Tyco International Ltd. 150,200 4,540,546 0.37

19,664,207 1.58

ElectronicsHalma PLC 375,790 2,743,998 0.22Hirose Electric Co. Ltd. 27,700 3,292,679 0.27Intel Corp. 99,330 2,089,903 0.17Taiwan Semiconductor ManufacturingCo. Ltd., ADR 479,275 8,502,339 0.68

16,628,919 1.34

Energy – IndependentCairn Energy PLC 637,118 2,900,047 0.23Occidental Petroleum Corp. 94,700 8,359,169 0.68

11,259,216 0.91

Energy – IntegratedBP PLC 1,322,649 9,791,115 0.79Chevron Corp. 75,040 8,640,856 0.70Exxon Mobil Corp. 97,640 8,784,671 0.71Royal Dutch Shell PLC, “A” 288,452 10,252,236 0.82

37,468,878 3.02

Food & BeveragesGeneral Mills, Inc. 163,550 6,859,287 0.55Groupe Danone 228,293 15,821,198 1.27Nestle S.A. 154,901 10,876,517 0.88

33,557,002 2.70

Food & Drug StoresCVS Caremark Corp. 139,970 7,166,464 0.58Lawson, Inc. 68,400 4,959,178 0.40

12,125,642 0.98


InsuranceAon PLC 79,820 4,608,807 0.37Hiscox Ltd. 402,575 3,026,414 0.24ING Groep N.V. 502,871 5,086,168 0.41Jardine Lloyd Thompson Group PLC 138,405 1,723,156 0.14MetLife, Inc. 199,440 7,447,090 0.60Prudential Financial, Inc. 72,030 4,169,096 0.33Swiss Re Ltd. 88,335 6,576,228 0.53Travelers Cos., Inc. 81,630 6,404,690 0.52Zurich Insurance Group AG 17,199 4,947,748 0.40

43,989,397 3.54

Leisure & ToysHasbro, Inc. 122,790 4,588,662 0.37


MarketValue ($)

NetAssets (%)

Machinery & ToolsGlory Ltd. 93,900 2,194,371 0.18Neopost S.A. 54,402 3,102,418 0.25

5,296,789 0.43

Major BanksBank of New York Mellon Corp. 281,302 7,640,162 0.62Goldman Sachs Group, Inc. 42,500 6,284,050 0.51HSBC Holdings PLC 893,736 10,158,974 0.82JPMorgan Chase & Co. 264,980 12,467,309 1.01State Street Corp. 125,070 6,960,146 0.56Sumitomo Mitsui Financial Group, Inc. 69,300 2,781,246 0.22Toronto-Dominion Bank 28,937 2,416,445 0.19Wells Fargo & Co. 250,830 8,736,409 0.70

57,444,741 4.63

Medical & Health Technology & ServicesKobayashi Pharmaceutical Co. Ltd. 67,500 3,292,143 0.26Quest Diagnostics, Inc. 46,160 2,674,972 0.22

5,967,115 0.48

Medical EquipmentAbbott Laboratories 156,570 5,304,592 0.43Medtronic, Inc. 137,290 6,397,714 0.51St. Jude Medical, Inc. 96,630 3,932,841 0.32

15,635,147 1.26

Network & TelecomEricsson, Inc., “B” 742,676 8,644,121 0.70Nokia Oyj (l) 1,140,604 4,463,391 0.36

13,107,512 1.06

Other Banks & Diversified FinancialsDnB NOR A.S.A. 345,300 4,829,105 0.39Hachijuni Bank Ltd. 226,000 1,131,915 0.09North Pacific Bank Ltd. 328,000 1,047,362 0.08Western Union Co. 183,670 2,613,624 0.21

9,622,006 0.77

PharmaceuticalsAbbVie, Inc. 104,760 3,843,644 0.31Bayer AG 115,595 11,407,489 0.92GlaxoSmithKline PLC 673,035 15,429,752 1.24Johnson & Johnson 218,330 16,138,954 1.30Pfizer, Inc. 621,510 16,954,793 1.37Roche Holding AG 66,534 14,724,408 1.19Santen Pharmaceutical Co. Ltd. 70,000 2,882,060 0.23

81,381,100 6.56

Printing & PublishingPearson PLC 219,900 4,164,211 0.33


Real EstateDeutsche Wohnen AG 357,962 6,892,063 0.55GSW Immobilien AG 98,923 4,221,607 0.34

11,113,670 0.89


Specialty StoresEsprit Holdings Ltd. 1,679,850 2,334,990 0.19

Telecommunications – WirelessKDDI Corp. 227,500 16,917,273 1.36NTT DoCoMo, Inc. 2,500 3,797,365 0.31





MarketValue ($)

NetAssets (%)

Telecommunications – Wireless, continuedVodafone Group PLC 4,174,949 11,395,549 0.92

32,110,187 2.59

Telephone ServicesAT&T, Inc. 256,720 8,931,289 0.72China Unicom (Hong Kong) Ltd. 1,346,000 2,162,514 0.17Deutsche Telekom AG 370,410 4,553,646 0.37TDC A.S. 406,226 3,108,778 0.25Telecom Italia S.p.A. 5,332,647 4,561,624 0.37

23,317,851 1.88

TobaccoBritish American Tobacco PLC 198,125 10,316,048 0.83Japan Tobacco, Inc. 308,100 9,592,222 0.77Lorillard, Inc. 117,810 4,602,837 0.37Philip Morris International, Inc. 182,390 16,079,502 1.30

40,590,609 3.27

TruckingUnited Parcel Service, Inc., “B” 38,400 3,044,736 0.24Yamato Holdings Co. Ltd. 469,700 7,894,679 0.64

10,939,415 0.88


BONDS

Asset-Backed & SecuritizedBayview Commercial Asset Trust, FRN1.72%, 25/07/2023 CAD 590,000 569,115 0.05Citigroup/Deutsche Bank CommercialMortgage Trust5.322%, 11/12/2049 USD 2,184,001 2,481,410 0.20Commercial Mortgage Pass-ThroughCertificates, “A3”5.293%, 11/12/2049 1,485,243 1,537,433 0.12Commercial Mortgage Pass-ThroughCertificates, “A4”5.306%, 10/12/2046 1,485,243 1,686,648 0.13G-Force LLC, CDO, “A2”4.83%, 22/08/2036 (b) 579,849 582,748 0.05JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.812%, 15/06/2049 1,552,243 1,662,918 0.13JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.929%, 15/02/2051 2,658,686 2,815,756 0.23Merrill Lynch Mortgage Trust, “A3”, FRN5.85%, 12/06/2050 500,000 528,943 0.04Merrill Lynch Mortgage Trust, FRN5.85%, 12/06/2050 1,570,000 1,818,310 0.15Wachovia Bank Commercial Mortgage Trust,“A3”, FRN5.924%, 15/02/2051 2,726,647 2,837,736 0.23

16,521,017 1.33

AutomotiveDaimler Finance North America LLC1.3%, 31/07/2015 USD 2,020,000 2,030,375 0.16Daimler Finance North America LLC1.875%, 11/01/2018 634,000 632,304 0.05Hyundai Capital America2.125%, 2/10/2017 170,000 170,096 0.02Nissan Motor Acceptance Corp.1.95%, 12/09/2017 128,000 129,331 0.01Toyota Motor Credit Corp.0.875%, 17/07/2015 1,960,000 1,970,223 0.16


MarketValue ($)

NetAssets (%)

Automotive, continuedVolkswagen International Finance N.V.1.15%, 20/11/2015 USD 2,100,000 2,108,066 0.17Volkswagen International Finance N.V.2.375%, 22/03/2017 725,000 744,097 0.06

7,784,492 0.63

BiotechnologyLife Technologies Corp.6%, 1/03/2020 USD 1,000,000 1,104,931 0.09

BroadcastingBritish Sky Broadcasting Group PLC3.125%, 26/11/2022 USD 2,350,000 2,303,143 0.19NBCUniversal Media LLC5.15%, 30/04/2020 1,056,000 1,229,887 0.10

3,533,030 0.29

BuildingOwens Corning, Inc.6.5%, 1/12/2016 USD 230,000 257,318 0.02

Cable TVCox Communications, Inc.3.25%, 15/12/2022 USD 628,000 628,763 0.05DIRECTV Holdings LLC5.2%, 15/03/2020 973,000 1,104,133 0.09Time Warner Cable, Inc.5%, 1/02/2020 1,002,000 1,145,485 0.09

2,878,381 0.23

ChemicalsDow Chemical Co.8.55%, 15/05/2019 USD 850,000 1,146,303 0.09

ConglomeratesRoper Industries, Inc.1.85%, 15/11/2017 USD 319,000 318,098 0.03

Consumer ProductsNewell Rubbermaid, Inc.4.7%, 15/08/2020 USD 920,000 1,009,404 0.08


Emerging Market Quasi-SovereignBanco do Nordeste do Brasil S.A.3.625%, 9/11/2015 USD 490,000 504,700 0.04BNDES Participacoes S.A.6.5%, 10/06/2019 234,000 280,800 0.02CNPC (HK) Overseas Capital Ltd.4.5%, 28/04/2021 642,000 705,112 0.06Comision Federal de Electricidad5.75%, 14/02/2042 817,000 906,870 0.07Corporacion Nacional del Cobre de Chile3.75%, 4/11/2020 413,000 434,695 0.04Empresa Nacional del Petroleo6.25%, 8/07/2019 393,000 447,132 0.04Gaz Capital S.A.3.85%, 6/02/2020 1,413,000 1,413,424 0.11Gaz Capital S.A.3.85%, 6/02/2020 500,000 500,150 0.04Pemex Project Funding Master Trust5.75%, 1/03/2018 488,000 562,420 0.05Petrobras International Finance Co.5.375%, 27/01/2021 1,328,000 1,454,981 0.12Petroleos Mexicanos6%, 5/03/2020 637,000 748,475 0.06Petroleos Mexicanos5.5%, 21/01/2021 355,000 407,363 0.03





MarketValue ($)

NetAssets (%)

Emerging Market Quasi-Sovereign, continuedPTT PLC3.375%, 25/10/2022 USD 1,760,000 1,725,567 0.14Rosneft3.149%, 6/03/2017 246,000 246,308 0.02Rosneft4.199%, 6/03/2022 409,000 409,000 0.03

10,746,997 0.87

Emerging Market SovereignFederative Republic of Brazil5.625%, 7/01/2041 USD 1,097,000 1,325,725 0.11Government of Poland5.75%, 25/10/2021 PLN 8,994,000 3,323,288 0.27Republic of Colombia6.125%, 18/01/2041 USD 807,000 1,032,960 0.08Republic of Lithuania6.625%, 1/02/2022 1,365,000 1,699,425 0.14Republic of Peru7.35%, 21/07/2025 919,000 1,295,790 0.10Republic of Peru5.625%, 18/11/2050 41,000 48,175 0.00Russian Federation4.5%, 4/04/2022 400,000 441,920 0.04Russian Federation5.625%, 4/04/2042 200,000 234,500 0.02

9,401,783 0.76

Energy – IndependentEOG Resources, Inc.2.625%, 15/03/2023 USD 353,000 346,517 0.03

Financial InstitutionsGeneral Electric Capital Corp.3.1%, 9/01/2023 USD 1,274,000 1,258,408 0.10SLM Corp.6.25%, 25/01/2016 557,000 612,871 0.05

1,871,279 0.15

Food & BeveragesAnheuser-Busch InBev S.A.5.375%, 15/01/2020 USD 858,000 1,028,563 0.08Conagra Foods, Inc.3.2%, 25/01/2023 938,000 939,184 0.08Grupo Bimbo S.A.B. de C.V.4.5%, 25/01/2022 1,171,000 1,271,294 0.10Tyson Foods, Inc.6.6%, 1/04/2016 1,320,000 1,516,797 0.12

4,755,838 0.38

Food & Drug StoresCVS Caremark Corp.5.75%, 1/06/2017 USD 475,000 561,750 0.05

Forest & Paper ProductsGeorgia-Pacific Corp.5.4%, 1/11/2020 USD 1,027,000 1,209,630 0.10Votorantim Participacoes S.A.6.75%, 5/04/2021 553,000 655,305 0.05

1,864,935 0.15

InsuranceAmerican International Group, Inc.4.875%, 15/09/2016 USD 1,160,000 1,295,621 0.10UnumProvident Corp.6.85%, 15/11/2015 1,717,000 1,933,198 0.16

3,228,819 0.26

Insurance – HealthUnitedHealth Group, Inc.2.75%, 15/02/2023 USD 900,000 888,711 0.07


MarketValue ($)

NetAssets (%)

Insurance – Property & CasualtyAXIS Capital Holdings Ltd.5.75%, 1/12/2014 USD 2,015,000 2,156,618 0.17Chubb Corp.,6.375 to 15/04/2017, FRN to 29/03/2067 1,060,000 1,152,750 0.09Liberty Mutual Group, Inc.4.95%, 1/05/2022 467,000 507,161 0.04QBE Capital Funding III Ltd., FRN7.25%, 24/05/2041 1,178,000 1,219,230 0.10Swiss Re Ltd.2.875%, 6/12/2022 1,060,000 1,051,944 0.09ZFS Finance USA Trust II6.45% to 15/06/2016, FRN to 15/12/2065 1,851,000 1,980,570 0.16

8,068,273 0.65

International Market Quasi-SovereignElectricite de France, FRN5.25%, 31/12/2049 USD 1,090,000 1,064,068 0.09Statoil A.S.A.4.25%, 23/11/2041 890,000 920,979 0.07Temasek Financial I Ltd.2.375%, 23/01/2023 1,820,000 1,744,677 0.14

3,729,724 0.30

International Market SovereignCommonwealth of Australia5.75%, 15/05/2021 AUD 7,863,000 9,643,717 0.78Federal Republic of Germany3.75%, 4/01/2015 EUR 4,635,000 6,710,975 0.54Federal Republic of Germany3.25%, 4/07/2021 1,657,000 2,575,771 0.21Federal Republic of Germany6.25%, 4/01/2030 2,844,000 6,059,948 0.49Government of Canada4.5%, 1/06/2015 CAD 5,245,000 5,655,913 0.46Government of Canada4.25%, 1/06/2018 9,774,000 11,138,675 0.90Government of Canada3.25%, 1/06/2021 1,695,000 1,876,073 0.15Government of Canada5.75%, 1/06/2033 1,725,000 2,609,050 0.21Government of Japan1.7%, 20/03/2017 JPY 969,100,000 11,284,724 0.91Government of Japan1.1%, 20/06/2020 1,845,400,000 21,140,944 1.70Government of Japan2.1%, 20/09/2024 1,282,800,000 15,817,094 1.27Government of Japan2.2%, 20/09/2027 486,350,000 5,963,301 0.48Government of Japan2.4%, 20/03/2037 475,000,000 5,720,284 0.46Kingdom of Belgium4.25%, 28/09/2021 EUR 2,329,000 3,691,058 0.30Kingdom of Denmark3%, 15/11/2021 DKK 17,629,000 3,616,237 0.29Kingdom of Spain4%, 30/07/2015 EUR 5,983,000 8,355,216 0.67Kingdom of Spain5.5%, 30/07/2017 2,602,000 3,793,097 0.31Kingdom of Spain4.6%, 30/07/2019 3,231,000 4,469,268 0.36Kingdom of Sweden5%, 1/12/2020 SEK 25,785,000 4,985,975 0.40Kingdom of the Netherlands3.75%, 15/07/2014 EUR 5,639,000 8,037,940 0.65Kingdom of the Netherlands5.5%, 15/01/2028 1,129,000 2,150,859 0.17





MarketValue ($)

NetAssets (%)

International Market Sovereign, continuedRepublic of Austria4.65%, 15/01/2018 EUR 2,420,000 3,854,335 0.31Republic of France6%, 25/10/2025 2,269,000 4,230,007 0.34Republic of France4.75%, 25/04/2035 2,973,000 5,147,347 0.41Republic of Iceland4.875%, 16/06/2016 USD 3,361,000 3,592,909 0.29Republic of Iceland4.875%, 16/06/2016 1,492,000 1,594,948 0.13Republic of Ireland5.5%, 18/10/2017 EUR 6,278,000 9,412,094 0.76Republic of Italy4.25%, 1/02/2015 5,187,000 7,379,029 0.59Republic of Italy5.25%, 1/08/2017 9,786,000 14,550,544 1.17Republic of Italy3.75%, 1/03/2021 6,496,000 8,819,322 0.71United Kingdom Treasury8%, 7/12/2015 GBP 4,742,000 9,129,664 0.74United Kingdom Treasury5%, 7/03/2018 4,038,000 7,644,903 0.62United Kingdom Treasury8%, 7/06/2021 3,737,000 8,806,695 0.71United Kingdom Treasury4.25%, 7/12/2027 1,621,000 3,078,763 0.25United Kingdom Treasury4.25%, 7/03/2036 2,897,000 5,401,461 0.44

237,938,140 19.18

Major BanksABN AMRO Bank N.V.4.25%, 2/02/2017 USD 2,094,000 2,270,671 0.18Banco Santander U.S. Debt S.A.U.3.781%, 7/10/2015 1,500,000 1,529,433 0.12Bank of America Corp.5.65%, 1/05/2018 2,705,000 3,123,436 0.25Goldman Sachs Group, Inc.1.6%, 23/11/2015 293,000 294,441 0.03Goldman Sachs Group, Inc.5.75%, 24/01/2022 788,000 918,518 0.08HSBC USA, Inc.4.875%, 24/08/2020 1,260,000 1,401,033 0.11ING Bank N.V., FRN1.71%, 9/06/2014 1,090,000 1,103,573 0.09JPMorgan Chase & Co.4.25%, 15/10/2020 1,850,000 2,025,743 0.16Macquarie Group Ltd.6.25%, 14/01/2021 1,100,000 1,206,601 0.10Morgan Stanley7.3%, 13/05/2019 1,345,000 1,646,447 0.13Morgan Stanley5.5%, 28/07/2021 560,000 630,408 0.05PNC Financial Services Group, Inc., FRN6.75%, 31/12/2049 40,000 45,896 0.01Standard Chartered PLC3.95%, 11/01/2023 1,290,000 1,270,690 0.10Wells Fargo & Co.2.1%, 8/05/2017 2,030,000 2,087,506 0.17

19,554,396 1.58

Medical & Health Technology & ServicesExpress Scripts Holding Co.2.65%, 15/02/2017 USD 1,800,000 1,865,437 0.15


MarketValue ($)

NetAssets (%)

Medical & Health Technology & Services, continuedExpress Scripts Holding Co.3.9%, 15/02/2022 USD 218,000 231,023 0.02

2,096,460 0.17

Metals & MiningRio Tinto Finance (USA) PLC3.5%, 22/03/2022 USD 1,422,000 1,478,961 0.12Southern Copper Corp.6.75%, 16/04/2040 444,000 519,407 0.04Vale Overseas Ltd.4.625%, 15/09/2020 483,000 514,528 0.04Vale Overseas Ltd.4.375%, 11/01/2022 677,000 699,238 0.06

3,212,134 0.26

Mortgage-BackedFannie Mae4.656%, 1/05/2013 USD 113,423 113,361 0.01Fannie Mae5.5%, 1/02/2015 407,236 434,731 0.04Fannie Mae4.79%, 1/07/2015 566,490 608,149 0.05Fannie Mae4.78%, 1/08/2015 525,158 563,167 0.05Fannie Mae4.856%, 1/08/2015 418,103 447,974 0.04Fannie Mae5.424%, 1/02/2016 385,528 431,171 0.04Fannie Mae5.09%, 1/12/2016 579,446 639,516 0.05Fannie Mae4.992%, 1/01/2017 493,028 523,386 0.04Fannie Mae5.05%, 1/01/2017 504,663 558,385 0.05Fannie Mae5.3%, 1/04/2017 551,655 613,448 0.05Fannie Mae5.16%, 1/01/2018 469,613 512,553 0.04Fannie Mae2.578%, 25/09/2018 1,200,000 1,273,889 0.10Fannie Mae5.1%, 1/03/2019 561,312 635,943 0.05Fannie Mae5.18%, 1/03/2019 561,755 638,191 0.05Fannie Mae6.16%, 1/03/2019 369,062 418,949 0.03Fannie Mae5%, 1/12/2020 – 1/08/2040 7,066,755 7,778,659 0.63Fannie Mae4.5%, 1/03/2025 – 1/03/2034 3,000,974 3,235,287 0.26Fannie Mae6%, 1/09/2037 – 1/06/2038 1,505,615 1,681,904 0.13Fannie Mae, TBA3%, 1/12/2043 4,240,000 4,378,462 0.35Freddie Mac3.882%, 25/11/2017 1,073,000 1,195,598 0.10Freddie Mac2.412%, 25/08/2018 587,000 615,654 0.05Freddie Mac5.085%, 25/03/2019 666,000 779,893 0.06Freddie Mac1.883%, 25/05/2019 2,000,000 2,033,384 0.16Freddie Mac5.5%, 1/07/2037 917,735 1,002,958 0.08Freddie Mac4.5%, 1/05/2040 7,198,934 7,686,637 0.62





MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedGinnie Mae5%, 15/05/2040 USD 2,661,941 2,919,965 0.24Ginnie Mae, TBA3%, 1/12/2043 4,100,000 4,266,563 0.34

45,987,777 3.71

Natural Gas – PipelineEnergy Transfer Partners LP4.65%, 1/06/2021 USD 1,196,000 1,288,683 0.11Energy Transfer Partners LP3.6%, 1/02/2023 517,000 511,215 0.04

1,799,898 0.15

Oil ServicesTransocean, Inc.6.5%, 15/11/2020 USD 1,420,000 1,659,829 0.13

Other Banks & Diversified FinancialsBanco de Credito del Peru, FRN6.125%, 24/04/2027 USD 1,090,000 1,207,175 0.10BB&T Corp.3.95%, 29/04/2016 1,890,000 2,058,475 0.16Capital One Financial Corp.8.8%, 15/07/2019 738,000 1,010,917 0.08Citigroup, Inc.6.125%, 15/05/2018 497,000 591,988 0.05Intesa Sanpaolo S.p.A3.875%, 16/01/2018 594,000 583,832 0.05SunTrust Banks, Inc.3.5%, 20/01/2017 437,000 466,778 0.04Svenska Handelsbanken AB2.875%, 4/04/2017 523,000 551,873 0.04Swedbank AB2.125%, 29/09/2017 270,000 274,719 0.02U.S. Bancorp2.95%, 15/07/2022 259,000 256,781 0.02

7,002,538 0.56

PharmaceuticalsAbbVie, Inc.1.2%, 6/11/2015 USD 2,100,000 2,110,798 0.17Teva Pharmaceutical Finance B.V.2.95%, 18/12/2022 777,000 769,423 0.06

2,880,221 0.23

Railroad & ShippingCSX Corp.4.1%, 15/03/2044 USD 1,229,000 1,156,107 0.09

Real EstateSimon Property Group, Inc., REIT5.65%, 1/02/2020 USD 1,420,000 1,696,650 0.14WEA Finance LLC/WT Finance Australia3.375%, 3/10/2022 406,000 408,992 0.03

2,105,642 0.17

RetailersHome Depot, Inc.5.95%, 1/04/2041 USD 999,000 1,309,153 0.11

Telecommunications – WirelessAmerican Tower Corp.3.5%, 31/01/2023 USD 209,000 204,076 0.02American Tower Corp., REIT4.7%, 15/03/2022 227,000 244,687 0.02


MarketValue ($)

NetAssets (%)

Telecommunications – Wireless, continuedCrown Castle Towers LLC6.113%, 15/01/2040 USD 955,000 1,155,468 0.09

1,604,231 0.13

TobaccoAltria Group, Inc.9.7%, 10/11/2018 USD 305,000 420,948 0.03

Transportation – ServicesERAC USA Finance Co.2.75%, 15/03/2017 USD 265,000 275,122 0.02ERAC USA Finance Co.7%, 15/10/2037 780,000 987,495 0.08

1,262,617 0.10

U.S. Government Agencies and EquivalentsSmall Business Administration5.09%, 1/10/2025 USD 122,625 137,203 0.01Small Business Administration5.21%, 1/01/2026 1,668,346 1,870,540 0.15Small Business Administration5.31%, 1/05/2027 778,016 894,381 0.07

2,902,124 0.23

U.S. Treasury ObligationsU.S. Treasury Bonds6.875%, 15/08/2025 USD 2,616,000 3,931,356 0.32U.S. Treasury Bonds5.25%, 15/02/2029 621,000 833,499 0.07U.S. Treasury Bonds4.5%, 15/08/2039 3,158,500 4,019,191 0.32U.S. Treasury Notes4.75%, 15/08/2017 6,250,000 7,361,819 0.59U.S. Treasury Notes3.5%, 15/05/2020 11,190,000 12,802,938 1.03

28,948,803 2.33

Utilities – Electric PowerEnel Finance International S.A.6%, 7/10/2039 USD 1,066,000 1,043,145 0.08Progress Energy, Inc.7.05%, 15/03/2019 1,450,000 1,825,251 0.15

2,868,396 0.23

TOTAL BONDS 445,270,290 35.89



Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, $1,044,662,670) (k) 1,238,337,999 99.81


NET ASSETS 1,240,702,763 100.00




MFS Meridian Funds – High Yield Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

AerospaceBombardier, Inc.4.25%, 15/01/2016 USD 520,000 535,563 0.06Bombardier, Inc.7.5%, 15/03/2018 3,725,000 4,190,625 0.44Bombardier, Inc.7.75%, 15/03/2020 1,475,000 1,670,438 0.17CPI International, Inc.8%, 15/02/2018 3,420,000 3,420,000 0.36Embraer Empresa Brasileria de Aeronaves5.15%, 15/06/2022 200,000 220,000 0.02Heckler & Koch GmbH9.5%, 15/05/2018 EUR 1,714,000 2,059,635 0.21Huntington Ingalls Industries, Inc.7.125%, 15/03/2021 USD 3,960,000 4,356,000 0.46

16,452,261 1.72

Agricultural ProductsCorporacion Azucarera del Peru S.A.6.375%, 2/08/2022 USD 100,000 107,500 0.01

Apparel ManufacturersHanesbrands, Inc.6.375%, 15/12/2020 USD 2,325,000 2,516,813 0.26Jones Group, Inc.6.875%, 15/03/2019 2,330,000 2,431,938 0.25PVH Corp.7.375%, 15/05/2020 2,755,000 3,116,594 0.33PVH Corp.4.5%, 15/12/2022 1,730,000 1,721,350 0.18

9,786,695 1.02

Asset-Backed & SecuritizedCitigroup Commercial MortgageTrust, FRN,5.701%, 10/12/2049 USD 410,640 79,253 0.01Crest Ltd., CDO7%, 28/01/2040 (b)(p) 445,376 22,269 0.00CWCapital Cobalt Ltd., CDO, “F”, FRN1.6%, 26/04/2050 (b) 528,130 1,320 0.00First Union National Bank CommercialMortgage Trust6.75%, 15/10/2032 423,928 212,112 0.02G-Force LLC, CDO, “A2”4.83%, 22/08/2036 (b) 1,047,916 1,053,155 0.11JPMorgan Chase Commercial MortgageSecurities Corp., “C”, FRN6.001%, 15/02/2051 350,000 102,060 0.01Morgan Stanley Capital I, Inc., FRN1.384%, 28/04/2039 (b)(i) 1,235,996 24,102 0.01

1,494,271 0.16

AutomotiveAccuride Corp.9.5%, 1/08/2018 USD 2,650,000 2,616,875 0.27Allison Transmission, Inc.7.125%, 15/05/2019 3,310,000 3,591,350 0.38Continental Rubber of America Corp.4.5%, 15/09/2019 645,000 661,125 0.07Ford Motor Credit Co. LLC12%, 15/05/2015 4,049,000 4,939,780 0.52Ford Motor Credit Co. LLC8.125%, 15/01/2020 955,000 1,202,674 0.13General Motors Financial Co., Inc.4.75%, 15/08/2017 1,775,000 1,855,026 0.19General Motors Financial Co., Inc.6.75%, 1/06/2018 1,690,000 1,956,175 0.21


MarketValue ($)

NetAssets (%)

Automotive, continuedGoodyear Tire & Rubber Co.8.25%, 15/08/2020 USD 640,000 702,400 0.07Goodyear Tire & Rubber Co.7%, 15/05/2022 895,000 959,888 0.10Grupo KUO S.A.B de C.V.6.25%, 4/12/2022 206,000 222,995 0.02Jaguar Land Rover PLC7.75%, 15/05/2018 1,860,000 2,041,350 0.21Jaguar Land Rover PLC8.125%, 15/05/2021 4,335,000 4,866,038 0.51Jaguar Land Rover PLC5.625%, 1/02/2023 895,000 912,900 0.10Lear Corp.8.125%, 15/03/2020 1,574,000 1,758,945 0.18Lear Corp.4.75%, 15/01/2023 640,000 636,800 0.07

28,924,321 3.03

BroadcastingAllbritton Communications Co.8%, 15/05/2018 USD 1,125,000 1,217,813 0.13AMC Networks, Inc.7.75%, 15/07/2021 2,751,000 3,143,018 0.33Clear Channel Communications, Inc.9%, 1/03/2021 3,805,000 3,538,650 0.37Clear Channel Worldwide Holdings, Inc.6.5%, 15/11/2022 735,000 775,425 0.08Clear Channel Worldwide Holdings, Inc.6.5%, 15/11/2022 1,815,000 1,932,975 0.20Clear Channel Worldwide Holdings, Inc. “A”,7.625%, 15/03/2020 105,000 108,675 0.01Clear Channel Worldwide Holdings, Inc. “B”,7.625%, 15/03/2020 1,585,000 1,656,325 0.17Hughes Network Systems LLC7.625%, 15/06/2021 1,725,000 1,975,125 0.21IAC/InterActiveCorp4.75%, 15/12/2022 385,000 382,113 0.04Inmarsat Finance PLC7.375%, 1/12/2017 1,870,000 2,010,250 0.21Intelsat Bermuda Ltd.11.25%, 4/02/2017 3,510,000 3,720,600 0.39Intelsat Bermuda Ltd.11.5%, 4/02/2017 (p) 4,840,000 5,130,400 0.54Intelsat Jackson Holdings Ltd.6.625%, 15/12/2022 2,350,000 2,388,188 0.25LBI Media, Inc.13.5%, 15/04/2020 (p) 156,000 63,960 0.01Liberty Media Corp.8.5%, 15/07/2029 2,225,000 2,480,875 0.26Liberty Media Corp.8.25%, 1/02/2030 730,000 806,650 0.08Local TV Finance LLC9.25%, 15/06/2015 (p) 2,310,082 2,327,408 0.24Netflix, Inc.5.375%, 1/02/2021 1,390,000 1,383,050 0.14Nexstar Broadcasting Group, Inc.8.875%, 15/04/2017 830,000 915,075 0.10Nexstar Broadcasting Group, Inc.6.875%, 15/11/2020 470,000 489,975 0.05Sinclair Broadcast Group, Inc.9.25%, 1/11/2017 1,370,000 1,496,725 0.16Sinclair Broadcast Group, Inc.8.375%, 15/10/2018 245,000 272,563 0.03SIRIUS XM Radio, Inc.8.75%, 1/04/2015 730,000 826,725 0.09



MFS Meridian Funds – High Yield Fund, continued


MarketValue ($)

NetAssets (%)

Broadcasting, continuedSIRIUS XM Radio, Inc.7.625%, 1/11/2018 USD 2,615,000 2,902,650 0.30SIRIUS XM Radio, Inc.5.25%, 15/08/2022 395,000 401,913 0.04Univision Communications, Inc.6.875%, 15/05/2019 2,240,000 2,352,000 0.25Univision Communications, Inc.7.875%, 1/11/2020 1,345,000 1,455,963 0.15Univision Communications, Inc.8.5%, 15/05/2021 1,865,000 1,986,225 0.21

48,141,314 5.04

Brokerage & Asset ManagersE*TRADE Financial Corp.6.375%, 15/11/2019 USD 3,715,000 3,854,313 0.40

BuildingBoise Cascade LLC/Finance Corp.6.375%, 1/11/2020 USD 1,295,000 1,353,275 0.14Building Materials Holding Corp.6.875%, 15/08/2018 1,975,000 2,133,000 0.22Building Materials Holding Corp.7%, 15/02/2020 670,000 730,300 0.08Building Materials Holding Corp.6.75%, 1/05/2021 815,000 898,538 0.10CEMEX S.A.B. de C.V.9.25%, 12/05/2020 3,460,000 3,719,500 0.39Gibraltar Industries, Inc.6.25%, 1/02/2021 360,000 373,950 0.04HD Supply, Inc.13.5%, 1/09/2015 1,390,000 1,433,438 0.15HD Supply, Inc.8.125%, 15/04/2019 1,800,000 2,038,500 0.21HD Supply, Inc.11.5%, 15/07/2020 1,095,000 1,261,988 0.13HD Supply, Inc.10.5%, 15/01/2021 185,000 189,163 0.02Legrand S.A.8.5%, 15/02/2025 300,000 392,926 0.04Masonite International Corp.8.25%, 15/04/2021 2,090,000 2,299,000 0.24Nortek, Inc.8.5%, 15/04/2021 2,975,000 3,369,188 0.35Odebrecht Finance Ltd.7.125%, 26/06/2042 200,000 231,500 0.03Roofing Supply Group LLC/Roofing SupplyFinance, Inc.10%, 1/06/2020 1,205,000 1,361,650 0.14USG Corp.6.3%, 15/11/2016 2,917,000 3,070,143 0.32USG Corp.7.875%, 30/03/2020 1,060,000 1,208,400 0.13

26,064,459 2.73

Business ServicesCeridian Corp.12.25%, 15/11/2015 (p) USD 1,065,000 1,080,975 0.11Ceridian Corp.8.875%, 15/07/2019 510,000 568,650 0.06Fidelity National Information Services, Inc.7.625%, 15/07/2017 940,000 1,015,200 0.11Fidelity National Information Services, Inc.5%, 15/03/2022 1,970,000 2,132,525 0.22iGATE Corp.9%, 1/05/2016 3,175,000 3,488,531 0.37Iron Mountain, Inc.8.375%, 15/08/2021 2,180,000 2,403,450 0.25


MarketValue ($)

NetAssets (%)

Business Services, continuedLegend Acquisition Sub, Inc.10.75%, 15/08/2020 USD 1,865,000 1,641,200 0.17Lender Processing Services, Inc.5.75%, 15/04/2023 1,565,000 1,658,900 0.17Neustar, Inc.4.5%, 15/01/2023 1,040,000 1,040,000 0.11SunGard Data Systems, Inc.7.375%, 15/11/2018 1,405,000 1,492,813 0.16Tencent Holdings Ltd.3.375%, 5/03/2018 407,000 417,194 0.04

16,939,438 1.77

Cable TVBresnan Broadband Holdings LLC8%, 15/12/2018 USD 415,000 448,200 0.05CCO Holdings LLC7.875%, 30/04/2018 2,995,000 3,200,906 0.33CCO Holdings LLC8.125%, 30/04/2020 3,250,000 3,648,125 0.38CCO Holdings LLC7.375%, 1/06/2020 1,080,000 1,201,500 0.12CCO Holdings LLC5.125%, 15/02/2023 980,000 965,300 0.10Cequel Communications Holdings6.375%, 15/09/2020 790,000 827,525 0.09DISH DBS Corp.6.75%, 1/06/2021 1,955,000 2,189,600 0.23EchoStar Corp.7.125%, 1/02/2016 995,000 1,109,425 0.12Nara Cable Funding Ltd.8.875%, 1/12/2018 2,100,000 2,142,000 0.22Telenet Finance Luxembourg6.375%, 15/11/2020 EUR 1,100,000 1,598,132 0.17Telenet Finance Luxembourg6.375%, 15/11/2020 500,000 726,423 0.08Unitymedia Hessen5.5%, 15/01/2023 USD 625,000 637,500 0.07UPC Germany GmbH8.125%, 1/12/2017 EUR 784,354 1,147,534 0.12UPC Holding B.V.9.75%, 15/04/2018 900,000 1,289,721 0.13UPC Holding B.V.9.875%, 15/04/2018 USD 1,525,000 1,723,250 0.18UPCB Finance III Ltd.6.625%, 1/07/2020 2,687,000 2,868,373 0.30Virgin Media Finance PLC4.875%, 15/02/2022 565,000 563,588 0.06Virgin Media Finance PLC5.25%, 15/02/2022 2,020,000 2,110,900 0.22Ziggo Bond Co. B.V.8%, 15/05/2018 EUR 2,780,000 4,084,211 0.43

32,482,213 3.40

ChemicalsCelanese U.S. Holdings LLC6.625%, 15/10/2018 USD 1,910,000 2,091,450 0.22Flash Dutch 2 B.V./U.S. Coatings Acquisition7.375%, 1/05/2021 380,000 391,400 0.04Hexion U.S. Finance Corp./Hexion NovaScotia Finance,8.875%, 1/02/2018 2,455,000 2,479,550 0.26Hexion U.S. Finance Corp./Hexion NovaScotia Finance,9%, 15/11/2020 1,650,000 1,534,500 0.16Huntsman International LLC8.625%, 15/03/2021 3,090,000 3,538,050 0.37





MarketValue ($)

NetAssets (%)

Chemicals, continuedINEOS Finance PLC8.375%, 15/02/2019 USD 1,360,000 1,489,200 0.16INEOS Group Holdings PLC8.5%, 15/02/2016 3,390,000 3,415,425 0.36LyondellBasell Industries N.V.5%, 15/04/2019 1,030,000 1,135,575 0.12LyondellBasell Industries N.V.6%, 15/11/2021 2,460,000 2,890,500 0.30Polypore International, Inc.7.5%, 15/11/2017 1,350,000 1,468,125 0.15

20,433,775 2.14

Computer SoftwareInfor U.S., Inc.11.5%, 15/07/2018 USD 1,960,000 2,307,900 0.24Nuance Communications, Inc.5.375%, 15/08/2020 2,095,000 2,157,850 0.22Seagate HDD Cayman6.875%, 1/05/2020 1,205,000 1,307,425 0.14Syniverse Holdings, Inc.9.125%, 15/01/2019 3,235,000 3,518,063 0.37TransUnion Holding Co., Inc.9.625%, 15/06/2018 870,000 928,725 0.10TransUnion LLC/TransUnion Financing Corp.,11.375%, 15/06/2018 445,000 514,531 0.05

10,734,494 1.12

Computer Software – SystemsAudatex North America, Inc.6.75%, 15/06/2018 USD 2,140,000 2,295,150 0.24CDW LLC/CDW Finance Corp.12.535%, 12/10/2017 1,770,000 1,893,900 0.20CDW LLC/CDW Finance Corp.8.5%, 1/04/2019 2,410,000 2,669,075 0.28DuPont Fabros Technology, Inc., REIT8.5%, 15/12/2017 1,645,000 1,784,825 0.19

8,642,950 0.91

ConglomeratesAmsted Industries, Inc.8.125%, 15/03/2018 USD 3,120,000 3,330,600 0.35BC Mountain LLC7%, 1/02/2021 270,000 276,750 0.03Dynacast International LLC9.25%, 15/07/2019 1,430,000 1,526,525 0.16Griffon Corp.7.125%, 1/04/2018 2,955,000 3,198,788 0.33Silver II Borrower7.75%, 15/12/2020 1,020,000 1,068,450 0.11

9,401,113 0.98

ConstructionEmpresas ICA, S.A.B. de C.V.8.375%, 24/07/2017 USD 150,000 156,750 0.02

Consumer ProductsEaston-Bell Sports, Inc.9.75%, 1/12/2016 USD 1,865,000 2,011,887 0.21Elizabeth Arden, Inc.7.375%, 15/03/2021 2,727,000 3,033,788 0.32Jarden Corp.7.5%, 15/01/2020 2,390,000 2,605,100 0.27Libbey Glass, Inc.6.875%, 15/05/2020 685,000 737,231 0.08Prestige Brands, Inc.8.125%, 1/02/2020 195,000 218,400 0.02


MarketValue ($)

NetAssets (%)

Consumer Products, continuedSpectrum Brands Escrow Corp.6.375%, 15/11/2020 USD 870,000 925,463 0.10Spectrum Brands Escrow Corp.6.625%, 15/11/2022 210,000 226,800 0.02

9,758,669 1.02

Consumer ServicesQVC, Inc.7.375%, 15/10/2020 USD 1,135,000 1,252,880 0.13Service Corp. International7%, 15/06/2017 2,450,000 2,814,438 0.30Service Corp. International7%, 15/05/2019 1,155,000 1,269,056 0.13

5,336,374 0.56

ContainersArdagh Packaging Finance PLC7.375%, 15/10/2017 USD 2,385,000 2,620,519 0.27Ardagh Packaging Finance PLC9.125%, 15/10/2020 4,240,000 4,632,200 0.49Ardagh Packaging Finance PLC9.125%, 15/10/2020 800,000 878,000 0.09Berry Plastics Group, Inc.9.5%, 15/05/2018 1,000,000 1,117,500 0.12Crown Americas LLC4.5%, 15/01/2023 1,565,000 1,541,525 0.16Greif, Inc.6.75%, 1/02/2017 1,000,000 1,115,000 0.12Greif, Inc.7.75%, 1/08/2019 1,490,000 1,728,400 0.18OI European Group B.V.6.75%, 15/09/2020 EUR 250,000 382,730 0.04Reynolds Group7.125%, 15/04/2019 USD 1,820,000 1,942,850 0.20Reynolds Group9.875%, 15/08/2019 660,000 721,050 0.08Reynolds Group5.75%, 15/10/2020 1,400,000 1,431,500 0.15Reynolds Group8.25%, 15/02/2021 5,225,000 5,473,188 0.57

23,584,462 2.47

Defense ElectronicsDucommun, Inc.9.75%, 15/07/2018 USD 2,138,000 2,346,455 0.25MOOG, Inc.7.25%, 15/06/2018 2,225,000 2,325,125 0.24

4,671,580 0.49

Electrical EquipmentAvaya, Inc.9.75%, 1/11/2015 USD 2,270,000 2,162,175 0.22Avaya, Inc.7%, 1/04/2019 575,000 549,125 0.06

2,711,300 0.28

ElectronicsFreescale Semiconductor, Inc.9.25%, 15/04/2018 USD 3,285,000 3,613,500 0.38Nokia Corp.5.375%, 15/05/2019 1,755,000 1,680,413 0.18Nokia Corp.6.625%, 15/05/2039 680,000 635,800 0.07NXP B.V.9.75%, 1/08/2018 360,000 414,000 0.04NXP B.V.5.75%, 15/02/2021 625,000 625,000 0.06





MarketValue ($)

NetAssets (%)

Electronics, continuedSensata Technologies B.V.6.5%, 15/05/2019 USD 2,640,000 2,831,400 0.30

9,800,113 1.03

Emerging Market Quasi-SovereignBanco do Brasil S.A.3.875%, 23/01/2017 USD 2,000,000 2,100,000 0.22Banco do Brasil S.A.5.875%, 19/01/2023 293,000 317,173 0.03Banco do Estado Rio Grande do Sul S.A.7.375%, 2/02/2022 200,000 220,000 0.02Bank of Ceylon6.875%, 3/05/2017 200,000 213,000 0.02Comision Federal de Electricidad5.75%, 14/02/2042 1,785,000 1,981,350 0.21Development Bank of Kazakhstan4.125%, 10/12/2022 367,000 375,258 0.04Dolphin Energy Ltd.5.5%, 15/12/2021 400,000 461,000 0.05Ecopetrol S.A.7.625%, 23/07/2019 750,000 956,250 0.10Gaz Capital S.A.9.25%, 23/04/2019 750,000 977,813 0.10Gaz Capital S.A.5.999%, 23/01/2021 2,500,000 2,815,625 0.30Gaz Capital S.A.4.95%, 19/07/2022 1,324,000 1,386,890 0.15Georgian Oil & Gas Corp.6.875%, 16/05/2017 200,000 209,000 0.02JSC Georgian Railway7.75%, 11/07/2022 200,000 234,000 0.02Kazakhstan Temir Zholy Co.6.95%, 10/07/2042 200,000 249,500 0.03KazMunaiGaz Finance B.V.9.125%, 2/07/2018 1,000,000 1,291,500 0.14Magyar Export-Import Bank5.5%, 12/02/2018 200,000 207,792 0.02Majapahit Holding B.V.7.75%, 17/10/2016 1,000,000 1,172,500 0.12Majapahit Holding B.V.7.75%, 20/01/2020 1,500,000 1,867,500 0.20OJSC Russian Agricultural Bank6%, 3/06/2021 1,350,000 1,410,750 0.15Pertamina PT4.875%, 3/05/2022 288,000 309,600 0.03Pertamina PT6%, 3/05/2042 309,000 333,720 0.04Petrobras International Finance Co.5.375%, 27/01/2021 1,576,000 1,726,694 0.18Petroleos de Venezuela S.A.5.25%, 12/04/2017 3,750,000 3,253,125 0.34Petroleos Mexicanos4.875%, 24/01/2022 1,500,000 1,651,875 0.17PT Perusahaan Listrik Negara5.5%, 22/11/2021 500,000 557,500 0.06PTTEP Canada International Finance Ltd.6.35%, 12/06/2042 200,000 236,656 0.02Rosneft3.149%, 6/03/2017 341,000 341,426 0.04Rosneft4.199%, 6/03/2022 566,000 566,000 0.06Sberbank of Russia6.125%, 7/02/2022 1,221,000 1,393,515 0.15Turkiye Vakiflar Bankasi T.A.O.5.75%, 24/04/2017 201,000 217,884 0.02


MarketValue ($)

NetAssets (%)

Emerging Market Quasi-Sovereign, continuedTurkiye Vakiflar Bankasi T.A.O.6%, 1/11/2022 USD 309,000 321,560 0.03Vnesheconombank6.025%, 5/07/2022 200,000 229,500 0.02VTB Capital S.A.6%, 12/04/2017 1,273,000 1,362,110 0.14

30,948,066 3.24

Emerging Market SovereignDominican Republic7.5%, 6/05/2021 USD 1,000,000 1,140,000 0.12Government of Ukraine6.25%, 17/06/2016 1,750,000 1,750,000 0.18Government of Ukraine9.25%, 24/07/2017 200,000 217,500 0.02Republic of Argentina8.75%, 2/06/2017 2,000,000 1,585,000 0.17Republic of Argentina2.5% to 31/03/2019,3.75% to 31/03/2029,5.25% to 31/12/2038 2,500,000 831,250 0.09Republic of Guatemala5.75%, 6/06/2022 201,000 229,643 0.02Republic of Latvia5.25%, 22/02/2017 200,000 221,600 0.02Republic of Lithuania6.625%, 1/02/2022 3,000,000 3,735,000 0.39Republic of Mongolia5.125%, 5/12/2022 200,000 192,000 0.02Republic of Philippines5.5%, 30/03/2026 500,000 613,125 0.06Republic of Poland5%, 23/03/2022 428,000 492,200 0.05Republic of Romania6.75%, 7/02/2022 1,638,000 1,972,119 0.21Republic of Serbia7.25%, 28/09/2021 200,000 232,500 0.03Republic of Venezuela7%, 1/12/2018 2,000,000 1,917,000 0.20Republic of Venezuela12.75%, 23/08/2022 2,129,000 2,554,800 0.27Republic of Venezuela7%, 31/03/2038 3,250,000 2,640,625 0.28Republic of Zambia5.375%, 20/09/2022 200,000 205,000 0.02

20,529,362 2.15

Energy – IndependentBreitBurn Energy Partners LP8.625%, 15/10/2020 USD 815,000 894,463 0.09BreitBurn Energy Partners LP7.875%, 15/04/2022 2,920,000 3,087,900 0.32Carrizo Oil & Gas, Inc.8.625%, 15/10/2018 985,000 1,061,338 0.11Chaparral Energy, Inc.7.625%, 15/11/2022 2,280,000 2,462,400 0.26Chesapeake Energy Corp.6.875%, 15/11/2020 2,235,000 2,458,500 0.26Concho Resources, Inc.8.625%, 1/10/2017 1,055,000 1,139,400 0.12Concho Resources, Inc.6.5%, 15/01/2022 1,935,000 2,109,150 0.22Continental Resources, Inc.8.25%, 1/10/2019 2,180,000 2,449,775 0.26Denbury Resources, Inc.8.25%, 15/02/2020 2,995,000 3,339,425 0.35





MarketValue ($)

NetAssets (%)

Energy – Independent, continuedDenbury Resources, Inc.4.625%, 15/07/2023 USD 900,000 882,000 0.09Energy XXI Gulf Coast, Inc.9.25%, 15/12/2017 3,530,000 4,019,788 0.42EP Energy LLC9.375%, 1/05/2020 4,560,000 5,107,200 0.53EPL Oil & Gas, Inc.8.25%, 15/02/2018 1,595,000 1,678,738 0.18EXCO Resources, Inc.7.5%, 15/09/2018 1,085,000 1,028,038 0.11Harvest Operations Corp.6.875%, 1/10/2017 2,995,000 3,328,194 0.35Hilcorp Energy I/Hilcorp Finance Co.8%, 15/02/2020 675,000 747,563 0.08Laredo Petroleum, Inc.9.5%, 15/02/2019 1,665,000 1,881,450 0.20LINN Energy LLC6.5%, 15/05/2019 820,000 835,375 0.09LINN Energy LLC8.625%, 15/04/2020 2,215,000 2,442,038 0.26LINN Energy LLC7.75%, 1/02/2021 1,853,000 1,982,710 0.21MEG Energy Corp.6.5%, 15/03/2021 860,000 903,000 0.09Newfield Exploration Co.6.875%, 1/02/2020 2,805,000 3,032,906 0.32Plains Exploration & Production Co.8.625%, 15/10/2019 2,130,000 2,428,200 0.25Plains Exploration & Production Co.6.5%, 15/11/2020 970,000 1,073,063 0.11Plains Exploration & Production Co.6.75%, 1/02/2022 2,535,000 2,855,044 0.30QEP Resources, Inc.6.875%, 1/03/2021 2,515,000 2,911,113 0.30Range Resources Corp.8%, 15/05/2019 1,535,000 1,703,850 0.18Range Resources Corp.5%, 15/08/2022 865,000 908,250 0.10Samson Investment Co.9.75%, 15/02/2020 1,925,000 2,047,719 0.21SandRidge Energy, Inc.8%, 1/06/2018 2,195,000 2,304,750 0.24SM Energy Co.6.5%, 15/11/2021 2,460,000 2,619,900 0.27Whiting Petroleum Corp.6.5%, 1/10/2018 1,700,000 1,823,250 0.19

67,546,490 7.07

Energy – IntegratedListrindo Capital B.V.6.95%, 21/02/2019 USD 200,000 223,043 0.03Pacific Rubiales Energy Corp.7.25%, 12/12/2021 1,335,000 1,556,610 0.16

1,779,653 0.19

Engineering – ConstructionBakerCorp International, Inc.8.25%, 1/06/2019 USD 2,360,000 2,389,500 0.25

EntertainmentAMC Entertainment, Inc.8.75%, 1/06/2019 USD 1,910,000 2,110,550 0.22AMC Entertainment, Inc.9.75%, 1/12/2020 1,191,000 1,387,515 0.15Cedar Fair LP9.125%, 1/08/2018 1,325,000 1,484,000 0.16


MarketValue ($)

NetAssets (%)

Entertainment, continuedCinemark USA, Inc.8.625%, 15/06/2019 USD 2,515,000 2,785,363 0.29Cinemark USA, Inc.5.125%, 15/12/2022 520,000 526,500 0.05NAI Entertainment Holdings LLC8.25%, 15/12/2017 698,000 764,310 0.08Six Flags Entertainment Corp.5.25%, 15/01/2021 2,005,000 1,994,975 0.21

11,053,213 1.16

Financial InstitutionsAviation Capital Group4.625%, 31/01/2018 USD 720,000 729,421 0.08CIT Group, Inc.5.25%, 1/04/2014 830,000 865,275 0.09CIT Group, Inc.5.25%, 15/03/2018 3,200,000 3,424,000 0.36CIT Group, Inc.6.625%, 1/04/2018 2,333,000 2,612,960 0.27CIT Group, Inc.5.5%, 15/02/2019 2,124,000 2,272,680 0.24Credit Acceptance Corp.9.125%, 1/02/2017 2,970,000 3,244,725 0.34Icahn Enterprises LP8%, 15/01/2018 2,641,000 2,829,171 0.30International Lease Finance Corp.4.875%, 1/04/2015 830,000 866,313 0.09International Lease Finance Corp.8.625%, 15/09/2015 955,000 1,085,119 0.11International Lease Finance Corp.7.125%, 1/09/2018 2,213,000 2,589,210 0.27Nationstar Mortgage LLC/Capital Corp.10.875%, 1/04/2015 2,590,000 2,758,350 0.29Nationstar Mortgage LLC/Capital Corp.9.625%, 1/05/2019 1,250,000 1,425,000 0.15Nationstar Mortgage LLC/Capital Corp.9.625%, 1/05/2019 800,000 908,000 0.09Nationstar Mortgage LLC/Capital Corp.7.875%, 1/10/2020 825,000 899,250 0.09PHH Corp.9.25%, 1/03/2016 2,165,000 2,538,463 0.27PHH Corp.7.375%, 1/09/2019 800,000 898,000 0.09SLM Corp.8.45%, 15/06/2018 1,195,000 1,423,673 0.15SLM Corp.8%, 25/03/2020 3,680,000 4,259,600 0.45SLM Corp.7.25%, 25/01/2022 1,435,000 1,603,613 0.17

37,232,823 3.90

Food & BeveragesAjecorp B.V.6.5%, 14/05/2022 USD 300,000 330,000 0.04B&G Foods, Inc.7.625%, 15/01/2018 1,608,000 1,734,630 0.18Constellation Brands, Inc.7.25%, 1/09/2016 1,075,000 1,230,875 0.13Minerva Luxembourg S.A.7.75%, 31/01/2023 228,000 233,700 0.02Pinnacle Foods Finance LLC8.25%, 1/09/2017 500,000 531,875 0.06TreeHouse Foods, Inc.7.75%, 1/03/2018 1,955,000 2,116,288 0.22

6,177,368 0.65





MarketValue ($)

NetAssets (%)

Forest & Paper ProductsBoise, Inc.8%, 1/04/2020 USD 1,900,000 2,104,250 0.22Clearwater Paper Corp.4.5%, 1/02/2023 360,000 357,300 0.04Georgia-Pacific Corp.8%, 15/01/2024 178,000 248,226 0.03Graphic Packaging Holding Co.7.875%, 1/10/2018 1,535,000 1,684,663 0.18Millar Western Forest Products Ltd.8.5%, 1/04/2021 375,000 362,813 0.04Sappi Papier Holding GmbH7.75%, 15/07/2017 1,210,000 1,361,250 0.14Smurfit Kappa Acquisitions7.25%, 15/11/2017 EUR 1,000,000 1,436,553 0.15Smurfit Kappa Group PLC4.875%, 15/09/2018 USD 510,000 525,300 0.06Smurfit Kappa Group PLC7.75%, 15/11/2019 EUR 1,300,000 1,932,830 0.20Tembec Industries, Inc.11.25%, 15/12/2018 USD 1,160,000 1,278,900 0.13Votorantim Participacoes S.A.6.75%, 5/04/2021 1,000,000 1,185,000 0.12

12,477,085 1.31

Gaming & LodgingCaesars Entertainment Operating Co., Inc.8.5%, 15/02/2020 USD 3,050,000 3,065,250 0.32Choice Hotels International, Inc.5.75%, 1/07/2022 370,000 410,700 0.04CityCenter Holdings LLC10.75%, 15/01/2017 (p) 1,060,000 1,169,975 0.12FelCor Lodging LP5.625%, 1/03/2023 395,000 398,456 0.04Fontainebleau Las Vegas Holdings LLC10.25%, 15/06/2015 (d) 395,000 247 0.00Great Canadian Gaming Corp.6.625%, 25/07/2022 CAD 2,125,000 2,221,087 0.23GWR Operating Partnership LLP10.875%, 1/04/2017 USD 820,000 932,750 0.10Host Hotels & Resorts, Inc., REIT5.25%, 15/03/2022 1,365,000 1,487,850 0.16Isle of Capri Casinos, Inc.8.875%, 15/06/2020 2,260,000 2,469,050 0.26MGM Mirage6.625%, 15/07/2015 1,085,000 1,171,800 0.12MGM Resorts International11.375%, 1/03/2018 2,660,000 3,311,700 0.35MGM Resorts International6.625%, 15/12/2021 1,030,000 1,060,900 0.11Penn National Gaming, Inc.8.75%, 15/08/2019 2,990,000 3,408,600 0.36Pinnacle Entertainment, Inc.8.75%, 15/05/2020 1,150,000 1,247,750 0.13Seven Seas Cruises S. DE R.L.9.125%, 15/05/2019 3,485,000 3,694,100 0.39Viking Cruises Ltd.8.5%, 15/10/2022 1,655,000 1,824,638 0.19Wyndham Worldwide Corp.7.375%, 1/03/2020 1,135,000 1,385,710 0.14Wynn Las Vegas LLC7.75%, 15/08/2020 2,625,000 2,959,688 0.31

32,220,251 3.37

IndustrialDematic S.A.7.75%, 15/12/2020 USD 1,750,000 1,789,375 0.19


MarketValue ($)

NetAssets (%)

Industrial, continuedHyva Global B.V.8.625%, 24/03/2016 USD 3,322,000 3,222,340 0.33Marfrig Holding Europe B.V.9.875%, 24/07/2017 200,000 197,000 0.02Mueller Water Products, Inc.8.75%, 1/09/2020 1,244,000 1,415,050 0.15Rexel S.A.6.125%, 15/12/2019 1,985,000 2,123,950 0.22SPL Logistics Escrow LLC8.875%, 1/08/2020 1,140,000 1,219,800 0.13Unifrax I LLC7.5%, 15/02/2019 365,000 365,000 0.04

10,332,515 1.08

InsuranceAmerican International Group, Inc.8.25%, 15/08/2018 USD 1,720,000 2,232,582 0.23American International Group, Inc.8.175% to 15/05/2038,FRN to 15/05/2058 4,530,000 5,889,000 0.62

8,121,582 0.85

Insurance – Property & CasualtyLiberty Mutual Group, Inc.10.75% to 15/06/2038,FRN to 15/06/2058 USD 2,790,000 4,240,800 0.44XL Group PLC6.5%, 29/12/2049 4,150,000 3,989,188 0.42

8,229,988 0.86

International Market Quasi-SovereignElectricite de France, FRN5.25%, 29/12/2049 USD 217,000 211,837 0.02Exportfinans ASA5.5%, 25/05/2016 845,000 882,126 0.10Israel Electric Corp. Ltd.6.7%, 10/02/2017 352,000 388,960 0.04

1,482,923 0.16

International Market SovereignRepublic of Iceland4.875%, 16/06/2016 USD 3,000,000 3,207,000 0.33Republic of Iceland5.875%, 11/05/2022 311,000 351,772 0.04

3,558,772 0.37

Machinery & ToolsCase New Holland, Inc.7.875%, 1/12/2017 USD 3,160,000 3,736,700 0.39CNH America LLC7.25%, 15/01/2016 645,000 720,788 0.07CNH Capital LLC3.875%, 1/11/2015 520,000 534,300 0.06CNH Capital LLC6.25%, 1/11/2016 475,000 523,688 0.05H&E Equipment Services LLC7%, 1/09/2022 2,960,000 3,233,800 0.34NESCO LLC/NESCO Holdings Corp.11.75%, 15/04/2017 2,950,000 3,215,500 0.34RSC Equipment Rental, Inc.8.25%, 1/02/2021 2,895,000 3,293,063 0.34United Rentals North America, Inc.5.75%, 15/07/2018 895,000 962,125 0.10United Rentals North America, Inc.7.625%, 15/04/2022 393,000 438,195 0.05

16,658,159 1.74





MarketValue ($)

NetAssets (%)

Major BanksBank of America Corp.5.65%, 1/05/2018 USD 1,885,000 2,176,591 0.23Barclays Bank PLC7.625%, 21/11/2022 2,010,000 1,982,363 0.21HBOS Capital Funding LP, FRN6.071%, 29/06/2049 1,200,000 1,050,000 0.11RBS Capital Trust II6.425% to 29/12/2034,FRN to 29/12/2049 1,500,000 1,350,000 0.14RBS Capital Trust III5.512% to 29/09/2014,FRN to 29/09/2049 1,000,000 790,000 0.08Royal Bank of Scotland Group PLC7.648%, 29/08/2049 4,640,000 4,895,200 0.51Royal Bank of Scotland Group PLC6.99% to 5/10/2017, FRN to 29/10/2049 600,000 564,000 0.06

12,808,154 1.34

Medical & Health Technology & ServicesAmSurg Corp.5.625%, 30/11/2020 USD 620,000 647,900 0.07CDRT Holding Corp.9.25%, 1/10/2017 (p) 635,000 655,638 0.07Davita, Inc.6.375%, 1/11/2018 2,900,000 3,103,000 0.32Davita, Inc.6.625%, 1/11/2020 3,490,000 3,804,100 0.40Fresenius Medical Care AG & Co. KGaA9%, 15/07/2015 910,000 1,037,400 0.11Fresenius Medical Care Capital Trust III5.625%, 31/07/2019 630,000 681,975 0.07Fresenius Medical Care Capital Trust III5.875%, 31/01/2022 790,000 863,075 0.09HCA, Inc.8.5%, 15/04/2019 3,135,000 3,487,688 0.36HCA, Inc.7.5%, 15/02/2022 3,150,000 3,638,250 0.38HCA, Inc.5.875%, 15/03/2022 3,400,000 3,697,500 0.39HealthSouth Corp.8.125%, 15/02/2020 3,540,000 3,885,150 0.41IASIS Healthcare LLC/IASIS Capital Corp.8.375%, 15/05/2019 3,030,000 3,075,450 0.32Select Medical Corp.7.625%, 1/02/2015 362,000 362,453 0.04Tenet Healthcare Corp.9.25%, 1/02/2015 2,095,000 2,372,588 0.25Tenet Healthcare Corp.8%, 1/08/2020 1,665,000 1,810,688 0.19Tenet Healthcare Corp.4.5%, 1/04/2021 895,000 880,456 0.09Universal Health Services, Inc7.625%, 15/08/2020 1,965,000 2,107,463 0.22Universal Health Services, Inc.7%, 1/10/2018 2,260,000 2,491,650 0.26Universal Hospital Services, Inc., FRN3.902%, 1/06/2015 155,000 154,419 0.02Vanguard Health Systems, Inc.0%, 1/02/2016 9,000 6,885 0.00WP Rocket Merger Sub, Inc.10.125%, 15/07/2019 750,000 750,000 0.08

39,513,728 4.14

Medical EquipmentBiomet, Inc.6.5%, 1/08/2020 USD 2,180,000 2,289,000 0.24


MarketValue ($)

NetAssets (%)

Medical Equipment, continuedHologic, Inc.6.25%, 1/08/2020 USD 835,000 897,625 0.09Physio-Control International, Inc.9.875%, 15/01/2019 1,170,000 1,310,400 0.14Teleflex, Inc.6.875%, 1/06/2019 1,465,000 1,589,525 0.17

6,086,550 0.64

Metals & MiningArch Coal, Inc.7.25%, 1/10/2020 USD 2,085,000 1,866,075 0.20Cloud Peak Energy, Inc.8.25%, 15/12/2017 2,820,000 2,996,250 0.31Cloud Peak Energy, Inc.8.5%, 15/12/2019 1,940,000 2,109,750 0.22Consol Energy, Inc.8%, 1/04/2017 2,315,000 2,500,200 0.26Consol Energy, Inc.8.25%, 1/04/2020 1,210,000 1,309,825 0.14First Quantum Minerals Ltd.7.25%, 15/10/2019 1,640,000 1,668,700 0.17Fortescue Metals Group Ltd.8.25%, 1/11/2019 1,965,000 2,107,463 0.22Peabody Energy Corp.6%, 15/11/2018 1,790,000 1,875,025 0.20Peabody Energy Corp.6.25%, 15/11/2021 790,000 825,550 0.09Southern Copper Corp.6.75%, 16/04/2040 1,000,000 1,169,835 0.12

18,428,673 1.93

MunicipalsNew Jersey Tobacco Settlement FinancingCorp., “1-A”4.5%, 1/06/2023 USD 1,790,000 1,782,589 0.19

Natural Gas – DistributionAmeriGas Finance LLC6.75%, 20/05/2020 USD 1,540,000 1,670,900 0.17Ferrellgas LP/Ferrellgas Finance Corp.6.5%, 1/05/2021 1,385,000 1,398,850 0.15

3,069,750 0.32

Natural Gas – PipelineAccess Midstream Partners Co.4.875%, 15/05/2023 USD 980,000 975,100 0.10Atlas Pipeline Partners LP8.75%, 15/06/2018 3,140,000 3,366,080 0.35Atlas Pipeline Partners LP5.875%, 1/08/2023 1,345,000 1,341,638 0.14Crosstex Energy, Inc.8.875%, 15/02/2018 2,510,000 2,695,113 0.28El Paso Corp.7%, 15/06/2017 945,000 1,083,325 0.12El Paso Corp.7.75%, 15/01/2032 2,705,000 3,180,485 0.33Energy Transfer Equity LP7.5%, 15/10/2020 2,655,000 3,059,888 0.32Enterprise Products Partners LP8.375% to 01/08/2016,FRN to 1/08/2066 860,000 982,550 0.10Enterprise Products Partners LP7.034% to 15/01/2018,FRN to 15/01/2068 542,000 620,590 0.07Inergy Midstream LP6%, 15/12/2020 2,290,000 2,364,425 0.25MarkWest Energy Partners LP5.5%, 15/02/2023 1,650,000 1,740,750 0.18





MarketValue ($)

NetAssets (%)

Natural Gas – Pipeline, continuedRockies Express Pipeline LLC5.625%, 15/04/2020 USD 619,000 581,860 0.06Sabine Pass Liquefaction5.625%, 1/02/2021 580,000 582,175 0.06

22,573,979 2.36

Network & TelecomCenturylink, Inc.7.65%, 15/03/2042 USD 2,690,000 2,768,284 0.29Cincinnati Bell, Inc.8.25%, 15/10/2017 1,395,000 1,497,881 0.16Citizens Communications Co.9%, 15/08/2031 1,370,000 1,486,450 0.16Eileme 2 AB11.625%, 31/01/2020 1,540,000 1,813,350 0.19Frontier Communications Corp.8.125%, 1/10/2018 2,600,000 3,009,500 0.31Qwest Communications International, Inc.7.125%, 1/04/2018 1,695,000 1,768,232 0.18TW Telecom Holdings, Inc.5.375%, 1/10/2022 1,070,000 1,123,500 0.12Windstream Corp.8.125%, 1/09/2018 1,140,000 1,251,150 0.13Windstream Corp.7.75%, 15/10/2020 1,670,000 1,816,125 0.19Windstream Corp.7.75%, 1/10/2021 970,000 1,059,725 0.11

17,594,197 1.84

Oil ServicesAfren PLC11.5%, 1/02/2016 USD 1,750,000 2,038,750 0.21Bristow Group, Inc.6.25%, 15/10/2022 1,075,000 1,161,000 0.12Chesapeake Energy Corp.6.625%, 15/11/2019 620,000 613,800 0.06Dresser-Rand Group, Inc.6.5%, 1/05/2021 760,000 805,600 0.09Edgen Murray Corp.8.75%, 1/11/2020 2,240,000 2,290,400 0.24Pioneer Energy Services Corp.9.875%, 15/03/2018 1,950,000 2,115,750 0.22Qgog Constellation S.A.6.25%, 9/11/2019 264,000 278,520 0.03Shale-Inland Holdings LLC/Finance Co.8.75%, 15/11/2019 2,405,000 2,525,250 0.27Unit Corp.6.625%, 15/05/2021 2,775,000 2,879,063 0.30

14,708,133 1.54

Other Banks & Diversified FinancialsAkbank T.A.S.5%, 24/10/2022 USD 150,000 156,644 0.02Alfa Bank7.5%, 26/09/2019 230,000 249,550 0.03Ally Financial, Inc.5.5%, 15/02/2017 5,200,000 5,590,406 0.59Ally Financial, Inc.6.25%, 1/12/2017 1,295,000 1,440,808 0.15Banco de Credito del Peru, FRN6.125%, 24/04/2027 302,000 334,465 0.03Banco de Reservas de La Republica Dominicana7%, 1/02/2023 909,000 920,363 0.10Bancolombia S.A.5.95%, 3/06/2021 1,250,000 1,443,750 0.15Bangkok Bank (Hong Kong)3.875%, 27/09/2022 298,000 304,984 0.03


MarketValue ($)

NetAssets (%)

Other Banks & Diversified Financials, continuedBBVA Banco Continental S.A.5%, 26/08/2022 USD 202,000 217,150 0.02BBVA Bancomer S.A. de C.V.6.75%, 30/09/2022 206,000 239,990 0.03BBVA Bancomer S.A. Texas Agency6.5%, 10/03/2021 1,250,000 1,431,250 0.15GMAC, Inc.8%, 1/11/2031 325,000 410,719 0.04Groupe BPCE S.A.12.5%, 29/08/2049 2,075,000 2,538,202 0.27Groupe BPCE S.A.6.117% to 1/10/2017,FRN to 29/10/2049 1,000,000 1,215,232 0.13Grupo Aval Ltd.4.75%, 26/09/2022 236,000 240,130 0.02Industrial Senior Trust Co.5.5%, 1/11/2022 134,000 135,340 0.01LBG Capital No. 1 PLC7.875%, 1/11/2020 2,915,000 3,194,840 0.33LBG Capital No. 2 PLC15%, 21/12/2019 500,000 950,596 0.10Lloyds TBS Bank PLC6.35% to 25/02/2013,FRN to 29/10/2049 500,000 543,120 0.06Santander UK PLC8.963% to 30/06/2030,FRN to 29/12/2049 4,263,000 4,923,765 0.52Turkiye Garanti Bankasi A.S.4%, 13/09/2017 206,000 211,150 0.02Turkiye Is Bankasi A.S.6%, 24/10/2022 200,000 210,000 0.02UBS AG7.625%, 17/08/2022 1,215,000 1,334,970 0.14Yapi Ve Kredi Bankasi5.5%, 6/12/2022 322,000 320,390 0.03

28,557,814 2.99

PharmaceuticalsCapsugel FinanceCo. SCA9.875%, 1/08/2019 EUR 1,769,000 2,684,179 0.28Valeant Pharmaceuticals International, Inc.,7%, 1/10/2020 USD 2,640,000 2,798,400 0.29Valeant Pharmaceuticals International, Inc.,7.25%, 15/07/2022 1,515,000 1,628,625 0.17

7,111,204 0.74

Pollution ControlHeckmann Corp.9.875%, 15/04/2018 USD 1,930,000 2,050,625 0.22Heckmann Corp.9.875%, 15/04/2018 670,000 706,850 0.07

2,757,475 0.29

Precious Metals & MineralsEldorado Gold Corp.6.125%, 15/12/2020 USD 1,625,000 1,708,281 0.18IAMGOLD Corp.6.75%, 1/10/2020 2,780,000 2,724,400 0.29IAMGOLD Corp.6.75%, 1/10/2020 1,987,000 1,947,260 0.20

6,379,941 0.67

Printing & PublishingAmerican Media, Inc.13.5%, 15/06/2018 USD 49,852 43,621 0.00Nielsen Finance LLC7.75%, 15/10/2018 1,685,000 1,876,669 0.20





MarketValue ($)

NetAssets (%)

Printing & Publishing, continuedNielsen Finance LLC4.5%, 1/10/2020 USD 1,250,000 1,231,250 0.13

3,151,540 0.33

Railroad & ShippingBrunswick Rail Finance Ltd.6.5%, 1/11/2017 USD 200,000 213,750 0.02Kansas City Southern deMexico S.A. de C.V.,6.125%, 15/06/2021 840,000 945,000 0.10

1,158,750 0.12

Real EstateCB Richard Ellis Group, Inc.11.625%, 15/06/2017 USD 660,000 719,400 0.07CNL Lifestyle Properties, Inc., REIT7.25%, 15/04/2019 830,000 823,775 0.09Entertainment Properties Trust, REIT7.75%, 15/07/2020 1,610,000 1,878,525 0.20Entertainment Properties Trust, REIT5.75%, 15/08/2022 965,000 1,015,679 0.11Kennedy Wilson, Inc.8.75%, 1/04/2019 795,000 842,700 0.09MPT Operating Partnership LP, REIT6.875%, 1/05/2021 1,580,000 1,734,050 0.18MPT Operating Partnership LP, REIT6.375%, 15/02/2022 2,795,000 2,997,638 0.31

10,011,767 1.05

RetailersAcademy Ltd.9.25%, 1/08/2019 USD 1,290,000 1,438,350 0.15Burlington Coat Factory Warehouse Corp.10%, 15/02/2019 2,275,000 2,474,063 0.26Cencosud S.A.4.875%, 20/01/2023 200,000 204,889 0.02J. Crew Group, Inc.8.125%, 1/03/2019 1,435,000 1,539,038 0.16Limited Brands, Inc.6.9%, 15/07/2017 1,850,000 2,132,125 0.22Limited Brands, Inc.7%, 1/05/2020 1,490,000 1,713,500 0.18Limited Brands, Inc.6.95%, 1/03/2033 430,000 442,900 0.05Pantry, Inc.8.375%, 1/08/2020 960,000 1,027,200 0.11Rite Aid Corp.9.25%, 15/03/2020 1,725,000 1,919,063 0.20Sally Beauty Holdings, Inc.6.875%, 15/11/2019 775,000 856,375 0.09Toys “R” Us Property Co. II LLC8.5%, 1/12/2017 1,711,000 1,800,828 0.19Toys “R” Us, Inc.10.75%, 15/07/2017 2,190,000 2,354,250 0.25Yankee Acquisition Corp.8.5%, 15/02/2015 13,000 13,033 0.00YCC Holdings LLC/Yankee Finance, Inc.10.25%, 15/02/2016 (p) 1,240,000 1,277,212 0.13

19,192,826 2.01

Specialty ChemicalsEagle Spinco, Inc.4.625%, 15/02/2021 USD 445,000 447,781 0.05Georgia Gulf Corp.4.875%, 15/05/2023 180,000 181,350 0.02Koppers, Inc.7.875%, 1/12/2019 650,000 715,813 0.07


MarketValue ($)

NetAssets (%)

Specialty Chemicals, continuedSIBUR Securities Ltd.3.914%, 31/01/2018 USD 269,000 267,699 0.03

1,612,643 0.17

Specialty StoresGymboree Corp.9.125%, 1/12/2018 USD 1,085,000 1,019,900 0.11Michaels Stores, Inc.11.375%, 1/11/2016 648,000 676,356 0.07Michaels Stores, Inc.7.75%, 1/11/2018 1,010,000 1,104,688 0.11

2,800,944 0.29

Telecommunications – WirelessAltice Financing Co. S.A.7.875%, 15/12/2019 USD 2,487,000 2,671,038 0.28Clearwire Corp.12%, 1/12/2015 2,705,000 2,931,544 0.31Cricket Communications, Inc.7.75%, 15/05/2016 1,600,000 1,684,000 0.17Cricket Communications, Inc.7.75%, 15/10/2020 2,290,000 2,375,875 0.25Crown Castle International Corp.7.125%, 1/11/2019 1,270,000 1,411,288 0.15Crown Castle International Corp.5.25%, 15/01/2023 1,975,000 2,073,750 0.22Digicel Group Ltd.12%, 1/04/2014 175,000 188,563 0.02Digicel Group Ltd.8.25%, 1/09/2017 2,205,000 2,337,300 0.24Digicel Group Ltd.10.5%, 15/04/2018 2,270,000 2,531,050 0.26Digicel Group Ltd.8.25%, 30/09/2020 200,000 223,000 0.02Hellas Telecommunications III8.5%, 15/10/2013 (d) EUR 201,793 767 0.00MetroPCS Wireless, Inc.7.875%, 1/09/2018 USD 2,105,000 2,278,663 0.24Sprint Capital Corp.6.875%, 15/11/2028 2,830,000 2,858,300 0.30Sprint Nextel Corp.6%, 1/12/2016 2,845,000 3,065,488 0.32Sprint Nextel Corp.8.375%, 15/08/2017 1,635,000 1,890,469 0.20Sprint Nextel Corp.9%, 15/11/2018 1,465,000 1,812,938 0.19Sprint Nextel Corp.6%, 15/11/2022 3,150,000 3,165,750 0.33Wind Acquisition Finance S.A.11.75%, 15/07/2017 2,465,000 2,649,875 0.28Wind Acquisition Finance S.A.7.25%, 15/02/2018 2,175,000 2,289,188 0.24

38,438,846 4.02

Telephone ServicesCogent Communications Group, Inc.8.375%, 15/02/2018 USD 770,000 852,775 0.09Level 3 Financing, Inc.9.375%, 1/04/2019 2,100,000 2,373,000 0.25Level 3 Financing, Inc.7%, 1/06/2020 660,000 699,600 0.07Level 3 Financing, Inc.8.625%, 15/07/2020 935,000 1,047,200 0.11

4,972,575 0.52





MarketValue ($)

NetAssets (%)

TransportationNavios South American Logistics, Inc.9.25%, 15/04/2019 USD 1,934,000 1,934,000 0.20

Transportation – ServicesACL I Corp.10.625%, 15/02/2016 (p) USD 3,077,560 2,958,411 0.31Aguila American Resources Ltd.7.875%, 31/01/2018 3,255,000 3,450,300 0.36Avis Budget Car Rental LLC8.25%, 15/01/2019 1,380,000 1,528,350 0.16Avis Budget Car Rental LLC9.75%, 15/03/2020 710,000 821,825 0.09CEVA Group PLC8.375%, 1/12/2017 2,860,000 2,924,350 0.31Commercial Barge Line Co.12.5%, 15/07/2017 3,527,000 3,870,883 0.40HDTFS, Inc.5.875%, 15/10/2020 475,000 504,688 0.05Navios Maritime Acquisition Corp.8.625%, 1/11/2017 3,120,000 2,956,200 0.31Navios Maritime Holdings, Inc.8.875%, 1/11/2017 2,535,000 2,503,313 0.26Swift Services Holdings, Inc.10%, 15/11/2018 4,115,000 4,644,806 0.49

26,163,126 2.74

Utilities – Electric PowerAES Corp.8%, 15/10/2017 USD 2,950,000 3,407,250 0.36AES Corp.7.375%, 1/07/2021 970,000 1,081,550 0.11Calpine Corp.8%, 1/06/2016 1,500,000 1,582,500 0.17Calpine Corp.7.875%, 31/07/2020 2,110,000 2,326,275 0.24Covanta Holding Corp.7.25%, 1/12/2020 2,495,000 2,748,504 0.29Covanta Holding Corp.6.375%, 1/10/2022 540,000 589,335 0.06EDP Finance B.V.6%, 2/02/2018 3,440,000 3,637,800 0.38Empresas de Energia em Bom DespachoMinas Gerais6.125%, 10/11/2021 500,000 567,500 0.06Energy Future Holdings Corp.10%, 1/12/2020 5,899,000 6,769,103 0.71Energy Future Holdings Corp.10%, 1/12/2020 1,620,000 1,854,900 0.19Energy Future Holdings Corp.11.75%, 1/03/2022 1,740,000 1,981,425 0.21GenOn Energy, Inc.9.5%, 15/10/2018 785,000 932,188 0.10GenOn Energy, Inc.9.875%, 15/10/2020 1,075,000 1,236,250 0.13NRG Energy, Inc.8.25%, 1/09/2020 2,810,000 3,175,300 0.33


MarketValue ($)

NetAssets (%)

Utilities – Electric Power, continuedTexas Competitive ElectricHoldings Co. LLC,11.5%, 1/10/2020 USD 2,365,000 1,868,350 0.20Viridian Group FundCo II, Ltd.11.125%, 1/04/2017 1,480,000 1,554,000 0.16

35,312,230 3.70

TOTAL BONDS 886,337,549 92.79

COMMON STOCKS

AutomotiveAccuride Corp. 39,195 147,373 0.01General Motors Co. 6,002 168,596 0.02Motors Liquidation Co. 1,507 35,188 0.00

351,157 0.03

Printing & PublishingAmerican Media Operations, Inc. 12,775 60,681 0.01

TOTAL COMMON STOCKS 411,838 0.04

PREFERRED STOCKS

Other Banks & Diversified FinancialsAlly Financial, Inc. 7% 928 905,699 0.10GMAC Capital Trust I 8.125% 60,625 1,616,869 0.17

TOTAL PREFERRED STOCKS 2,522,568 0.27


AutomotiveGeneral Motors Co. 4.75% 48,570 2,104,052 0.22

CONVERTIBLE BONDS

Network & TelecomNortel Networks Corp.2.125%, 15/04/2014 (d) USD 1,940,000 1,930,300 0.20





of Contracts

CALL OPTIONS PURCHASEDRussell 2000 Index –March 2013 @ $925(Premiums Paid, $730,712) USD 964 850,248 0.09



NET ASSETS 955,201,798 100.00




MFS Meridian Funds – Inflation-Adjusted Bond Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

U.S. Treasury Inflation Protected SecuritiesU.S. Treasury Bonds0.125%, 15/04/2017 USD 12,836,357 13,816,131 3.77U.S. Treasury Bonds1.625%, 15/01/2018 6,925,457 8,059,500 2.20U.S. Treasury Bonds1.125%, 15/01/2021 14,258,322 16,686,685 4.56U.S. Treasury Bonds2.375%, 15/01/2025 9,702,404 12,958,774 3.54U.S. Treasury Bonds2%, 15/01/2026 8,609,075 11,146,737 3.04U.S. Treasury Bonds2.375%, 15/01/2027 6,368,986 8,647,886 2.36U.S. Treasury Bonds1.75%, 15/01/2028 6,962,820 8,868,893 2.42U.S. Treasury Bonds3.625%, 15/04/2028 6,751,186 10,548,728 2.88U.S. Treasury Bonds2.5%, 15/01/2029 6,466,981 9,081,058 2.48U.S. Treasury Bonds3.875%, 15/04/2029 8,499,210 13,841,099 3.78U.S. Treasury Bonds3.375%, 15/04/2032 2,356,685 3,804,942 1.04U.S. Treasury Bonds2.125%, 15/02/2040 4,705,833 6,711,694 1.83U.S. Treasury Bonds2.125%, 15/02/2041 7,042,525 10,117,580 2.76U.S. Treasury Bonds0.75%, 15/02/2042 7,691,299 8,148,569 2.22U.S. Treasury Notes2%, 15/01/2014 6,629,753 6,869,048 1.88U.S. Treasury Notes1.25%, 15/04/2014 8,176,130 8,470,602 2.31U.S. Treasury Notes2%, 15/07/2014 10,973,830 11,641,686 3.18U.S. Treasury Notes1.625%, 15/01/2015 10,648,654 11,394,060 3.11U.S. Treasury Notes0.5%, 15/04/2015 11,224,684 11,806,965 3.22U.S. Treasury Notes1.875%, 15/07/2015 7,027,033 7,722,049 2.11


MarketValue ($)

NetAssets (%)

U.S. Treasury Inflation Protected Securities, continuedU.S. Treasury Notes2%, 15/01/2016 USD 11,513,564 12,859,212 3.51U.S. Treasury Notes0.125%, 15/04/2016 16,722,419 17,745,363 4.84U.S. Treasury Notes2.5%, 15/07/2016 8,621,669 9,977,564 2.72U.S. Treasury Notes2.375%, 15/01/2017 8,501,495 9,921,508 2.71U.S. Treasury Notes2.625%, 15/07/2017 7,060,245 8,492,705 2.32U.S. Treasury Notes1.375%, 15/07/2018 7,117,823 8,318,955 2.27U.S. Treasury Notes2.125%, 15/01/2019 6,275,041 7,631,529 2.08U.S. Treasury Notes1.875%, 15/07/2019 6,763,737 8,242,249 2.25U.S. Treasury Notes1.375%, 15/01/2020 8,618,099 10,204,363 2.79U.S. Treasury Notes1.25%, 15/07/2020 13,079,503 15,491,037 4.23U.S. Treasury Notes0.625%, 15/07/2021 15,381,145 17,429,959 4.76U.S. Treasury Notes0.125%, 15/01/2022 18,045,613 19,504,763 5.33U.S. Treasury Notes0.125%, 15/07/2022 15,105,900 16,320,278 4.46

TOTAL BONDS 362,482,171 98.96




OTHER ASSETS, LESS LIABILITIES (818,154) (0.22)

NET ASSETS 366,282,017 100.00


MFS Meridian Funds – Japan Equity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

Alcoholic BeveragesAsahi Breweries Ltd. 400 8,482 0.17

AutomotiveDENSO Corp. 7,200 269,277 5.25Honda Motor Co. Ltd. 8,800 337,296 6.57USS Co. Ltd. 1,460 163,810 3.19

770,383 15.01

BroadcastingNippon Television Holdings, Inc. 7,490 106,561 2.08


MarketValue ($)

NetAssets (%)

Business ServicesMitsubishi Corp. 8,400 177,103 3.45Nomura Research, Inc. 1,400 32,074 0.62

209,177 4.07

Computer SoftwareOBIC Co. Ltd. 450 96,304 1.88

Computer Software – SystemsBrother Industries Ltd. 6,000 63,710 1.24Canon, Inc. 5,700 209,749 4.09Hitachi Ltd. 17,000 100,760 1.96

374,219 7.29



MFS Meridian Funds – Japan Equity Fund, continued


MarketValue ($)

NetAssets (%)

Consumer ProductsUni-Charm Corp. 1,100 58,341 1.14

Electrical EquipmentMitsubishi Electric Corp. 5,000 41,391 0.81

ElectronicsHirose Electric Co. Ltd. 200 23,774 0.47Hoya Corp. 2,800 54,043 1.05Kyocera Corp. 500 45,218 0.88

123,035 2.40

Energy – IndependentINPEX Corp. 26 150,692 2.94

Engineering – ConstructionJGC Corp. 3,000 84,936 1.65

Food & Drug StoresLawson, Inc. 1,200 87,003 1.69Sundrug Co. Ltd. 2,000 75,236 1.47

162,239 3.16

InsuranceSony Financial Holdings, Inc. 2,759 46,584 0.91Tokio Marine Holding, Inc. 4,500 133,014 2.59

179,598 3.50

InternetYahoo Japan Corp. 310 121,871 2.37

Machinery & ToolsGlory Ltd. 6,600 154,237 3.00SMC Corp. 1,100 190,300 3.71

344,537 6.71

Major BanksMitsubishi UFJ Financial Group, Inc. 44,400 252,965 4.93Sumitomo Mitsui Financial Group, Inc. 6,600 264,881 5.16

517,846 10.09

Medical & Health Technology & ServicesKobayashi Pharmaceutical Co. Ltd. 2,000 97,545 1.90Miraca Holdings, Inc. 2,800 116,813 2.28

214,358 4.18

Metals & MiningNippon Steel & Sumitomo Metal Corp. 24,000 66,401 1.29

Natural Gas – DistributionTokyo Gas Co. Ltd. 13,000 61,272 1.19


MarketValue ($)

NetAssets (%)

Other Banks & Diversified FinancialsAeon Credit Service Co. Ltd. 3,600 74,563 1.45

PharmaceuticalsSanten Pharmaceutical Co. Ltd. 2,700 111,165 2.17

Railroad & ShippingEast Japan Railway Co. 800 54,065 1.05

Real EstateMitsubishi Estate Co. Ltd. 4,000 96,845 1.89Mitsui Fudosan Co. Ltd. 5,000 114,222 2.22

211,067 4.11

Specialty ChemicalsChugoku Marine Paints Ltd. 5,000 26,355 0.51JSR Corp. 5,400 106,648 2.08Nippon Paint Co. Ltd. 12,000 107,868 2.10Shin-Etsu Chemical Co. Ltd. 1,100 67,243 1.31

308,114 6.00

Specialty StoresNitori Co. Ltd. 600 45,864 0.89

Telecommunications – WirelessKDDI Corp. 2,876 213,864 4.17

TobaccoJapan Tobacco, Inc. 5,400 168,121 3.27

TruckingYamato Holdings Co. Ltd. 9,900 166,398 3.24



TOTAL SHORT-TERM OBLIGATIONS 104,000 2.02



NET ASSETS 5,133,308 100.00


MFS Meridian Funds – Latin American Equity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceEmbraer S.A., ADR 109,240 3,601,643 1.36

AirlinesCopa Holdings S.A., “A” 38,957 4,269,687 1.61Grupo Aeroportuario del Sureste S.A. deC.V., ADR 21,800 2,603,138 0.98

6,872,825 2.59


MarketValue ($)

NetAssets (%)

Alcoholic BeveragesCompanhia de Bebidas das Americas, ADR 182,560 8,591,274 3.24Compania Cervecerias Unidas S.A., ADR 89,652 2,864,381 1.08

11,455,655 4.32

Apparel ManufacturersArezzo Industria e Comercio S.A. 127,780 2,406,282 0.91Cia.Hering S.A. 125,497 2,387,238 0.90

4,793,520 1.81

BroadcastingGrupo Televisa S.A., ADR 79,112 2,215,927 0.84



MFS Meridian Funds – Latin American Equity Fund,continued


MarketValue ($)

NetAssets (%)

Brokerage & Asset ManagersBM&F Bovespa S.A. 1,457,695 10,204,268 3.85Bolsa Mexicana de Valores S.A. de C.V. 2,100,775 5,335,128 2.01CETIP S.A. – Balcao Organizado de Ativos eDerivativos 281,084 3,535,870 1.34

19,075,266 7.20

Business ServicesLPS Brasil – Consultoria de Imoveis S.A. 181,200 3,221,172 1.22

Computer SoftwareTotvs S.A. 116,175 2,530,198 0.96

ConglomeratesAlfa S.A de C.V., “A” 811,420 1,948,363 0.74

ConstructionCorporacion GEO S.A.B. de C.V., “B” 846,838 989,729 0.37PDG Realty S.A. 982,070 1,558,411 0.59Urbi Desarrollos Urbanos S.A. de C.V. 3,719,843 2,159,127 0.82

4,707,267 1.78

Consumer ProductsKimberly-Clark de Mexico S.A. de C.V., “A” 1,142,862 3,199,036 1.21

Consumer ServicesAbril Educacao S.A., IEU 154,220 3,392,863 1.28Anhanguera Educacional Participacoes S.A. 397,628 7,737,507 2.92Estacio Participacoes S.A. 230,360 5,101,502 1.93Kroton Educacional S.A. 244,988 6,015,976 2.27

22,247,848 8.40

ContainersIndustria Klabin de Papel e Celulose, IPS 291,107 1,995,436 0.75

Energy – IndependentUltrapar Participacoes S.A. 131,772 3,180,897 1.20

Energy – IntegratedPetroleo Brasileiro S.A., ADR 400,154 7,314,815 2.76

Engineering – ConstructionPromotora y Operadora de InfraestructuraS.A.B. de C.V. 205,700 1,472,059 0.56

Food & BeveragesArca Continental S.A.B de C.V. 548,099 4,179,737 1.58M. Dias Branco S.A. Industria e Comercio deAlimentos 206,472 8,192,107 3.09

12,371,844 4.67

Food & Drug StoresBrazil Pharma S.A. 382,000 2,819,896 1.06Raia Drogasil S.A. 111,100 1,241,356 0.47

4,061,252 1.53

General MerchandiseLojas Renner S.A. 44,766 1,791,899 0.68

Health Maintenance OrganizationsOdontoPrev S.A. 279,148 1,422,830 0.54

InsuranceBrasil Insurance Participacoes eAdministracao S.A. 639,031 6,899,423 2.60

Medical & Health Technology & ServicesDiagnosticos da America S.A. 371,882 2,642,494 1.00Fleury S.A. 195,384 2,183,089 0.82

4,825,583 1.82

Metals & MiningGerdau S.A., ADR 926,797 8,183,618 3.09Grupo Mexico S.A.B. de C.V., “B” 1,082,447 4,033,657 1.52


MarketValue ($)

NetAssets (%)

Metals & Mining, continuedTernium S.A., ADR 190,026 4,490,314 1.70Vale S.A., ADR 906,762 18,289,390 6.90

34,996,979 13.21

Oil ServicesTenaris S.A., ADR 173,398 7,294,854 2.75

Other Banks & Diversified FinancialsBanco Santander Chile, ADR 37,707 1,138,751 0.43Banco Santander S.A., IEU 797,388 5,866,239 2.22Bancolombia S.A., ADR 23,262 1,616,942 0.61Credicorp Ltd. 67,826 10,630,369 4.01Grupo Financiero Banorte S.A. de C.V. 475,300 3,277,299 1.24Grupo Financiero Santander Mexico S.A.B. deC.V., ADR 133,080 2,069,394 0.78Itau Unibanco Holding S.A., ADR 532,201 9,169,823 3.46

33,768,817 12.75

PharmaceuticalsGenomma Lab Internacional S.A., “B” 2,858,610 6,526,784 2.46

Real EstateBrasil Brokers Participacoes 1,712,694 5,435,622 2.05Macquarie Mexico Real Estate S.A. de C.V.,REIT 1,485,200 3,476,283 1.31Multiplan Empreendimentos Imobiliarios S.A. 54,100 1,563,490 0.59

10,475,395 3.95

RestaurantsArcos Dorados Holdings, Inc. 177,870 2,443,934 0.92

Specialty ChemicalsMexichem S.A.B de C.V. 317,134 1,793,865 0.68

Telecommunications – WirelessAmerica Movil S.A.B. de C.V., “L”, ADR 435,980 10,969,257 4.14TIM Participacoes S.A., ADR 235,361 5,177,942 1.96

16,147,199 6.10

Telephone ServicesEmpresa Nacional deTelecomunicaciones S.A. 56,487 1,228,499 0.46

Utilities – Electric PowerEnergias do Brasil S.A. 874,400 5,352,618 2.02Terna Participacoes S.A., IEU 160,210 1,890,645 0.71Tractebel Energia S.A. 208,165 3,699,480 1.40

10,942,743 4.13

Utilities – WaterAguas Andinas S.A. 7,101,477 5,258,528 1.99






NET ASSETS 264,887,381 100.00




MFS Meridian Funds – Limited Maturity Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS


Asset-Backed & SecuritizedARI Fleet Lease Trust, “A”, FRN0.751%, 15/03/2020 USD 2,038,030 2,043,654 0.20ARI Fleet Lease Trust, “A”, FRN0.501%, 15/01/2021 4,731,989 4,733,224 0.46Bayview Commercial Asset Trust, FRN0.473%, 25/04/2036 449,850 345,427 0.03Bayview Commercial Asset Trust, FRN3.032%, 25/07/2036 (i) 2,174,281 19,993 0.00Bayview Financial Acquisition Trust, FRN5.483%, 28/02/2041 442,044 450,888 0.04Bayview Financial Revolving Mortgage LoanTrust, FRN1.803%, 28/12/2040 445,446 280,797 0.03Capital Trust Realty Ltd., CDO5.16%, 25/06/2035 (b) 1,221,852 1,231,138 0.12Chesapeake Funding LLC, “A”, FRN1.955%, 15/09/2021 886,836 891,856 0.09Chesapeake Funding LLC, “A”, FRN0.957%, 7/11/2023 3,856,000 3,875,141 0.37CNH Equipment Trust, “A2”0.45%, 15/04/2016 4,410,000 4,409,969 0.42Commercial Mortgage Asset Trust, FRN0.673%, 17/01/2032 (i) 8,328,446 47,722 0.00Credit Acceptance Auto Loan Trust, “A”2.06%, 16/04/2018 637,116 637,244 0.06Credit Acceptance Auto Loan Trust, “A”2.2%, 16/09/2019 809,000 821,047 0.08Credit-Based Asset Servicing & Securitization LLC4.832%, 25/12/2035 382,014 367,751 0.04Credit-Based Asset Servicing &Securitization LLC, FRN4.684%, 25/03/2037 (d) 1,345,853 703,751 0.07Ford Credit Auto Lease Trust, “A2”0.74%, 15/09/2013 56,869 56,878 0.01Ford Credit Auto Owner Trust, “A2”0.4%, 15/09/2015 4,410,000 4,409,705 0.42Ford Credit Floorplan Master OwnerTrust, “A”, FRN0.555%, 15/09/2016 3,530,000 3,531,154 0.34Ford Credit Floorplan Master OwnerTrust, “A2”, FRN0.805%, 15/09/2015 3,129,000 3,137,114 0.30GE Equipment Transportation LLC, “A2”0.77%, 22/09/2014 1,529,019 1,531,137 0.15GE Equipment Transportation LLC, “A2”0.47%, 24/04/2015 3,080,000 3,080,958 0.30GMAC Mortgage Corp. Loan Trust, FRN5.805%, 25/10/2036 1,379,525 1,226,821 0.12Goldman Sachs Mortgage Securities Corp. II5.587%, 10/04/2038 2,412,661 2,554,943 0.25Gramercy Real Estate Ltd., CDO, FRN0.621%, 25/07/2035 (b) 315,222 293,156 0.03Hertz Global Holdings, Inc.4.26%, 25/03/2014 620,000 622,505 0.06Hertz Vehicle Financing LLC, 2010-1A, “A1”2.6%, 25/02/2015 1,650,000 1,679,033 0.16HLSS Servicer Advance Receivables Trust,2013-T1, “A1”0.898%, 15/01/2044 5,640,000 5,643,948 0.54Home Loan Servicing Solutions Ltd.1.34%, 15/10/2043 1,460,000 1,464,563 0.14


MarketValue ($)

NetAssets (%)

Asset-Backed & Securitized, continuedHyundai Auto Receivables Trust, “A3”1.16%, 15/04/2015 USD 1,326,292 1,331,076 0.13IMPAC CMB Trust, FRN0.943%, 25/11/2034 185,895 178,794 0.02IMPAC CMB Trust, FRN1.123%, 25/11/2034 239,008 199,934 0.02IMPAC Secured Assets Corp., FRN0.553%, 25/05/2036 359,729 355,237 0.03Interstar Millennium Trust, FRN0.709%, 14/03/2036 240,288 231,305 0.02Lehman Brothers Commercial Conduit MortgageTrust, FRN1.419%, 15/10/2035 (i) 3,174,827 120,196 0.01Lehman Brothers/UBS CommercialMortgage Trust5.642%, 15/03/2032 1,770,443 1,844,700 0.18Mercedes Benz Master Owner Trust, FRN0.475%, 15/11/2016 5,370,000 5,370,000 0.52Merrill Lynch Mortgage Investors, Inc.5.45%, 25/02/2037 (d) 991,440 226,525 0.02Morgan Stanley Capital I, Inc., FRN1.127%, 15/03/2031 (i) 1,200,757 1,031 0.00Nationslink Funding Corp., FRN1.625%, 20/08/2030 (i) 2,512,675 11,835 0.00Nissan Auto Lease Trust, “A2”0.7%, 15/01/2014 327,471 327,532 0.03Option One Mortgage Loan Trust, FRN5.611%, 25/01/2037 770,000 577,790 0.06Porsche Innovative Lease Owner Trust0.44%, 23/02/2015 4,000,000 4,001,380 0.38Santander Drive Auto Receivable Trust, “A2”0.91%, 15/05/2015 1,273,924 1,277,013 0.12Santander Drive Auto Receivable Trust, “A2”0.57%, 15/12/2015 5,200,000 5,203,604 0.50Smart Trust, “A2B”, FRN0.755%, 14/09/2014 1,879,843 1,883,063 0.18Smart Trust, “A2B”, FRN0.535%, 14/06/2015 5,040,000 5,043,782 0.49Thornburg Mortgage Securities Trust, FRN0.883%, 25/04/2043 236,528 234,557 0.02Wachovia Bank Commercial Mortgage Trust,“A3”, FRN5.924%, 15/02/2051 2,801,089 2,915,211 0.28

81,426,082 7.84

AutomotiveAmerican Honda Finance Corp.2.375%, 18/03/2013 USD 2,980,000 2,987,209 0.29American Honda Finance Corp.1.625%, 20/09/2013 2,500,000 2,519,675 0.24American Honda Finance Corp.1%, 11/08/2015 2,130,000 2,140,965 0.21American Honda Finance Corp., FRN0.53%, 3/11/2014 4,230,000 4,231,609 0.41Daimler Finance North America LLC, FRN0.905%, 9/01/2015 5,320,000 5,318,074 0.51Daimler Finance North America LLC, FRN1.635%, 11/07/2013 1,680,000 1,688,333 0.16Daimler Finance North America LLC, FRN1.509%, 13/09/2013 2,685,000 2,698,903 0.26Daimler Finance North America LLC, FRN0.92%, 28/03/2014 4,700,000 4,712,474 0.45Ford Motor Credit Co. LLC4.207%, 15/04/2016 2,000,000 2,128,596 0.20Harley-Davidson Financial Services3.875%, 15/03/2016 3,290,000 3,512,717 0.34



MFS Meridian Funds – Limited Maturity Fund,continued


MarketValue ($)

NetAssets (%)

Automotive, continuedHyundai Capital America1.625%, 2/10/2015 USD 4,100,000 4,128,249 0.40RCI Banque S.A., FRN2.175%, 11/04/2014 4,000,000 3,998,548 0.39Toyota Motor Credit Corp.1.25%, 17/11/2014 1,930,000 1,955,663 0.19Toyota Motor Credit Corp.3.2%, 17/06/2015 830,000 879,422 0.08Volkswagen International FinanceN.V., FRN1.06%, 21/03/2014 2,940,000 2,954,209 0.28Volkswagen International FinanceN.V., FRN0.911%, 20/11/2014 5,280,000 5,278,152 0.51

51,132,798 4.92

Banks & Diversified Financials (Covered Bonds)Australia & New Zealand BankingGroup, FRN0.915%, 6/10/2015 USD 1,350,000 1,353,449 0.13Bank of Nova Scotia1.45%, 26/07/2013 3,030,000 3,045,453 0.29BNP Paribas Home Loan2.2%, 2/11/2015 3,100,000 3,204,780 0.31Canadian Imperial Bank of Commerce2%, 4/02/2013 1,063,000 1,063,000 0.10Commonwealth Bank of Australia0.75%, 15/01/2016 3,910,000 3,898,661 0.38Compagnie de Financement Foncier2.125%, 22/04/2013 3,000,000 3,009,600 0.29Credit Mutuel-CIC Home Loan1.5%, 16/11/2017 4,600,000 4,571,940 0.44DnB Nor Boligkreditt AS2.1%, 14/10/2015 3,000,000 3,102,300 0.30National Bank of Canada2.2%, 19/10/2016 3,690,000 3,868,596 0.37Norddeutsche Landesbank0.875%, 16/10/2015 2,800,000 2,804,623 0.27SpareBank 1 Boligkreditt A.S.2.625%, 27/05/2016 1,590,000 1,674,111 0.16Stadshypotek AB, FRN0.861%, 30/09/2013 3,000,000 3,009,348 0.29

34,605,861 3.33

BroadcastingNBCUniversal Media LLC2.1%, 1/04/2014 USD 1,500,000 1,523,946 0.15Vivendi S.A.2.4%, 10/04/2015 1,680,000 1,711,937 0.16WPP Finance8%, 15/09/2014 3,140,000 3,457,027 0.33

6,692,910 0.64

Brokerage & Asset ManagersBlackRock, Inc.3.5%, 10/12/2014 USD 1,790,000 1,887,927 0.18BlackRock, Inc.1.375%, 1/06/2015 1,160,000 1,180,429 0.11Franklin Resources, Inc.1.375%, 15/09/2017 807,000 807,824 0.08

3,876,180 0.37

BuildingCRH America, Inc.5.3%, 15/10/2013 USD 983,000 1,012,143 0.10

Cable TVComcast Corp.5.3%, 15/01/2014 USD 2,750,000 2,873,137 0.28


MarketValue ($)

NetAssets (%)

Cable TV, continuedDIRECTV Holdings LLC4.75%, 1/10/2014 USD 3,000,000 3,189,342 0.31DIRECTV Holdings LLC2.4%, 15/03/2017 970,000 989,779 0.09

7,052,258 0.68

ChemicalsDow Chemical Co.7.6%, 15/05/2014 USD 1,262,000 1,370,685 0.13Potash Corp. of Saskatchewan, Inc.5.25%, 15/05/2014 2,070,000 2,189,543 0.21PPG Industries, Inc.5.75%, 15/03/2013 3,576,000 3,596,558 0.35

7,156,786 0.69

Computer SoftwareAdobe Systems, Inc.3.25%, 1/02/2015 USD 2,896,000 3,029,265 0.29

ConglomeratesABB Finance (USA), Inc.1.625%, 8/05/2017 USD 1,706,000 1,720,955 0.17ABB Treasury Center USA, Inc.2.5%, 15/06/2016 2,710,000 2,820,839 0.27General Electric Co.0.85%, 9/10/2015 1,090,000 1,091,728 0.11Ingersoll-Rand Global Holding Co. Ltd.6%, 15/08/2013 2,250,000 2,315,018 0.22Ingersoll-Rand Global Holding Co. Ltd.9.5%, 15/04/2014 1,100,000 1,206,384 0.12Pentair Finance S.A.1.35%, 1/12/2015 2,750,000 2,746,722 0.26United Technologies Corp., FRN0.81%, 1/06/2015 1,690,000 1,705,827 0.16

13,607,473 1.31

Consumer ProductsClorox Co.5%, 1/03/2013 USD 3,780,000 3,792,281 0.37LVMH Moet Hennessy Louis Vuitton S.A.1.625%, 29/06/2017 2,110,000 2,119,206 0.20Mattel, Inc.5.625%, 15/03/2013 2,360,000 2,372,864 0.23Mattel, Inc.2.5%, 1/11/2016 1,410,000 1,468,703 0.14Newell Rubbermaid, Inc.2%, 15/06/2015 1,563,000 1,591,647 0.15Newell Rubbermaid, Inc.2.05%, 1/12/2017 1,957,000 1,958,589 0.19

13,303,290 1.28

Consumer ServiceseBay, Inc.1.35%, 15/07/2017 USD 2,252,000 2,262,481 0.22Experian Finance PLC2.375%, 15/06/2017 2,034,000 2,070,634 0.20Western Union Co.2.375%, 10/12/2015 1,460,000 1,483,589 0.14

5,816,704 0.56

Defense ElectronicsBAE Systems Holdings, Inc.4.95%, 1/06/2014 USD 2,040,000 2,136,986 0.21

ElectronicsApplied Materials, Inc.2.65%, 15/06/2016 USD 1,180,000 1,242,022 0.12Broadcom Corp.1.5%, 1/11/2013 3,000,000 3,025,209 0.29





MarketValue ($)

NetAssets (%)

Electronics, continuedIntel Corp.1.35%, 15/12/2017 USD 4,844,000 4,827,647 0.47

9,094,878 0.88

Emerging Market Quasi-SovereignBanco do Nordeste do Brasil (BNB)3.625%, 9/11/2015 USD 703,000 724,090 0.07Corporacion Nacional del Cobre de Chile4.75%, 15/10/2014 4,000,000 4,224,916 0.41Gaz Capital S.A.4.95%, 23/05/2016 838,000 896,140 0.08Korea Development Bank1%, 22/01/2016 3,110,000 3,089,241 0.30Korea Expressway Corp.4.5%, 23/03/2015 1,062,000 1,133,028 0.11Korea Gas Corp.2.25%, 25/07/2017 1,850,000 1,871,908 0.18Mubadala Development Co.5.75%, 6/05/2014 1,030,000 1,086,650 0.10National Agricultural Co.5%, 30/09/2014 1,052,000 1,117,031 0.11Petrobras International Finance Co.3.875%, 27/01/2016 2,978,000 3,118,895 0.30Rosneft3.149%, 6/03/2017 1,777,000 1,779,221 0.17

19,041,120 1.83

Emerging Market SovereignRussian Federation3.25%, 4/04/2017 USD 3,400,000 3,604,000 0.35State of Qatar5.15%, 9/04/2014 498,000 521,904 0.05State of Qatar5.15%, 9/04/2014 2,000,000 2,096,000 0.20

6,221,904 0.60

Energy – IndependentConocoPhillips5.5%, 15/04/2013 USD 800,000 807,742 0.08Encana Corp.5.9%, 1/12/2017 3,750,000 4,433,771 0.43Encana Holdings Finance Corp.5.8%, 1/05/2014 2,560,000 2,713,172 0.26Hess Corp.7%, 15/02/2014 2,260,000 2,395,119 0.23

10,349,804 1.00

Energy – IntegratedBG Energy Capital PLC2.875%, 15/10/2016 USD 2,800,000 2,981,101 0.29BP Capital Markets PLC3.125%, 1/10/2015 3,700,000 3,919,532 0.38BP Capital Markets PLC0.7%, 6/11/2015 2,036,000 2,032,675 0.20Cenovus Energy, Inc.4.5%, 15/09/2014 1,900,000 2,011,350 0.19Chevron Corp.1.104%, 5/12/2017 2,604,000 2,603,013 0.25Husky Energy, Inc.5.9%, 15/06/2014 972,000 1,039,926 0.10Petro-Canada Financial Partnership5%, 15/11/2014 990,000 1,061,413 0.10Shell International Finance B.V.1.125%, 21/08/2017 2,350,000 2,344,666 0.23Total Capital Canada Ltd.0.683%, 15/01/2016 2,590,000 2,599,702 0.25


MarketValue ($)

NetAssets (%)

Energy – Integrated, continuedTotal Capital International S.A.1.5%, 17/02/2017 USD 1,080,000 1,092,206 0.10TOTAL S.A.3%, 24/06/2015 1,810,000 1,906,364 0.18

23,591,948 2.27

EntertainmentViacom, Inc.1.25%, 27/02/2015 USD 1,350,000 1,362,115 0.13Walt Disney Co.0.45%, 1/12/2015 3,620,000 3,606,841 0.35

4,968,956 0.48

Financial InstitutionsGeneral Electric Capital Corp.4.8%, 1/05/2013 USD 640,000 647,001 0.06General Electric Capital Corp.1.875%, 16/09/2013 1,430,000 1,443,848 0.14General Electric Capital Corp.2.15%, 9/01/2015 3,500,000 3,597,682 0.34General Electric Capital Corp.0.91%, 11/12/2015 1,840,000 1,845,202 0.18General Electric Capital Corp.0.905%, 8/01/2016 2,580,000 2,587,505 0.25General Electric Capital Corp., FRN1.155%, 7/01/2014 3,200,000 3,225,939 0.31LeasePlan Corp. N.V.3%, 23/10/2017 2,430,000 2,455,758 0.24NYSE Euronext2%, 5/10/2017 2,883,000 2,943,520 0.28

18,746,455 1.80

Food & BeveragesAnheuser-Busch InBev S.A.3.625%, 15/04/2015 USD 957,000 1,018,278 0.10Anheuser-Busch InBev S.A.0.8%, 15/01/2016 2,600,000 2,597,431 0.25Anheuser-Busch InBev S.A.1.375%, 15/07/2017 3,610,000 3,622,895 0.35Anheuser-Busch InBev S.A., FRN1.04%, 26/03/2013 3,000,000 3,003,432 0.29Campbell Soup Co., FRN0.612%, 1/08/2014 4,000,000 4,013,060 0.39Conagra Foods, Inc.5.875%, 15/04/2014 3,165,000 3,351,210 0.32Conagra Foods, Inc.1.3%, 25/01/2016 2,340,000 2,346,538 0.22Diageo Capital PLC7.375%, 15/01/2014 2,450,000 2,605,058 0.25Diageo Capital PLC1.5%, 11/05/2017 1,570,000 1,582,852 0.15General Mills, Inc.0.597%, 29/01/2016 1,870,000 1,871,668 0.18General Mills, Inc.5.2%, 17/03/2015 1,410,000 1,544,324 0.15Heineken N.V.0.8%, 1/10/2015 3,200,000 3,203,354 0.31Ingredion, Inc.3.2%, 1/11/2015 775,000 812,067 0.08Ingredion, Inc.1.8%, 25/09/2017 1,385,000 1,381,188 0.13Kellogg Co.4.45%, 30/05/2016 1,910,000 2,107,177 0.20Kraft Foods Group, Inc.1.625%, 4/06/2015 3,430,000 3,487,209 0.33Miller Brewing Co.5.5%, 15/08/2013 3,840,000 3,941,211 0.38





MarketValue ($)

NetAssets (%)

Food & Beverages, continuedMolson Coors Brewing Co.2%, 1/05/2017 USD 2,140,000 2,180,048 0.21Mondelez International, Inc.6.75%, 19/02/2014 360,000 382,232 0.04PepsiAmericas, Inc.4.375%, 15/02/2014 770,000 800,062 0.08PepsiCo, Inc.2.5%, 10/05/2016 2,665,000 2,797,952 0.27Pernod-Ricard S.A.2.95%, 15/01/2017 3,290,000 3,436,507 0.33SABMiller Holdings, Inc.1.85%, 15/01/2015 1,730,000 1,760,932 0.17SABMiller Holdings, Inc.2.45%, 15/01/2017 1,768,000 1,828,510 0.18

55,675,195 5.36

Food & Drug StoresCVS Caremark Corp.3.25%, 18/05/2015 USD 3,213,000 3,396,964 0.33Walgreen Co.1%, 13/03/2015 4,500,000 4,502,516 0.43

7,899,480 0.76

Gaming & LodgingMarriott International, Inc.5.625%, 15/02/2013 USD 930,000 931,188 0.09Wyndham Worldwide Corp.2.95%, 1/03/2017 2,558,000 2,600,274 0.25

3,531,462 0.34

IndustrialCornell University4.35%, 1/02/2014 USD 2,190,000 2,272,329 0.22

InsuranceAflac, Inc.3.45%, 15/08/2015 USD 2,460,000 2,617,061 0.25American International Group, Inc.3.65%, 15/01/2014 2,050,000 2,107,355 0.20American International Group, Inc.3%, 20/03/2015 1,850,000 1,921,232 0.19Lincoln National Corp.4.3%, 15/06/2015 1,330,000 1,434,096 0.14MassMutual Global Funding, FRN0.81%, 27/09/2013 1,400,000 1,404,658 0.14MetLife Institutional Funding II LLC, FRN0.675%, 6/01/2015 2,230,000 2,232,598 0.22MetLife, Inc.1.756%, 15/12/2017 794,000 796,365 0.08MetLife, Inc., FRN1.562%, 6/08/2013 3,040,000 3,058,468 0.29Metropolitan Life Global Funding I5.125%, 10/04/2013 650,000 655,574 0.06Metropolitan Life Global Funding I5.125%, 10/06/2014 490,000 519,771 0.05New York Life Global Funding4.65%, 9/05/2013 2,800,000 2,831,262 0.27UnumProvident Corp.6.85%, 15/11/2015 1,685,000 1,897,168 0.18

21,475,608 2.07

Insurance – HealthAetna, Inc.1.5%, 15/11/2017 USD 839,000 837,376 0.08UnitedHealth Group, Inc.4.875%, 15/02/2013 3,500,000 3,504,162 0.34WellPoint, Inc.5%, 15/12/2014 590,000 634,995 0.06


MarketValue ($)

NetAssets (%)

Insurance – Health, continuedWellpoint, Inc.1.25%, 10/09/2015 USD 1,330,000 1,339,765 0.13

6,316,298 0.61

Insurance – Property & CasualtyACE Ltd.2.6%, 23/11/2015 USD 3,930,000 4,129,935 0.40Allstate Corp.6.2%, 16/05/2014 510,000 545,417 0.05Aon Corp.3.5%, 30/09/2015 3,390,000 3,563,822 0.34AXIS Capital Holdings Ltd.5.75%, 1/12/2014 2,350,000 2,515,163 0.24Berkshire Hathaway, Inc., FRN1.01%, 15/08/2014 2,300,000 2,322,167 0.23

13,076,504 1.26

International Market Quasi-SovereignAchmea Hypotheekbank N.V.3.2%, 3/11/2014 USD 214,000 223,716 0.02Achmea Hypotheekbank N.V., FRN0.648%, 3/11/2014 2,500,000 2,500,000 0.24BRFkredit A/S, FRN0.554%, 15/04/2013 4,000,000 3,999,780 0.39Caisse d’Amortissement de laDette Sociale2.875%, 22/10/2014 2,000,000 2,075,860 0.20Commonwealth Bank of Australia2.9%, 17/09/2014 1,000,000 1,039,930 0.10Eksportfinans A.S.A.1.875%, 2/04/2013 1,625,000 1,623,603 0.16Eksportfinans A.S.A.3%, 17/11/2014 2,000,000 1,989,630 0.19Electricite de France PLC5.5%, 26/01/2014 2,724,000 2,848,579 0.27Finance for Danish Industry A.S.2%, 12/06/2013 2,150,000 2,162,728 0.21ING Bank N.V.3.9%, 19/03/2014 1,300,000 1,350,125 0.13KfW Bankengruppe1.375%, 15/07/2013 2,000,000 2,009,200 0.19KfW Bankengruppe3.5%, 10/03/2014 4,066,000 4,207,781 0.40Kommunalbanken A.S.2.875%, 27/10/2014 1,750,000 1,824,060 0.18Kommunalbanken A.S.1.75%, 5/10/2015 1,800,000 1,853,820 0.18Kommunalbanken A.S.1%, 15/03/2018 1,480,000 1,463,772 0.14Kommunalbanken A.S., FRN0.43%, 31/10/2016 5,210,000 5,204,050 0.50Landwirtschaftliche Rentenbank4.125%, 15/07/2013 1,340,000 1,362,834 0.13NIBC Bank N.V., FRN0.69%, 2/12/2014 2,500,000 2,492,613 0.24Societe Financementde l’ Economie Francaise3.375%, 5/05/2014 3,080,000 3,192,974 0.31Statoil A.S.A.2.9%, 15/10/2014 2,700,000 2,806,855 0.27Statoil A.S.A.7.375%, 1/05/2016 230,000 274,947 0.03Statoil A.S.A.1.8%, 23/11/2016 1,640,000 1,689,164 0.16Swedish Export Credit Corp., FRN1.06%, 14/08/2014 3,360,000 3,392,280 0.33





MarketValue ($)

NetAssets (%)

International Market Quasi-Sovereign, continuedSwedish Export Credit Corp., FRN0.602%, 23/01/2017 USD 3,680,000 3,685,785 0.35Westpac Banking Corp.3.45%, 28/07/2014 1,165,000 1,215,934 0.12

56,490,020 5.44

International Market SovereignKingdom of Belgium2.875%, 15/09/2014 USD 1,500,000 1,549,752 0.15Kingdom of Spain3.625%, 17/06/2013 2,710,000 2,715,637 0.26Republic of Iceland4.875%, 16/06/2016 2,349,000 2,511,081 0.24Republic of Iceland4.875%, 16/06/2016 510,000 545,190 0.05

7,321,660 0.70

Local AuthoritiesLouisiana Gas & Fuels Tax Rev. (BuildAmerica Bonds), FRN3%, 1/05/2043 USD 1,270,000 1,275,525 0.12Province of Ontario4.5%, 3/02/2015 3,000,000 3,237,300 0.31Province of Ontario1.1%, 25/10/2017 4,990,000 4,968,543 0.48

9,481,368 0.91

Machinery & ToolsCaterpillar Financial Services Corp.1.1%, 29/05/2015 USD 840,000 849,647 0.08

Major BanksABN AMRO Bank N.V.1.375%, 22/01/2016 USD 4,360,000 4,356,163 0.42ABN AMRO Bank N.V., FRN2.071%, 30/01/2014 3,610,000 3,655,991 0.35ANZ National (International) Ltd., FRN1.309%, 20/12/2013 2,050,000 2,066,541 0.20Bank of America Corp.7.375%, 15/05/2014 650,000 701,074 0.07Bank of America Corp.4.5%, 1/04/2015 2,000,000 2,128,960 0.20Bank of America Corp.1.5%, 9/10/2015 2,160,000 2,165,644 0.21Bank of America Corp.1.25%, 11/01/2016 4,750,000 4,722,260 0.45Bank of America Corp.6.5%, 1/08/2016 885,000 1,023,289 0.10Bank of Tokyo-Mitsubishi UFJ1.6%, 11/09/2013 1,340,000 1,346,054 0.13Barclays Bank PLC5.2%, 10/07/2014 2,340,000 2,483,376 0.24Barclays Bank PLC, FRN1.345%, 13/01/2014 1,790,000 1,801,284 0.17Commonwealth Bank of Australia3.75%, 15/10/2014 2,426,000 2,544,631 0.25Credit Suisse New York5.5%, 1/05/2014 3,960,000 4,199,105 0.40Credit Suisse New York, FRN1.265%, 14/01/2014 1,000,000 1,006,704 0.10DBS Bank Ltd.2.35%, 28/02/2017 2,590,000 2,659,741 0.26Goldman Sachs Group, Inc.5.125%, 15/01/2015 2,510,000 2,693,230 0.26Goldman Sachs Group, Inc.1.6%, 23/11/2015 2,910,000 2,924,308 0.28Goldman Sachs Group, Inc., FRN1.311%, 21/11/2014 3,000,000 3,009,063 0.29


MarketValue ($)

NetAssets (%)

Major Banks, continuedHSBC Bank PLC3.1%, 24/05/2016 USD 1,750,000 1,844,199 0.18HSBC USA, Inc.2.375%, 13/02/2015 900,000 928,193 0.09HSBC USA, Inc.1.625%, 16/01/2018 1,010,000 1,008,698 0.10ING Bank N.V.3.75%, 7/03/2017 1,700,000 1,816,362 0.17ING Bank N.V., FRN1.358%, 15/03/2013 780,000 780,658 0.08ING Bank N.V., FRN1.623%, 18/10/2013 4,500,000 4,534,268 0.44ING Bank N.V., FRN1.95%, 25/09/2015 2,760,000 2,806,743 0.27JPMorgan Chase & Co.2%, 15/08/2017 1,360,000 1,374,024 0.13JPMorgan Chase & Co., FRN0.961%, 26/02/2013 3,200,000 3,201,718 0.31JPMorgan Chase & Co., FRN1.102%, 24/01/2014 1,590,000 1,601,639 0.15KeyCorp3.75%, 13/08/2015 2,500,000 2,672,750 0.26Kookmin Bank7.25%, 14/05/2014 800,000 859,867 0.08Macquarie Bank Ltd.5%, 22/02/2017 4,371,000 4,790,498 0.46Merrill Lynch & Co., Inc.6.15%, 25/04/2013 3,290,000 3,330,115 0.32Morgan Stanley6%, 28/04/2015 2,210,000 2,406,387 0.23Morgan Stanley4.75%, 22/03/2017 2,000,000 2,184,382 0.21Morgan Stanley, FRN1.902%, 24/01/2014 2,450,000 2,469,115 0.24National Australia Bank Ltd.2%, 9/03/2015 3,080,000 3,155,309 0.30PNC Funding Corp.3.625%, 8/02/2015 2,700,000 2,852,771 0.27Royal Bank of Canada0.8%, 30/10/2015 4,000,000 4,004,316 0.39Royal Bank of Canada1.5%, 16/01/2018 2,635,000 2,630,990 0.25Royal Bank of Scotland PLC2.55%, 18/09/2015 4,690,000 4,835,559 0.47Royal Bank of Scotland PLC, FRN2.731%, 23/08/2013 2,400,000 2,422,198 0.23Santander International Debt S.A.2.991%, 7/10/2013 3,000,000 3,019,290 0.29Standard Chartered PLC3.85%, 27/04/2015 2,700,000 2,849,418 0.27Standard Chartered PLC, FRN1.26%, 12/05/2014 1,450,000 1,454,249 0.14State Street Bank & Trust Co., FRN0.51%, 8/12/2015 3,116,000 3,085,420 0.30State Street Corp.4.3%, 30/05/2014 1,250,000 1,313,573 0.13Sumitomo Mitsui Banking Corp.1.35%, 18/07/2015 2,570,000 2,600,496 0.25Wachovia Corp.5.5%, 1/05/2013 750,000 759,327 0.07Wells Fargo & Co.3.75%, 1/10/2014 1,510,000 1,590,545 0.15Wells Fargo & Co.1.25%, 13/02/2015 3,390,000 3,423,269 0.33





MarketValue ($)

NetAssets (%)

Major Banks, continuedWestpac Banking Corp.0.95%, 12/01/2016 USD 3,410,000 3,411,572 0.33Westpac Banking Corp.2%, 14/08/2017 2,330,000 2,384,690 0.23

129,890,026 12.50

Medical & Health Technology & ServicesBaxter International, Inc.1.85%, 15/01/2017 USD 1,730,000 1,771,709 0.17Becton, Dickinson & Co.1.75%, 8/11/2016 1,420,000 1,457,907 0.14Catholic Health Initiatives1.6%, 1/11/2017 1,820,000 1,831,453 0.18Covidien International Finance S.A.1.875%, 15/06/2013 1,500,000 1,508,240 0.14Covidien International Finance S.A.1.35%, 29/05/2015 1,610,000 1,632,513 0.16Express Scripts Holding Co.2.1%, 12/02/2015 2,835,000 2,896,616 0.28McKesson Corp.0.95%, 4/12/2015 5,670,000 5,684,226 0.55Thermo Fisher Scientific, Inc.2.25%, 15/08/2016 2,110,000 2,178,600 0.21

18,961,264 1.83

Metals & MiningAnglo American Capital2.15%, 27/09/2013 USD 2,200,000 2,214,960 0.21ArcelorMittal6.5%, 15/04/2014 1,220,000 1,278,348 0.12BHP Billiton Finance Ltd.5.5%, 1/04/2014 750,000 793,509 0.08Freeport-McMoRan Copper & Gold, Inc.2.15%, 1/03/2017 2,350,000 2,367,195 0.23Rio Tinto Finance (USA) Ltd.2.5%, 20/05/2016 4,200,000 4,388,987 0.42

11,042,999 1.06

Mortgage-BackedFannie Mae7%, 1/03/2015 USD 6,213 6,435 0.00Fannie Mae5.724%, 1/07/2016 1,986,174 2,239,642 0.22Fannie Mae6%, 1/11/2016 – 1/12/2017 329,936 353,676 0.04Fannie Mae5.5%, 1/12/2016 – 1/11/2017 565,471 605,703 0.05Fannie Mae6.5%, 1/02/2017 93,229 100,958 0.01Fannie Mae1.114%, 25/02/2017 4,000,000 4,025,628 0.39Fannie Mae5%, 1/02/2018 – 1/07/2023 1,214,514 1,312,896 0.12Fannie Mae4.5%, 1/10/2018 – 1/06/2024 3,994,481 4,293,839 0.42Fannie Mae4%, 1/03/2026 10,624,323 11,348,106 1.09Freddie Mac1.655%, 25/11/2016 243,696 249,975 0.02Freddie Mac6%, 1/08/2017 – 1/05/2021 660,236 724,357 0.07Freddie Mac5.5%, 1/09/2017 – 1/06/2025 617,395 668,771 0.07Freddie Mac5%, 1/05/2018 – 1/08/2020 847,630 908,240 0.08


MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedFreddie Mac, TBA2.5%, 1/12/2028 USD 8,115,000 8,368,594 0.81

35,206,820 3.39

Natural Gas – DistributionGDF Suez1.625%, 10/10/2017 USD 4,200,000 4,178,748 0.40

Natural Gas – PipelineEnergy Transfer Partners LP8.5%, 15/04/2014 USD 2,026,000 2,198,013 0.21Enterprise Products Operating LP3.7%, 1/06/2015 2,750,000 2,914,766 0.28Enterprise Products Operating LP3.2%, 1/02/2016 1,100,000 1,168,272 0.11TransCanada PipeLines Ltd.3.4%, 1/06/2015 2,596,000 2,755,916 0.27

9,036,967 0.87

Network & TelecomAT&T, Inc.0.8%, 1/12/2015 USD 2,940,000 2,939,177 0.28AT&T, Inc.2.4%, 15/08/2016 1,920,000 2,002,464 0.19BellSouth Corp.5.2%, 15/09/2014 1,100,000 1,178,051 0.11France Telecom4.375%, 8/07/2014 880,000 923,325 0.09France Telecom2.125%, 16/09/2015 2,400,000 2,466,338 0.24Telecom Italia Capital5.25%, 15/11/2013 2,100,000 2,160,087 0.21Telefonica Emisiones S.A.U.2.582%, 26/04/2013 2,690,000 2,698,334 0.26Verizon Communications, Inc.0.7%, 2/11/2015 5,090,000 5,088,616 0.49Verizon Communications, Inc.2%, 1/11/2016 2,390,000 2,473,552 0.24

21,929,944 2.11

Oil ServicesNoble Corp.5.875%, 1/06/2013 USD 3,120,000 3,165,614 0.30Noble Corp.3.45%, 1/08/2015 1,440,000 1,515,217 0.15Transocean, Inc.2.5%, 15/10/2017 1,797,000 1,803,133 0.17

6,483,964 0.62

OilsPhillips 661.95%, 5/03/2015 USD 1,740,000 1,774,716 0.17

Other Banks & Diversified FinancialsAmerican Express Centurion Bank5.5%, 16/04/2013 USD 2,780,000 2,807,908 0.27American Express Centurion Bank, FRN0.76%, 13/11/2015 3,500,000 3,504,809 0.34American Express Credit Corp., FRN1.41%, 12/06/2015 1,580,000 1,609,410 0.16BB&T Corp.1.45%, 12/01/2018 2,380,000 2,369,592 0.23BBVA Senior Finance S.A. Unipersonal, FRN2.435%, 16/05/2014 2,500,000 2,505,048 0.24Capital One Financial Corp.2.15%, 23/03/2015 1,000,000 1,020,370 0.10Capital One Financial Corp., FRN1.454%, 15/07/2014 3,270,000 3,303,004 0.32





MarketValue ($)

NetAssets (%)

Other Banks & Diversified Financials, continuedCapital One Financial Corp., FRN0.952%, 6/11/2015 USD 3,200,000 3,206,957 0.31Citigroup, Inc.5.5%, 11/04/2013 3,230,000 3,259,322 0.31Citigroup, Inc.6.375%, 12/08/2014 920,000 991,325 0.10Citigroup, Inc.6.01%, 15/01/2015 1,630,000 1,775,610 0.17Citigroup, Inc.1.25%, 15/01/2016 6,000,000 5,969,982 0.57Danske Bank A/S3.75%, 1/04/2015 1,800,000 1,880,082 0.18Intesa Sanpaolo S.p.A.3.125%, 15/01/2016 2,840,000 2,818,731 0.27Intesa Sanpaolo S.p.A., FRN2.711%, 24/02/2014 1,850,000 1,862,502 0.18Lloyds TSB Bank PLC4.375%, 12/01/2015 3,340,000 3,550,944 0.34Nordea Bank AB1.75%, 4/10/2013 3,500,000 3,528,438 0.34Rabobank Nederland N.V.4.2%, 13/05/2014 3,230,000 3,371,248 0.32Rabobank Nederland N.V., FRN0.655%, 14/04/2014 1,000,000 1,000,701 0.10Santander UK PLC3.875%, 10/11/2014 2,035,000 2,115,745 0.20SunTrust Banks, Inc.3.5%, 20/01/2017 3,368,000 3,597,506 0.35Svenska Handelsbanken AB4.875%, 10/06/2014 1,640,000 1,727,756 0.17Svenska Handelsbanken AB2.875%, 4/04/2017 2,284,000 2,410,093 0.23Swedbank AB2.125%, 29/09/2017 2,594,000 2,639,333 0.25UBS AG2.25%, 12/08/2013 3,000,000 3,027,969 0.29Union Bank3%, 6/06/2016 1,270,000 1,340,080 0.13

67,194,465 6.47

Personal Computers & PeripheralsHewlett-Packard Co.2.625%, 9/12/2014 USD 2,850,000 2,879,991 0.28

PharmaceuticalsAbbVie, Inc., FRN1.071%, 6/11/2015 USD 4,200,000 4,264,268 0.41Amgen, Inc.2.3%, 15/06/2016 2,540,000 2,643,370 0.25Celgene Corp.2.45%, 15/10/2015 4,017,000 4,168,168 0.40Roche Holding, Inc.5%, 1/03/2014 2,902,000 3,037,317 0.29Sanofi1.2%, 30/09/2014 2,350,000 2,378,597 0.23Teva Pharmaceutical Finance III1.7%, 21/03/2014 1,000,000 1,013,363 0.10Teva Pharmaceutical Finance III, FRN1.211%, 8/11/2013 2,580,000 2,594,889 0.25Watson Pharmaceuticals, Inc.1.875%, 1/10/2017 2,130,000 2,137,845 0.21Wyeth5.5%, 1/02/2014 1,600,000 1,679,470 0.16

23,917,287 2.30


MarketValue ($)

NetAssets (%)

Printing & PublishingPearson Dollar Finance PLC5.7%, 1/06/2014 USD 1,600,000 1,681,549 0.16Pearson PLC5.5%, 6/05/2013 260,000 262,899 0.03

1,944,448 0.19

Real EstateERP Operating, REIT5.125%, 15/03/2016 USD 1,842,000 2,057,074 0.20HCP, Inc., REIT2.7%, 1/02/2014 2,070,000 2,107,835 0.21Health Care REIT, Inc.2.25%, 15/03/2018 1,211,000 1,216,052 0.12Mack-Cali Realty LP2.5%, 15/12/2017 1,470,000 1,483,068 0.14Simon Property Group, Inc., REIT4.2%, 1/02/2015 1,000,000 1,060,575 0.10Simon Property Group, Inc., REIT1.5%, 1/02/2018 1,385,000 1,370,995 0.13

9,295,599 0.90

RetailersAutoZone, Inc.6.5%, 15/01/2014 USD 3,115,000 3,287,506 0.31Home Depot, Inc.5.25%, 16/12/2013 2,870,000 2,990,930 0.29Wesfarmers Ltd.6.998%, 10/04/2013 1,430,000 1,444,097 0.14Wesfarmers Ltd.2.983%, 18/05/2016 1,400,000 1,469,810 0.14

9,192,343 0.88

Specialty ChemicalsAir Products & Chemicals, Inc.4.15%, 1/02/2013 USD 1,000,000 1,000,000 0.10Airgas, Inc.4.5%, 15/09/2014 3,100,000 3,280,135 0.31Ecolab, Inc.2.375%, 8/12/2014 1,790,000 1,841,761 0.18Ecolab, Inc.1%, 9/08/2015 1,650,000 1,658,187 0.16

7,780,083 0.75

Specialty StoresBest Buy Co., Inc.7.25%, 15/07/2013 USD 3,100,000 3,154,250 0.30

SupermarketsKroger Co.5%, 15/04/2013 USD 1,266,000 1,277,199 0.12Safeway, Inc.6.25%, 15/03/2014 1,350,000 1,418,679 0.14Tesco PLC2%, 5/12/2014 2,470,000 2,524,281 0.24Woolworths Ltd.2.55%, 22/09/2015 2,500,000 2,593,853 0.25

7,814,012 0.75

SupranationalCentral American Bank for EconomicIntegration5.375%, 24/09/2014 USD 1,760,000 1,866,540 0.18European Investment Bank3%, 8/04/2014 1,270,000 1,309,522 0.13

3,176,062 0.31

Telecommunications – WirelessAmerica Movil S.A.B. de C.V.2.375%, 8/09/2016 USD 933,000 964,618 0.09





MarketValue ($)

NetAssets (%)

Telecommunications – Wireless, continuedCrown Castle Towers LLC4.523%, 15/01/2015 USD 1,340,000 1,425,271 0.14Crown Castle Towers LLC3.214%, 15/08/2015 1,930,000 2,018,863 0.20Vodafone Group PLC4.15%, 10/06/2014 2,120,000 2,218,472 0.21Vodafone Group PLC5.375%, 30/01/2015 2,000,000 2,182,012 0.21

8,809,236 0.85

TobaccoAltria Group, Inc.8.5%, 10/11/2013 USD 2,630,000 2,789,273 0.27B.A.T. International Finance PLC8.125%, 15/11/2013 3,000,000 3,166,134 0.30B.A.T. International Finance PLC1.4%, 5/06/2015 1,070,000 1,082,074 0.10Lorillard Tobacco Co.3.5%, 4/08/2016 1,850,000 1,959,106 0.19Reynolds American, Inc.1.05%, 30/10/2015 3,500,000 3,497,823 0.34

12,494,410 1.20

Transportation – ServicesERAC USA Finance Co.2.75%, 1/07/2013 USD 2,715,000 2,738,732 0.26ERAC USA Finance Co.2.25%, 10/01/2014 2,000,000 2,027,014 0.20ERAC USA Finance Co.1.4%, 15/04/2016 1,470,000 1,477,152 0.14ERAC USA Finance Co.2.75%, 15/03/2017 539,000 559,589 0.05

6,802,487 0.65

U.S. Government Agencies and EquivalentsNational Credit Union Administration1.4%, 12/06/2015 USD 680,000 695,708 0.07Small Business Administration5.1%, 1/01/2016 255,413 266,222 0.03Small Business Administration5.94%, 1/07/2016 110,019 118,074 0.01Small Business Administration5.37%, 1/09/2016 143,333 150,498 0.01

1,230,502 0.12

Utilities – Electric PowerAmerican Electric Power Co., Inc.1.65%, 15/12/2017 USD 1,829,000 1,827,961 0.18DTE Energy Co., FRN1.01%, 3/06/2013 2,000,000 2,002,814 0.19Duke Energy Corp.5.65%, 15/06/2013 1,880,000 1,914,921 0.18Duke Energy Corp.6.3%, 1/02/2014 1,648,000 1,736,728 0.17Duke Energy Corp.3.35%, 1/04/2015 970,000 1,020,399 0.10


MarketValue ($)

NetAssets (%)

Utilities – Electric Power, continuedDuke Energy Corp.1.625%, 15/08/2017 USD 918,000 918,518 0.09Enel Finance International S.A.3.875%, 7/10/2014 1,700,000 1,756,109 0.17Exelon Generation Co. LLC5.35%, 15/01/2014 2,790,000 2,909,677 0.28Georgia Power Co.6%, 1/11/2013 380,000 395,299 0.04Iberdrola Finance Ireland Ltd.3.8%, 11/09/2014 2,900,000 2,993,827 0.29NextEra Energy Capital Co.1.2%, 1/06/2015 2,590,000 2,610,793 0.25NextEra Energy Capital Holdings, Inc.1.611%, 1/06/2014 1,720,000 1,738,077 0.17Niagara Mohawk Power Corp.3.553%, 1/10/2014 2,740,000 2,858,702 0.28Northeast Utilities, FRN1.059%, 20/09/2013 2,270,000 2,279,868 0.22PG&E Corp.5.75%, 1/04/2014 2,555,000 2,698,320 0.26PPL WEM Holdings PLC3.9%, 1/05/2016 3,180,000 3,349,659 0.32Progress Energy, Inc.6.05%, 15/03/2014 680,000 719,327 0.07PSEG Power LLC2.75%, 15/09/2016 1,730,000 1,805,473 0.17Southern Co.4.15%, 15/05/2014 740,000 772,801 0.07Southern Co.2.375%, 15/09/2015 2,630,000 2,736,121 0.26Virginia Electric and Power Co.1.2%, 15/01/2018 3,100,000 3,089,327 0.30

42,134,721 4.06

TOTAL BONDS 956,053,014 92.03

SHORT-TERM OBLIGATIONS (y)Bank of Montreal/Chicago Branch,0.15%, 6/02/2013 USD 20,000,000 20,000,000 1.92Bank of Nova Scotia,0.12%, 1/02/2013 10,382,000 10,382,000 1.00Barclays U.S. Funding Corp.,0.16%, 1/02/2013 17,526,000 17,526,000 1.69Mizuho Corporate Bank Ltd.,0.14%, 6/02/2013 2,100,000 2,100,000 0.20




NET ASSETS 1,038,878,881 100.00




MFS Meridian Funds – Prudent Wealth Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceUltra Electronics Holdings PLC 63,310 1,651,739 1.01

Alcoholic BeveragesHeineken Holding N.V. 59,205 3,498,914 2.15

AutomotiveUSS Co. Ltd. 23,020 2,582,812 1.59

BroadcastingProto Corp. 125,700 2,130,625 1.31

Brokerage & Asset ManagersIG Group Holdings PLC 68,976 487,906 0.30

Business ServicesAccenture PLC, “A” 39,080 2,809,461 1.72Amadeus IT Holding S.A. 100,648 2,524,792 1.55Bunzl PLC 75,782 1,361,756 0.84Compass Group PLC 183,530 2,223,840 1.37Ricardo PLC 117,260 758,775 0.47

9,678,624 5.95

Computer SoftwareOBIC Co. Ltd. 16,660 3,565,380 2.19

Computer Software – SystemsAddtech “B” 31,100 946,523 0.58Venture Corp. Ltd. 189,000 1,296,497 0.80

2,243,020 1.38

Consumer ProductsDr. Ci Labo Co. Ltd. (l) 213 629,368 0.39Henkel AG & Co. KGaA 42,620 3,163,724 1.94Kao Corp. 126,200 3,621,289 2.22KOSE Corp. 66,800 1,408,392 0.87Procter & Gamble Co. 53,300 4,006,028 2.46Reckitt Benckiser Group PLC 46,377 3,090,736 1.90

15,919,537 9.78

Electrical EquipmentLegrand S.A. 57,625 2,615,282 1.61

ElectronicsHalma PLC 449,956 3,285,554 2.02

Food & BeveragesGroupe Danone 65,408 4,532,916 2.78ITO EN Ltd., IPS 100,200 1,532,941 0.94Nestle S.A. 39,075 2,743,687 1.69

8,809,544 5.41

Food & Drug StoresLawson, Inc. 33,100 2,399,836 1.47

InsuranceApril Group 82,880 1,763,416 1.08Beazley Group PLC 809,376 2,355,535 1.45Hiscox Ltd. 356,205 2,677,821 1.64

6,796,772 4.17

Machinery & ToolsNeopost S.A. 36,567 2,085,330 1.28

Medical & Health Technology & ServicesKobayashi Pharmaceutical Co. Ltd. 119,600 5,833,189 3.58

Medical EquipmentNakanishi, Inc. 13,900 1,611,242 0.99


MarketValue ($)

NetAssets (%)

Network & TelecomEricsson, Inc., “B” 236,819 2,756,373 1.70Nokia Oyj (l) 259,189 1,014,254 0.62

3,770,627 2.32

PharmaceuticalsRoche Holding AG 13,026 2,882,739 1.77

Real EstateDeutsche Wohnen AG 186,197 3,584,966 2.20GSW Immobilien AG 86,872 3,707,322 2.28TAG Immobilien AG 523,245 6,347,983 3.90

13,640,271 8.38


Telecommunications – WirelessKDDI Corp. 69,800 5,190,442 3.19

TruckingYamato Holdings Co. Ltd. 151,900 2,553,123 1.57


BONDS

ElectronicsNokia Corp.6.625%, 15/05/2039 USD 2,500,000 2,337,500 1.44

U.S. Treasury ObligationsU.S. Treasury Bonds2.5%, 31/03/2013 USD 15,000,000 15,057,420 9.25

TOTAL BONDS 17,394,920 10.69

CONVERTIBLE BONDSNetwork & TelecomNokia Oyj5%, 26/10/2017 EUR 600,000 1,100,226 0.68

SHORT-TERM OBLIGATIONS (y)Bank of Montreal/Chicago Branch,0.15%, 6/02/2013 USD 6,404,000 6,404,000 3.93Bank of Nova Scotia,0.12%, 1/02/2013 5,028,000 5,028,000 3.09Barclays U.S. Funding Corp.,0.16%, 1/02/2013 5,645,000 5,645,000 3.47Mizuho Corporate Bank Ltd.,0.14%, 6/02/2013 6,400,000 6,400,000 3.93



Issuer/Expiration Month/Strike Price

Numberof Contracts/Par Amount

MarketValue ($)

NetAssets (%)

PUT OPTIONS PURCHASEDRussell 2000 Index –June 2013 @ $700 69 26,910 0.02S&P/ASX 200 Index –June 2013 @ $3,900 135 7,320 0.00S&P/ASX 200 Index –September 2013 @ $4,100 125 42,624 0.03Russell 2000 Index –September 2013 @ $700 66 54,120 0.03S&P/ASX 200 Index –September 2013 @ $4,000 90 25,152 0.01Russell 2000 Index –March 2013 @ $730 75 3,000 0.00



MFS Meridian Funds – Prudent Wealth Fund, continued

Issuer/Expiration Month/Strike Price

Numberof Contracts/Par Amount

MarketValue ($)

NetAssets (%)

PUT OPTIONS PURCHASED, continuedS&P/ASX 200 Index –March 2013 @ $4,000 150 3,128 0.00Russell 2000 Index –September 2013 @ $750 35 49,000 0.03Russell 2000 Index –June 2013 @ $780 66 65,340 0.04S&P/ASX 200 Index –June 2013 @ $4,400 187 58,501 0.04JPY Currency –January 2014 @ $97 696,242,430 157,351 0.10JPY Currency –July 2013 @ $93 696,242,430 171,972 0.11Russell 2000 Index –September 2013 @ $820 50 135,000 0.08Russell 2000 Index –December 2013 @ $780 50 138,000 0.08S&P/ASX 200 Index –September 2013 @ $4,450 150 114,969 0.07S&P/ASX 200 Index –December 2013 @ $4,300 150 126,700 0.08

TOTAL PUT OPTIONS PURCHASED(Premiums Paid, $2,369,112) 1,179,087 0.72

Issuer/Expiration Month/Strike PricePar

AmountMarket

Value ($)Net

Assets (%)

CALL OPTIONS PURCHASEDUSD Currency –November 2013 @ AUD 0.915 USD 8,518,650 90,170 0.05USD Currency –January 2014 @ AUD 1.10 10,000,000 139,720 0.09

TOTAL CALL OPTIONS PURCHASED(Premiums Paid, $264,527) 229,890 0.14



NET ASSETS 162,774,832 100.00


MFS Meridian Funds – Research Bond Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

AerospaceBombardier, Inc.7.75%, 15/03/2020 USD 1,870,000 2,117,775 0.28Huntington Ingalls Industries, Inc.6.875%, 15/03/2018 1,660,000 1,819,775 0.25

3,937,550 0.53


Apparel ManufacturersPVH Corp.7.375%, 15/05/2020 USD 1,095,000 1,238,719 0.17PVH Corp.4.5%, 15/12/2022 80,000 79,600 0.01

1,318,319 0.18

Asset-Backed & SecuritizedAnthracite Ltd., “A”, CDO, FRN0.564%, 23/03/2019 (b) USD 274,306 270,328 0.04Anthracite Ltd., “CFL”, CDO, FRN1.454%, 24/05/2037 (b) 103,810 98,619 0.01ARI Fleet Lease Trust, “A”, FRN0.751%, 15/03/2020 912,764 915,287 0.12ARI Fleet Lease Trust, “A”, FRN0.501%, 15/01/2021 1,494,542 1,494,932 0.20Banc of America CommercialMortgage, Inc.5.337%, 15/12/2043 1,958,521 2,167,953 0.29Banc of America CommercialMortgage, Inc., FRN5.627%, 24/04/2049 452,597 523,225 0.07Banc of America Large Loan Ball, FRN5.325%, 24/02/2044 1,027,279 1,131,640 0.15


MarketValue ($)

NetAssets (%)

Asset-Backed & Securitized, continuedBayview Commercial Asset Trust, FRN2.792%, 25/04/2036 (i) USD 479,814 946 0.00Bayview Commercial Asset Trust, FRN2.93%, 25/04/2036 (i) 258,940 1,154 0.00Bayview Commercial Asset Trust, FRN3.175%, 25/07/2036 (i) 354,088 3,256 0.00Bayview Commercial Asset Trust, FRN3.89%, 25/10/2036 (i) 896,213 19,025 0.00Bayview Commercial Asset Trust, FRN3.806%, 25/12/2036 (i) 433,859 12,162 0.00Bayview Commercial Asset Trust, FRN4.04%, 25/03/2037 (i) 905,890 33,102 0.01Bayview Financial Acquisition Trust, FRN5.483%, 28/02/2041 23,674 24,148 0.00Bayview Financial Revolving Mortgage LoanTrust, FRN1.803%, 28/12/2040 162,340 102,335 0.01Capital Trust Realty Ltd., CDO5.16%, 25/06/2035 (b) 281,734 283,875 0.04Capital Trust Realty Ltd., CDO5.267%, 25/06/2035 (b) 752,000 757,565 0.10Chesapeake Funding LLC, “A”, FRN0.949%, 7/11/2023 1,290,000 1,296,404 0.17Citigroup/Deutsche Bank CommercialMortgage Trust5.322%, 11/12/2049 5,577,202 6,336,683 0.85Commercial Mortgage Asset Trust, FRN0.673%, 17/01/2032 (i) 1,217,165 6,974 0.00Commercial Mortgage Pass-ThroughCertificates, “A4”5.306%, 10/12/2046 1,236,442 1,404,108 0.19Credit Acceptance Auto Loan Trust, “A”2.2%, 16/09/2019 573,000 581,533 0.08



MFS Meridian Funds – Research Bond Fund, continued


MarketValue ($)

NetAssets (%)

Asset-Backed & Securitized, continuedCredit Acceptance Auto Loan Trust, “A”1.52%, 16/03/2020 USD 915,000 920,227 0.12Credit Suisse Commercial Mortgage Trust5.467%, 18/09/2039 1,000,000 1,121,195 0.15Credit Suisse Mortgage Capital Certificate5.311%, 15/12/2039 1,000,000 1,124,302 0.15Credit Suisse Mortgage CapitalCertificate, FRN5.694%, 15/09/2040 182,415 190,559 0.03Credit-Based Asset Servicing &Securitization LLC4.832%, 25/12/2035 22,972 22,114 0.00Crest Ltd., “A1” CDO, FRN0.79%, 28/12/2018 (b) 98,522 97,044 0.01Crest Ltd., “A2”, CDO4.669%, 28/12/2018 (b) 31,379 31,732 0.00CWCapital Cobalt Ltd., “A4”, FRN5.802%, 15/05/2046 1,508,166 1,758,019 0.24CWCapital LLC5.223%, 15/08/2048 200,000 224,452 0.03Falcon Franchise Loan LLC, FRN8.027%, 5/01/2025 (b)(i) 17,753 2,791 0.00First Union National Bank CommercialMortgage Trust, FRN1.589%, 12/01/2043 (i) 143,270 189 0.00First Union-Lehman Brothers Bank ofAmerica, FRN0.546%, 18/11/2035 (i) 48,283 800 0.00Ford Credit Floorplan Master OwnerTrust, “A”, FRN0.551%, 15/09/2016 2,355,000 2,355,770 0.32GE Capital Commercial Mortgage Corp., “A”5.543%, 10/12/2049 624,343 708,190 0.10GE Equipment Transportation LLC, “A2”0.77%, 22/09/2014 1,244,510 1,246,234 0.17Greenwich Capital Commercial Funding Corp.5.736%, 10/12/2049 1,191,300 1,384,032 0.19Hertz Vehicle Financing LLC, 2010-1A, “A1”2.6%, 25/02/2015 552,000 561,713 0.08JPMorgan Chase Commercial MortgageSecurities Corp.5.552%, 12/05/2045 575,000 654,475 0.09JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.812%, 15/06/2049 1,973,150 2,113,836 0.28JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.929%, 15/02/2051 2,111,693 2,236,448 0.30JPMorgan Chase Commercial MortgageSecurities Corp., “A4”, FRN5.812%, 15/06/2049 3,248,276 3,745,529 0.50JPMorgan Chase Commercial MortgageSecurities Corp., FRN5.435%, 15/07/2042 150,000 13,125 0.00JPMorgan Chase Commercial MortgageSecurities Corp., FRN5.725%, 12/02/2049 488,861 567,791 0.08Lehman Brothers Commercial ConduitMortgage Trust, FRN1.218%, 18/02/2030 (i) 162,910 2,992 0.00Lehman Brothers Commercial ConduitMortgage Trust, FRN1.419%, 15/10/2035 (i) 22,807 863 0.00Mach One Trust Commercial Mortgage,CDO, “B”5.43%, 28/05/2040 (b) 325,136 325,543 0.04


MarketValue ($)

NetAssets (%)

Asset-Backed & Securitized, continuedMerrill Lynch Mortgage Trust, “A3”, FRN5.85%, 12/06/2050 USD 1,737,487 1,838,061 0.25Merrill Lynch/Countrywide CommercialMortgage Trust, FRN5.741%, 12/06/2050 3,926,227 4,453,727 0.60Morgan Stanley Capital I, Inc., FRN1.127%, 15/03/2031 (i) 74,403 64 0.00Morgan Stanley Re-REMIC Trust, FRN5.791%, 15/08/2045 3,676,065 4,117,696 0.55Preferred Term Securities XIXLtd., CDO, FRN0.658%, 22/12/2035 (b) 704,659 479,168 0.06Residential Asset MortgageProducts, Inc., FRN4.97%, 25/09/2034 6,547 6,549 0.00Residential Funding Mortgage Securities,Inc., FRN5.32%, 25/12/2035 179,440 107,078 0.01Salomon Brothers Mortgage Securities,Inc., FRN7.144%, 18/05/2032 8,362 8,361 0.00Santander Drive Auto ReceivableTrust, “A2”0.91%, 15/05/2015 1,036,096 1,038,609 0.14Santander Drive Auto ReceivableTrust, “A2”0.57%, 15/12/2015 1,858,000 1,859,288 0.25Smart Trust, “A2B”, FRN0.751%, 14/09/2014 1,338,279 1,340,571 0.18Smart Trust, “A2B”, FRN0.535%, 14/06/2015 2,928,000 2,930,197 0.39Wachovia Bank Commercial MortgageTrust, “A3”, FRN5.924%, 15/02/2051 1,393,515 1,450,290 0.19Wachovia Bank Commercial MortgageTrust, “A4”, FRN5.924%, 15/02/2051 980,083 1,134,046 0.15Wachovia Bank Commercial MortgageTrust, FRN5.738%, 15/06/2049 3,687,294 4,250,351 0.57

63,889,275 8.55

AutomotiveDaimler Finance North America LLC1.875%, 11/01/2018 USD 1,457,000 1,453,103 0.19Ford Motor Credit Co. LLC8%, 1/06/2014 600,000 650,767 0.09Ford Motor Credit Co. LLC4.207%, 15/04/2016 830,000 883,367 0.12Ford Motor Credit Co. LLC3.984%, 15/06/2016 482,000 511,085 0.07Ford Motor Credit Co. LLC8%, 15/12/2016 525,000 629,038 0.08Ford Motor Credit Co. LLC5%, 15/05/2018 647,000 709,302 0.10Harley-Davidson Financial Services3.875%, 15/03/2016 954,000 1,018,581 0.14Hyundai Capital America3.75%, 6/04/2016 690,000 728,765 0.10Hyundai Capital America2.125%, 2/10/2017 1,115,000 1,115,627 0.15Lear Corp.8.125%, 15/03/2020 958,000 1,070,565 0.14Volkswagen International Finance N.V.1.15%, 20/11/2015 2,045,000 2,052,855 0.27

10,823,055 1.45





MarketValue ($)

NetAssets (%)

Banks & Diversified Financials (Covered Bonds)Compagnie de Financement Foncier2.125%, 22/04/2013 USD 300,000 300,960 0.04

BiotechnologyLife Technologies Corp.5%, 15/01/2021 USD 2,287,000 2,451,742 0.33

BroadcastingDiscovery Communications, Inc.4.95%, 15/05/2042 USD 1,103,000 1,117,646 0.15NBCUniversal Media LLC5.95%, 1/04/2041 1,752,000 2,056,976 0.28Vivendi S.A.4.75%, 12/04/2022 926,000 956,229 0.13WPP Finance3.625%, 7/09/2022 1,609,000 1,599,937 0.21

5,730,788 0.77

Brokerage & Asset ManagersE*Trade Financial Corp.6%, 15/11/2017 USD 1,800,000 1,858,500 0.25Invesco Finance PLC3.125%, 30/11/2022 1,092,000 1,080,097 0.15TD Ameritrade Holding Corp.5.6%, 1/12/2019 396,000 473,586 0.06

3,412,183 0.46

BuildingMohawk Industries, Inc.3.85%, 1/02/2023 USD 780,000 779,903 0.11Owens Corning, Inc.6.5%, 1/12/2016 272,000 304,307 0.04

1,084,210 0.15

Business ServicesTencent Holdings Ltd.3.375%, 5/03/2018 USD 493,000 505,348 0.07

Cable TVCCO Holdings LLC7.875%, 30/04/2018 USD 1,315,000 1,405,406 0.19DIRECTV Holdings LLC3.8%, 15/03/2022 1,591,000 1,605,004 0.21Myriad International Holdings B.V.6.375%, 28/07/2017 456,000 510,720 0.07Time Warner Cable, Inc.4.125%, 15/02/2021 571,000 615,466 0.08Time Warner Cable, Inc.4%, 1/09/2021 1,270,000 1,352,978 0.18Time Warner Entertainment Co. LP8.375%, 15/07/2033 442,000 623,442 0.08Videotron Ltee5%, 15/07/2022 750,000 783,750 0.11Virgin Media Finance PLC5.25%, 15/02/2022 1,585,000 1,656,325 0.22

8,553,091 1.14

ChemicalsDow Chemical Co.8.55%, 15/05/2019 USD 3,110,000 4,194,121 0.56LyondellBasell Industries N.V.6%, 15/11/2021 1,299,000 1,526,325 0.20LyondellBasell Industries N.V.5.75%, 15/04/2024 1,220,000 1,412,150 0.19

7,132,596 0.95

ConglomeratesGeneral Electric Co.4.125%, 9/10/2042 USD 994,000 982,369 0.13


MarketValue ($)

NetAssets (%)

Conglomerates, continuedRoper Industries, Inc.3.125%, 15/11/2022 USD 1,673,000 1,657,635 0.22

2,640,004 0.35

Consumer ProductsMattel, Inc.5.45%, 1/11/2041 USD 1,913,000 2,099,623 0.28Newell Rubbermaid, Inc.2.05%, 1/12/2017 752,000 752,611 0.10Newell Rubbermaid, Inc.4.7%, 15/08/2020 792,000 868,965 0.12

3,721,199 0.50

Consumer ServiceseBay, Inc.2.6%, 15/07/2022 USD 2,332,000 2,307,850 0.31Experian Finance PLC2.375%, 15/06/2017 1,250,000 1,272,514 0.17

3,580,364 0.48

ContainersArdagh Packaging Finance PLC4.875%, 15/11/2022 USD 640,000 636,800 0.09Greif, Inc.7.75%, 1/08/2019 650,000 754,000 0.10

1,390,800 0.19

Defense ElectronicsBAE Systems Holdings, Inc.6.375%, 1/06/2019 USD 590,000 701,175 0.09


ElectronicsIntel Corp.4.25%, 15/12/2042 USD 1,356,000 1,319,225 0.18Tyco Electronics Group S.A.6.55%, 1/10/2017 348,000 415,784 0.05Tyco Electronics Group S.A.3.5%, 3/02/2022 1,318,000 1,334,777 0.18

3,069,786 0.41

Emerging Market Quasi-SovereignBanco do Brasil S.A.5.875%, 26/01/2022 USD 644,000 690,690 0.09CNPC (HK) Overseas Capital Ltd.4.5%, 28/04/2021 336,000 369,031 0.05Corporacion Nacional del Cobre de Chile3.75%, 4/11/2020 241,000 253,660 0.04Gaz Capital S.A.3.85%, 6/02/2020 885,000 885,266 0.12Gazprom Neft4.375%, 19/09/2022 251,000 252,004 0.03Petroleos Mexicanos4.875%, 24/01/2022 426,000 469,133 0.06Petroleos Mexicanos6.5%, 2/06/2041 1,268,000 1,493,070 0.20Petroleos Mexicanos5.5%, 27/06/2044 16,000 16,440 0.00PTT PLC3.375%, 25/10/2022 1,424,000 1,396,141 0.19PTT PLC4.5%, 25/10/2042 452,000 427,610 0.06Rosneft4.199%, 6/03/2022 1,137,000 1,137,000 0.15

7,390,045 0.99





MarketValue ($)

NetAssets (%)

Energy – IndependentAnadarko Petroleum Corp.6.375%, 15/09/2017 USD 259,000 306,886 0.04EOG Resources, Inc.2.625%, 15/03/2023 1,267,000 1,243,730 0.17EQT Corp.4.875%, 15/11/2021 457,000 488,598 0.06Noble Energy, Inc.4.15%, 15/12/2021 2,000,000 2,164,718 0.29Pioneer Natural Resources Co.6.65%, 15/03/2017 1,220,000 1,430,041 0.19Plains Exploration & Production Co.6.875%, 15/02/2023 3,000,000 3,431,250 0.46Southwestern Energy Co.7.5%, 1/02/2018 486,000 598,231 0.08Southwestern Energy Co.4.1%, 15/03/2022 852,000 901,450 0.12

10,564,904 1.41

Energy – IntegratedBG Energy Capital PLC2.875%, 15/10/2016 USD 864,000 919,883 0.12Cenovus Energy, Inc.4.45%, 15/09/2042 1,875,000 1,858,419 0.25Chevron Corp.1.104%, 5/12/2017 1,000,000 999,621 0.13Total Capital International S.A.1.55%, 28/06/2017 2,125,000 2,140,170 0.29

5,918,093 0.79

Financial InstitutionsCIT Group, Inc.5.5%, 15/02/2019 USD 1,070,000 1,144,900 0.15General Electric Capital Corp.2.1%, 11/12/2019 1,159,000 1,163,264 0.16General Electric Capital Corp.4.65%, 17/10/2021 1,180,000 1,312,303 0.17General Electric Capital Corp.3.15%, 7/09/2022 3,000,000 2,974,176 0.40General Electric Capital Corp.3.1%, 9/01/2023 2,017,000 1,992,314 0.27International Lease Finance Corp.5.75%, 15/05/2016 510,000 548,663 0.07International Lease Finance Corp.7.125%, 1/09/2018 676,000 790,920 0.11Nationstar Mortgage LLC/Capital Corp.9.625%, 1/05/2019 640,000 729,600 0.10Nationstar Mortgage LLC/Capital Corp.9.625%, 1/05/2019 115,000 130,525 0.02NYSE Euronext2%, 5/10/2017 1,179,000 1,203,750 0.16SLM Corp.6.25%, 25/01/2016 349,000 384,007 0.05SLM Corp.6%, 25/01/2017 274,000 302,789 0.04SLM Corp.4.625%, 25/09/2017 3,915,000 4,062,149 0.54

16,739,360 2.24

Food & BeveragesAnheuser-Busch InBev S.A.1.25%, 17/01/2018 USD 2,497,000 2,477,721 0.33Anheuser-Busch InBev S.A.7.75%, 15/01/2019 1,193,000 1,574,703 0.21Conagra Foods Inc.4.65%, 25/01/2043 1,283,000 1,284,211 0.17Grupo Bimbo S.A.B. de C.V.4.5%, 25/01/2022 1,009,000 1,095,419 0.15


MarketValue ($)

NetAssets (%)

Food & Beverages, continuedHeineken N.V.2.75%, 1/04/2023 USD 1,337,000 1,289,105 0.17Kraft Foods Group, Inc.5.375%, 10/02/2020 195,000 230,793 0.03Kraft Foods Group, Inc.6.5%, 9/02/2040 1,000,000 1,280,334 0.17Kraft Foods Group, Inc.5%, 4/06/2042 1,380,000 1,497,844 0.20Kraft Foods, Inc.6.125%, 1/02/2018 350,000 421,695 0.06Kraft Foods, Inc.5.375%, 10/02/2020 179,000 212,743 0.03Mead Johnson Nutrition Co., “A”4.9%, 1/11/2019 601,000 680,282 0.09Tyson Foods, Inc.6.6%, 1/04/2016 964,000 1,107,722 0.15Tyson Foods, Inc.4.5%, 15/06/2022 1,027,000 1,104,451 0.15

14,257,023 1.91

Forest & Paper ProductsGeorgia-Pacific Corp.5.4%, 1/11/2020 USD 1,149,000 1,353,326 0.18Smurfit Kappa Group PLC4.875%, 15/09/2018 1,790,000 1,843,700 0.25

3,197,026 0.43

Gaming & LodgingWyndham Worldwide Corp.6%, 1/12/2016 USD 10,000 11,259 0.00Wyndham Worldwide Corp.7.375%, 1/03/2020 300,000 366,267 0.05Wyndham Worldwide Corp.4.25%, 1/03/2022 1,234,000 1,276,712 0.17

1,654,238 0.22

Healthcare Revenue – HospitalsKaiser Foundation Hospitals3.5%, 1/04/2022 USD 1,071,000 1,106,186 0.15

InsuranceAmerican International Group, Inc.4.875%, 15/09/2016 USD 483,000 539,470 0.07American International Group, Inc.3.8%, 22/03/2017 999,000 1,076,852 0.14American International Group, Inc.6.4%, 15/12/2020 1,787,000 2,187,851 0.29Metropolitan Life Global Funding I5.125%, 10/04/2013 210,000 211,801 0.03Metropolitan Life Global Funding I5.125%, 10/06/2014 1,150,000 1,219,871 0.16Pacific Lifecorp5.125%, 30/01/2043 1,656,000 1,606,840 0.22Unum Group7.125%, 30/09/2016 1,252,000 1,462,817 0.20UnumProvident Corp.6.85%, 15/11/2015 1,125,000 1,266,656 0.17

9,572,158 1.28

Insurance – HealthHumana, Inc.7.2%, 15/06/2018 USD 1,659,000 2,030,888 0.27Wellpoint Inc.4.65%, 15/01/2043 1,179,000 1,175,933 0.16

3,206,821 0.43





MarketValue ($)

NetAssets (%)

Insurance – Property & CasualtyAllied World Assurance5.5%, 15/11/2020 USD 350,000 388,104 0.05AXIS Capital Holdings Ltd.5.75%, 1/12/2014 1,293,000 1,383,875 0.18Berkshire Hathaway, Inc.4.5%, 11/02/2043 2,179,000 2,158,234 0.29CNA Financial Corp.7.35%, 15/11/2019 1,500,000 1,894,040 0.25CNA Financial Corp.5.875%, 15/08/2020 800,000 928,506 0.12Marsh & McLennan Cos., Inc.4.8%, 15/07/2021 2,760,000 3,064,602 0.41PartnerRe Ltd.5.5%, 1/06/2020 515,000 579,757 0.08QBE Capital Funding III Ltd., FRN7.25%, 24/05/2041 690,000 714,150 0.10Swiss Re Ltd.4.25%, 6/12/2042 594,000 577,899 0.08XL Group PLC6.5%, 29/12/2049 1,945,000 1,869,631 0.25ZFS Finance USA Trust II6.45% to 15/06/2016,FRN to 15/12/2065 700,000 749,000 0.10ZFS Finance USA Trust V6.5% to 9/05/2017,FRN to 9/05/2067 126,000 133,560 0.02

14,441,358 1.93

International Market Quasi-SovereignAchmea Hypotheekbank N.V.3.2%, 3/11/2014 USD 317,000 331,392 0.04Electricite de France, FRN5.25%, 29/12/2049 1,477,000 1,441,861 0.19ING Bank N.V.3.9%, 19/03/2014 700,000 726,991 0.10NIBC Bank N.V.2.8%, 2/12/2014 350,000 364,142 0.05Societe Financement de l’ EconomieFrancaise3.375%, 5/05/2014 482,000 499,680 0.07Statoil A.S.A.2.45%, 17/01/2023 764,000 743,149 0.10

4,107,215 0.55

InternetBaidu, Inc.3.5%, 28/11/2022 USD 569,000 553,510 0.07

Local AuthoritiesState of California (Build America Bonds)7.625%, 1/03/2040 USD 165,000 242,134 0.03State of California (Build America Bonds)7.6%, 1/11/2040 1,695,000 2,517,414 0.34State of Illinois (Build America Bonds)6.63%, 1/02/2035 1,045,000 1,178,029 0.16

3,937,577 0.53

Machinery & ToolsCase New Holland, Inc.7.875%, 1/12/2017 USD 1,715,000 2,027,988 0.27

Major BanksABN AMRO Bank N.V.4.25%, 2/02/2017 USD 1,063,000 1,152,685 0.15Banco Santander U.S. Debt S.A.U.3.781%, 7/10/2015 800,000 815,698 0.11Bank of America Corp.1.5%, 9/10/2015 4,000,000 4,010,452 0.54


MarketValue ($)

NetAssets (%)

Major Banks, continuedBank of America Corp.6.5%, 1/08/2016 USD 55,000 63,594 0.01Bank of America Corp.5.65%, 1/05/2018 2,465,000 2,846,311 0.38Bank of America Corp.5.625%, 1/07/2020 260,000 301,550 0.04Bank of America Corp.5.875%, 5/01/2021 1,740,000 2,045,231 0.27Bank of America Corp.3.3%, 11/01/2023 4,185,000 4,127,314 0.55Bank of America Corp.5.875%, 7/02/2042 708,000 860,355 0.12DBS Bank Ltd.3.625% to 21/09/2017,FRN to 21/09/2022 815,000 851,496 0.11Goldman Sachs Group, Inc.5.625%, 15/01/2017 206,000 229,198 0.03Goldman Sachs Group, Inc.2.375%, 22/01/2018 2,500,000 2,506,168 0.34Goldman Sachs Group, Inc.3.625%, 22/01/2023 5,125,000 5,116,446 0.68HSBC Holdings PLC4%, 30/03/2022 1,103,000 1,174,751 0.16HSBC USA, Inc.4.875%, 24/08/2020 480,000 533,727 0.07ING Bank N.V.2%, 25/09/2015 1,232,000 1,250,434 0.17ING Bank N.V.3.75%, 7/03/2017 1,000,000 1,068,448 0.14JPMorgan Chase & Co.2%, 15/08/2017 3,821,000 3,860,402 0.52JPMorgan Chase & Co.4.25%, 15/10/2020 777,000 850,812 0.11JPMorgan Chase & Co.4.5%, 24/01/2022 1,000,000 1,101,887 0.15JPMorgan Chase & Co.3.25%, 23/09/2022 1,441,000 1,442,741 0.19JPMorgan Chase & Co.3.2%, 25/01/2023 5,300,000 5,266,377 0.71JPMorgan Chase Bank N.A.5.875%, 13/06/2016 500,000 570,009 0.08Macquarie Group Ltd.6%, 14/01/2020 212,000 230,575 0.03Merrill Lynch & Co., Inc.6.15%, 25/04/2013 330,000 334,024 0.04Merrill Lynch & Co., Inc.6.05%, 16/05/2016 729,000 809,895 0.11Morgan Stanley5.75%, 18/10/2016 1,003,000 1,125,341 0.15Morgan Stanley5.5%, 24/07/2020 1,000,000 1,117,560 0.15Morgan Stanley5.5%, 28/07/2021 4,969,000 5,593,742 0.75Morgan Stanley4.875%, 1/11/2022 1,255,000 1,286,206 0.17PNC Funding Corp.5.625%, 1/02/2017 606,000 694,531 0.09Royal Bank of Scotland PLC2.55%, 18/09/2015 796,000 820,705 0.11Wachovia Corp.6.605%, 1/10/2025 160,000 202,621 0.03Wells Fargo & Co.3.5%, 8/03/2022 2,369,000 2,469,313 0.33

56,730,599 7.59





MarketValue ($)

NetAssets (%)

Medical & Health Technology & ServicesCatholic Health Initiatives2.95%, 1/11/2022 USD 875,000 870,865 0.12Express Scripts Holding Co.2.65%, 15/02/2017 1,031,000 1,068,481 0.14Express Scripts Holding Co.3.9%, 15/02/2022 2,307,000 2,444,816 0.33HCA, Inc.7.875%, 15/02/2020 1,570,000 1,740,738 0.23McKesson Corp.5.7%, 1/03/2017 210,000 245,966 0.03Thermo Fisher Scientific, Inc.3.15%, 15/01/2023 1,218,000 1,188,951 0.16

7,559,817 1.01

Metals & MiningRio Tinto Finance (USA) PLC3.5%, 22/03/2022 USD 1,276,000 1,327,113 0.18Southern Copper Corp.6.75%, 16/04/2040 814,000 952,246 0.12

2,279,359 0.30

Mortgage-BackedFannie Mae2.97%, 1/11/2018 USD 703,616 754,515 0.10Fannie Mae2.5%, 1/03/2028 430,000 444,378 0.06Fannie Mae4.656%, 1/05/2013 102,081 102,025 0.01Fannie Mae4.648%, 1/06/2013 19,156 19,173 0.00Fannie Mae4.607%, 1/04/2014 21,840 22,395 0.00Fannie Mae4.628%, 1/05/2014 12,028 12,408 0.00Fannie Mae4.77%, 1/07/2014 – 1/06/2019 165,754 184,148 0.03Fannie Mae4.825%, 1/08/2014 134,986 140,332 0.02Fannie Mae5.409%, 1/09/2014 37,611 39,613 0.01Fannie Mae4.62%, 1/11/2014 – 1/01/2015 93,670 98,498 0.01Fannie Mae5.05%, 1/11/2014 70,803 74,559 0.01Fannie Mae4.86%, 1/12/2014 34,656 36,544 0.00Fannie Mae4.85%, 1/02/2015 36,014 38,190 0.01Fannie Mae4.665%, 1/03/2015 28,011 29,719 0.00Fannie Mae4.907%, 1/04/2015 47,497 51,182 0.01Fannie Mae4.815%, 1/06/2015 60,654 64,775 0.01Fannie Mae5.1%, 1/06/2015 125,000 136,011 0.02Fannie Mae4.53%, 1/08/2015 96,668 103,360 0.01Fannie Mae4.6%, 1/08/2015 – 1/09/2019 474,019 539,123 0.07Fannie Mae4.7%, 1/08/2015 124,111 133,586 0.02Fannie Mae4.78%, 1/08/2015 88,697 95,117 0.01Fannie Mae4.94%, 1/08/2015 71,000 76,323 0.01


MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedFannie Mae4.89%, 1/10/2015 USD 67,787 73,088 0.01Fannie Mae5.19%, 1/11/2015 55,718 60,410 0.01Fannie Mae5.464%, 1/11/2015 335,809 367,519 0.05Fannie Mae5.08%, 1/02/2016 154,994 168,705 0.02Fannie Mae5.09%, 1/02/2016 111,420 121,370 0.02Fannie Mae5.136%, 1/02/2016 1,430,483 1,587,803 0.21Fannie Mae5.424%, 1/02/2016 542,886 607,159 0.08Fannie Mae5.724%, 1/07/2016 162,505 183,243 0.02Fannie Mae5.395%, 1/12/2016 118,573 131,580 0.02Fannie Mae4.992%, 1/01/2017 132,738 140,912 0.02Fannie Mae5.28%, 1/03/2017 127,286 141,653 0.02Fannie Mae5.45%, 1/04/2017 119,785 133,545 0.02Fannie Mae5.65%, 1/06/2017 143,793 159,699 0.02Fannie Mae3.308%, 1/12/2017 584,906 635,934 0.09Fannie Mae5.5%, 1/02/2018 – 1/04/2040 14,436,133 15,699,917 2.09Fannie Mae5.34%, 1/06/2018 248,746 290,628 0.04Fannie Mae3.849%, 1/07/2018 1,276,856 1,421,760 0.19Fannie Mae2.578%, 25/09/2018 2,500,000 2,653,935 0.36Fannie Mae2.43%, 1/01/2019 276,000 290,480 0.04Fannie Mae4.67%, 1/09/2019 170,000 195,960 0.03Fannie Mae4.45%, 1/10/2019 275,608 315,363 0.04Fannie Mae5%, 1/06/2020 – 1/06/2040 11,525,833 12,498,611 1.68Fannie Mae4.5%, 1/05/2024 – 1/10/2040 8,754,227 9,437,149 1.26Fannie Mae4%, 1/03/2025 – 1/12/2041 3,596,912 3,829,398 0.51Fannie Mae4.5%, 1/05/2025 198,604 213,996 0.03Fannie Mae3%, 1/03/2027 – 1/03/2043 899,798 935,834 0.13Fannie Mae6.5%, 1/01/2033 10,636 11,981 0.00Fannie Mae6%, 1/09/2034 – 1/06/2038 4,635,972 5,096,167 0.70Fannie Mae3.5%, 1/11/2041 – 1/02/2042 2,599,023 2,758,014 0.37Fannie Mae, TBA3%, 1/03/2043 3,800,000 3,902,719 0.52Fannie Mae, TBA3.5%, 1/02/2043 32,070,000 33,744,265 4.52Fannie Mae, TBA4%, 1/04/2043 4,800,000 5,097,000 0.68





MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedFreddie Mac1.655%, 25/11/2016 USD 1,034,338 1,060,987 0.14Freddie Mac3.882%, 25/11/2017 1,948,000 2,170,573 0.29Freddie Mac2.699%, 25/05/2018 2,145,000 2,282,801 0.31Freddie Mac5%, 1/06/2018 – 1/04/2040 1,343,110 1,460,047 0.19Freddie Mac2.412%, 25/08/2018 1,670,000 1,751,521 0.23Freddie Mac2.303%, 25/09/2018 888,065 926,977 0.12Freddie Mac2.323%, 25/10/2018 2,306,000 2,409,687 0.32Freddie Mac2.13%, 25/01/2019 3,105,000 3,206,658 0.43Freddie Mac2.086%, 25/03/2019 2,200,000 2,264,484 0.30Freddie Mac5.5%, 1/06/2019 – 1/01/2038 880,786 962,425 0.13Freddie Mac4.251%, 25/01/2020 381,000 434,066 0.06Freddie Mac2.757%, 25/05/2020 631,544 668,214 0.09Freddie Mac3.32%, 25/07/2020 1,275,660 1,376,423 0.18Freddie Mac4%, 1/07/2025 – 1/11/2040 3,192,094 3,384,724 0.45Freddie Mac4.5%, 1/07/2025 400,569 426,230 0.06Freddie Mac3.5%, 1/08/2026 – 1/05/2042 3,104,090 3,279,360 0.43Freddie Mac2.5%, 1/02/2028 2,890,001 2,991,603 0.40Freddie Mac6%, 1/08/2031 – 1/11/2037 203,413 224,345 0.02Freddie Mac, TBA3%, 1/03/2043 2,800,000 2,871,750 0.38Freddie Mac, TBA3%, 1/02/2043 5,000,000 5,140,625 0.69Freddie Mac, TBA2.5%, 1/03/2028 21,429,000 22,098,656 2.96Freddie Mac, TBA3.5%, 1/03/2043 8,500,000 8,911,719 1.19Ginnie Mae6%, 20/01/2036 – 15/01/2039 600,629 676,865 0.10Ginnie Mae5.5%, 15/04/2038 – 20/01/2042 2,067,149 2,261,325 0.31Ginnie Mae4.5%, 15/04/2039 – 20/11/2041 10,293,547 11,320,655 1.51Ginnie Mae4%, 20/10/2040 1,712,327 1,863,616 0.25Ginnie Mae3.5%, 15/11/2040 – 15/04/2042 5,390,386 5,824,990 0.79Ginnie Mae4%, 20/05/2042 1,900,000 2,051,915 0.27Ginnie Mae, TBA3%, 1/03/2043 13,370,000 13,913,156 1.86Ginnie Mae, TBA4.5%, 1/02/2043 5,100,000 5,550,234 0.74

219,868,402 29.42

Natural Gas – PipelineEnergy Transfer Partners LP4.65%, 1/06/2021 USD 1,854,000 1,997,674 0.27


MarketValue ($)

NetAssets (%)

Natural Gas – Pipeline, continuedEnergy Transfer Partners LP5.15%, 1/02/2043 USD 1,088,000 1,077,455 0.15Enterprise Products Operating LP4.85%, 15/08/2042 1,200,000 1,210,456 0.16Enterprise Products Partners LP5.65%, 1/04/2013 126,000 126,896 0.02Kinder Morgan Energy Partners LP6.95%, 15/01/2038 600,000 753,266 0.10Kinder Morgan Energy Partners LP6.375%, 1/03/2041 1,270,000 1,522,289 0.20Spectra Energy Capital LLC8%, 1/10/2019 349,000 460,922 0.06Sunoco Logistics Partner LP3.45%, 15/01/2023 756,000 746,263 0.10Williams Cos., Inc.3.7%, 15/01/2023 559,000 550,500 0.07

8,445,721 1.13

Network & TelecomAT&T, Inc.5.35%, 1/09/2040 USD 750,000 821,927 0.11AT&T, Inc.5.55%, 15/08/2041 1,720,000 1,941,333 0.26Centurylink, Inc.7.65%, 15/03/2042 3,249,000 3,343,552 0.45

6,106,812 0.82

Oil ServicesQgog Constellation S.A.6.25%, 9/11/2019 USD 1,880,000 1,983,400 0.27Rowan Cos., Inc.5.4%, 1/12/2042 3,123,000 3,098,113 0.41Schlumberger Norge A.S.1.25%, 1/08/2017 3,357,000 3,334,874 0.45

8,416,387 1.13

Other Banks & Diversified FinancialsBBVA Bancomer S.A. de C.V.6.75%, 30/09/2022 USD 929,000 1,082,285 0.15Capital One Financial Corp.6.15%, 1/09/2016 880,000 1,013,370 0.14Capital One Financial Corp.8.8%, 15/07/2019 337,000 461,625 0.06Citigroup, Inc.4.45%, 10/01/2017 2,404,000 2,638,727 0.35Citigroup, Inc.6.125%, 15/05/2018 355,000 422,848 0.06Citigroup, Inc.8.5%, 22/05/2019 1,090,000 1,453,633 0.19Citigroup, Inc.4.5%, 14/01/2022 2,500,000 2,737,713 0.37Discover Bank7%, 15/04/2020 1,943,000 2,388,052 0.32Fifth Third Bancorp3.5%, 15/03/2022 572,000 591,946 0.08Groupe BPCE S.A.12.5%, 29/12/2049 455,000 556,570 0.07Intesa Sanpaolo S.p.A3.875%, 16/01/2018 954,000 937,669 0.13LBG Capital No. 1 PLC7.875%, 1/11/2020 698,000 765,008 0.10Rabobank Nederland N.V.3.95%, 9/11/2022 1,920,000 1,920,680 0.26Santander Holdings USA, Inc.4.625%, 19/04/2016 420,000 446,670 0.06





MarketValue ($)

NetAssets (%)

Other Banks & Diversified Financials, continuedSantander UK PLC8.963% to 30/06/2030,FRN to 31/12/2049 USD 920,000 1,062,600 0.14SunTrust Banks, Inc.3.5%, 20/01/2017 430,000 459,301 0.06U.S. Bancorp3%, 15/03/2022 399,000 408,692 0.05

19,347,389 2.59

Personal Computers & PeripheralsEquifax, Inc.3.3%, 15/12/2022 USD 2,055,000 2,011,676 0.27

PharmaceuticalsCelgene Corp.2.45%, 15/10/2015 USD 871,000 903,777 0.12Celgene Corp.1.9%, 15/08/2017 2,797,000 2,832,032 0.38Teva Pharmaceutical Finance B.V.2.95%, 18/12/2022 1,943,000 1,924,052 0.26Teva Pharmaceutical Finance IV LLC3.65%, 10/11/2021 1,430,000 1,505,065 0.20

7,164,926 0.96

Precious Metals & MineralsTeck Resources Ltd.3%, 1/03/2019 USD 138,000 141,952 0.02

Printing & PublishingMoody’s Corp.4.5%, 1/09/2022 USD 690,000 720,182 0.10Pearson Funding Four PLC3.75%, 8/05/2022 969,000 999,669 0.13

1,719,851 0.23

Railroad & ShippingBurlington Northern Santa Fe LLC3.05%, 15/03/2022 USD 1,500,000 1,522,761 0.20Canadian Pacific Railway Co.4.45%, 15/03/2023 206,000 225,570 0.03

1,748,331 0.23

Real EstateAlexandria Real Estate Equities, Inc., REIT4.6%, 1/04/2022 USD 642,000 686,249 0.09Boston Properties LP, REIT3.7%, 15/11/2018 1,021,000 1,110,734 0.15DDR Corp., REIT4.625%, 15/07/2022 749,000 806,528 0.11HCP, Inc., REIT3.75%, 1/02/2019 642,000 687,083 0.09HCP, Inc., REIT5.375%, 1/02/2021 516,000 597,913 0.08HRPT Properties Trust, REIT6.25%, 15/08/2016 841,000 924,557 0.12Kimco Realty Corp., REIT5.783%, 15/03/2016 1,547,000 1,744,922 0.23Liberty Property LP, REIT5.5%, 15/12/2016 482,000 547,179 0.07Simon Property Group, Inc., REIT10.35%, 1/04/2019 520,000 749,233 0.10WEA Finance LLC, REIT6.75%, 2/09/2019 1,070,000 1,319,861 0.18WEA Finance LLC/WT Finance Australia3.375%, 3/10/2022 1,080,000 1,087,959 0.15

10,262,218 1.37

RetailersGap, Inc.5.95%, 12/04/2021 USD 2,873,000 3,242,451 0.43


MarketValue ($)

NetAssets (%)

Retailers, continuedHome Depot, Inc.5.95%, 1/04/2041 USD 665,000 871,458 0.12Kohl’s Corp.3.25%, 1/02/2023 1,408,000 1,321,184 0.18Target Corp.4%, 1/07/2042 2,085,000 2,055,114 0.27Wesfarmers Ltd.6.998%, 10/04/2013 300,000 302,957 0.04

7,793,164 1.04

Specialty ChemicalsMexichem S.A.B. de C.V.6.75%, 19/09/2042 USD 1,707,000 1,903,305 0.26SIBUR Securities Ltd.3.914%, 31/01/2018 1,893,000 1,883,844 0.25

3,787,149 0.51

Specialty StoresAdvance Auto Parts, Inc.5.75%, 1/05/2020 USD 700,000 767,759 0.10

Telecommunications – WirelessAmerican Tower Corp., REIT4.5%, 15/01/2018 USD 1,684,000 1,859,347 0.25American Tower Corp., REIT3.5%, 31/01/2023 462,000 451,115 0.06Crown Castle Towers LLC6.113%, 15/01/2020 505,000 611,007 0.08Crown Castle Towers LLC4.883%, 15/08/2020 410,000 465,369 0.06

3,386,838 0.45

TobaccoLorillard Tobacco Co.8.125%, 23/06/2019 USD 2,187,000 2,788,049 0.37Reynolds American, Inc.6.75%, 15/06/2017 930,000 1,121,706 0.15

3,909,755 0.52

Transportation – ServicesERAC USA Finance Co.7%, 15/10/2037 USD 2,725,000 3,449,902 0.46

U.S. Government Agencies and EquivalentsNational Credit Union AdministrationGuaranteed Note2.9%, 29/10/2020 USD 490,000 522,740 0.07Small Business Administration4.35%, 1/07/2023 30,247 33,097 0.00Small Business Administration4.98%, 1/11/2023 31,877 35,333 0.01Small Business Administration4.89%, 1/12/2023 30,213 33,455 0.00Small Business Administration4.93%, 1/01/2024 22,943 25,300 0.00Small Business Administration4.34%, 1/03/2024 32,685 35,771 0.01Small Business Administration5.52%, 1/06/2024 27,650 31,217 0.00Small Business Administration5.19%, 1/07/2024 29,843 33,572 0.01Small Business Administration4.86%, 1/10/2024 22,119 24,665 0.00Small Business Administration4.57%, 1/06/2025 66,061 73,167 0.01Small Business Administration4.76%, 1/09/2025 135,916 150,957 0.02Small Business Administration5.35%, 1/02/2026 180,488 204,739 0.03





MarketValue ($)

NetAssets (%)

U.S. Government Agencies and Equivalents, continuedSmall Business Administration4.43%, 1/05/2029 USD 510,260 563,443 0.08Small Business Administration3.25%, 1/11/2030 420,743 446,382 0.06Small Business Administration2.85%, 1/09/2031 719,229 755,468 0.10Small Business Administration2.37%, 1/08/2032 999,000 1,025,229 0.14Small Business Administration2.13%, 1/01/2033 1,712,000 1,728,874 0.23

5,723,409 0.77

U.S. Treasury ObligationsU.S. Treasury Bonds5.25%, 15/02/2029 USD 3,682,000 4,941,936 0.66U.S. Treasury Bonds5.375%, 15/02/2031 170,000 234,547 0.03U.S. Treasury Bonds4.5%, 15/02/2036 16,000 20,255 0.00U.S. Treasury Bonds5%, 15/05/2037 41,000 55,645 0.01U.S. Treasury Bonds4.5%, 15/08/2039 11,438,600 14,555,619 1.95U.S. Treasury Notes1.875%, 28/02/2014 (f) 57,531,000 58,573,749 7.84U.S. Treasury Notes2.125%, 31/05/2015 61,020,000 63,575,213 8.51U.S. Treasury Notes5.125%, 15/05/2016 2,443,000 2,812,313 0.38U.S. Treasury Notes0.875%, 31/12/2016 1,264,000 1,276,246 0.17U.S. Treasury Notes, TIPS2%, 15/01/2014 358,836 371,788 0.05U.S. Treasury Notes, TIPS1.625%, 15/01/2015 393,055 420,569 0.06U.S. Treasury Notes, TIPS2%, 15/01/2016 637,967 712,529 0.09

147,550,409 19.75

Utilities – Electric PowerAPT Pipelines Ltd.3.875%, 11/10/2022 USD 2,403,000 2,344,078 0.32CenterPoint Energy, Inc.5.95%, 1/02/2017 380,000 437,871 0.06CMS Energy Corp.6.25%, 1/02/2020 1,497,000 1,767,041 0.24


MarketValue ($)

NetAssets (%)

Utilities – Electric Power, continuedCMS Energy Corp.5.05%, 15/03/2022 USD 656,000 731,045 0.10Constellation Energy Group, Inc.5.15%, 1/12/2020 468,000 528,789 0.07Duke Energy Corp.5.05%, 15/09/2019 909,000 1,057,721 0.14Duke Energy Corp.3.05%, 15/08/2022 3,000,000 3,003,681 0.40Enel Finance International S.A.6%, 7/10/2039 1,000,000 978,560 0.13Exelon Corp.4.9%, 15/06/2015 771,000 838,146 0.11Florida Power & Light Co.3.8%, 15/12/2042 1,246,000 1,221,078 0.16PPL Corp.3.5%, 1/12/2022 680,000 683,602 0.09PPL WEM Holdings PLC5.375%, 1/05/2021 900,000 1,007,180 0.14Progress Energy, Inc.3.15%, 1/04/2022 696,000 696,807 0.09

15,295,599 2.05

TOTAL BONDS 768,518,055 102.85

SHORT-TERM OBLIGATIONS (y)Bank of Montreal/Chicago Branch,0.15%, 6/02/2013 USD 30,000,000 30,000,000 4.01Bank of Nova Scotia,0.12%, 1/02/2013 23,540,000 23,540,000 3.15Barclays U.S. Funding Corp. ,0.16%, 1/02/2013 17,166,000 17,166,000 2.30Mizuho Corporate Bank Ltd.,0.14%, 6/02/2013 15,315,000 15,315,000 2.05




NET ASSETS 747,257,771 100.00


MFS Meridian Funds – U.K. Equity Fund(Expressed in British Pounds)


MarketValue (£)

NetAssets (%)

COMMON STOCKS

AerospaceCobham PLC 777,205 1,645,343 0.85Meggitt PLC 865,330 3,764,186 1.96

5,409,529 2.81

Alcoholic BeveragesDiageo PLC 436,582 8,194,644 4.26Heineken N.V. 43,554 1,931,109 1.00

10,125,753 5.26


MarketValue (£)

NetAssets (%)

Apparel ManufacturersBurberry Group PLC 238,164 3,231,885 1.68

AutomotiveGKN PLC 1,437,132 3,460,614 1.80

BroadcastingWPP PLC 491,460 4,872,826 2.53

Brokerage & Asset ManagersAberdeen Asset Management PLC 610,219 2,455,521 1.28IG Group Holdings PLC 939,170 4,188,698 2.17



MFS Meridian Funds – U.K. Equity Fund, continued


MarketValue (£)

NetAssets (%)

Brokerage & Asset Managers, continuedRathbone Brothers PLC 96,168 1,293,460 0.67

7,937,679 4.12

Business ServicesCompass Group PLC 707,725 5,407,019 2.81MITIE Group PLC 733,446 2,067,584 1.07

7,474,603 3.88

Cable TVVirgin Media, Inc. 94,188 2,339,259 1.21

ConglomeratesSmiths Group PLC 157,767 1,935,801 1.00

ConstructionBellway PLC 131,668 1,461,515 0.76SIG PLC 1,589,028 2,097,517 1.09

3,559,032 1.85


Electrical EquipmentIMI PLC 153,268 1,793,236 0.93Spectris PLC 55,838 1,236,253 0.64

3,029,489 1.57

ElectronicsHalma PLC 513,334 2,363,390 1.23

Energy – IndependentCairn Energy PLC 912,785 2,619,693 1.36

Energy – IntegratedBG Group PLC 324,996 3,639,955 1.89BP PLC 2,442,037 11,398,208 5.92Royal Dutch Shell PLC, “A” 381,931 8,559,074 4.44

23,597,237 12.25

Food & BeveragesBooker Group PLC 799,654 841,236 0.44Groupe Danone 97,578 4,263,787 2.21Tate & Lyle PLC 213,090 1,731,356 0.90

6,836,379 3.55

InsuranceAmlin PLC 85,395 327,575 0.17Beazley Group PLC 966,927 1,774,311 0.92Direct Line Insurance Group 465,590 1,037,800 0.54Hiscox Ltd. 567,661 2,690,713 1.40Jardine Lloyd Thompson Group PLC 226,972 1,781,730 0.92

7,612,129 3.95

Machinery & ToolsSpirax-Sarco Engineering PLC 89,379 2,018,178 1.05

Major BanksBarclays PLC 1,441,265 4,338,208 2.25HSBC Holdings PLC 1,407,456 10,087,237 5.24

14,425,445 7.49


MarketValue (£)

NetAssets (%)

Metals & MiningRio Tinto Ltd. 295,307 10,512,929 5.46

Oil ServicesAMEC PLC 175,882 1,901,284 0.99Lamprell PLC 463,636 598,090 0.31

2,499,374 1.30

Other Banks & Diversified FinancialsAnglo Irish Bank Corp. PLC 46,040 0 0.00

PharmaceuticalsBayer AG 38,483 2,394,510 1.24GlaxoSmithKline PLC 533,971 7,718,553 4.01Novartis AG 58,648 2,519,280 1.31Roche Holding AG 17,910 2,499,117 1.30

15,131,460 7.86

Printing & PublishingPearson PLC 490,673 5,858,636 3.04United Business Media Ltd. 262,981 1,977,617 1.03

7,836,253 4.07

RestaurantsDomino’s Pizza UK & IRL PLC 387,799 1,995,226 1.04

Specialty ChemicalsAkzo Nobel N.V. 118,856 5,127,414 2.66Croda International PLC 72,514 1,757,739 0.91

6,885,153 3.57

Specialty StoresKingfisher PLC 1,179,104 3,180,043 1.65


Telephone ServicesBT Group PLC 1,388,970 3,452,979 1.79COLT Telecom Group SA 384,519 406,821 0.21

3,859,800 2.00

TobaccoBritish American Tobacco PLC 76,924 2,525,415 1.31Imperial Tobacco Group PLC 224,185 5,257,138 2.73

7,782,553 4.04

Utilities – WaterSevern Trent PLC 90,903 1,474,447 0.76


Total Transferable Securities andMoney Market Instruments Tradedon a Regulated Market(Identified Cost, £168,783,574) (k) 189,485,348 98.38


NET ASSETS 192,600,968 100.00




MFS Meridian Funds – U.S. Concentrated Growth Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceUnited Technologies Corp. 259,200 22,698,144 4.48

Apparel ManufacturersLVMH Moet Hennessy Louis Vuitton S.A. 65,061 12,265,993 2.42NIKE, Inc., “B” 167,330 9,044,187 1.79

21,310,180 4.21

AutomotiveJohnson Controls, Inc. 424,080 13,184,647 2.60

BroadcastingWalt Disney Co. 190,580 10,268,450 2.03

Brokerage & Asset ManagersFranklin Resources, Inc. 122,280 16,737,686 3.30

Business ServicesAccenture PLC, “A” 293,009 21,064,417 4.16


Computer Software – SystemsApple, Inc. 31,533 14,357,290 2.84EMC Corp. 440,790 10,847,842 2.14International Business Machines Corp. 41,769 8,482,031 1.67

33,687,163 6.65

Consumer ProductsColgate-Palmolive Co. 188,090 20,195,223 3.99Procter & Gamble Co. 232,350 17,463,426 3.45

37,658,649 7.44

Electrical EquipmentAmphenol Corp., “A” 101,220 6,839,435 1.35Danaher Corp. 419,500 25,140,635 4.97Mettler-Toledo International, Inc. 40,620 8,632,969 1.71Sensata Technologies Holding B.V. 465,693 15,712,482 3.10W.W. Grainger, Inc. 42,420 9,239,924 1.82

65,565,445 12.95

ElectronicsASML Holding N.V. 64,887 4,872,365 0.96Microchip Technology, Inc. 487,218 16,297,442 3.22Taiwan Semiconductor ManufacturingCo. Ltd., ADR 560,973 9,951,661 1.97

31,121,468 6.15


MarketValue ($)

NetAssets (%)

Energy – IndependentOccidental Petroleum Corp. 102,060 9,008,836 1.78

Food & BeveragesGroupe Danone 166,409 11,532,503 2.28Mead Johnson Nutrition Co., “A” 138,930 10,558,680 2.08PepsiCo, Inc. 119,380 8,696,833 1.72

30,788,016 6.08

InternetGoogle, Inc., “A” 33,985 25,682,125 5.07

Medical & Health Technology & ServicesExpress Scripts Holding Co. 151,240 8,079,241 1.59

Medical EquipmentDENTSPLY International, Inc. 385,850 16,113,096 3.18Thermo Fisher Scientific, Inc. 256,770 18,523,388 3.66Waters Corp. 96,060 8,796,214 1.74

43,432,698 8.58

Oil ServicesSchlumberger Ltd. 200,310 15,634,196 3.09

Other Banks & Diversified FinancialsVisa, Inc., “A” 106,293 16,784,728 3.31

PharmaceuticalsAllergan, Inc. 70,110 7,362,251 1.45Johnson & Johnson 129,240 9,553,421 1.89

16,915,672 3.34


Specialty ChemicalsPraxair, Inc. 84,260 9,299,776 1.84

TruckingExpeditors International of Washington, Inc. 403,380 17,305,002 3.42




NET ASSETS 506,391,010 100.00


MFS Meridian Funds – U.S. Government Bond Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

BONDS

Agency – OtherFinancing Corp.10.7%, 6/10/2017 USD 2,505,000 3,575,680 0.73Financing Corp.9.4%, 8/02/2018 5,255,000 7,280,997 1.48Financing Corp.9.8%, 6/04/2018 6,740,000 9,547,871 1.94Financing Corp.10.35%, 3/08/2018 2,560,000 3,757,028 0.77Financing Corp., STRIPS0%, 30/11/2017 3,160,000 2,951,765 0.60


MarketValue ($)

NetAssets (%)

Agency – Other, continuedFinancing Corp., STRIPS0%, 30/11/2017 USD 5,000,000 4,715,560 0.96Resolution Funding, “A”8.125%, 15/10/2019 1,300,000 1,825,428 0.37

33,654,329 6.85

Asset-Backed & SecuritizedCitigroup/Deutsche Bank CommercialMortgage Trust5.322%, 11/12/2049 USD 1,280,000 1,454,305 0.30



MFS Meridian Funds – U.S. Government Bond Fund,continued


MarketValue ($)

NetAssets (%)

Asset-Backed & Securitized, continuedCommercial Mortgage Pass-ThroughCertificates, “A4”5.306%, 10/12/2046 USD 1,278,000 1,451,302 0.30JPMorgan Chase Commercial MortgageSecurities Corp., “A3”, FRN5.929%, 15/02/2051 1,574,705 1,667,735 0.34JPMorgan Chase Commercial MortgageSecurities Corp., “A4”, FRN5.812%, 15/06/2049 375,000 432,406 0.09Wachovia Bank Commercial MortgageTrust, “A”5.679%, 15/10/2048 2,844,000 3,061,378 0.62Wachovia Bank Commercial MortgageTrust, FRN5.118%, 15/07/2042 606,740 661,199 0.13

8,728,325 1.78

Local AuthoritiesNashville & Davidson County, TN,Metropolitan Government ConventionCenter Authority (Build America Bonds)6.731%, 1/07/2043 USD 1,460,000 1,811,232 0.37Port Authority NY & NJ (168th Series)4.926%, 1/10/2051 1,470,000 1,600,007 0.32San Francisco, CA, City & County PublicUtilities Commission, Water Rev. (BuildAmerica Bonds)6%, 1/11/2040 275,000 337,607 0.07State of California (Build America Bonds)7.625%, 1/03/2040 330,000 484,268 0.10University of California Rev. (Build AmericaBonds)5.77%, 15/05/2043 890,000 1,080,300 0.22

5,313,414 1.08

Medical & Health Technology & ServicesCatholic Health Initiatives2.95%, 1/11/2022 USD 1,134,000 1,128,641 0.23

Mortgage-BackedFannie Mae4.325%, 1/04/2013 USD 665,089 666,930 0.14Fannie Mae4.656%, 1/05/2013 66,069 66,033 0.01Fannie Mae4.648%, 1/06/2013 308,971 309,247 0.06Fannie Mae5.06%, 1/10/2013 297,895 297,783 0.06Fannie Mae5.14%, 1/10/2013 1,210,581 1,211,852 0.25Fannie Mae4.935%, 1/01/2014 117,406 119,780 0.02Fannie Mae4.858%, 1/02/2014 980,361 986,877 0.20Fannie Mae4.6%, 1/03/2014 – 1/09/2019 800,934 884,915 0.18Fannie Mae4.607%, 1/04/2014 1,208,793 1,239,562 0.25Fannie Mae4.77%, 1/07/2014 288,568 299,735 0.06Fannie Mae4.57%, 1/01/2015 549,243 570,398 0.12Fannie Mae4.665%, 1/03/2015 261,553 277,498 0.06Fannie Mae4.89%, 1/03/2015 247,672 263,421 0.05Fannie Mae4.907%, 1/04/2015 357,397 385,128 0.08Fannie Mae4.87%, 1/05/2015 398,926 426,235 0.09


MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedFannie Mae4.7%, 1/08/2015 USD 308,974 323,566 0.07Fannie Mae5.464%, 1/11/2015 2,534,409 2,773,728 0.56Fannie Mae5.08%, 1/02/2016 – 1/04/2019 603,171 666,953 0.14Fannie Mae5.136%, 1/02/2016 550,186 610,694 0.12Fannie Mae5.424%, 1/02/2016 569,987 637,468 0.13Fannie Mae6.5%, 1/11/2016 – 1/10/2037 2,662,500 2,985,783 0.60Fannie Mae5.09%, 1/12/2016 387,130 427,263 0.09Fannie Mae5.395%, 1/12/2016 305,554 339,071 0.07Fannie Mae4.992%, 1/01/2017 3,990,489 4,236,204 0.86Fannie Mae5.28%, 1/03/2017 437,788 487,200 0.10Fannie Mae5.3%, 1/04/2017 156,302 173,810 0.04Fannie Mae5.45%, 1/04/2017 105,042 117,109 0.02Fannie Mae5.54%, 1/04/2017 402,427 449,135 0.09Fannie Mae5.38%, 1/05/2017 432,850 483,025 0.10Fannie Mae6%, 1/08/2017 – 1/06/2038 6,548,011 7,173,997 1.47Fannie Mae5.5%, 1/09/2017 – 1/03/2038 29,172,889 31,789,518 6.46Fannie Mae2.71%, 1/11/2017 209,628 223,109 0.05Fannie Mae5.16%, 1/01/2018 1,806,202 1,971,356 0.40Fannie Mae5.37%, 1/05/2018 600,000 677,917 0.14Fannie Mae3.849%, 1/07/2018 1,620,624 1,804,542 0.37Fannie Mae5%, 1/09/2018 – 1/05/2041 15,320,392 16,634,014 3.41Fannie Mae2.578%, 25/09/2018 5,000,000 5,307,870 1.08Fannie Mae4.5%, 1/10/2018 – 1/04/2041 8,253,508 8,949,701 1.82Fannie Mae5.51%, 1/03/2019 304,367 347,149 0.07Fannie Mae6.16%, 1/03/2019 521,906 592,453 0.12Fannie Mae4.83%, 1/08/2019 – 1/09/2019 498,335 572,132 0.12Fannie Mae4.877%, 1/08/2019 1,702,178 1,956,174 0.40Fannie Mae5.05%, 1/08/2019 227,283 258,334 0.05Fannie Mae4.67%, 1/09/2019 372,000 428,806 0.09Fannie Mae4.94%, 1/09/2019 132,354 150,898 0.03Fannie Mae4.45%, 1/10/2019 356,273 407,664 0.08Fannie Mae5.19%, 1/09/2020 354,253 402,978 0.08





MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedFannie Mae4.5%, 1/05/2025 USD 510,282 549,828 0.11Fannie Mae3%, 1/03/2027 434,891 457,383 0.09Fannie Mae3.5%, 1/01/2042 – 1/02/2042 2,890,150 3,066,441 0.62Fannie Mae, TBA2.5%, 1/03/2028 530,000 547,722 0.11Fannie Mae, TBA3%, 1/02/2043 – 1/04/2043 21,926,822 22,594,937 4.60Fannie Mae, TBA3.5%, 1/02/2043 – 1/04/2043 12,890,000 13,558,483 2.76Fannie Mae, TBA4%, 1/03/2043 7,078,000 7,515,951 1.53Freddie Mac1.655%, 25/11/2016 2,213,765 2,270,800 0.46Freddie Mac5%, 15/12/2016 – 1/06/2040 6,508,238 7,001,507 1.43Freddie Mac3.882%, 25/11/2017 1,650,000 1,838,524 0.37Freddie Mac3.154%, 25/02/2018 1,113,000 1,207,522 0.25Freddie Mac2.412%, 25/08/2018 4,000,000 4,195,260 0.85Freddie Mac2.303%, 25/09/2018 1,367,952 1,427,892 0.29Freddie Mac2.323%, 25/10/2018 1,217,000 1,271,721 0.26Freddie Mac2.13%, 25/01/2019 2,000,000 2,065,480 0.42Freddie Mac5.085%, 25/03/2019 2,271,000 2,659,366 0.54Freddie Mac6%, 1/08/2019 – 1/10/2038 6,326,858 6,972,582 1.42Freddie Mac4.251%, 25/01/2020 966,000 1,100,546 0.22Freddie Mac4.224%, 25/03/2020 1,278,829 1,463,791 0.30Freddie Mac5.5%, 1/04/2021 – 1/06/2036 4,215,730 4,595,760 0.93Freddie Mac4.5%, 1/11/2022 – 1/06/2041 5,491,997 5,858,346 1.19Freddie Mac4%, 1/07/2025 1,789,861 1,894,456 0.38Freddie Mac2.5%, 1/02/2028 2,420,001 2,505,079 0.51Freddie Mac6.5%, 1/05/2037 122,287 136,653 0.03Freddie Mac3.5%, 1/12/2041 – 1/05/2042 3,583,165 3,790,322 0.77Freddie Mac, TBA3%, 1/02/2043 4,890,000 5,027,531 1.02Freddie Mac, TBA2.5%, 1/03/2028 13,070,000 13,478,438 2.74Freddie Mac, TBA3.5%, 1/03/2043 9,780,000 10,253,719 2.09Ginnie Mae5.5%, 15/01/2033 – 20/01/2042 4,069,180 4,464,110 0.92Ginnie Mae4.5%, 20/07/2033 – 20/11/2041 9,469,275 10,418,160 2.12Ginnie Mae4%, 15/10/2039 – 15/08/2040 1,017,518 1,112,973 0.23Ginnie Mae3.5%, 15/12/2041 – 15/04/2042 2,805,277 3,042,411 0.62


MarketValue ($)

NetAssets (%)

Mortgage-Backed, continuedGinnie Mae5.612%, 20/04/2058 USD 2,943,457 3,132,695 0.64Ginnie Mae6.357%, 20/04/2058 1,158,270 1,249,342 0.25Ginnie Mae, TBA3%, 1/02/2043 – 1/03/2043 16,500,000 17,182,063 3.50Ginnie Mae, TBA3.5%, 1/03/2043 4,670,000 4,998,360 1.02

277,271,169 56.45

U.S. Government Agencies and EquivalentsAid-Egypt4.45%, 15/09/2015 USD 2,523,000 2,788,089 0.57Small Business Administration4.98%, 1/11/2023 343,213 380,420 0.08Small Business Administration4.89%, 1/12/2023 819,095 906,991 0.18Small Business Administration4.77%, 1/04/2024 731,918 813,395 0.17Small Business Administration4.99%, 1/09/2024 480,096 536,227 0.11Small Business Administration4.86%, 1/10/2024 344,423 384,075 0.08Small Business Administration4.86%, 1/01/2025 448,270 499,842 0.10Small Business Administration5.11%, 1/04/2025 584,842 655,070 0.13Small Business Administration5.16%, 1/02/2028 788,718 895,485 0.18

7,859,594 1.60

U.S. Treasury ObligationsU.S. Treasury Bonds9.25%, 15/02/2016 USD 25,000 31,641 0.01U.S. Treasury Bonds6.25%, 15/08/2023 857,000 1,202,880 0.24U.S. Treasury Bonds6%, 15/02/2026 62,000 87,410 0.02U.S. Treasury Bonds6.75%, 15/08/2026 614,000 923,878 0.19U.S. Treasury Bonds6.375%, 15/08/2027 1,150,000 1,694,094 0.35U.S. Treasury Bonds4.5%, 15/02/2036 885,000 1,120,355 0.23U.S. Treasury Bonds5%, 15/05/2037 653,000 886,244 0.18U.S. Treasury Bonds4.375%, 15/02/2038 97,000 120,871 0.02U.S. Treasury Bonds4.5%, 15/08/2039 13,537,300 17,226,214 3.51U.S. Treasury Bonds3.75%, 15/08/2041 1,538,000 1,729,529 0.35U.S. Treasury Notes1.375%, 15/03/2013 2,839,000 2,843,213 0.58U.S. Treasury Notes1.875%, 28/02/2014 45,039,000 45,855,332 9.34U.S. Treasury Notes4%, 15/02/2015 9,151,000 9,840,180 2.00U.S. Treasury Notes2.125%, 31/05/2015 18,198,000 18,960,041 3.86U.S. Treasury Notes0.875%, 31/12/2016 32,419,000 32,733,075 6.66U.S. Treasury Notes3.125%, 15/05/2019 1,704,000 1,906,483 0.39U.S. Treasury Notes3.5%, 15/05/2020 602,000 688,773 0.14





MarketValue ($)

NetAssets (%)

U.S. Treasury Obligations, continuedU.S. Treasury Notes2.625%, 15/08/2020 USD 2,288,000 2,472,827 0.50U.S. Treasury Notes3.125%, 15/05/2021 2,536,000 2,826,253 0.58U.S. Treasury Notes1.75%, 15/05/2022 6,325,000 6,251,870 1.27

149,401,163 30.42

TOTAL BONDS 483,356,635 98.41

SHORT-TERM OBLIGATIONS (y)Bank of Montreal/Chicago Branch,0.15%, 6/02/2013 USD 19,661,000 19,661,000 4.00Bank of Nova Scotia,0.12%, 1/02/2013 15,306,000 15,306,000 3.12


MarketValue ($)

NetAssets (%)

SHORT-TERM OBLIGATIONS (y), continuedBarclays U.S. Funding Corp.,0.16%, 1/02/2013 USD 11,162,000 11,162,000 2.27Mizuho Corporate Bank Ltd.,0.14%, 6/02/2013 19,650,000 19,650,000 4.00




NET ASSETS 491,180,320 100.00


MFS Meridian Funds – U.S. Value Fund(Expressed in U.S. Dollars)


MarketValue ($)

NetAssets (%)

COMMON STOCKS

AerospaceHoneywell International, Inc. 398,100 27,166,340 2.89Northrop Grumman Corp. 271,030 17,627,791 1.87United Technologies Corp. 328,700 28,784,259 3.06

73,578,390 7.82

Alcoholic BeveragesDiageo PLC 571,188 17,003,822 1.81

AutomotiveDelphi Automotive PLC 138,430 5,351,704 0.57General Motors Co. 67,450 1,894,671 0.20Johnson Controls, Inc. 301,630 9,377,677 1.00

16,624,052 1.77

BroadcastingOmnicom Group, Inc. 197,720 10,732,242 1.14Viacom, Inc., “B” 192,720 11,630,652 1.24Walt Disney Co. 308,710 16,633,295 1.77

38,996,189 4.15

Brokerage & Asset ManagersBlackRock, Inc. 55,533 13,121,337 1.39Franklin Resources, Inc. 55,350 7,576,308 0.81

20,697,645 2.20

Business ServicesAccenture PLC, “A” 281,380 20,228,408 2.15Dun & Bradstreet Corp. 50,650 4,130,001 0.44Fiserv, Inc. 57,150 4,589,717 0.49

28,948,126 3.08

Cable TVComcast Corp., “Special A” 243,430 8,941,184 0.95

Chemicals3M Co. 160,100 16,098,055 1.71PPG Industries, Inc. 91,100 12,559,957 1.34

28,658,012 3.05



MarketValue ($)

NetAssets (%)

Computer Software – SystemsHewlett-Packard Co. 85,930 1,418,704 0.15International Business Machines Corp. 95,120 19,316,018 2.06

20,734,722 2.21

ConstructionStanley Black & Decker, Inc. 122,315 9,397,461 1.00

Consumer ProductsProcter & Gamble Co. 60,615 4,555,823 0.48

Electrical EquipmentDanaher Corp. 193,710 11,609,040 1.24Pentair Ltd. 72,678 3,683,321 0.39Tyco International Ltd. 318,010 9,613,442 1.02

24,905,803 2.65

ElectronicsIntel Corp. 272,580 5,735,083 0.61

Energy – IndependentApache Corp. 64,250 5,381,580 0.57EOG Resources, Inc. 50,160 6,268,997 0.67Occidental Petroleum Corp. 171,220 15,113,589 1.61

26,764,166 2.85

Energy – IntegratedChevron Corp. 153,551 17,681,398 1.88Exxon Mobil Corp. 209,910 18,885,603 2.01

36,567,001 3.89

Engineering – ConstructionFluor Corp. 21,390 1,386,714 0.15

Food & BeveragesCoca-Cola Enterprises, Inc. 75,310 2,626,060 0.28Dr Pepper Snapple Group, Inc. 82,570 3,721,430 0.40General Mills, Inc. 324,470 13,608,272 1.45Groupe Danone 134,367 9,311,923 0.99J.M. Smucker Co. 27,950 2,477,209 0.26Kellogg Co. 55,310 3,235,635 0.34Nestle S.A. 153,226 10,758,905 1.14PepsiCo, Inc. 54,276 3,954,007 0.42

49,693,441 5.28



MFS Meridian Funds – U.S. Value Fund, continued


MarketValue ($)

NetAssets (%)

Food & Drug StoresCVS Caremark Corp. 261,268 13,376,922 1.42

General MerchandiseKohl’s Corp. 54,930 2,542,710 0.27Target Corp. 216,320 13,067,891 1.39

15,610,601 1.66

InsuranceACE Ltd. 126,860 10,824,964 1.15Aon PLC 169,610 9,793,281 1.04Chubb Corp. 91,830 7,374,867 0.78MetLife, Inc. 445,870 16,648,786 1.77Prudential Financial, Inc. 196,030 11,346,216 1.21Travelers Cos., Inc. 168,470 13,218,156 1.41

69,206,270 7.36

Leisure & ToysHasbro, Inc. 201,550 7,531,924 0.80

Machinery & ToolsEaton Corp. PLC 142,280 8,102,846 0.86

Major BanksBank of New York Mellon Corp. 543,697 14,766,811 1.57Goldman Sachs Group, Inc. 163,200 24,130,752 2.57JPMorgan Chase & Co. 688,330 32,385,927 3.44PNC Financial Services Group, Inc. 104,590 6,463,662 0.69State Street Corp. 184,620 10,274,103 1.09Wells Fargo & Co. 547,160 19,057,583 2.03

107,078,838 11.39

Medical & Health Technology & ServicesQuest Diagnostics, Inc. 78,740 4,562,983 0.49

Medical EquipmentAbbott Laboratories 219,160 7,425,141 0.79Becton, Dickinson & Co. 55,310 4,648,252 0.49Medtronic, Inc. 230,750 10,752,950 1.14St. Jude Medical, Inc. 186,250 7,580,375 0.81Thermo Fisher Scientific, Inc. 132,430 9,553,500 1.02

39,960,218 4.25

Other Banks & Diversified FinancialsMasterCard, Inc., “A” 7,266 3,766,694 0.40Western Union Co. 431,730 6,143,518 0.65

9,910,212 1.05

PharmaceuticalsAbbVie, Inc. 166,030 6,091,641 0.65Johnson & Johnson 408,980 30,231,802 3.21Merck & Co., Inc. 192,510 8,326,058 0.89Pfizer, Inc. 1,173,503 32,013,162 3.40Roche Holding AG 23,627 5,228,809 0.56

81,891,472 8.71


MarketValue ($)

NetAssets (%)

Printing & PublishingMcGraw-Hill Cos., Inc. 81,870 4,709,162 0.50Moody’s Corp. 108,270 5,935,361 0.63

10,644,523 1.13



Specialty ChemicalsAir Products & Chemicals, Inc. 93,900 8,209,677 0.87

Specialty StoresAdvance Auto Parts, Inc. 69,890 5,138,313 0.55Staples, Inc. 255,220 3,440,366 0.36

8,578,679 0.91


Telephone ServicesAT&T, Inc. 481,450 16,749,646 1.78Verizon Communications, Inc. 126,920 5,534,981 0.59

22,284,627 2.37

TobaccoAltria Group, Inc. 140,235 4,723,115 0.50Lorillard, Inc. 234,520 9,162,696 0.98Philip Morris International, Inc. 377,975 33,322,276 3.54

47,208,087 5.02


Utilities – Electric PowerPPL Corp. 56,950 1,725,016 0.18Public Service Enterprise Group, Inc. 54,720 1,706,170 0.18

3,431,186 0.36



AerospaceUnited Technologies Corp. 7.5% 19,770 1,125,704 0.12

Utilities – Electric PowerPPL Corp. 9.5% 26,980 1,458,539 0.16

TOTAL CONVERTIBLE PREFERRED STOCKS 2,584,243 0.28



NET ASSETS 940,353,326 100.00




Footnotes to Schedules of Investments:(b) Securities traded on other regulated markets.(d) In default. Interest and/or scheduled principal payment(s) have been missed.(e) Guaranteed by Minister for Finance of Ireland.(f) All or a portion of the security has been segregated as collateral for an open

futures contract.(i) Interest only security for which the sub-fund receives interest on notional

principal (Par amount). Par amount shown is the notional principal and doesnot reflect the cost of the security.

(k) As of 31 January 2013, the following sub-funds held securities that were fairvalued in accordance with the policies adopted by the Board of Directors:

Sub-Fund Market Value% of Market

ValueNumber ofSecurities

Emerging Markets Debt Local Currency Fund $13,711,956 7.77% 5Emerging Markets Equity Fund $1,239,003 0.72% 1European Value Fund €0 0.00% 1Global Bond Fund $2,009,616 4.65% 4Global Total Return Fund $582,748 0.05% 1High Yield Fund $4,941,367 0.53% 4Research Bond Fund $836,443 0.10% 3U.K. Equity Fund £0 0.00% 1

(l) A portion of this security is on loan.(p) Payment-in-kind security.(y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in this report and are defined:ADR American Depositary ReceiptCDO Collateralized Debt ObligationCLN Credit-Linked NoteFRN Floating Rate Note. Interest rate resets periodically and may not be the

rate reported at period end.GDR Global Depositary ReceiptIEU International Equity UnitIPS International Preference Stock

PLC Public Limited CompanyREIT Real Estate Investment Trust

STRIPS Separate Trading of Registered Interest and Principal of SecuritiesTBA To Be AnnouncedTIPS Treasury Inflation Protected Security

Currency abbreviations have been used throughout this report. A list of abbreviationsis shown below:

AUD Australian DollarBRL Brazilian Real

CAD Canadian DollarCHF Swiss FrancCLP Chilean Peso

CNY Chinese Yuan RenminbiCOP Colombian PesoCZK Czech KorunaDKK Danish KroneEUR EuroGBP British PoundHKD Hong Kong DollarHUF Hungarian ForintIDR Indonesian RupiahINR Indian RupeeJPY Japanese Yen

KRW Korean WonMXN Mexican PesoMYR Malaysian RinggitNGN Nigerian NairaNOK Norwegian KroneNZD New Zealand DollarPEN Peruvian Nuevo SolPHP Philippine PesoPLN Polish Zloty

RON Romanian New LeuRUB Russian RubleSEK Swedish KronaSGD Singapore DollarTHB Thailand BahtTRY Turkish LiraUSD U.S. DollarZAR South African Rand

See notes to financial statements.


FINANCIAL STATEMENTS at 31 January 2013

STATEMENTS OF ASSETS AND LIABILITIES

AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

EmergingMarkets DebtLocal Currency

Fund$

EmergingMarketsEquityFund

$

EuropeanConcentrated

Fund€

ASSETS:

Investments, at value 24,427,589 136,770,442 189,860,481 12,692,396 4,878,130,835 176,451,469 172,533,637 2,215,811

Repurchase agreements (Note 11) 568,000 520,000 3,187,000 — 38,608,000 1,089,000 269,000 —

Cash and other liquid assets 688,453 402 886 806,653 28,208,252 614,908 4,568 128,644

Restricted cash (Note 2 & 12) 35,923 — — — 5,510,000 10,803 — —

Receivable for open forward foreign currencyexchange contracts (Note 9) 443,909 — — — 8,419,222 1,013,679 — —

Receivable for class specific open forward foreigncurrency exchange contracts (Note 10) 7,037 — — — 13,638,138 — — —

Receivable for premiums on options written — — — — — — — —

Net receivable for daily variation margin on openfutures contracts 1,219 — — — 258,156 — — —

Receivable for fund shares sold 3,417 506,248 46,000 212,817 49,429,504 1,559,681 1,681,016 —

Receivable for investments sold — — — — 24,395,446 2,324,821 — —

Interest and dividends receivable 207,769 80,299 12 12,058 67,756,361 2,688,210 110,094 2,848

Interest receivable on swap agreements — — — — 158,844 — — —

Receivable from related parties (Note 4) 62,542 35,634 — 39,232 — — — 40,071

Swaps, at value (Note 13) — — — — — 99,581 — —

Other assets 336 1,285 1,348 196 34,111 1,410 1,050 66

TOTAL ASSETS 26,446,194 137,914,310 193,095,727 13,763,352 5,114,546,869 185,853,562 174,599,365 2,387,440

LIABILITIES:

Payable to depositary — — — — — 297,511 — —

Distributions payable 103 — — — 2,399,817 126,397 — —

Payable for open forward foreign currencyexchange contracts (Note 9) 350,502 — — — 7,347,864 891,743 — —

Payable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — 16,421 — — —

Net payable for daily variation margin on openfutures contracts 3,082 — — — — 2,550 — —

Payable for investments purchased 255,716 31,812 31,812 63,251 102,341,089 5,428,437 15,995 15,002

Payable for fund shares reacquired 94,288 265,525 28,215 7,118 13,333,497 319,233 91,286 —

Payable for capital gains tax — 238,904 — — — — 245,546 —

Interest payable on swap agreements — — — — — — — —

Swaps, at value (Note 13) — — — — 8,836,194 50,517 — —

Written options outstanding, at value — — — — — — — —

Payable to related parties (Note 4) — — 651 — 377,200 1,853 20,883 —

Accrued expenses and other liabilities 122,275 249,308 104,086 66,743 1,500,673 217,769 202,897 59,503

TOTAL LIABILITIES 825,966 785,549 164,764 137,112 136,152,755 7,336,010 576,607 74,505

TOTAL NET ASSETS 25,620,228 137,128,761 192,930,963 13,626,240 4,978,394,114 178,517,552 174,022,758 2,312,935





EuropeanCore

EquityFund

€

EuropeanResearch

Fund€

EuropeanSmaller

CompaniesFund

€

EuropeanValueFund

€

GlobalBondFund

$

GlobalConcentrated

Fund$

GlobalEnergyFund

$

GlobalEquityFund

$ASSETS:

Investments, at value 13,598,441 594,200,930 226,443,527 964,615,132 43,265,821 222,604,594 9,671,302 2,268,931,163

Repurchase agreements (Note 11) — — — — 389,000 209,000 17,000 3,184,000

Cash and other liquid assets 597,901 13,789,671 22,016,259 76,046,020 88,937 461 10 1,629,091

Restricted cash (Note 2 & 12) — — — — — — — —

Receivable for open forward foreign currencyexchange contracts (Note 9) — — — — 256,481 — — —

Receivable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — — — —

Receivable for premiums on options written — — — — — — — —

Net receivable for daily variation margin on openfutures contracts — — — — — — — —

Receivable for fund shares sold 78,233 3,471,117 1,156,419 14,634,530 — 12,660,636 — 19,294,759

Receivable for investments sold 28,057 10,725,835 276,665 — 505,980 — 193,909 7,310,918

Interest and dividends receivable 25,196 1,307,806 234,112 1,868,683 574,098 35,409 6,010 1,983,268

Interest receivable on swap agreements — — — — 278 — — —

Receivable from related parties (Note 4) 38,521 — — — 51,685 5,376 49,876 —

Swaps, at value (Note 13) — — — — 16,241 — — —

Other assets 164 4,344 993 6,848 481 1,339 193 14,225

TOTAL ASSETS 14,366,513 623,499,703 250,127,975 1,057,171,213 45,149,002 235,516,815 9,938,300 2,302,347,424

LIABILITIES:

Payable to depositary — — — — 53,033 — — 4

Distributions payable — — — — 10,127 — — —

Payable for open forward foreign currencyexchange contracts (Note 9) — — — — 295,408 — — —

Payable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — — — —

Net payable for daily variation margin on openfutures contracts — — — — 638 — — —

Payable for investments purchased 148,579 14,397,884 4,640,791 750,264 515,073 10,526,201 14,998 12,157,432

Payable for fund shares reacquired 582 10,017,796 37,518 1,752,538 6,381 246,033 — 4,523,687

Payable for capital gains tax — — — — — — — 217,682

Interest payable on swap agreements — — — — — — — —

Swaps, at value (Note 13) — — — — 19,024 — — —

Written options outstanding, at value — — — — — — — —

Payable to related parties (Note 4) — 44,595 4,522 76,090 — — — 142,052

Accrued expenses and other liabilities 64,744 265,121 86,071 329,629 134,166 133,467 94,343 507,967

TOTAL LIABILITIES 213,905 24,725,396 4,768,902 2,908,521 1,033,850 10,905,701 109,341 17,548,824

TOTAL NET ASSETS 14,152,608 598,774,307 245,359,073 1,054,262,692 44,115,152 224,611,114 9,828,959 2,284,798,600





GlobalMulti-Asset

Fund$

GlobalResearch

Fund$

GlobalTotal

ReturnFund

$

HighYieldFund

$

Inflation-Adjusted

BondFund

$

JapanEquityFund

$

LatinAmerican

EquityFund

$

LimitedMaturity

Fund$

ASSETS:

Investments, at value 141,473,137 417,560,777 1,238,337,999 927,620,555 367,100,171 5,148,864 265,109,355 1,006,061,014

Repurchase agreements (Note 11) 13,102,000 251,000 6,211,000 3,646,000 487,000 12,000 320,000 22,234,000

Cash and other liquid assets 136,898 65 1,254,040 4,330,763 393 172 14,096 6,243

Restricted cash (Note 2 & 12) — — — 300,000 — — — —

Receivable for open forward foreign currencyexchange contracts (Note 9) 5,899,339 — 1,622,022 21,306 — — — —

Receivable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — — — —

Receivable for premiums on options written 790 — — — — — — —

Net receivable for daily variation margin on openfutures contracts 13,435 — — — — — — —

Receivable for fund shares sold 391,625 725,308 8,110,409 16,170,651 2,020,201 16,295 1,148,029 17,231,477

Receivable for investments sold 51,452,742 873,972 3,607,914 2,679,171 — 84,980 3,250,523 —

Interest and dividends receivable 664,839 414,572 5,467,734 17,518,418 554,807 5,794 451,649 5,936,497

Interest receivable on swap agreements — — — — — — — —

Receivable from related parties (Note 4) 584 — — — — 50,341 — —

Swaps, at value (Note 13) 462 — — — — — — —

Other assets 1,516 3,333 8,857 8,044 3,233 100 2,039 7,346

TOTAL ASSETS 213,137,367 419,829,027 1,264,619,975 972,294,908 370,165,805 5,318,546 270,295,691 1,051,476,577

LIABILITIES:

Payable to depositary — — — — — — — —

Distributions payable — — — 1,784,075 22,376 — — 161,985

Payable for open forward foreign currencyexchange contracts (Note 9) 2,773,984 — 1,659,075 778,419 — — — —

Payable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — — — —

Net payable for daily variation margin on openfutures contracts 23,213 — — — — — — —

Payable for investments purchased 53,436,463 2,275,661 17,640,961 10,265,506 — 93,138 — 8,435,514

Payable for fund shares reacquired 1,228,921 691,749 3,965,687 3,652,247 3,618,789 270 5,159,265 3,538,027

Payable for capital gains tax 15,145 129,619 — — — — — —

Interest payable on swap agreements 6,709 — — — — — — —

Swaps, at value (Note 13) 44 — — — — — — —

Written options outstanding, at value 3,002 25,122 — — — — — —

Payable to related parties (Note 4) — 32,838 130,844 87,122 29,008 — 24,484 69,854

Accrued expenses and other liabilities 191,876 282,205 520,645 525,741 213,615 91,830 224,561 392,316

TOTAL LIABILITIES 57,679,357 3,437,194 23,917,212 17,093,110 3,883,788 185,238 5,408,310 12,597,696

TOTAL NET ASSETS 155,458,010 416,391,833 1,240,702,763 955,201,798 366,282,017 5,133,308 264,887,381 1,038,878,881





PrudentWealthFund

$

ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$Total

€

ASSETS:

Investments, at value 150,586,271 854,539,055 189,485,348 498,699,650 549,135,635 926,206,366 13,428,687,015

Repurchase agreements (Note 11) 10,331,000 8,923,000 — 1,339,000 30,311,000 8,345,000 113,088,745

Cash and other liquid assets 300,003 — 4,318,551 677 125 356 145,885,510

Restricted cash (Note 2 & 12) — — — — — — 4,313,391

Receivable for open forward foreign currencyexchange contracts (Note 9) — — 2,261 — — — 13,020,719

Receivable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — 45,969 10,083,322

Receivable for premiums on options written — — — — — — 582

Net receivable for daily variation margin on openfutures contracts — — — — — — 200,920

Receivable for fund shares sold 2,778,542 3,489,886 893,804 1,439,223 1,286,203 6,238,010 128,291,218

Receivable for investments sold — 6,023,312 126,770 10,291,507 7,628,657 9,744,731 107,193,138

Interest and dividends receivable 366,876 5,312,009 590,879 186,066 2,812,902 1,198,578 88,344,891

Interest receivable on swap agreements — — — — — — 117,191

Receivable from related parties (Note 4) 12,826 — — — — — 315,839

Swaps, at value (Note 13) — — — — — — 48,436

Other assets 1,102 5,769 1,357 3,963 4,142 6,696 96,622

TOTAL ASSETS 164,376,620 878,293,031 195,418,970 511,960,086 591,178,664 951,785,706 14,039,687,539

LIABILITIES:

Payable to depositary — 86,909 — — — — 322,181

Distributions payable — 91,626 — — 72,328 — 3,438,526

Payable for open forward foreign currencyexchange contracts (Note 9) — — 165,361 — — — 10,575,378

Payable for class specific open forward foreigncurrency exchange contracts (Note 10) — — — — — 6 12,098

Net payable for daily variation margin on openfutures contracts — 58,008 — — — — 64,436

Payable for investments purchased 768,365 117,723,444 2,328,548 — 98,775,689 2,025,735 348,821,059

Payable for fund shares reacquired 699,304 12,673,850 244,235 5,252,823 880,317 8,974,813 63,098,154

Payable for capital gains tax — — — — — — 623,726

Interest payable on swap agreements — — — — — — 4,941

Swaps, at value (Note 13) — — — — — — 6,521,768

Written options outstanding, at value — — — — — — 20,713

Payable to related parties (Note 4) — 56,343 44 24,969 33,689 69,107 936,053

Accrued expenses and other liabilities 134,119 345,080 79,814 291,284 236,321 362,719 6,178,810

TOTAL LIABILITIES 1,601,788 131,035,260 2,818,002 5,569,076 99,998,344 11,432,380 440,617,843

TOTAL NET ASSETS 162,774,832 747,257,771 192,600,968 506,391,010 491,180,320 940,353,326 13,599,069,696



FINANCIAL STATEMENTS for the year ended 31 January 2013

STATEMENTS OF OPERATIONS ANDCHANGES IN NET ASSETS

AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

EmergingMarkets DebtLocal Currency

Fund$


$


Fund€

NET INVESTMENT INCOME (LOSS)

INCOME

Dividends — 4,425,238 3,963,400 387,541 — 40 2,952,342 95,256

Interest 762,454 3,433 3,523 — 221,261,171 10,623,331 2,429 —

Income on securities loaned (Note 3) — 189 — 19,609 — — 159 —

Withholding taxes (Note 7) (109) (376,840) (355,121) (50,833) (178,656) (96,644) (273,845) (9,623)

TOTAL INVESTMENT INCOME 762,345 4,052,020 3,611,802 356,317 221,082,515 10,526,727 2,681,085 85,633

EXPENSES

Investment management fee (Note 4) 190,080 1,452,739 31,993 154,046 31,763,200 1,393,154 1,221,097 20,685

Distribution and service fees (Note 4) 223,460 1,125,655 22,868 100,973 20,201,953 1,237,108 891,218 5,253

Administrative services fee (Note 4) 11,242 27,376 26,623 8,344 507,545 29,233 23,472 8,686

Depositary fee (Note 5) 69,436 205,775 98,950 43,197 730,981 205,597 266,492 33,385

Shareholder servicing costs (Note 4) 64,033 142,198 12,185 10,152 1,074,250 92,147 99,434 8,235

Printing 46,522 42,159 41,589 34,080 42,810 42,279 42,265 45,909

Audit and other professional fees 68,698 89,478 80,018 46,835 116,827 65,847 98,501 49,070

Taxe d’abonnement (Note 7) 12,329 55,818 14,799 6,716 1,547,774 75,848 48,751 479

Miscellaneous 48,576 48,151 40,648 27,111 126,638 59,485 52,766 11,664

TOTAL EXPENSES 734,376 3,189,349 369,673 431,454 56,111,978 3,200,698 2,743,996 183,366

Fee credits (Note 2) (60) (10) (10) — (5,679) (130) (35) —

Expenses reimbursed by related parties (Note 4) (258,273) (330,490) — (140,512) — (31,519) (277,532) (153,768)

NET EXPENSES 476,043 2,858,849 369,663 290,942 56,106,299 3,169,049 2,466,429 29,598

NET INVESTMENT INCOME (LOSS) 286,302 1,193,171 3,242,139 65,375 164,976,216 7,357,678 214,656 56,035

REALIZED AND UNREALIZED GAIN (LOSS) ONINVESTMENTS, DERIVATIVES, ANDCURRENCY TRANSACTIONS

NET REALIZED GAIN (LOSS) ON INVESTMENTS,DERIVATIVES, AND CURRENCYTRANSACTIONS (803,200) 7,867,854 121,917 4,029,403 124,498,392 (3,271,935) (1,505,535) 78,811

NET CHANGE IN UNREALIZED GAIN (LOSS) ONINVESTMENTS, DERIVATIVES, ANDCURRENCY TRANSLATION 918,915 3,663,579 17,156,560 (635,831) 219,486,866 8,196,793 9,123,212 214,948

RESULTS OF OPERATIONS 402,017 12,724,604 20,520,616 3,458,947 508,961,474 12,282,536 7,832,333 349,794

DISTRIBUTIONS DECLARED TO SHAREHOLDERS(Note 2) (9,353) — — — (34,203,007) (2,382,590) — —

CHANGE IN NET ASSETS FROM FUND SHARETRANSACTIONS (379,886) (24,306,604) 44,788,353 (17,892,299) 1,899,690,991 3,144,164 62,817,362 144,888

TOTAL CHANGE IN NET ASSETS 12,778 (11,582,000) 65,308,969 (14,433,352) 2,374,449,458 13,044,110 70,649,695 494,682

NET ASSETS

At the beginning of the year 25,607,450 148,710,761 127,621,994 28,059,592 2,603,944,656 165,473,442 103,373,063 1,818,253

Beginning of year currency translation (Note 2) — — — — — — — —

At the end of the year 25,620,228 137,128,761 192,930,963 13,626,240 4,978,394,114 178,517,552 174,022,758 2,312,935





EuropeanCore

EquityFund

€

EuropeanResearch

Fund€

EuropeanSmaller

CompaniesFund

€

EuropeanValueFund

€

GlobalBondFund

$

GlobalConcentrated

Fund$

GlobalEnergyFund

$

GlobalEquityFund

$NET INVESTMENT INCOME (LOSS)

INCOME

Dividends 295,447 21,010,112 1,628,148 31,181,857 10 2,409,280 586,801 38,408,375

Interest 59 4,336 1,033 16,246 1,543,636 2,442 490 34,809

Income on securities loaned (Note 3) — 667,519 — 652,720 — 43,649 — 1,042,178

Withholding taxes (Note 7) (30,331) (1,701,984) (93,904) (2,410,706) (9,448) (564,473) (57,114) (7,269,325)

TOTAL INVESTMENT INCOME 265,175 19,979,983 1,535,277 29,440,117 1,534,198 1,890,898 530,177 32,216,037

EXPENSES

Investment management fee (Note 4) 114,232 5,129,934 786,655 6,920,998 292,040 1,340,054 127,897 15,546,677

Distribution and service fees (Note 4) 73,839 2,089,982 156,222 3,101,515 383,756 642,898 134,034 4,355,441



Shareholder servicing costs (Note 4) 10,347 92,563 30,369 108,235 31,475 68,934 23,334 291,521

Printing 34,885 34,829 34,880 34,873 42,306 42,307 42,300 53,795


Taxe d’abonnement (Note 7) 5,338 164,530 20,402 256,096 18,945 38,656 5,579 375,800

Miscellaneous 27,549 75,971 28,532 73,788 39,609 36,606 34,724 72,034

TOTAL EXPENSES 362,538 7,983,002 1,176,778 10,942,668 986,397 2,331,682 501,745 21,449,276

Fee credits (Note 2) — — (1) (13) (42) (22) (2) (117)

Expenses reimbursed by related parties (Note 4) (148,517) (9) (82,929) — (216,363) (142,881) (209,792) (37,652)

NET EXPENSES 214,021 7,982,993 1,093,848 10,942,655 769,992 2,188,779 291,951 21,411,507

NET INVESTMENT INCOME (LOSS) 51,154 11,996,990 441,429 18,497,462 764,206 (297,881) 238,226 10,804,530


NET REALIZED GAIN (LOSS) ON INVESTMENTS,DERIVATIVES, AND CURRENCYTRANSACTIONS 464,764 28,621,837 1,214,181 25,195,334 (5,736) 3,147,062 (55,307) 44,570,765

NET CHANGE IN UNREALIZED GAIN (LOSS) ONINVESTMENTS, DERIVATIVES, ANDCURRENCY TRANSLATION 1,765,927 56,556,161 14,331,315 94,235,123 (78,631) 29,718,883 (59,524) 331,432,720

RESULTS OF OPERATIONS 2,281,845 97,174,988 15,986,925 137,927,919 679,839 32,568,064 123,395 386,808,015

DISTRIBUTIONS DECLARED TO SHAREHOLDERS(Note 2) — — — — (179,499) — — —

CHANGE IN NET ASSETS FROM FUND SHARETRANSACTIONS 2,322,201 (12,410,920) 214,866,314 213,950,231 7,860,217 111,809,846 (4,108,125) 534,619,533

TOTAL CHANGE IN NET ASSETS 4,604,046 84,764,068 230,853,239 351,878,150 8,360,557 144,377,910 (3,984,730) 921,427,548

NET ASSETS

At the beginning of the year 9,548,562 514,010,239 14,505,834 702,384,542 35,754,595 80,233,204 13,813,689 1,363,371,052


At the end of the year 14,152,608 598,774,307 245,359,073 1,054,262,692 44,115,152 224,611,114 9,828,959 2,284,798,600





GlobalMulti-Asset

Fund$

GlobalResearch

Fund$

GlobalTotal

ReturnFund

$

HighYieldFund

$

Inflation-Adjusted

BondFund

$

JapanEquityFund

$

LatinAmerican

EquityFund

$

LimitedMaturity

Fund$


INCOME

Dividends 1,825,179 11,206,418 20,286,521 331,463 — 117,045 5,675,036 —

Interest 3,335,531 4,616 16,241,337 65,534,440 9,892,160 152 3,793 26,418,732

Income on securities loaned (Note 3) — 143,037 213,405 — — — — —

Withholding taxes (Note 7) (289,869) (1,741,997) (3,460,499) (91,624) — (8,203) (263,991) (10,748)

TOTAL INVESTMENT INCOME 4,870,841 9,612,074 33,280,764 65,774,279 9,892,160 108,994 5,414,838 26,407,984

EXPENSES

Investment management fee (Note 4) 1,855,517 4,350,672 11,468,243 6,449,019 2,186,716 51,811 2,390,474 5,183,059

Distribution and service fees (Note 4) 1,718,983 3,068,099 11,005,394 7,273,211 3,194,762 37,298 1,104,019 5,909,163



Shareholder servicing costs (Note 4) 151,847 177,812 410,141 588,878 178,649 23,026 70,277 277,308

Printing 42,147 42,057 41,857 47,109 42,249 42,305 42,285 42,035


Taxe d’abonnement (Note 7) 75,310 179,759 527,181 404,078 183,427 2,108 75,081 426,336

Miscellaneous 51,711 53,093 60,084 75,071 39,670 33,604 52,043 68,529

TOTAL EXPENSES 4,139,255 8,255,672 24,066,824 15,257,016 6,044,808 318,711 4,100,215 12,286,569

Fee credits (Note 2) (128) (57) (292) (578) (5) (1) (24) (397)

Expenses reimbursed by related parties (Note 4) (193,635) (79,614) (95,840) (1,582) (2,199) 217,462 (2,773) —

NET EXPENSES 3,945,492 8,176,001 23,970,692 15,254,856 6,042,604 101,248 4,097,418 12,286,172

NET INVESTMENT INCOME (LOSS) 925,349 1,436,073 9,310,072 50,519,423 3,849,556 7,746 1,317,420 14,121,812


NET REALIZED GAIN (LOSS) ON INVESTMENTS,DERIVATIVES, AND CURRENCYTRANSACTIONS 1,071,603 20,965,753 20,551,304 6,275,338 10,377,335 141,862 (6,333,243) (3,969,255)

NET CHANGE IN UNREALIZED GAIN (LOSS) ONINVESTMENTS, DERIVATIVES, ANDCURRENCY TRANSLATION 7,367,785 29,119,153 84,795,689 44,440,122 (6,711,146) 324,450 27,544,633 4,922,354

RESULTS OF OPERATIONS 9,364,737 51,520,979 114,657,065 101,234,883 7,515,745 474,058 22,528,810 15,074,911

DISTRIBUTIONS DECLARED TO SHAREHOLDERS(Note 2) (99,171) — (1,259,753) (23,843,788) (1,068,728) — — (3,724,136)

CHANGE IN NET ASSETS FROM FUND SHARETRANSACTIONS (52,568,216) (86,375,914) 90,877,991 207,967,716 47,536,951 (2,934,531) 52,303,206 246,317,927

TOTAL CHANGE IN NET ASSETS (43,302,650) (34,854,935) 204,275,303 285,358,811 53,983,968 (2,460,473) 74,832,016 257,668,702

NET ASSETS

At the beginning of the year 198,760,660 451,246,768 1,036,427,460 669,842,987 312,298,049 7,593,781 190,055,365 781,210,179


At the end of the year 155,458,010 416,391,833 1,240,702,763 955,201,798 366,282,017 5,133,308 264,887,381 1,038,878,881





PrudentWealthFund

$

ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$Total

€


INCOME

Dividends 2,568,563 88 5,815,657 8,080,717 106 24,120,696 154,893,588

Interest 192,192 21,609,291 7,491 9,565 16,875,211 15,514 290,558,503

Income on securities loaned (Note 3) 48,659 — 26,480 36,179 — — 2,495,727

Withholding taxes (Note 7) (318,852) (9,391) (124,719) (2,085,256) — (6,213,104) (21,959,728)

TOTAL INVESTMENT INCOME 2,490,562 21,599,988 5,724,909 6,041,205 16,875,317 17,923,106 425,988,090

EXPENSES

Investment management fee (Note 4) 1,267,894 3,646,136 1,149,724 5,711,033 3,026,820 8,768,522 95,272,842

Distribution and service fees (Note 4) 923,592 4,668,352 157,712 4,090,485 3,310,458 5,296,258 65,233,589

Administrative services fee (Note 4) 23,656 92,575 22,975 77,027 78,622 129,639 1,699,488

Depositary fee (Note 5) 80,103 153,828 59,582 127,262 129,981 223,451 4,023,199

Shareholder servicing costs (Note 4) 73,968 277,693 26,241 293,141 169,475 331,904 3,916,732

Printing 42,286 42,251 26,964 46,287 42,190 43,097 984,849

Audit and other professional fees 72,915 63,131 40,357 115,301 61,092 64,644 1,663,267

Taxe d’abonnement (Note 7) 52,078 306,852 23,151 217,969 230,952 322,234 4,308,604

Miscellaneous 36,981 55,640 23,353 60,630 43,968 56,691 1,190,254

TOTAL EXPENSES 2,573,473 9,306,458 1,530,059 10,739,135 7,093,558 15,236,440 178,292,824

Fee credits (Note 2) (68) (352) — (57) (210) (89) (6,175)

Expenses reimbursed by related parties (Note 4) (127,305) (1,105) (15,838) (213,829) (444) (126,192) (2,434,410)

NET EXPENSES 2,446,100 9,305,001 1,514,221 10,525,249 7,092,904 15,110,159 175,852,239

NET INVESTMENT INCOME (LOSS) 44,462 12,294,987 4,210,688 (4,484,044) 9,782,413 2,812,947 250,135,851


NET REALIZED GAIN (LOSS) ON INVESTMENTS,DERIVATIVES, AND CURRENCYTRANSACTIONS (530,053) 6,903,569 3,833,265 35,430,777 4,423,917 65,218,650 310,871,943

NET CHANGE IN UNREALIZED GAIN (LOSS) ONINVESTMENTS, DERIVATIVES, ANDCURRENCY TRANSLATION 14,304,331 2,638,432 16,839,790 38,309,167 (11,093,802) 76,164,837 872,309,922

RESULTS OF OPERATIONS 13,818,740 21,836,988 24,883,743 69,255,900 3,112,528 144,196,434 1,433,317,716

DISTRIBUTIONS DECLARED TO SHAREHOLDERS(Note 2) — (1,821,460) (8,688) — (1,591,077) — (51,698,552)

CHANGE IN NET ASSETS FROM FUND SHARETRANSACTIONS 53,079,457 304,794,156 85,433,317 (68,055,909) (24,544,804) (92,517,490) 2,939,875,198

TOTAL CHANGE IN NET ASSETS 66,898,197 324,809,684 110,308,372 1,199,991 (23,023,353) 51,678,944 4,321,494,362

NET ASSETS

At the beginning of the year 95,876,635 422,448,087 82,292,596 505,191,019 514,203,673 888,674,382 9,579,233,337

Beginning of year currency translation (Note 2) — — — — — — (301,658,003)

At the end of the year 162,774,832 747,257,771 192,600,968 506,391,010 491,180,320 940,353,326 13,599,069,696




STATISTICAL INFORMATION

AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

NET ASSET VALUE

31 January 2011 27,762,346 190,616,324 54,586,644 25,569,003 2,266,663,022

31 January 2012 25,607,450 148,710,761 127,621,994 28,059,592 2,603,944,656

31 January 2013 25,620,228 137,128,761 192,930,963 13,626,240 4,978,394,114

SHARES OUTSTANDING AT 31 JANUARY 2012

Class A1 (USD) 224,233 3,089,387 138,391 778,879 31,648,394

Class A1 (EUR) 491,248 58,724 19,966 132,898 1,605,445

Class A1 (EUR) Hedged 7,000 — — — 3,188,507

Class A1 (GBP) 6,000 8,155 — 357,023 1,641,308

Class A2 (USD) 34,705 — — — 17,911,228

Class B1 (USD) 105,886 1,715,098 35,033 — 2,439,793

Class B2 (USD) 163,998 — — — 7,685,385

Class C1 (USD) 394,092 680,289 62,808 — 4,705,856

Class C2 (USD) 42,741 — — — 10,171,083

Class I1 (USD) 1,000 29,340 2,193 — 2,551,468

Class I1 (EUR) 7,036 — 1,756 — —

Class I1 (EUR) Hedged 700 — — — 585,431

Class I1 (GBP) 785 704 — 107,068 17,385

Class S1 (USD) — 1,008,765 — — 1,478,282

Class W1 (GBP) — — — 6,250 8,030

Class W1 (USD) 10,000 — — — 1,529,245

Class Z1 (USD) — — 1,338,222 — 1,096,013

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2012 1,489,424 6,590,462 1,598,369 1,382,118 88,262,853


Class A1 (USD) 390,499 2,406,251 38,650 806,049 49,076,343

Class A1 (EUR) 384,001 34,559 25,366 151,236 3,599,661

Class A1 (EUR) Hedged 7,000 — — — 6,162,962

Class A1 (GBP) — 11,699 — 307,554 1,628,104

Class A2 (USD) 33,664 — — — 31,202,539

Class B1 (USD) 86,446 1,295,610 106,012 — 2,764,117

Class B2 (USD) 82,403 — — — 9,003,941

Class C1 (USD) 427,135 651,921 87,800 — 11,153,208

Class C2 (USD) 128,548 — — — 19,512,265

Class I1 (USD) 5,234 89,284 9,513 — 4,532,685

Class I1 (EUR) 2,099 — 6,319 — —

Class I1 (EUR) Hedged 700 — — — 1,630,755

Class I1 (GBP) 1,168 1,004 — 461 4,659

Class I2 (GBP) — — — — 646

Class S1 (USD) — 602,580 — — 1,325,412

Class W1 (GBP) — — — 6,250 16,062

Class W1 (USD) 10,000 10,000 — — 5,354,479

Class W2 (GBP) — — — — 6,462

Class W2 (USD) — — — — 1,100,380

Class Z1 (USD) — — 1,766,127 — 1,309,282





STATISTICAL INFORMATION – (continued)

AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

NET ASSET VALUE PER SHARE CLASS A1 (USD)

31 January 2011 13.02 23.15 9.75 13.08 27.09

31 January 2012 14.01 22.21 8.93 11.93 29.46

31 January 2013 14.26 24.33 10.02 14.82 33.72

NET ASSET VALUE PER SHARE CLASS A1 (EUR)

31 January 2011 15.29 15.19 10.66 11.20 13.34

31 January 2012 17.37 15.29 10.24 10.71 15.22

31 January 2013 17.02 16.13 11.06 12.81 16.77

NET ASSET VALUE PER SHARE CLASS A1 (EUR) HEDGED

31 January 2012 10.01 — — — 10.92

31 January 2013 10.12 — — — 12.45

NET ASSET VALUE PER SHARE CLASS A1 (GBP)

31 January 2011 — 9.14 — 6.63 6.23

31 January 2012 — 8.97 — 6.14 6.94

31 January 2013 —(a) 9.73 — 7.57 7.87


31 January 2011 10.90 — — — 16.88

31 January 2012 11.57 — — — 17.50

31 January 2013 11.65 — — — 19.17

NET ASSET VALUE PER SHARE CLASS B1 (USD)

31 January 2011 12.34 21.32 9.66 — 25.08

31 January 2012 13.23 20.31 8.78 — 27.00

31 January 2013 13.34 22.08 9.77 — 30.61


31 January 2011 10.95 — — — 16.90

31 January 2012 11.62 — — — 17.52

31 January 2013 11.70 — — — 19.19

NET ASSET VALUE PER SHARE CLASS C1 (USD)

31 January 2011 12.37 21.15 9.66 — 24.72

31 January 2012 13.26 20.14 8.78 — 26.62

31 January 2013 13.36 21.90 9.77 — 30.17


31 January 2011 10.92 — — — 16.90

31 January 2012 11.58 — — — 17.52

31 January 2013 11.65 — — — 19.18

NET ASSET VALUE PER SHARE CLASS I1 (USD)

31 January 2011 — 187.77 98.76 — 159.20

31 January 2012 99.95 182.09 91.35 — 174.27

31 January 2013 102.47 201.53 103.39 — 200.78

NET ASSET VALUE PER SHARE CLASS I1 (EUR)

31 January 2011 117.76 — 107.99 — —

31 January 2012 134.73 — 104.80 — —

31 January 2013 132.97 — 114.18 — —





AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

NET ASSET VALUE PER SHARE CLASS I1 (EUR) HEDGED

31 January 2012 100.45 — — — 109.58

31 January 2013 102.37 — — — 125.40

NET ASSET VALUE PER SHARE CLASS I1 (GBP)

31 January 2011 119.65 186.47 — 139.22 125.80

31 January 2012 132.86 184.96 — 130.31 140.85

31 January 2013 134.99 202.81 — 162.65 160.77


31 January 2013 — — — — 102.61(d)

NET ASSET VALUE PER SHARE CLASS S1 (USD)

31 January 2011 — 25.27 — — 22.81

31 January 2012 — 24.50 — — 24.94

31 January 2013 — 27.12 — — 28.71

NET ASSET VALUE PER SHARE CLASS W1 (GBP)

31 January 2012 — — — 9.19 11.20

31 January 2013 — — — 11.43 12.76

NET ASSET VALUE PER SHARE CLASS W1 (USD)

31 January 2011 — — — — 11.10

31 January 2012 9.99 — — — 12.13

31 January 2013 10.23 11.87(c) — — 13.96


31 January 2013 — — — — 10.25(d)


31 January 2013 — — — — 10.27(d)

NET ASSET VALUE PER SHARE CLASS Z1 (USD)

31 January 2011 — — 99.83 — 141.27

31 January 2012 — — 93.27 — 155.88

31 January 2013 — — 106.62 — 181.04





AbsoluteReturnFund

$

AsiaPacific

Ex-JapanFund

$

ChinaEquityFund

$

ContinentalEuropean

EquityFund

€

EmergingMarkets

DebtFund

$

EXPENSE RATIOS (UNAUDITED) (NOTE 4)For the year ended 31 January 2013:

Expense Ratio Class A1 (USD) 1.50% 2.05% 2.16% 2.05% 1.52%

Expense Ratio Class A1 (EUR) 1.50% 2.05% 2.17% 2.05% 1.52%

Expense Ratio Class A1 (EUR) Hedged 1.50% — — — 1.53%

Expense Ratio Class A1 (GBP) — 2.05% — 2.05% 1.52%

Expense Ratio Class A2 (USD) 1.50% — — — 1.52%

Expense Ratio Class B1 (USD) 2.50% 2.80% 2.93% — 2.52%

Expense Ratio Class B2 (USD) 2.50% — — — 2.52%

Expense Ratio Class C1 (USD) 2.50% 2.80% 2.92% — 2.52%

Expense Ratio Class C2 (USD) 2.50% — — — 2.52%

Expense Ratio Class I1 (USD) 0.80% 1.00% 1.23% — 0.88%

Expense Ratio Class I1 (EUR) 0.80% — 1.24% — —

Expense Ratio Class I1 (EUR) Hedged 0.80% — — — 0.88%

Expense Ratio Class I1 (GBP) 0.80% 1.00% — 1.00% 0.87%

Expense Ratio Class I2 (GBP) — — — — 0.88%(g)

Expense Ratio Class S1 (USD) — 1.00% — — 0.98%

Expense Ratio Class W1 (GBP) — — — 1.20% 1.02%

Expense Ratio Class W1 (USD) 0.90% 1.20%(g) — — 1.03%

Expense Ratio Class W2 (GBP) — — — — 1.04%(g)

Expense Ratio Class W2 (USD) — — — — 1.04%(g)

Expense Ratio Class Z1 (USD) — — 0.23% — 0.08%

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 (6)% 31% 29% (12)% 18%


EmergingMarkets

Debt LocalCurrency

Fund$


$


Fund€

EuropeanCore

EquityFund

€

EuropeanResearch

Fund€

NET ASSET VALUE

31 January 2011 115,776,063 122,046,269 — 11,711,187 506,183,942

31 January 2012 165,473,442 103,373,063 1,818,253 9,548,562 514,010,239

31 January 2013 178,517,552 174,022,758 2,312,935 14,152,608 598,774,307





EmergingMarkets

Debt LocalCurrency

Fund$


$


Fund€

EuropeanCore

EquityFund

€

EuropeanResearch

Fund€


Class A1 (USD) 5,208,057 5,051,675 42,086 65,669 5,617,835

Class A1 (EUR) 95,737 75,343 7,000 427,072 10,388,567

Class A1 (GBP) 22,101 — 6,000 — 118,648

Class A2 (USD) 2,887,277 — — — —

Class B1 (USD) 363,231 795,214 10,000 49,777 836,147

Class B2 (USD) 393,225 — — — —

Class C1 (USD) 1,547,005 1,530,371 — — —

Class C2 (USD) 1,709,326 — — — —

Class I1 (USD) 11,032 4,799 — — 673,533

Class I1 (EUR) — 1,165 10,400 1,825 1,607,961

Class I1 (GBP) — 9,377 600 600 4,564

Class S1 (USD) — 485,274 — — —

Class W1 (GBP) — 6,250 — 36,230 6,250

Class W1 (USD) 116,367 — — — —

Class Z1 (EUR) — — — — 1,000

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2012 12,353,358 7,959,468 76,086 581,173 19,254,505


Class A1 (USD) 5,195,237 4,609,815 42,086 91,530 4,459,617

Class A1 (EUR) 631,747 22,575 12,255 423,876 10,067,175

Class A1 (GBP) 17,418 — — — 77,380

Class A2 (USD) 2,388,850 — — — —

Class B1 (USD) 238,843 723,641 10,000 46,376 653,569

Class B2 (USD) 293,234 — — — —

Class C1 (USD) 1,560,999 1,798,187 — — —

Class C2 (USD) 1,641,764 — — — —

Class I1 (USD) 12,985 3,111 — — 556,052

Class I1 (EUR) — 74,290 10,400 12,657 1,752,335

Class I1 (GBP) — 21,565 1,175 600 7,536

Class S1 (USD) — 313,844 — — —

Class W1 (GBP) — 6,250 6,340 63,076 8,450

Class W1 (USD) 167,710 — — — —

Class W2 (USD) 15,391 — — — —

Class Z1 (EUR) — 385,020 — — 1,000

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2013 12,164,178 7,958,298 82,256 638,115 17,583,114


31 January 2011 13.53 13.77 — 14.37 15.78

31 January 2012 14.03 12.69 10.22 13.49 14.52

31 January 2013 15.27 13.56 12.52 17.25 17.98


31 January 2011 13.39 12.86 — 18.17 19.80

31 January 2012 14.56 12.43 11.27 17.90 19.10

31 January 2013 15.24 12.78 13.29 22.04 22.77





EmergingMarkets

Debt LocalCurrency

Fund$


$


Fund€

EuropeanCore

EquityFund

€

EuropeanResearch

Fund€


31 January 2011 11.16 — — — 6.70

31 January 2012 11.83 — — — 6.26

31 January 2013 12.75 — —(b) — 7.70


31 January 2011 12.34 — — — —

31 January 2012 12.26 — — — —

31 January 2013 12.72 — — — —


31 January 2011 13.30 13.32 — 13.80 14.51

31 January 2012 13.65 12.19 10.18 12.86 13.25

31 January 2013 14.70 12.92 12.38 16.33 16.28


31 January 2011 12.33 — — — —

31 January 2012 12.25 — — — —

31 January 2013 12.71 — — — —


31 January 2011 13.29 13.31 — — —

31 January 2012 13.64 12.18 — — —

31 January 2013 14.70 12.91 — — —(b)


31 January 2011 12.34 — — — —

31 January 2012 12.25 — — — —

31 January 2013 12.71 — — — —


31 January 2011 137.46 144.45 — — 120.66

31 January 2012 143.50 134.47 — — 112.11

31 January 2013 157.24 145.10 — — 140.20


31 January 2011 — 134.98 — 133.62 118.12

31 January 2012 — 131.83 113.23 132.99 115.13

31 January 2013 — 136.91 134.97 165.48 138.60


31 January 2011 — 157.81 — — 138.54

31 January 2012 — 150.26 107.39 110.66 130.75

31 January 2013 — 160.62 132.09 142.08 162.41


31 January 2011 — 14.48 — — —

31 January 2012 — 13.51 — — —

31 January 2013 — 14.61 — — —


31 January 2012 — 9.41 — 9.49 9.29

31 January 2013 — 10.05 11.59(d) 12.16 11.51





EmergingMarkets

Debt LocalCurrency

Fund$


$


Fund€

EuropeanCore

EquityFund

€

EuropeanResearch

Fund€


31 January 2011 11.20 — — — —

31 January 2012 11.68 — — — —

31 January 2013 12.78 — — — —


31 January 2013 10.50(d) — — — —

NET ASSET VALUE PER SHARE CLASS Z1 (EUR)

31 January 2011 — — — — 89.31

31 January 2012 — — — — 87.79

31 January 2013 — 103.53(e) — — 106.59




Expense Ratio Class A1 (GBP) 1.75% — — — 1.96%

Expense Ratio Class A2 (USD) 1.75% — — — —

Expense Ratio Class B1 (USD) 2.75% 3.00% 2.90% 2.80% 2.71%

Expense Ratio Class B2 (USD) 2.75% — — — —

Expense Ratio Class C1 (USD) 2.75% 3.00% — — —

Expense Ratio Class C2 (USD) 2.75% — — — —

Expense Ratio Class I1 (USD) 1.05% 1.25% — — 0.97%

Expense Ratio Class I1 (EUR) — 1.25% 1.10% 1.00% 0.97%

Expense Ratio Class I1 (GBP) — 1.25% 1.10% 1.00% 0.97%

Expense Ratio Class S1 (USD) — 1.00% — — —

Expense Ratio Class W1 (GBP) — 1.40% 1.30%(g) 1.20% 1.20%

Expense Ratio Class W1 (USD) 1.15% — — — —

Expense Ratio Class W2 (USD) 1.15%(g) — — — —

Expense Ratio Class Z1 (EUR) — 0.24%(g) — — 0.12%

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 86% 6% 23% (14)% 6%





EuropeanSmaller

CompaniesFund

€

EuropeanValueFund

€

GlobalBondFund

$

GlobalConcentrated

Fund$

GlobalEnergyFund

$

NET ASSET VALUE

31 January 2011 15,653,335 629,678,571 22,592,093 101,864,894 18,679,574

31 January 2012 14,505,834 702,384,542 35,754,595 80,233,204 13,813,689

31 January 2013 245,359,073 1,054,262,692 44,115,152 224,611,114 9,828,959


Class A1 (USD) 141,826 1,125,702 404,920 1,634,720 380,396

Class A1 (EUR) 367,846 15,934,521 76,598 125,686 9,006

Class A1 (GBP) — 154,745 69,652 — 11,710

Class A2 (USD) — — 558,843 — —

Class B1 (USD) 141,282 434,753 338,104 962,629 57,277

Class B2 (USD) — — 236,850 — —

Class C1 (USD) — — 1,043,232 223,838 433,012

Class C2 (USD) — — 103,622 — —

Class I1 (USD) — — 10,000 7,087 654

Class I1 (EUR) 13,156 2,216,304 — 5,537 483

Class I1 (GBP) — 600 6,208 561 453

Class S1 (USD) — — — 562,197 —

Class W1 (GBP) — 10,888 6,250 — 6,250

Class W1 (USD) — 47,152 100,000 — 13,725

Class Z1 (EUR) — 668,591 — — —

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2012 664,110 20,593,256 2,954,279 3,522,255 912,966


Class A1 (USD) 412,503 5,403,696 650,599 1,864,287 222,363

Class A1 (EUR) 822,987 21,065,406 80,887 535,916 6,306

Class A1 (GBP) — 285,917 69,652 — 7,668

Class A2 (USD) — — 685,582 — —

Class B1 (USD) 117,049 535,990 229,205 811,425 58,894

Class B2 (USD) — — 268,534 — —

Class C1 (USD) — — 1,274,292 189,119 303,734

Class C2 (USD) — — 235,595 — —

Class I1 (USD) — — 13,447 234,213 1,292

Class I1 (EUR) 1,086,287 2,432,917 — 422,131 483

Class I1 (GBP) — 600 6,208 561 453

Class S1 (USD) — — — 472,959 —

Class W1 (GBP) — 35,262 6,250 6,340 6,250

Class W1 (USD) — 162,032 100,000 — 13,725

Class W2 (USD) — — 10,114 — —

Class Z1 (EUR) — 668,235 — — —

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2013 2,438,826 30,590,055 3,630,365 4,536,951 621,168


31 January 2011 16.05 13.89 10.51 23.64 15.99

31 January 2012 15.64 13.44 11.38 22.84 14.88

31 January 2013 20.36 16.57 11.62 28.37 15.36





EuropeanSmaller

CompaniesFund

€

EuropeanValueFund

€

GlobalBondFund

$

GlobalConcentrated

Fund$

GlobalEnergyFund

$


31 January 2011 24.40 19.92 10.96 10.93 15.83

31 January 2012 24.94 20.21 12.45 11.07 15.46

31 January 2013 31.24 23.99 12.24 13.25 15.37


31 January 2011 — 16.72 10.23 — 14.54

31 January 2012 — 16.43 11.33 — 13.84

31 January 2013 — 20.12 11.46 — 14.16


31 January 2011 — — 10.25 — —

31 January 2012 — — 10.87 — —

31 January 2013 — — 10.89 — —


31 January 2011 15.39 13.33 10.39 21.54 15.79

31 January 2012 14.89 12.80 11.14 20.64 14.59

31 January 2013 19.23 15.66 11.25 25.45 14.95


31 January 2011 — — 10.24 — —

31 January 2012 — — 10.86 — —

31 January 2013 — — 10.88 — —


31 January 2011 — — 10.40 21.29 15.79

31 January 2012 — — 11.15 20.41 14.59

31 January 2013 — — 11.27 25.16 14.95


31 January 2012 — — 10.54 — —

31 January 2013 — — 10.56 — —


31 January 2011 — — 105.92 133.77 163.63

31 January 2012 — — 115.46 130.52 153.93

31 January 2013 — — 118.69 163.83 160.56


31 January 2011 149.10 129.30 — 116.31 161.78

31 January 2012 154.00 132.43 — 119.06 159.64

31 January 2013 194.98 158.78 — 143.87 160.30


31 January 2011 — — 102.30 — 146.70

31 January 2012 — 106.99 114.05 116.65 141.13

31 January 2013 — 132.36 116.16 145.07 145.85


31 January 2011 — — — 26.88 —

31 January 2012 — — — 26.24 —

31 January 2013 — — — 32.98 —





EuropeanSmaller

CompaniesFund

€

EuropeanValueFund

€

GlobalBondFund

$

GlobalConcentrated

Fund$

GlobalEnergyFund

$


31 January 2012 — 9.79 11.14 — 9.48

31 January 2013 — 12.08 11.33 11.50(d) 9.78


31 January 2011 — 11.72 10.58 — 12.96

31 January 2012 — 11.42 11.52 — 12.17

31 January 2013 — 14.19 11.83 — 12.67


31 January 2013 — — 10.12(d) — —

NET ASSET VALUE PER SHARE CLASS Z1 (EUR)

31 January 2011 — 97.51 — — —

31 January 2012 — 100.77 — — —

31 January 2013 — 121.86 — — —




Expense Ratio Class A1 (GBP) — 1.94% 1.50% — 2.05%

Expense Ratio Class A2 (USD) — — 1.50% — —


Expense Ratio Class B2 (USD) — — 2.50% — —

Expense Ratio Class C1 (USD) — — 2.50% 2.90% 2.80%

Expense Ratio Class C2 (USD) — — 2.50% — —

Expense Ratio Class I1 (USD) — — 0.80% 1.10% 1.00%

Expense Ratio Class I1 (EUR) 1.00% 0.94% — 1.10% 1.00%

Expense Ratio Class I1 (GBP) — 0.94% 0.80% 1.10% 1.00%

Expense Ratio Class S1 (USD) — — — 1.00% —

Expense Ratio Class W1 (GBP) — 1.20% 0.90% 1.30%(g) 1.20%

Expense Ratio Class W1 (USD) — 1.19% 0.90% — 1.20%

Expense Ratio Class W2 (USD) — — 0.90%(g) — —

Expense Ratio Class Z1 (EUR) — 0.09% — — —

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 (104)% (51)% 130% (15)% 20%





GlobalEquityFund

$

GlobalMulti-Asset

Fund$

GlobalResearch

Fund$

GlobalTotal Return

Fund$

HighYieldFund

$

NET ASSET VALUE

31 January 2011 915,984,671 345,425,230 526,332,438 1,104,802,526 650,549,635

31 January 2012 1,363,371,052 198,760,660 451,246,768 1,036,427,460 669,842,987

31 January 2013 2,284,798,600 155,458,010 416,391,833 1,240,702,763 955,201,798


Class A1 (USD) 8,957,337 3,726,897 16,124,845 20,774,287 7,242,000

Class A1 (EUR) 2,514,809 7,000 25,746 301,812 409,992

Class A1 (GBP) 261,815 6,000 6,000 401,339 —

Class A2 (USD) — 2,431,285 — 2,218,077 24,341,488

Class A2 (EUR) — — — — 504,205

Class B1 (USD) 2,857,744 1,042,222 2,495,435 4,667,943 1,033,911

Class B2 (USD) — 5,185,060 — 6,100,400 17,886,428

Class C1 (USD) 1,073,562 1,436,856 1,264,400 6,999,640 4,050,188

Class C2 (USD) — 1,902,803 — 3,637,069 12,701,306

Class I1 (USD) 1,046,340 9,384 269,945 54,368 427,585

Class I1 (EUR) 2,413,777 700 700 — —

Class I1 (GBP) 1,570,460 600 600 626 —

Class S1 (USD) 904,456 1,884,384 1,712,920 2,896,572 1,506,397

Class W1 (GBP) 28,101 — — — —

Class W1 (USD) 173,621 408,374 90,632 811,327 272,948



Class A1 (USD) 9,689,966 2,602,420 12,935,529 21,387,987 9,271,037

Class A1 (EUR) 4,468,990 7,000 19,559 1,647,012 969,243

Class A1 (GBP) 328,538 — — 312,452 —

Class A2 (USD) — 1,783,624 — 2,714,220 39,843,091

Class A2 (EUR) — — — — 365,883

Class B1 (USD) 2,561,216 724,927 1,888,320 3,910,940 1,139,530

Class B2 (USD) — 3,701,164 — 5,150,101 19,230,168

Class C1 (USD) 1,626,594 1,177,488 1,021,563 9,525,944 6,123,089

Class C2 (USD) — 1,279,338 — 5,015,766 22,089,163

Class I1 (USD) 2,012,657 8,876 293,181 41,042 147,298

Class I1 (EUR) 4,391,924 700 700 — —

Class I1 (GBP) 1,428,951 600 600 776 —

Class S1 (USD) 706,749 1,633,930 1,289,657 2,297,049 1,595,103

Class W1 (GBP) 91,541 — — — —

Class W1 (USD) 260,099 272,960 86,295 1,696,310 365,313

Class W2 (USD) — — — 51,874 81,252



31 January 2011 30.68 15.12 20.39 22.25 20.25

31 January 2012 30.30 15.06 19.35 22.75 21.06

31 January 2013 37.06 16.06 21.86 25.30 23.67





GlobalEquityFund

$

GlobalMulti-Asset

Fund$

GlobalResearch

Fund$

GlobalTotal Return

Fund$

HighYieldFund

$


31 January 2011 14.21 — 10.83 11.18 —

31 January 2012 14.72 11.03 10.79 12.00 11.73

31 January 2013 17.33 11.32 11.74 12.84 12.68


31 January 2011 7.10 — — 6.66 —

31 January 2012 7.18 — — 6.96 —

31 January 2013 8.70 —(a) —(a) 7.67 —


31 January 2011 — 8.76 — 19.27 6.15

31 January 2012 — 8.48 — 19.45 6.00

31 January 2013 — 8.99 — 21.39 6.34


31 January 2012 — — — — 11.35

31 January 2013 — — — — 11.56


31 January 2011 27.86 13.67 18.64 20.50 18.28

31 January 2012 27.31 13.49 17.56 20.80 18.82

31 January 2013 33.15 14.28 19.69 22.96 20.94


31 January 2011 — 8.74 — 19.16 6.20

31 January 2012 — 8.46 — 19.32 6.05

31 January 2013 — 8.95 — 21.24 6.40


31 January 2011 27.66 13.56 18.43 20.35 17.90

31 January 2012 27.11 13.38 17.36 20.65 18.43

31 January 2013 32.90 14.16 19.47 22.79 20.51


31 January 2011 — 8.73 — 18.97 6.22

31 January 2012 — 8.44 — 19.14 6.06

31 January 2013 — 8.94 — 21.04 6.42


31 January 2011 139.45 135.59 134.21 136.39 136.03

31 January 2012 139.11 136.19 128.86 140.84 142.78

31 January 2013 171.79 146.79 147.05 158.17 161.52


31 January 2011 121.01 — — — —

31 January 2012 126.63 110.80 120.71 — —

31 January 2013 150.53 114.95 132.60 — —


31 January 2011 140.80 — — 132.99 —

31 January 2012 143.65 105.25 114.67 140.46 —

31 January 2013 175.76 112.38 129.64 156.28 —





GlobalEquityFund

$

GlobalMulti-Asset

Fund$

GlobalResearch

Fund$

GlobalTotal Return

Fund$

HighYieldFund

$


31 January 2011 34.75 11.98 22.45 21.80 8.91

31 January 2012 34.65 12.02 21.53 22.51 9.31

31 January 2013 42.76 12.95 24.56 25.27 10.52


31 January 2012 10.05 — — — —

31 January 2013 12.27 — — — —


31 January 2011 12.07 10.93 12.30 11.21 11.56

31 January 2012 12.01 10.96 11.77 11.55 12.09

31 January 2013 14.80 11.79 13.41 12.94 13.66


31 January 2013 — — — 10.58(d) 10.31(d)




Expense Ratio Class A1 (GBP) 1.92% — — 1.95% —

Expense Ratio Class A2 (USD) — 2.05% — 1.95% 1.43%

Expense Ratio Class A2 (EUR) — — — — 1.43%


Expense Ratio Class B2 (USD) — 2.80% — 2.70% 2.43%

Expense Ratio Class C1 (USD) 2.67% 2.80% 2.75% 2.70% 2.43%

Expense Ratio Class C2 (USD) — 2.80% — 2.70% 2.43%

Expense Ratio Class I1 (USD) 0.93% 1.00% 1.00% 0.96% 0.78%

Expense Ratio Class I1 (EUR) 0.93% 1.00% 1.00% — —

Expense Ratio Class I1 (GBP) 0.93% 1.00% 1.00% 0.96% —

Expense Ratio Class S1 (USD) 1.00% 1.00% 1.00% 1.00% 0.89%

Expense Ratio Class W1 (GBP) 1.17% — — — —

Expense Ratio Class W1 (USD) 1.17% 1.20% 1.20% 1.20% 0.90%

Expense Ratio Class W2 (USD) — — — 1.20%(g) 0.90%(g)

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 (29)% 70% 64% 10% (19)%





Inflation-Adjusted

BondFund

$

JapanEquityFund

$

LatinAmerican

EquityFund

$

LimitedMaturity

Fund$

PrudentWealthFund

$

NET ASSET VALUE

31 January 2011 206,732,437 10,804,624 174,581,299 919,788,190 28,869,845

31 January 2012 312,298,049 7,593,781 190,055,365 781,210,179 95,876,635

31 January 2013 366,282,017 5,133,308 264,887,381 1,038,878,881 162,774,832


Class A1 (USD) 9,387,031 880,599 5,700,275 30,114,758 2,238,173

Class A1 (EUR) — 11,232 31,302 — 217,388

Class A1 (GBP) — — 6,250 — 6,250

Class A2 (USD) 2,736,608 — — 14,573,765 —

Class B1 (USD) 1,049,938 13,908 172,542 1,260,646 684,764

Class B2 (USD) 1,405,689 — — 2,527,979 —

Class C1 (USD) 5,060,854 34,826 628,818 7,174,828 2,125,230

Class C2 (USD) 2,459,023 — — 7,694,075 —

Class I1 (USD) 10,904 1,267 213,165 57,665 270,680

Class I1 (EUR) — 929 400 — 730

Class I1 (GBP) — 648 625 — 2,050

Class S1 (USD) 393,458 — — 2,100,126 —

Class W1 (GBP) — — — — 390,848

Class W1 (USD) 225,564 — 79,147 960,685 22,680

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2012 22,729,069 943,409 6,832,524 66,464,527 5,958,793


Class A1 (USD) 11,060,329 488,581 4,782,724 42,753,799 6,528,076

Class A1 (EUR) — 11,232 171,021 — 140,701

Class A1 (GBP) — — — — 15,855

Class A2 (USD) 3,475,267 — — 16,402,582 —

Class B1 (USD) 1,024,899 13,831 137,954 1,275,870 655,349

Class B2 (USD) 1,312,103 — — 1,861,350 —

Class C1 (USD) 5,274,907 22,912 702,366 7,198,073 4,363,076

Class C2 (USD) 3,246,887 — — 7,367,957 —

Class I1 (USD) 4,993 4,222 461,885 320,190 32,091

Class I1 (EUR) — 929 47,138 — 2,920

Class I1 (GBP) — 648 625 — 32,321

Class S1 (USD) 371,960 — — 1,939,527 —

Class W1 (GBP) — — 6,340 — 400,308

Class W1 (USD) 545,636 — 151,977 2,942,983 86,747

Class W2 (USD) 22,395 — — 975,497 —

TOTAL SHARES OUTSTANDING AT 31 JANUARY 2013 26,339,376 542,355 6,462,030 83,037,828 12,257,444


31 January 2011 12.95 8.15 23.50 13.59 10.95

31 January 2012 14.83 7.72 21.64 13.75 11.12

31 January 2013 15.20 8.40 23.24 14.02 12.48





Inflation-Adjusted

BondFund

$

JapanEquityFund

$

LatinAmerican

EquityFund

$

LimitedMaturity

Fund$

PrudentWealthFund

$


31 January 2011 — 8.12 23.24 — —

31 January 2012 — 8.09 22.45 — 10.60

31 January 2013 — 8.46 23.21 — 11.45


31 January 2012 — — — — 10.29

31 January 2013 — — —(b) — 11.44


31 January 2011 10.75 — — 9.06 —

31 January 2012 12.02 — — 8.95 —

31 January 2013 12.11 — — 8.96 —


31 January 2011 12.11 7.94 23.19 12.33 10.64

31 January 2012 13.73 7.48 21.19 12.35 10.72

31 January 2013 13.93 8.07 22.59 12.47 11.94


31 January 2011 10.73 — — 9.06 —

31 January 2012 12.00 — — 8.96 —

31 January 2013 12.09 — — 8.96 —


31 January 2011 12.09 7.94 23.18 12.22 10.63

31 January 2012 13.71 7.51 21.18 12.23 10.72

31 January 2013 13.91 8.10 22.58 12.36 11.93


31 January 2011 10.71 — — 9.06 —

31 January 2012 11.98 — — 8.96 —

31 January 2013 12.07 — — 8.96 —


31 January 2011 124.86 84.99 239.92 120.34 110.54

31 January 2012 144.05 81.55 223.06 122.53 113.45

31 January 2013 148.59 89.55 241.85 125.80 128.60


31 January 2011 — 84.67 237.23 — —

31 January 2012 — 85.22 231.38 — 107.02

31 January 2013 — 90.09 241.49 — 116.82


31 January 2011 — 103.41 — — —

31 January 2012 — 101.45 93.94 — 104.04

31 January 2013 — 110.38 100.90 — 116.84


31 January 2011 12.70 — — 11.56 —

31 January 2012 14.63 — — 11.76 —

31 January 2013 15.08 — — 12.06 —





Inflation-Adjusted

BondFund

$

JapanEquityFund

$

LatinAmerican

EquityFund

$

LimitedMaturity

Fund$

PrudentWealthFund

$


31 January 2012 — — — — 10.38

31 January 2013 — — 11.35(d) — 11.64


31 January 2011 10.41 — 12.94 10.26 —

31 January 2012 11.99 — 12.02 10.43 10.10

31 January 2013 12.35 — 13.01 10.69 11.43


31 January 2013 9.99(d) — — 9.99(d) —



Expense Ratio Class A1 (EUR) — 2.05% 2.19% — 2.15%

Expense Ratio Class A1 (GBP) — — — — 2.15%

Expense Ratio Class A2 (USD) 1.28% — — 1.24% —


Expense Ratio Class B2 (USD) 2.28% — — 2.24% —

Expense Ratio Class C1 (USD) 2.28% 2.80% 2.94% 2.24% 2.90%

Expense Ratio Class C2 (USD) 2.29% — — 2.24% —

Expense Ratio Class I1 (USD) 0.63% 1.00% 1.25% 0.60% 1.10%

Expense Ratio Class I1 (EUR) — 1.00% 1.25% — 1.10%

Expense Ratio Class I1 (GBP) — 1.00% 1.25% — 1.10%

Expense Ratio Class S1 (USD) 0.74% — — 0.70% —

Expense Ratio Class W1 (GBP) — — 1.40%(g) — 1.30%

Expense Ratio Class W1 (USD) 0.75% — 1.40% 0.75% 1.30%

Expense Ratio Class W2 (USD) 0.75%(g) — — 0.75%(g) —

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 (25)% 46% 0%(f) (40)% (109)%





ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$

NET ASSET VALUE

31 January 2011 272,135,481 41,711,604 290,676,299 437,006,172 652,202,389

31 January 2012 422,448,087 82,292,596 505,191,019 514,203,673 888,674,382

31 January 2013 738,334,771 192,600,968 506,391,010 491,180,320 940,353,326


Class A1 (USD) 16,883,229 489,154 28,244,854 19,811,639 31,530,163

Class A1 (EUR) Hedged — — — — 51,011

Class A1 (GBP) — 1,696,477 6,250 — 127,600

Class A2 (USD) 1,985,132 — — 3,499,749 —

Class B1 (USD) 712,878 — 9,018,431 1,450,002 6,730,070

Class B2 (USD) 1,090,458 — — 3,292,288 —

Class C1 (USD) 4,873,168 — 4,649,409 1,295,423 3,783,397

Class C2 (USD) 2,284,187 — — 1,739,517 —

Class I1 (USD) 91,212 — 51,440 114,923 1,146,857

Class I1 (EUR) — — — — 329,728

Class I1 (EUR) Hedged — — — — 730

Class I1 (GBP) — 549,066 2,086 — 161,188

Class S1 (USD) 1,145,269 — 6,515,551 1,929,085 5,099,357

Class W1 (GBP) — 9,334 — — 6,250

Class W1 (USD) 234,932 — 439,357 550,978 716,820



Class A1 (USD) 23,034,197 570,111 25,179,692 15,974,412 29,180,730

Class A1 (EUR) — — — 8,010 —

Class A1 (EUR) Hedged — — — — 72,094

Class A1 (GBP) — 4,248,960 — — 14,620

Class A2 (USD) 5,681,794 — — 3,979,295 —

Class B1 (USD) 729,699 — 7,898,947 1,249,952 5,605,366

Class B2 (USD) 1,419,117 — — 2,877,785 —

Class C1 (USD) 11,322,092 — 4,229,515 2,378,529 3,701,744

Class C2 (USD) 5,634,712 — — 2,613,043 —

Class I1 (USD) 327,730 — 39,481 239,149 942,462

Class I1 (EUR) — — — — 331,313

Class I1 (EUR) Hedged — — — — 890

Class I1 (GBP) — 1,001,525 2,086 — 134,744

Class I2 (GBP) — 66,716 — — —

Class S1 (USD) 1,187,745 — 5,151,670 1,722,118 4,272,795

Class W1 (GBP) — 89,234 6,340 — 15,225

Class W1 (USD) 710,046 — 347,961 534,139 1,142,649

Class W2 (GBP) — 6,356 — — —

Class W2 (USD) 30,852 — — 137,921 —






ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$


31 January 2011 14.33 12.47 9.99 15.49 14.02

31 January 2012 15.30 12.07 10.25 16.62 13.97

31 January 2013 15.95 14.40 11.77 16.74 16.38


31 January 2013 — — — 9.18(d) —

NET ASSET VALUE PER SHARE CLASS A1 (EUR) HEDGED

31 January 2012 — — — — 9.72

31 January 2013 — — — — 11.25


31 January 2011 — 6.08 — — —

31 January 2012 — 6.01 — — 10.09

31 January 2013 — 7.11 —(b) — 11.71


31 January 2011 10.01 — — 10.56 —

31 January 2012 10.35 — — 11.04 —

31 January 2013 10.53 — — 10.90 —


31 January 2011 13.16 — 9.30 14.00 13.10

31 January 2012 13.92 — 9.47 14.86 12.96

31 January 2013 14.36 — 10.80 14.82 15.08


31 January 2011 10.03 — — 10.59 —

31 January 2012 10.37 — — 11.06 —

31 January 2013 10.55 — — 10.92 —


31 January 2011 13.07 — 9.14 13.90 12.92

31 January 2012 13.82 — 9.31 14.76 12.78

31 January 2013 14.25 — 10.61 14.72 14.87


31 January 2011 10.02 — — 10.59 —

31 January 2012 10.36 — — 11.06 —

31 January 2013 10.54 — — 10.92 —


31 January 2011 129.46 — 122.27 132.10 120.52

31 January 2012 139.16 — 126.71 142.60 121.32

31 January 2013 145.93 — 146.99 144.56 143.61


31 January 2012 — — — — 107.45

31 January 2013 — — — — 122.44

NET ASSET VALUE PER SHARE CLASS I1 (EUR) HEDGED

31 January 2012 — — — — 98.44

31 January 2013 — — — — 115.32





ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$


31 January 2011 — 124.35 123.29 — 128.19

31 January 2012 — 124.30 130.69 — 131.99

31 January 2013 — 148.50 150.21 — 154.79


31 January 2013 — 110.53(d) — — —


31 January 2011 12.94 — 11.04 13.24 16.03

31 January 2012 13.90 — 11.45 14.27 16.13

31 January 2013 14.56 — 13.30 14.46 19.09


31 January 2012 — 9.84 — — 10.17

31 January 2013 — 11.74 10.91(d) — 11.89


31 January 2011 10.57 — 11.93 10.26 11.77

31 January 2012 11.35 — 12.34 11.06 11.82

31 January 2013 11.88 — 14.29 11.20 13.96


31 January 2013 — 11.03(d) — — —


31 January 2013 10.02(d) — — 9.87(d) —





ResearchBondFund

$

U.K.EquityFund

£

U.S.Concentrated

GrowthFund

$

U.S.Government

BondFund

$

U.S.ValueFund

$



Expense Ratio Class A1 (EUR) — — — 1.28%(g) —

Expense Ratio Class A1 (EUR) Hedged — — — — 2.05%

Expense Ratio Class A1 (GBP) — 2.01% — — 1.95%

Expense Ratio Class A2 (USD) 1.27% — — 1.25% —

Expense Ratio Class B1 (USD) 2.26% — 2.84% 2.25% 2.70%

Expense Ratio Class B2 (USD) 2.26% — — 2.25% —

Expense Ratio Class C1 (USD) 2.27% — 2.84% 2.26% 2.70%

Expense Ratio Class C2 (USD) 2.27% — — 2.26% —

Expense Ratio Class I1 (USD) 0.63% — 1.10% 0.62% 0.96%

Expense Ratio Class I1 (EUR) — — — — 0.96%

Expense Ratio Class I1 (EUR) Hedged — — — — 1.00%

Expense Ratio Class I1 (GBP) — 1.00% 1.10% — 0.96%

Expense Ratio Class I2 (GBP) — 1.00%(g) — — —

Expense Ratio Class S1 (USD) 0.72% — 1.00% 0.71% 1.00%

Expense Ratio Class W1 (GBP) — 1.20% 1.30%(g) — 1.20%

Expense Ratio Class W1 (USD) 0.75% — 1.30% 0.75% 1.20%

Expense Ratio Class W2 (GBP) — 1.20%(g) — — —

Expense Ratio Class W2 (USD) 0.75%(g) — — 0.75%(g) —

PORTFOLIO TURNOVER (UNAUDITED)For the year ended 31 January 2013 119% (3)% 49% 115% (11)%

(a) The class was closed on 9 August 2012.(b) The class was closed on 5 December 2012.(c) The class commenced operations on 23 May 2012.(d) The class commenced operations on 24 August 2012.(e) The class commenced operations on 29 November 2012.(f) Less than 0.5%.(g) Annualized.



NOTES TO FINANCIAL STATEMENTS at 31 January 2013

Note 1: The Fund

MFS Meridian Funds (the “fund”), was incorporated in and under the laws of the Grand-Duchy of Luxembourg as an open-ended investment company(“Société d’Investissement a Capital Variable” or SICAV) on 4 February 1992, comprising separate sub-funds each of which relates to a separate portfolio ofsecurities with specific investment objectives. The fund is currently authorized under Part I of the Luxembourg Law of 17 December 2010. As of 31 January2013, the fund offered shares in 30 sub-funds. Each sub-fund offers various share classes with each available class described in a separate KIID. Share classesavailable for each sub-fund as of 31 January 2013 can be found under “Statistical Information” in this report.

Note 2: Summary of Significant Accounting Policies

The financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. Areconciliation of the impact on net investment income for those impacted sub-funds arising from accounting differences between Luxembourg legal andregulatory requirements for investment funds and Generally Accepted Accounting Principles (“GAAP”) used in the United States is provided in Note 15.

A) Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in Luxembourg requiresmanagement to make estimates and assumptions that affect the reported amount of assets and liabilities and the reported amounts of income andexpenses during the reporting period. Actual results may differ from those estimates.

B) Financial Instrument Valuations – Equity securities are generally valued at the last sale or official closing price as provided by a third-party pricingservice on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generallyvalued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarilytraded.

Debt instruments and floating rate loans (other than short-term instruments) are generally valued at an evaluated or composite bid as provided by athird-party pricing service.

Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on whichthey are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation asprovided by a third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generallyvalued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service.

Futures contracts are generally valued at the last posted settlement price as provided by a third-party pricing service on the market on which they areprimarily traded. Futures contracts, for which there were no trades that day for a particular position, are generally valued at the closing bid quotation asprovided by a third-party pricing service on the market on which such futures contracts are primarily traded.

Swaps are generally valued at valuations provided by a third-party pricing service.

Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from ratesprovided by a third-party pricing service for proximate time periods.

Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value.

Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bidquotation.

Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity,type of issue, trading characteristics, and other market data. The values of securities and other assets and liabilities expressed in non-base currencies areconverted to the base currency of the sub-fund based upon exchange rates provided by a third-party source.

The Board of Directors has delegated primary responsibility for determining or causing to be determined the value of the sub-fund’s investments (includingany fair valuation) to the investment manager pursuant to valuation policies and procedures approved by the Board. If the investment managerdetermines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the investmentmanager in accordance with such procedures under the oversight of the Board of Directors.

Under the fund’s valuation policies and procedures, investments may be valued at fair value if the investment manager determines that an investment’svalue has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such asforeign exchange or market) and prior to the determination of the sub-fund’s net asset value, or after the halting of trading of a specific security wheretrading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basisafter markets close (such as developments in foreign markets) and prior to the determination of the sub-fund’s net asset value may be deemed to have amaterial effect on the value of securities traded in these markets. Accordingly, the fund’s non-U.S. (“foreign”) equity securities may often be valued at fairvalue. The investment manager may rely on third-party pricing services or other information (such as the correlation with price movements of similarsecurities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; andtrading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment forpurposes of calculating the sub-fund’s net asset value can differ depending on the source and method used to determine the value. When fair valuation isused, the value of an investment used to determine the sub-fund’s net asset value may differ from quoted or published prices for the same investment.There can be no assurance that the sub-fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time atwhich the sub-fund determines its net asset value per share.

C) Dividends and Interest – Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recordedwhen the sub-fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest paymentsreceived in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.



Interest income is recorded on the accrual basis. Each sub-fund accretes discounts on debt securities as adjustments to interest income.

The sub-funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in theStatements of Operations and Changes in Net Assets in realized gain (loss) on investments, derivatives, and currency transactions if the security has beendisposed of by the sub-fund or in net change in unrealized gain (loss) on investments, derivatives, and currency translation if the security is still held by thesub-fund. Any other proceeds from litigation not related to portfolio holdings are recorded as net realized gain, in the Statements of Operations andChanges in Net Assets.

D) Foreign Currency Translation – Purchases and sales of foreign investments, income, and expenses initially expressed in foreign currencies are convertedeach business day into each sub-fund’s base currency based upon currency exchange rates prevailing on the respective dates of such transactions or onthe reporting date for foreign denominated receivables and payables. The base currency for the Continental European Equity Fund, EuropeanConcentrated Fund, European Core Equity Fund, European Research Fund, European Smaller Companies Fund, and European Value Fund is EUR. The basecurrency for the U.K. Equity Fund is GBP. The base currency for all the remaining sub-funds is USD. Gains and losses attributable to foreign currencyexchange rates on sales of securities and foreign exchange rate movements on receivables, payables, income, and expenses are recorded for financialstatement purposes as net realized gain (loss) on investments, derivatives, and currency transactions. The portion of both realized and unrealized gainsand losses on investments that results from fluctuations in currency exchange rates is not separately disclosed.

E) Cost of Securities Sold – In determining the cost of securities sold, each sub-fund uses the identified cost basis.

F) Over-the-counter Derivative Collateral Requirements – Derivative counterparty credit risk is managed through formal evaluation of thecreditworthiness of all potential counterparties. On certain over-the-counter derivatives, the sub-fund attempts to reduce its exposure to counterpartycredit risk by entering into an International Swaps and Derivatives Association (“ISDA”) Master Agreement on a bilateral basis, at the sub-fund level, witheach of the counterparties with whom it undertakes a significant volume of transactions. The ISDA Master Agreement gives each party to the agreementthe right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDAMaster Agreement gives the sub-fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close outall transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Thisright to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the sub-fund’s creditrisk to such counterparty equal to any amounts payable by the sub-fund under the applicable transactions, if any. However, absent an event of default bythe counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported balance sheet assets andliabilities across transactions between the sub-fund and the applicable counterparty.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchangetraded derivatives (i.e., futures and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e.,forwards, swaps and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across alltransactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that hasbeen pledged to cover obligations of the sub-fund under derivative contracts will be reported separately in the Statements of Assets and Liabilities asrestricted cash. The Absolute Return Fund, Emerging Markets Debt Fund, Emerging Markets Debt Local Currency Fund, and High Yield Fund segregated$35,923, $5,510,000, $10,803, and $300,000, respectively, as cash collateral for open over-the-counter derivatives. Securities collateral pledged for thesame purpose is noted in the Schedules of Investments.

G) Forward Foreign Currency Exchange Contracts – Each sub-fund may enter into forward foreign currency exchange contracts for the purchase or saleof a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability ofcounterparties to meet the terms of their contracts and from unanticipated movements in the value of the contract. Certain sub-funds may enter intoforward foreign currency exchange contracts for efficient portfolio management. Certain sub-funds may enter into forward foreign currency exchangecontracts for investment purposes as well. For efficient portfolio management purposes, the sub-fund may enter into contracts to deliver or receive foreigncurrency it will receive from or require in its normal investment activities. The sub-fund may also use contracts in a manner intended to protect foreigncurrency denominated securities from declines in value due to unfavorable exchange rate movements. For investment purposes, certain sub-funds mayenter into contracts with the intent of changing the relative exposure of the sub-fund’s portfolio of securities to different currencies to take advantage ofanticipated changes. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains orlosses are recorded as unrealized until the contract settlement date. On contract settlement date, the gains or losses are recorded as realized gain (loss)on investments, derivatives, and currency transactions in the Statements of Operations and Changes in Net Assets. Collateral, in the form of cash orsecurities, may be required to be held in segregated accounts with the sub-fund’s depositary in connection with these agreements. Details of the forwardforeign currency exchange contracts outstanding are listed in Note 9.

H) Hedged Share Classes – Certain sub-funds offer classes with the aim to reduce exchange rate and return fluctuations between the applicable non-basecurrency hedged share class (“Hedged Share Classes”) and the unhedged base currency class of the relevant sub-fund. Massachusetts Financial ServicesCompany (“MFS”) will be responsible for engaging in hedging transactions for such Hedged Share Classes. The terms and conditions applicable to theHedged Share Classes are the same as those which apply for the same classes of shares offered in the base currency, the only difference being thehedging of the Hedged Share Class to the base currency of the sub-fund. MFS may execute such hedging transactions by using various hedgingtechniques and instruments, including forward foreign currency exchange contracts, foreign exchange swap contracts, currency futures, written calloptions and purchased put options. The gains/losses and expenses of the hedging process will be borne on a pro rata basis by the Hedged Share Classes.Given that there is no segregation of liabilities between share classes of the sub-funds, there is a risk that, under certain circumstances, currency hedgingtransactions in relation to one share class could result in liabilities which might affect the net asset value of the other share classes of the same sub-fund.Details of the class specific forward foreign currency exchange contracts outstanding are listed in Note 10.

I) Written Options – Each sub-fund may write call or put options in exchange for a premium. In a written option, the sub-fund as the option writer grantsthe buyer the right to purchase from, or sell to, the sub-fund a specified number of shares or units of a particular security, currency or index at a specified



price within a specified period of time. The premium is initially recorded as a liability, which is subsequently adjusted to the current value of the optioncontract. When a written option expires, the sub-fund realizes a gain equal to the amount of the premium received. The difference between the premiumand the amount paid on effecting a closing transaction is considered a realized gain or loss. When a written call option is exercised, the premium receivedis offset against the proceeds to determine the realized gain or loss. When a written put option is exercised, the premium reduces the cost basis of thesecurity purchased by the sub-fund. In general, written call options may serve as a partial hedge against decreases in value in the underlying securities tothe extent of the premium received. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the sub-fund’sdepositary in connection with these agreements.

At the initiation of the written option contract, for exchange traded options, the sub-fund is required to deposit securities or cash as collateral with thedepositary for the benefit of the broker. For over-the-counter options, the sub-fund may post collateral subject to the terms of an ISDA Master Agreementas generally described above if the market value of the options contract moves against it. The sub-fund, as writer of an option, may have no control overwhether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of thesecurities underlying the written option.

J) Purchased Options – Each sub-fund may purchase call or put options in exchange for a premium. Purchased options entitle the holder to buy or sell aspecified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time.Purchasing call options may be used to hedge against an anticipated increase in the cost of securities or currency to be acquired or to increase the sub-fund’s exposure to an underlying instrument. Purchasing put options may hedge against a decline in the value of portfolio securities or currency. Thepremium paid is initially recorded as an investment in the Schedules of Investments. That investment is subsequently marked-to-market daily with thedifference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiumspaid for purchased options which have expired are treated as net realized loss on investments in the Statements of Operations and Changes in Net Assets.Upon the exercise or closing of a purchased option, the premium paid is either added to the cost of the security or financial instrument in the case of acall option, or offset against the proceeds on the sale of the underlying security or financial instrument in the case of a put option, in order to determinethe net realized gain or loss on investments, derivatives, and currency transactions. Collateral, in the form of cash or securities, may be required to be heldin segregated accounts with the sub-fund’s depositary in connection with these agreements.

K) Swap Agreements – Certain sub-funds may enter into swap agreements. A swap is an exchange of cash payments between the sub-fund and anotherparty. Net cash payments are exchanged at specified intervals and the expected income or expense is recorded on the accrual basis. The swap is recordedat value and adjusted daily and the change in value is recorded as unrealized appreciation or depreciation in the Statements of Operations and Changesin Net Assets. Amounts paid or received at the inception of the swap are disclosed as premiums paid or received in Note 13 and are amortized using theeffective interest method over the term of the agreement. A liquidation payment received or made upon early termination is recorded as a realized gain orloss in the Statements of Operations and Changes of Net Assets. Collateral, in the form of cash or securities, may be required to be held in segregatedaccounts with the sub-fund’s depositary in connection with these agreements.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlyinginstrument and the failure of the counterparty to perform under the terms of the agreements. To address counterparty risk, swap transactions are limitedto only highly-rated counterparties and are further mitigated by having ISDA Master Agreements between the sub-fund and its counterparties providingfor collateral and netting as described above. Certain sub-funds may enter into swaps for efficient portfolio management. Certain sub-funds may enterinto swaps for investment purposes as well. For efficient portfolio management purposes, the sub-fund may use swaps to reduce its exposure to interestand foreign exchange rate fluctuations. For investment purposes, certain sub-funds may use swaps to take a position on anticipated changes in theunderlying financial index.

Interest Rate Swaps – Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, such as theexchange of fixed rate interest payments for floating rate interest payments, which are based on a specific financial index, or the exchange of two distinctfloating rate payments. The net receivable or payable associated with these payments is accrued daily and recorded as an unrealized gain or loss, and anypayments received or made are recorded as realized gain or loss, in the Statements of Operations and Changes in Net Assets. Details of the interest rateswaps outstanding are listed in Note 13.

Total Return Swaps – Total return swaps are agreements which involve commitments to pay interest in exchange for a market-linked return based on anotional amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rateobligation, the sub-funds will receive a payment from or make a payment to the counterparty, respectively. The sub-funds may enter into total returnswaps on a particular security, or a basket or index of securities, in order to gain exposure to the underlying security or securities. Details of the totalreturn swaps outstanding are listed in Note 13.

Credit Default Swaps – Credit default swaps are agreements to manage a sub-fund’s exposure to the market or certain sectors of the market, to reducea sub-fund’s credit risk exposure to defaults of corporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is nototherwise exposed. In a credit default swap, the protection buyer can make an upfront payment and will make a stream of payments based on a fixedpercentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of adefined credit event on the reference obligation (which may be either a single security or a basket of securities issued by corporate or sovereign issuers)and, with respect to the rare cases where physical settlement applies, the delivery by the buyer to the seller of a defined deliverable obligation. Althoughcontract-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration,obligation default, or repudiation/moratorium, each as defined in the 2003 ISDA Credit Derivatives Definitions as amended by the relevant contract.Restructuring is generally not applicable when the reference obligation is issued by a North American corporation and obligation acceleration, obligationdefault, or repudiation/moratorium are generally only applicable when the reference obligation is issued by a sovereign entity or an entity in an emergingcountry. Upon determination of the final price for the deliverable obligation (or upon delivery of the deliverable obligation in the case of physicalsettlement), the difference between the value of the deliverable obligation and the swap’s notional amount is recorded as realized gain or loss in the



Statements of Operations and Changes in Net Assets. As discussed earlier in this note, collateral requirements for these swaps are based generally on themarket value of the swap netted against collateral requirements for other types of over-the-counter derivatives traded under each counterparty’s ISDAMaster Agreement. Details of the credit default swaps outstanding are listed in Note 13.

L) Futures Contracts – Certain sub-funds may enter into futures contracts for the delayed delivery of securities or currency, or contracts based on financialindices at a fixed price on a future date. In entering such contracts, the sub-fund is required to deposit with the broker either in cash or securities anamount equal to a certain percentage of the contract amount, which subjects the sub-fund to counterparty risk with respect to such collateral. Subsequentpayments are made or received by the sub-fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financialstatement purposes as unrealized gains or losses by the sub-fund. Upon entering into such contracts, the sub-fund bears the risk of interest or exchangerates or securities’ prices moving unexpectedly, in which case, the sub-fund may not achieve the anticipated benefits of the futures contracts and mayrealize a loss. Details of the futures contracts outstanding, including collateral amounts posted by a sub-fund for such contracts, are listed in Note 12.

M) Combined Statements – The combined Statements of Assets and Liabilities, Operations and Changes in Net Assets are presented in EUR at theexchange rate at the year end 31 January 2013. The currency translation adjustment relates to the retranslation of the opening Net Asset Values at thisexchange rate. The currency exchange rates (USD to EUR) for 31 January 2013 and 31 January 2012 were 0.736485 and 0.764292, respectively. Thecurrency exchange rates (GBP to EUR) for 31 January 2013 and 31 January 2012 were 1.168065 and 1.204066, respectively.

N) Fee Credits – Each sub-fund’s depositary fee may be reduced according to an arrangement that measures the value of cash deposited with thedepositary by each sub-fund. During the year ended 31 January 2013, certain sub-fund’s depositary fees were reduced under this arrangement. Theseamounts are shown as a reduction of total expenses in the Statements of Operations and Changes in Net Assets for the applicable sub-funds.

O) Distributions – Each sub-fund distributes to shareholders of Income shares (A2, B2, C2, I2, and W2, if offered) substantially all of the net investmentincome attributable to such shares, whereas the income allocated to Roll-up shares (A1, B1, C1, I1, S1, W1, and Z1, if offered) of each sub-fund shall beincluded in the portion of the net assets corresponding to such shares.

P) Repurchase Agreements – Each sub-fund may enter into repurchase agreements. Each repurchase agreement is recorded at cost. For certainrepurchase agreements, collateral posted by the counterparty is held by the sub-funds’ depositary or its agent, while for others it is held with a third-partyagent. In the latter case, the sub-funds are exposed to additional counterparty risk with respect to such collateral due to the possibility of insolvency ofthe third-party agent. Under Luxembourg regulations, the sub-funds’ depositary has established procedures to monitor collateral held with suchthird-party agent on behalf of the sub-funds. Each sub-fund monitors, on a daily basis, the value of the collateral to ensure that its value, includingaccrued interest, is greater than amounts owed to each sub-fund under each such repurchase agreement. Each sub-fund and other funds managed byMFS, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements. Details of the repurchase agreementsincluding various counterparties and the collateral amounts relating to such agreements outstanding are listed in Note 11.

Q) Inflation-Adjusted Debt Securities – Certain sub-funds may invest in inflation-adjusted debt securities issued by the U.S. Treasury. Certain sub-fundsmay also invest in inflation-adjusted debt securities issued by U.S. Government agencies and instrumentalities other than the U.S. Treasury and by otherentities such as U.S. and foreign corporations and foreign governments. The principal value of these debt securities is adjusted through income accordingto changes in the Consumer Price Index or another general price or wage index. These debt securities typically pay a fixed rate of interest, but this fixedrate is applied to the inflation-adjusted principal amount. The principal paid at maturity of the debt security is typically equal to the inflation-adjustedprincipal amount, or the security’s original par value, whichever is greater. Other types of inflation-adjusted securities may use other methods to adjust forother measures of inflation.

R) Prudent Wealth Fund Redemption Fee – This sub-fund is entitled to levy a redemption fee of up to 2% at the discretion of the fund’s Directors. If aredemption fee is assessed for this sub-fund, it would apply only on the redemption of sub-fund shares after the implementation of such fee. Thisredemption fee would be for the benefit of the sub-fund, and shareholders will be notified in their applicable contract notes if such a fee has beencharged. Conversions out of the sub-fund may be considered a redemption for purposes of assessing this fee. This fee may be waived for certaintransactions (e.g., automated rebalancing, certain retirement plans, etc.). No redemption fee was assessed during the year.

Note 3: Securities Loaned

Goldman Sachs Agency Lending (“GSAL”), as lending agent, may loan the securities of certain sub-funds to certain qualified institutions (the “Borrowers”)approved by the fund. The loans are collateralized by high quality government debt in an amount typically at least equal to the market value of the securitiesloaned marked-to-market on a daily basis; such collateral is held at the sub-fund’s depositary. GSAL provides the applicable sub-fund with indemnificationagainst Borrower default, including failure to deliver to the sub-fund any applicable distributions with respect to securities on loan or to return to theapplicable sub-fund securities on loan in accordance with the lending agreement. On loans collateralized by high quality government debt, a fee is receivedfrom the Borrower, and is allocated between the fund and the lending agent. Net income from securities lending is separately reported in the Statements ofOperations and Changes in Net Assets. The dividend and interest income earned on the securities loaned is accounted for in the same manner as otherdividend and interest income as disclosed in Note 2. The market value of securities loaned and collateral outstanding at 31 January 2013 for the applicablesub-funds were as follows:

Sub-Fund

Market Value ofSecuritiesLoaned

Market Value ofCollateral

Asia Pacific Ex-Japan Fund $ 1,905,306 $ 2,007,797

Emerging Markets Equity Fund $ 1,611,402 $ 1,698,063

European Research Fund €4,811,493 €5,097,151



Sub-Fund

Market Value ofSecuritiesLoaned

Market Value ofCollateral

European Value Fund €8,367,804 €9,199,654

Global Equity Fund $ 5,713,301 $ 6,060,808

Global Research Fund $ 3,542,625 $ 3,745,895

Global Total Return Fund $ 3,246,993 $ 3,590,934

Prudent Wealth Fund $ 1,151,292 $ 1,296,837

Note 4: Related Party Transactions

A) Investment Management Fee – The fund has an investment management agreement with MFS to provide overall investment advisory services. Theinvestment management fee is computed daily and paid monthly at the following annual rates as of 31 January 2013 (except as noted) based on averagedaily net assets of each share class for the sub-funds below:

Sub-Fund Class A Class B Class C Class I Class S Class W

Absolute Return Fund 0.75% 0.75% 0.75% 0.65% — 0.75%

Asia Pacific Ex-Japan Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

China Equity Fund 1.15% 1.15% 1.15% 1.00% — —

Continental European Equity Fund 1.05% — — 0.85% — 1.05%

Emerging Markets Debt Fund 0.90% 0.90% 0.90% 0.80% 0.90% 0.90%

Emerging Markets Debt Local Currency Fund 0.90% 0.90% 0.90% 0.80% — 0.90%

Emerging Markets Equity Fund 1.15% 1.15% 1.15% 1.00% 1.15% 1.15%

European Concentrated Fund 1.15% 1.15% — 0.95% — 1.15%

European Core Equity Fund 1.05% 1.05% — 0.85% — 1.05%

European Research Fund 1.05% 1.05% — 0.85% — 1.05%

European Smaller Companies Fund 1.05% 1.05% — 0.85% — —

European Value Fund 1.05% 1.05% — 0.85% — 1.05%

Global Bond Fund 0.75% 0.75% 0.75% 0.65% — 0.75%

Global Concentrated Fund 1.15% 1.15% 1.15% 0.95% 1.15% 1.15%

Global Energy Fund 1.05% 1.05% 1.05% 0.85% — 1.05%

Global Equity Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

Global Multi-Asset Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

Global Research Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

Global Total Return Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

High Yield Fund 0.75% 0.75% 0.75% 0.65% 0.75% 0.75%

Inflation-Adjusted Bond Fund 0.60% 0.60% 0.60% 0.50% 0.60% 0.60%

Japan Equity Fund 1.05% 1.05% 1.05% 0.85% — —

Latin American Equity Fund 1.15% 1.15% 1.15% 1.00% — 1.15%

Limited Maturity Fund 0.60% 0.60% 0.60% 0.50% 0.60% 0.60%

Prudent Wealth Fund 1.15% 1.15% 1.15% 0.95% — 1.15%

Research Bond Fund 0.60% 0.60% 0.60% 0.50% 0.60% 0.60%

U.K. Equity Fund 1.05% — — 0.85% — 1.05%

U.S. Concentrated Growth Fund 1.15% 1.15% 1.15% 0.95% 1.15% 1.15%

U.S. Government Bond Fund 0.60% 0.60% 0.60% 0.50% 0.60% 0.60%

U.S. Value Fund 1.05% 1.05% 1.05% 0.85% 1.05% 1.05%

The investment management fee for Class Z shares will be administratively levied and will be paid directly to MFS International Ltd. (“MIL”), an affiliate ofMFS, in relation to investment management services provided by MFS to the fund, and the payment of such fee is not charged to or paid by the fund.



B) Administrative Services Fee – MFS provides certain financial, legal, risk management, shareholder communications, compliance, and otheradministrative support services to each sub-fund. Under the current agreement, the sub-funds pay the lesser of an annual fee approved by the fund’sBoard of Directors or the fund’s share of actual costs for administrative services provided by MFS during a calendar year. The approved annual fee isallocated such that each sub-fund pays a fixed fee of $10,000 (or currency equivalent) plus a fee at an annual rate based on average daily net assets over$20 million and up to $4 billion (or currency equivalent), equal to a rate which when applied to a sub-fund’s net assets and when added to the fixed fee,is reasonably calibrated to pay MFS its portion of the approved annual fee.

The administrative services fees incurred for the year ended 31 January 2013, for each sub-fund, were equivalent to the following annual effective rates ofeach sub-fund’s average daily net assets.

Sub-Fund

% ofAverage Daily

Net Assets Sub-Fund

% ofAverage Daily

Net Assets

Absolute Return Fund 0.0441% Global Equity Fund 0.0143%

Asia Pacific Ex-Japan Fund 0.0194% Global Multi-Asset Fund 0.0183%

China Equity Fund 0.0195% Global Research Fund 0.0157%

Continental European Equity Fund 0.0500% Global Total Return Fund 0.0146%

Emerging Markets Debt Fund 0.0132% High Yield Fund 0.0148%

Emerging Markets Debt Local Currency Fund 0.0189% Inflation-Adjusted Bond Fund 0.0160%

Emerging Markets Equity Fund 0.0207% Japan Equity Fund 0.0500%

European Concentrated Fund 0.0500% Latin American Equity Fund 0.0174%

European Core Equity Fund 0.0500% Limited Maturity Fund 0.0148%

European Research Fund 0.0150% Prudent Wealth Fund 0.0207%

European Smaller Companies Fund 0.0206% Research Bond Fund 0.0151%

European Value Fund 0.0146% U.K. Equity Fund 0.0176%

Global Bond Fund 0.0335% U.S. Concentrated Growth Fund 0.0155%

Global Concentrated Fund 0.0199% U.S. Government Bond Fund 0.0155%

Global Energy Fund 0.0500% U.S. Value Fund 0.0148%

MFS waives any portion of the administrative services fee in excess of 0.05% of average daily net assets. The reductions under this agreement areincluded in “Expenses reimbursed by related parties” in the Statements of Operations and Changes in Net Assets. This waiver will continue until15 February 2013. However, the administrative services fee forms part of each sub-fund’s “other expenses”, which are subject to an expense caparrangement as listed in Note 4E. The administrative services fee waiver for the year ended 31 January 2013, for the applicable sub-funds, were asfollows:

Sub-Fund Waiver

Continental European Equity Fund € 872

European Concentrated Fund €7,666

European Core Equity Fund €3,009

Global Energy Fund $ 4,463

Japan Equity Fund $ 8,182

C) Distribution and Service Fees – The fund has adopted a distribution plan, which provides that each sub-fund pays MIL an annual distribution and/orservice fee paid on a monthly basis. In the case of Class A shares, the sub-fund pays a distribution fee of 0.50% of average daily net assets of the shareclass for Absolute Return Fund, Emerging Markets Debt Fund, Emerging Markets Debt Local Currency Fund, Global Bond Fund, High Yield Fund, Inflation-Adjusted Bond Fund, Limited Maturity Fund, Research Bond Fund, and U.S. Government Bond Fund and 0.75% annually of its average daily net assets ofthe share class for each remaining sub-fund. In the case of Class B shares and Class C shares, each sub-fund pays a distribution fee of 1.00% of averagedaily net assets of the share class. In consideration for the distribution fees, MIL pays expenses on behalf of these sub-funds related to the marketing anddistribution of their shares, including a fee paid to financial intermediaries or institutions.

The service fee paid to MIL is established at the annual rate of 0.50% of average daily net assets attributable to the Class B and Class C shares of eachsub-fund.

Class A shares are subject to a front-end load of up to 6.00% of the net asset value of such shares. With respect to each sub-fund, certain largepurchases of Class A shares may be purchased without a front-end load, but may be subject to a back-end load up to 1.00% in the event of a shareredemption within 24 months following purchase. A back-end load up to a maximum of 4.00% is imposed on shareholder redemptions of Class B sharesin the event of a shareholder redemption within four years from the purchase. Class C shares are subject to a back-end load up to a maximum of 1.00%



in the event of a shareholder redemption within twelve months following the purchase. Front-end loads may be paid to MIL (all or a portion of which maybe paid as a commission by MIL to the applicable financial intermediary upon the sale of Class A shares) or may be deducted from the applicable purchaseamount directly by the financial intermediary upon the purchase of Class A shares. MIL receives all back-end loads, which are generally intended torecapture sales commissions paid by MIL to financial intermediaries upon the purchase of the applicable class.

D) Directors’ and Conducting Persons’ Fees – The fund pays no compensation directly to Directors or Conducting Persons who are Officers or employeesof the Investment Manager or its affiliates (other than fund related out of pocket expenses). As of the date of this report, all Conducting Persons andDirectors of the fund are Officers or Directors of MFS and its affiliates, except for Robert DeNormandie, a Conducting Person of the fund, whosecompensation is paid by the sub-funds. The fund also pays an annual fee to MDO Services S.A. to provide administrative support and infrastructure to thefunds and Conducting Persons in Luxembourg.

E) Expense Cap Arrangement – Each sub-fund has entered into an annual expense cap agreement whereby MFS has agreed in writing to pay each sub-fund’s operating expenses, exclusive of management, distribution and service fees, taxes (other than the Luxembourg Taxe d’abonnement, if applicable),currency conversion costs, if applicable, extraordinary expenses, brokerage and transaction costs and expenses associated with the sub-fund’s investingactivities, including interest, in excess of the following annual rates of average daily net assets of Class A, Class B, Class C, Class I, Class W, and Class Z.For Class S, each sub-fund has entered into an annual expense cap agreement whereby MFS has agreed in writing to pay each sub-fund’s total operatingexpenses, excluding taxes (other than the Luxembourg Taxe d’abonnement, if applicable), currency conversion costs, if applicable, extraordinary expenses,brokerage and transaction costs and expenses associated with the sub-funds investing activities, including interest, in excess of the following annual ratesof average daily net assets.

Sub-Fund Class A Class B Class C Class I Class S Class W Class Z

Absolute Return Fund 0.25% 0.25% 0.25% 0.15% — 0.15% —

Asia Pacific Ex-Japan Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

China Equity Fund 0.35% 0.35% 0.35% 0.25% — — 0.25%

Continental European Equity Fund 0.25% — — 0.15% — 0.15% —

Emerging Markets Debt Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% 0.15%

Emerging Markets Debt Local Currency Fund 0.35% 0.35% 0.35% 0.25% — 0.25% —

Emerging Markets Equity Fund 0.35% 0.35% 0.35% 0.25% 1.00% 0.25% 0.25%

European Concentrated Fund 0.25% 0.25% — 0.15% — 0.15% —

European Core Equity Fund 0.25% 0.25% — 0.15% — 0.15% —

European Research Fund 0.25% 0.25% — 0.15% — 0.15% 0.15%

European Smaller Companies Fund 0.25% 0.25% — 0.15% — — —

European Value Fund 0.25% 0.25% — 0.15% — 0.15% 0.15%

Global Bond Fund 0.25% 0.25% 0.25% 0.15% — 0.15% —

Global Concentrated Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Global Energy Fund 0.25% 0.25% 0.25% 0.15% — 0.15% —

Global Equity Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Global Multi-Asset Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Global Research Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Global Total Return Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

High Yield Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Inflation-Adjusted Bond Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Japan Equity Fund 0.25% 0.25% 0.25% 0.15% — — —

Latin American Equity Fund 0.35% 0.35% 0.35% 0.25% — 0.25% —

Limited Maturity Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

Prudent Wealth Fund 0.25% 0.25% 0.25% 0.15% — 0.15% —

Research Bond Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

U.K. Equity Fund 0.25% — — 0.15% — 0.15% —

U.S. Concentrated Growth Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

U.S. Government Bond Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

U.S. Value Fund 0.25% 0.25% 0.25% 0.15% 1.00% 0.15% —

The reductions under these agreements are reported as expenses reimbursed by related parties in the Statements of Operations and Changes in NetAssets. These expense cap agreements are in place until 31 January 2014, at which time the arrangements may or may not be continued.



All transactions entered into between the fund and MFS have been entered into in the ordinary course of business and on normal commercial terms. Thefund has not entered into any transactions through a broker who is a connected person, nor has the fund entered into any transactions which are outsidethe ordinary course of business or not on normal commercial terms. In addition, neither MFS, the Directors of the fund, nor any person connected withany of them is entitled to any profits from transactions in the shares of the fund or from the management of the fund, other than through the payment offees which have been disclosed in the fund’s prospectus.

Note 5: Depositary Fees

Each sub-fund will pay State Street Bank Luxembourg S.A., the funds’ depositary and global custodian, (the “Depositary”), a fee based on the monthly netasset value of the sub-funds plus a fee based upon the trading activity of each sub-fund. The Depositary and MFS, on behalf of the fund, shall determine thelevel of the fee from time to time in light of market rates applicable. Reasonable disbursements and out-of-pocket expenses incurred by the Depositary or byother banks and financial institutions to which safekeeping of assets of the sub-funds is entrusted are in addition to the Depositary’s fee. The depositary fee ispart of each sub-fund’s operating expenses which are capped by MFS as described in Note 4.

Note 6: Commission Sharing

In allocating brokerage commissions, MFS may take into consideration the receipt of research and brokerage services, consistent with its obligation to seekbest price and execution for client transactions. Such services include statistical, research, and other factual information or services (“Research”). Securitiesmay be bought or sold from time to time through such broker-dealers on behalf of a sub-fund. MFS has entered into Client Commission Agreements withbroker/dealers that execute, clear or settle securities transactions on behalf of clients (“Executing Brokers”) which provide for the Executing Brokers to pool aportion of the commissions paid by MFS’ clients for securities transactions (“Pooled Commissions”) to research providers. Such research providers shallprovide Research for the benefit of MFS. Because a research provider may play no role in executing client securities transactions, any Research prepared bythat research provider may constitute third-party research. The investment management fee paid by the sub-funds to MFS, is not reduced as a consequence ofMFS’ receipt of Research. To the extent a sub-fund’s portfolio transactions are used to obtain Research, the brokerage commissions paid by the sub-fund mayexceed those that might otherwise be paid for execution only. The Research received may be useful and of value to MFS in serving both a sub-fund and otherclients of MFS or its affiliates; accordingly, not all of the Research provided by brokers through whom client securities transactions are effected may be usedby MFS in connection with the clients. MFS would, through the use of the Research acquired with trade commissions or Pooled Commissions, avoid theadditional expenses that would be incurred if it attempted to develop comparable information through its own staff or if it purchased such Research with itsown resources. All trades with Research Firms will be effected in accordance with MFS’ obligation to seek best execution for its client accounts.

Note 7: Taxation

The fund is subject to Luxembourg law with respect to its tax status. Under legislation and regulations currently prevailing in Luxembourg, the fund is subjectto a “Taxe d’abonnement” on its net assets at an annual rate of 0.05% for Class A, Class B, Class C, and Class W and 0.01% for Class I, Class S, andClass Z. The “Taxe d’abonnement” is calculated and payable quarterly on the basis of the net assets at the end of each quarter.

Interest and dividend income, and gains on securities, may be subject to non-recoverable withholding taxes deducted at source in the countries of origin.

The fund is registered for Value Added Tax in the Grand-Duchy of Luxembourg and subject to account for Value Added Tax in accordance with currentregulations.

United Kingdom Tax Considerations – The Company has applied for and received “reporting fund” status for certain sub-funds and share classes for thefiscal year ended 31 January 2013. More information can be found at www.mfs.com.



Note 8: Line of Credit

Each sub-fund and other funds managed by MFS participate in an unsecured committed line of credit, subject to a $100 million sublimit for the sub-funds andother funds managed by MFS, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interestis charged to each sub-fund, based on its borrowings, generally at a rate equal to the higher of the U.S. Federal Reserve funds rate or one month LIBOR plusan agreed upon spread. In addition, a commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among theparticipating sub-funds. In addition, each sub-fund and other funds managed by MFS have established a $200 million unsecured uncommitted borrowingarrangement with its depositary bank for temporary financing needs. Interest is charged to each participating sub-fund, based on its borrowings, at a rateequal to the U.S. Federal Reserve funds rate plus an agreed upon spread. Any interest and commitment fees are reflected in miscellaneous expense in theStatements of Operations and Changes in Net Assets. None of the sub-funds had any borrowings outstanding under these arrangements at 31 January 2013.

Note 9: Open Forward Foreign Currency Exchange Contracts

At 31 January 2013, the sub-funds had outstanding the following forward foreign currency exchange contracts. Each sub-fund had sufficient cash and/orother securities to cover any commitments under these derivative contracts.

Type Currency Counterparty

Contracts toDeliver/Receive

SettlementDate

RangeIn Exchange

ForContractsat Value

Net UnrealizedGain (Loss)

Absolute Return FundAppreciationBUY AUD JPMorgan Chase Bank N.A. 155,432 08/02/2013 $ 161,178 $ 162,036 $ 858

SELL AUD JPMorgan Chase Bank N.A. 627,744 08/02/2013 – 08/05/2013 654,247 651,627 2,620

BUY CAD JPMorgan Chase Bank N.A. 1,295,566 08/02/2013 – 08/05/2013 1,293,577 1,298,646 5,069

SELL CAD Citibank N.A. 47,264 08/02/2013 48,000 47,380 620

SELL CAD JPMorgan Chase Bank N.A. 1,370,880 08/02/2013 1,378,000 1,374,243 3,757

BUY CHF JPMorgan Chase Bank N.A. 1,129,500 08/02/2013 1,234,427 1,241,192 6,765

BUY EUR Goldman Sachs International 475,675 08/02/2013 615,868 645,886 30,018

BUY GBP JPMorgan Chase Bank N.A. 136,963 08/05/2013 216,065 217,117 1,052

SELL GBP JPMorgan Chase Bank N.A. 262,858 08/02/2013 422,000 416,883 5,117

SELL JPY Goldman Sachs International 133,077,990 08/02/2013 1,653,646 1,455,317 198,329

SELL JPY JPMorgan Chase Bank N.A. 32,629,607 08/02/2013 408,924 356,831 52,093

BUY NOK Goldman Sachs International 8,926,308 08/02/2013 – 08/05/2013 1,593,349 1,630,828 37,479

BUY NOK JPMorgan Chase Bank N.A. 1,949,825 08/02/2013 – 08/05/2013 347,722 356,222 8,500

BUY NZD Goldman Sachs International 141,269 08/02/2013 116,000 118,521 2,521

BUY NZD JPMorgan Chase Bank N.A. 412,884 08/02/2013 340,000 346,400 6,400

BUY SEK Goldman Sachs International 11,205,120 08/02/2013 1,702,716 1,762,255 59,539

BUY SEK JPMorgan Chase Bank N.A. 2,742,178 08/02/2013 412,298 431,268 18,970

BUY SEK UBS AG 320,532 08/02/2013 48,000 50,411 2,411

SELL SEK Goldman Sachs International 6,242,609 08/02/2013 983,057 981,789 1,268

SELL SEK JPMorgan Chase Bank N.A. 3,062,709 08/02/2013 482,202 481,679 523

Total $ 443,909

DepreciationBUY AUD JPMorgan Chase Bank N.A. 406,579 08/02/2013 $ 424,062 $ 423,851 $ (211)

SELL AUD JPMorgan Chase Bank N.A. 340,847 08/02/2013 353,000 355,327 (2,327)





SettlementDate

RangeIn Exchange



Absolute Return Fund – (continued)Depreciation – (continued)BUY CAD JPMorgan Chase Bank N.A. 223,908 08/02/2013 $ 227,000 $ 224,458 $ (2,542)

SELL CAD JPMorgan Chase Bank N.A. 50,666 08/02/2013 50,489 50,790 (301)

SELL CHF JPMorgan Chase Bank N.A. 2,259,001 08/02/2013 – 08/05/2013 2,450,602 2,483,634 (33,032)

SELL EUR Deutsche Bank AG 1,533,167 15/04/2013 2,005,633 2,082,526 (76,893)

SELL EUR Goldman Sachs International 511,005 08/02/2013 – 08/05/2013 680,359 693,881 (13,522)

SELL EUR JPMorgan Chase Bank N.A. 1,533,167 15/04/2013 2,005,470 2,082,526 (77,056)

BUY GBP Goldman Sachs International 19,216 08/02/2013 31,000 30,475 (525)

BUY GBP JPMorgan Chase Bank N.A. 380,605 08/02/2013 612,975 603,626 (9,349)

SELL GBP JPMorgan Chase Bank N.A. 136,963 08/02/2013 216,172 217,218 (1,046)

BUY JPY Goldman Sachs International 53,158,440 08/02/2013 600,000 581,331 (18,669)

BUY JPY JPMorgan Chase Bank N.A. 44,815,841 08/02/2013 545,000 490,098 (54,902)

SELL NOK Goldman Sachs International 4,527,009 08/02/2013 825,192 828,549 (3,357)

SELL NOK JPMorgan Chase Bank N.A. 974,913 08/02/2013 177,661 178,432 (771)

SELL NZD Goldman Sachs International 442,315 08/02/2013 360,712 371,092 (10,380)

SELL NZD JPMorgan Chase Bank N.A. 99,686 08/02/2013 81,266 83,634 (2,368)

BUY SEK Goldman Sachs International 6,242,609 08/05/2013 981,218 979,949 (1,269)

BUY SEK JPMorgan Chase Bank N.A. 3,062,709 08/05/2013 481,291 480,775 (516)

SELL SEK Goldman Sachs International 4,962,511 08/02/2013 739,000 780,466 (41,466)

Total $ (350,502)

Emerging Markets Debt FundAppreciationBUY BRL Deutsche Bank AG 11,823,000 04/02/2013 $ 5,764,505 $ 5,937,178 $ 172,673

BUY BRL JPMorgan Chase Bank N.A. 36,991,000 04/02/2013 17,538,761 18,575,841 1,037,080

BUY BRL UBS AG 200,379,000 04/02/2013 95,889,942 100,624,702 4,734,760

SELL BRL JPMorgan Chase Bank N.A. 9,511,000 04/02/2013 4,783,483 4,776,157 7,326

SELL BRL UBS AG 61,293,000 04/02/2013 30,856,425 30,779,622 76,803

BUY COP Barclays Bank PLC 17,579,271,625 04/02/2013 9,892,668 9,901,528 8,860

BUY COP Deutsche Bank AG 24,558,286,369 04/02/2013 13,662,635 13,832,459 169,824

BUY COP JPMorgan Chase Bank N.A. 8,705,928,000 04/02/2013 4,901,566 4,903,616 2,050

BUY COP UBS AG 10,813,229,000 04/02/2013 5,925,057 6,090,553 165,496

SELL COP Barclays Bank PLC 6,896,896,317 04/02/2013 3,894,897 3,884,678 10,219

SELL COP JPMorgan Chase Bank N.A. 8,705,928,000 04/02/2013 4,904,196 4,903,616 580

BUY INR Deutsche Bank AG 930,773,000 25/02/2013 16,794,894 17,425,617 630,723

BUY INR JPMorgan Chase Bank N.A. 1,062,626,000 22/02/2013 – 25/02/2013 19,698,091 19,898,646 200,555

BUY KRW JPMorgan Chase Bank N.A. 602,984,000 21/02/2013 550,997 553,156 2,159

SELL KRW Deutsche Bank AG 14,697,012,000 21/02/2013 13,747,088 13,482,525 264,563

BUY MXN Barclays Bank PLC 17,532,000 05/02/2013 1,370,341 1,378,887 8,546

BUY MXN Deutsche Bank AG 191,246,000 05/02/2013 14,929,824 15,041,448 111,624

BUY MXN JPMorgan Chase Bank N.A. 638,239,000 05/02/2013 – 05/04/2013 49,872,886 49,991,071 118,185

BUY MXN UBS AG 156,545,000 05/02/2013 – 08/03/2013 12,229,648 12,303,249 73,601

SELL MYR JPMorgan Chase Bank N.A. 7,388,856 05/02/2013 2,409,194 2,378,132 31,062

BUY RUB Barclays Bank PLC 228,197,000 11/02/2013 7,529,739 7,594,902 65,163

BUY RUB JPMorgan Chase Bank N.A. 1,559,826,042 11/02/2013 – 25/03/2013 51,320,343 51,790,330 469,987

BUY RUB UBS AG 149,532,000 14/02/2013 4,916,956 4,974,339 57,383

Total $ 8,419,222

DepreciationBUY BRL Deutsche Bank AG 20,005,000 04/02/2013 $ 10,061,359 $ 10,045,949 $ (15,410)

BUY BRL UBS AG 50,799,000 04/03/2013 25,504,067 25,432,562 (71,505)

SELL BRL Deutsche Bank AG 31,828,000 04/02/2013 14,924,936 15,983,127 (1,058,191)

SELL BRL JPMorgan Chase Bank N.A. 27,480,000 04/02/2013 12,916,297 13,799,684 (883,387)

SELL BRL UBS AG 139,086,000 04/02/2013 65,745,210 69,845,080 (4,099,870)





SettlementDate

RangeIn Exchange



Emerging Markets Debt Fund – (continued)Depreciation – (continued)SELL COP Barclays Bank PLC 17,579,271,625 28/02/2013 $ 9,872,113 $ 9,882,443 $ (10,330)

SELL COP Barclays Bank PLC 10,682,375,308 04/02/2013 6,016,037 6,016,850 (813)

SELL COP Deutsche Bank AG 24,558,286,369 04/02/2013 13,797,671 13,832,459 (34,788)

SELL COP UBS AG 10,813,229,000 04/02/2013 6,089,730 6,090,553 (823)

SELL INR Barclays Bank PLC 264,932,000 25/02/2013 4,804,715 4,959,967 (155,252)

BUY KRW JPMorgan Chase Bank N.A. 14,099,421,000 20/02/2013 – 21/02/2013 13,109,247 12,934,407 (174,840)

BUY MXN Credit Suisse Group 29,906,000 14/02/2013 2,362,803 2,349,916 (12,887)

BUY MXN JPMorgan Chase Bank N.A. 125,361,000 05/02/2013 – 15/04/2013 9,859,376 9,802,461 (56,915)

BUY MXN UBS AG 773,327,244 14/02/2013 – 22/03/2013 61,141,118 60,632,686 (508,432)

SELL MXN JPMorgan Chase Bank N.A. 433,321,000 05/02/2013 34,050,055 34,080,585 (30,530)

BUY MYR JPMorgan Chase Bank N.A. 7,388,856 05/02/2013 2,417,028 2,378,132 (38,896)

SELL RUB JPMorgan Chase Bank N.A. 758,396,833 11/02/2013 25,046,131 25,241,126 (194,995)

Total $ (7,347,864)

Emerging Markets Debt Local Currency FundAppreciationBUY BRL Barclays Bank PLC 876,000 04/02/2013 $ 415,639 $ 439,903 $ 24,264

BUY BRL JPMorgan Chase Bank N.A. 2,883,000 04/02/2013 1,367,727 1,447,762 80,035

BUY BRL Merrill Lynch International Bank 648,000 04/02/2013 316,468 325,407 8,939

BUY BRL UBS AG 18,762,619 04/02/2013 9,061,523 9,422,060 360,537

SELL BRL Barclays Bank PLC 876,000 04/02/2013 440,578 439,903 675

SELL BRL JPMorgan Chase Bank N.A. 1,965,000 04/02/2013 988,282 986,768 1,514

SELL BRL Merrill Lynch International Bank 648,000 04/02/2013 325,906 325,407 499

SELL BRL UBS AG 13,981,619 04/02/2013 7,039,993 7,021,176 18,817

BUY COP Barclays Bank PLC 291,010,785 04/02/2013 163,765 163,912 147

BUY COP Barclays Bank PLC 1,119,130,215 04/02/2013 630,265 630,350 85

BUY COP Deutsche Bank AG 5,764,256,215 04/02/2013 3,214,434 3,246,718 32,284

BUY COP JPMorgan Chase Bank N.A. 2,215,898,000 04/02/2013 1,247,787 1,248,105 318

BUY COP UBS AG 2,893,630,000 04/02/2013 1,624,109 1,629,838 5,729

SELL COP Barclays Bank PLC 1,410,141,000 04/02/2013 799,853 794,262 5,591

SELL COP JPMorgan Chase Bank N.A. 3,280,448,000 04/02/2013 1,847,932 1,847,713 219

BUY CZK Barclays Bank PLC 11,839 15/04/2013 607 627 20

BUY EUR JPMorgan Chase Bank N.A. 1,518,000 15/04/2013 1,985,631 2,061,924 76,293

SELL HUF JPMorgan Chase Bank N.A. 98,220,725 25/02/2013 454,718 454,622 96

BUY IDR Barclays Bank PLC 1,686,995,000 14/02/2013 171,356 173,016 1,660

BUY IDR JPMorgan Chase Bank N.A. 35,295,242,000 11/02/2013 – 14/02/2013 3,588,653 3,620,987 32,334

BUY INR JPMorgan Chase Bank N.A. 93,979,000 22/02/2013 – 25/02/2013 1,741,357 1,759,965 18,608

SELL KRW UBS AG 497,989,000 21/02/2013 466,326 456,838 9,488

BUY MXN Barclays Bank PLC 583,000 05/02/2013 45,569 45,853 284

BUY MXN Citibank N.A. 10,454,000 08/03/2013 814,892 819,589 4,697

BUY MXN Deutsche Bank AG 6,336,000 05/02/2013 494,625 498,325 3,700

BUY MXN JPMorgan Chase Bank N.A. 13,680,760 05/02/2013 1,074,468 1,075,988 1,520

BUY MXN Merrill Lynch International Bank 2,739,000 05/02/2013 213,500 215,422 1,922

BUY MXN UBS AG 13,786,000 05/02/2013 1,077,079 1,084,265 7,186

SELL MXN Citibank N.A. 12,474,307 05/02/2013 – 14/02/2013 983,007 980,300 2,707

SELL MXN JPMorgan Chase Bank N.A. 11,394,936 14/02/2013 896,710 895,377 1,333

SELL MYR Barclays Bank PLC 2,530,000 05/02/2013 817,104 814,290 2,814

SELL MYR Credit Suisse Group 12,227,100 05/02/2013 3,948,940 3,935,340 13,600

SELL MYR Deutsche Bank AG 24,161,497 05/02/2013 7,837,008 7,776,471 60,537

SELL MYR Goldman Sachs International 972,000 05/02/2013 313,923 312,842 1,081






SettlementDate

RangeIn Exchange



Emerging Markets Debt Local Currency Fund – (continued)Appreciation – (continued)BUY NGN Barclays Bank PLC 55,565,000 11/02/2013 $ 342,994 $ 352,607 $ 9,613

BUY NGN JPMorgan Chase Bank N.A. 25,864,000 11/02/2013 163,334 164,129 795

SELL PEN Barclays Bank PLC 3,051,607 23/04/2013 1,196,005 1,181,759 14,246

BUY PHP JPMorgan Chase Bank N.A. 14,805,754 12/02/2013 361,251 363,915 2,664

BUY PLN Citibank N.A. 752,503 25/02/2013 238,795 242,920 4,125

BUY PLN JPMorgan Chase Bank N.A. 5,170,010 14/03/2013 1,664,738 1,666,236 1,498

SELL PLN JPMorgan Chase Bank N.A. 2,755,771 25/02/2013 890,080 889,605 475

BUY RON JPMorgan Chase Bank N.A. 8,266,000 14/03/2013 – 18/04/2013 2,512,299 2,540,673 28,374

BUY RUB Barclays Bank PLC 7,585,000 11/02/2013 250,280 252,446 2,166

BUY RUB Citibank N.A. 42,790,622 11/02/2013 1,406,812 1,424,167 17,355

BUY RUB Goldman Sachs International 2,958,000 11/02/2013 97,070 98,449 1,379

BUY RUB JPMorgan Chase Bank N.A. 88,279,333 11/02/2013 – 25/03/2013 2,908,690 2,926,874 18,184

BUY THB JPMorgan Chase Bank N.A. 177,872,190 28/02/2013 – 17/04/2013 5,912,225 5,947,330 35,105

BUY TRY Barclays Bank PLC 3,157,418 13/02/2013 1,782,020 1,792,528 10,508

BUY TRY Citibank N.A. 304,000 15/04/2013 169,730 171,308 1,578

BUY TRY Goldman Sachs International 2,085,000 15/04/2013 1,167,173 1,174,925 7,752

BUY TRY JPMorgan Chase Bank N.A. 1,147,000 15/04/2013 642,993 646,350 3,357

BUY ZAR Barclays Bank PLC 7,934,890 15/04/2013 877,851 878,684 833

BUY ZAR Citibank N.A. 14,653,911 15/04/2013 1,611,205 1,622,727 11,522

BUY ZAR Deutsche Bank AG 7,622,169 15/04/2013 834,799 844,054 9,255

SELL ZAR JPMorgan Chase Bank N.A. 11,091,000 15/04/2013 1,268,966 1,228,181 40,785

SELL ZAR UBS AG 5,165,000 15/04/2013 575,153 571,955 3,198

Total $ 1,013,679

DepreciationBUY BRL Deutsche Bank AG 1,064,000 04/02/2013 $ 535,131 $ 534,311 $ (820)

BUY BRL Goldman Sachs International 980,000 04/02/2013 492,883 492,128 (755)

BUY BRL UBS AG 15,426,619 04/02/2013 – 04/03/2013 7,746,416 7,725,800 (20,616)

SELL BRL Deutsche Bank AG 1,064,000 04/02/2013 498,936 534,311 (35,375)

SELL BRL Goldman Sachs International 980,000 04/02/2013 458,479 492,128 (33,649)

SELL BRL JPMorgan Chase Bank N.A. 918,000 04/02/2013 431,484 460,994 (29,510)

SELL BRL UBS AG 6,392,000 04/02/2013 3,027,107 3,209,883 (182,776)

BUY COP Barclays Bank PLC 640,995,000 28/02/2013 360,515 360,345 (170)

BUY COP JPMorgan Chase Bank N.A. 1,064,550,000 04/02/2013 600,000 599,608 (392)

SELL COP Barclays Bank PLC 291,010,785 28/02/2013 163,425 163,596 (171)

SELL COP Deutsche Bank AG 5,764,256,215 04/02/2013 3,246,279 3,246,718 (439)

SELL COP UBS AG 2,893,630,000 04/02/2013 1,624,449 1,629,838 (5,389)

SELL EUR Barclays Bank PLC 314,000 15/04/2013 411,830 426,511 (14,681)

SELL EUR Goldman Sachs International 271,000 15/04/2013 358,096 368,104 (10,008)

BUY HUF Goldman Sachs International 81,866,000 25/02/2013 379,364 378,923 (441)

BUY HUF JPMorgan Chase Bank N.A. 280,927,000 25/02/2013 1,302,015 1,300,292 (1,723)

SELL HUF Goldman Sachs International 579,186,145 25/02/2013 2,606,112 2,680,806 (74,694)

SELL IDR Barclays Bank PLC 2,532,786,000 11/02/2013 259,188 259,843 (655)

SELL IDR JPMorgan Chase Bank N.A. 71,610,217,883 11/02/2013 – 14/02/2013 7,304,760 7,346,115 (41,355)

BUY KRW JPMorgan Chase Bank N.A. 834,638,000 21/02/2013 775,975 765,668 (10,307)

SELL KRW JPMorgan Chase Bank N.A. 335,909,000 21/02/2013 306,948 308,151 (1,203)

BUY MXN Barclays Bank PLC 2,762,000 15/04/2013 216,084 215,723 (361)

BUY MXN Citibank N.A. 8,598,000 08/03/2013 676,493 674,079 (2,414)

BUY MXN Deutsche Bank AG 5,267,000 08/03/2013 414,138 412,930 (1,208)

BUY MXN UBS AG 49,815,557 14/02/2013 – 22/03/2013 3,935,386 3,909,916 (25,470)

SELL MXN Citibank N.A. 35,628,600 05/02/2013 2,800,000 2,802,180 (2,180)





SettlementDate

RangeIn Exchange



Emerging Markets Debt Local Currency Fund – (continued)Depreciation – (continued)SELL MXN HSBC Bank 22,576,318 14/02/2013 $ 1,773,000 $ 1,773,973 $ (973)

SELL MXN JPMorgan Chase Bank N.A. 12,477,760 05/04/2013 974,749 975,519 (770)

BUY MYR Barclays Bank PLC 2,530,000 05/02/2013 839,104 814,290 (24,814)

BUY MYR Credit Suisse Group 12,227,100 05/02/2013 3,999,183 3,935,340 (63,843)

BUY MYR Deutsche Bank AG 48,322,994 05/02/2013 – 04/03/2013 15,624,371 15,538,008 (86,363)

BUY MYR Goldman Sachs International 972,000 05/02/2013 320,517 312,842 (7,675)


BUY MYR Merrill Lynch International Bank 2,754,000 14/03/2013 908,911 884,064 (24,847)

BUY NGN JPMorgan Chase Bank N.A. 4,209,000 25/02/2013 26,572 26,564 (8)

SELL NGN Deutsche Bank AG 71,559,000 25/02/2013 445,990 451,619 (5,629)

SELL PHP JPMorgan Chase Bank N.A. 28,497,000 12/02/2013 700,258 700,437 (179)

BUY PLN Citibank N.A. 2,624,795 25/02/2013 851,575 847,324 (4,251)

BUY PLN Goldman Sachs International 339,000 14/03/2013 109,324 109,256 (68)

BUY PLN JPMorgan Chase Bank N.A. 5,193,334 14/03/2013 1,673,757 1,673,753 (4)

SELL PLN Citibank N.A. 2,751,737 25/02/2013 874,122 888,302 (14,180)

SELL RON JPMorgan Chase Bank N.A. 2,526,000 14/03/2013 776,872 778,107 (1,235)

SELL RUB JPMorgan Chase Bank N.A. 40,088,891 11/02/2013 1,325,323 1,334,247 (8,924)

BUY THB JPMorgan Chase Bank N.A. 12,992,000 17/04/2013 435,535 433,645 (1,890)

SELL TRY Barclays Bank PLC 3,305,085 13/02/2013 – 15/04/2013 1,862,941 1,870,031 (7,090)

SELL TRY Goldman Sachs International 447,000 15/04/2013 249,257 251,891 (2,634)

SELL TRY JPMorgan Chase Bank N.A. 6,440,252 15/04/2013 3,577,880 3,629,168 (51,288)

BUY ZAR Barclays Bank PLC 9,109,362 15/04/2013 1,048,054 1,008,741 (39,313)

SELL ZAR Merrill Lynch International Bank 4,066,000 15/04/2013 445,470 450,256 (4,786)

Total $ (891,743)

Global Bond FundAppreciationSELL AUD Deutsche Bank AG 9,614 15/04/2013 $ 10,000 $ 9,973 $ 27

SELL AUD Merrill Lynch International Bank 98,079 15/04/2013 102,448 101,743 705

SELL AUD Westpac Banking Corp. 59,326 15/04/2013 61,789 61,542 247

BUY BRL Citibank N.A. 1,000 04/02/2013 488 502 14

BUY BRL JPMorgan Chase Bank N.A. 582,000 04/02/2013 276,602 292,265 15,663

BUY BRL UBS AG 5,702,000 04/02/2013 2,744,351 2,863,384 119,033

SELL BRL UBS AG 4,868,000 04/02/2013 2,450,299 2,444,573 5,726

SELL CAD Barclays Bank PLC 53,614 15/04/2013 53,899 53,669 230

SELL CAD Credit Suisse Group 7,899 15/04/2013 8,000 7,907 93

SELL CAD Merrill Lynch International Bank 203,102 15/04/2013 205,392 203,308 2,084



BUY COP Deutsche Bank AG 741,227,500 04/02/2013 413,253 417,496 4,243

BUY COP JPMorgan Chase Bank N.A. 308,125,500 04/02/2013 173,391 173,551 160

BUY COP UBS AG 384,328,000 04/02/2013 215,732 216,473 741

SELL COP Barclays Bank PLC 160,047,000 04/02/2013 90,781 90,146 635

SELL COP JPMorgan Chase Bank N.A. 467,808,000 04/02/2013 263,524 263,493 31

BUY CZK Barclays Bank PLC 1,000 15/04/2013 51 53 2

BUY DKK Credit Suisse Group 5,000 15/04/2013 905 911 6

BUY DKK Goldman Sachs International 321,672 15/04/2013 58,022 58,581 559

BUY EUR Barclays Bank PLC 16,000 15/04/2013 20,996 21,733 737

BUY EUR Brown Brothers Harriman & Co. 74,784 15/04/2013 99,583 101,580 1,997

BUY EUR Citibank N.A. 200,000 15/04/2013 267,306 271,663 4,357

BUY EUR Goldman Sachs International 65,000 15/04/2013 87,529 88,290 761





SettlementDate

RangeIn Exchange



Global Bond Fund – (continued)Appreciation – (continued)BUY EUR JPMorgan Chase Bank N.A. 480,305 15/04/2013 $ 641,811 $ 652,406 $ 10,595

BUY EUR UBS AG 33,000 15/04/2013 44,093 44,824 731

BUY GBP Barclays Bank PLC 37,689 15/04/2013 59,622 59,753 131

SELL GBP Barclays Bank PLC 53,257 15/04/2013 85,310 84,435 875

SELL GBP Credit Suisse Group 19,000 15/04/2013 30,477 30,123 354

SELL GBP Goldman Sachs International 7,000 15/04/2013 11,103 11,098 5

BUY IDR Barclays Bank PLC 197,840,000 14/02/2013 20,095 20,290 195

BUY IDR JPMorgan Chase Bank N.A. 5,235,794,000 11/02/2013 – 14/02/2013 533,269 537,127 3,858

BUY INR JPMorgan Chase Bank N.A. 12,643,000 22/02/2013 – 25/02/2013 234,255 236,769 2,514

SELL JPY Barclays Bank PLC 7,962,000 15/04/2013 89,977 87,111 2,866

SELL JPY Citibank N.A. 16,583,850 15/04/2013 187,494 181,441 6,053

SELL JPY Credit Suisse Group 6,028,015 15/04/2013 67,073 65,951 1,122

SELL JPY Goldman Sachs International 47,064,461 15/04/2013 531,716 514,926 16,790

SELL KRW UBS AG 69,152,000 21/02/2013 64,755 63,437 1,318

BUY MXN Barclays Bank PLC 77,000 05/02/2013 6,018 6,056 38

BUY MXN Citibank N.A. 1,388,000 08/03/2013 108,195 108,819 624

BUY MXN JPMorgan Chase Bank N.A. 3,252,021 05/02/2013 255,050 255,771 721

BUY MXN Merrill Lynch International Bank 304,000 05/02/2013 23,697 23,910 213

BUY MXN UBS AG 2,223,000 05/02/2013 173,677 174,838 1,161

SELL MXN Citibank N.A. 2,115,209 05/02/2013 – 14/02/2013 167,000 166,288 712

SELL MYR Barclays Bank PLC 439,000 05/02/2013 142,250 141,294 956

SELL MYR Deutsche Bank AG 3,753,562 05/02/2013 1,217,503 1,208,098 9,405

SELL MYR Goldman Sachs International 121,000 05/02/2013 39,079 38,944 135


BUY NGN Barclays Bank PLC 7,704,000 11/02/2013 47,555 48,888 1,333

BUY NGN JPMorgan Chase Bank N.A. 1,791,600 11/02/2013 11,314 11,369 55

BUY NOK Goldman Sachs International 607,854 15/04/2013 109,585 110,954 1,369

BUY NZD Westpac Banking Corp. 98,048 15/04/2013 81,856 81,902 46

SELL PEN Barclays Bank PLC 427,257 23/04/2013 167,454 165,459 1,995

BUY PHP JPMorgan Chase Bank N.A. 1,593,000 12/02/2013 38,816 39,155 339

BUY PLN Citibank N.A. 85,500 25/02/2013 27,132 27,601 469

BUY PLN JPMorgan Chase Bank N.A. 918,111 14/03/2013 295,631 295,897 266

SELL PLN Credit Suisse Group 232,883 14/03/2013 75,192 75,055 137

BUY RON JPMorgan Chase Bank N.A. 1,148,000 14/03/2013 – 18/04/2013 349,069 352,885 3,816

BUY RUB Barclays Bank PLC 1,009,000 11/02/2013 33,294 33,582 288

BUY RUB Citibank N.A. 4,069,000 11/02/2013 133,873 135,425 1,552

BUY RUB JPMorgan Chase Bank N.A. 10,981,385 11/02/2013 – 25/03/2013 362,142 364,015 1,873

BUY SEK Credit Suisse Group 39,000 15/04/2013 6,033 6,125 92

BUY SEK JPMorgan Chase Bank N.A. 379,379 15/04/2013 58,995 59,582 587

BUY THB JPMorgan Chase Bank N.A. 27,198,705 28/02/2013 – 17/04/2013 903,626 909,347 5,721

BUY TRY Barclays Bank PLC 416,756 13/02/2013 235,214 236,601 1,387

BUY TRY Citibank N.A. 219,000 15/04/2013 122,273 123,410 1,137

BUY TRY Goldman Sachs International 54,000 15/04/2013 29,968 30,430 462

BUY TRY JPMorgan Chase Bank N.A. 91,000 15/04/2013 51,013 51,279 266

BUY ZAR Barclays Bank PLC 1,476,716 15/04/2013 163,372 163,527 155

BUY ZAR Citibank N.A. 1,357,122 15/04/2013 148,924 150,284 1,360

BUY ZAR Deutsche Bank AG 1,253,679 15/04/2013 137,306 138,828 1,522

SELL ZAR JPMorgan Chase Bank N.A. 1,741,000 15/04/2013 199,210 192,792 6,418

SELL ZAR UBS AG 631,000 15/04/2013 70,266 69,875 391

Total $ 256,481





SettlementDate

RangeIn Exchange



Global Bond Fund – (continued)DepreciationBUY AUD Goldman Sachs International 11,000 15/04/2013 $ 11,440 $ 11,411 $ (29)

BUY AUD UBS AG 11,000 15/04/2013 11,541 11,411 (130)

SELL AUD Goldman Sachs International 11,000 15/04/2013 11,394 11,411 (17)

BUY BRL Citibank N.A. 888,574 04/02/2013 446,902 446,217 (685)

BUY BRL Deutsche Bank AG 136,000 04/02/2013 68,400 68,294 (106)

BUY BRL Goldman Sachs International 19,000 04/02/2013 9,556 9,541 (15)

BUY BRL JPMorgan Chase Bank N.A. 432,060 04/02/2013 217,301 216,968 (333)

BUY BRL UBS AG 3,392,366 04/03/2013 1,703,166 1,698,391 (4,775)

SELL BRL Citibank N.A. 889,574 04/02/2013 432,000 446,719 (14,719)

SELL BRL Deutsche Bank AG 136,000 04/02/2013 63,774 68,295 (4,521)

SELL BRL Goldman Sachs International 19,000 04/02/2013 8,889 9,541 (652)

SELL BRL JPMorgan Chase Bank N.A. 1,014,060 04/02/2013 487,463 509,232 (21,769)

SELL BRL UBS AG 834,000 04/02/2013 395,035 418,811 (23,776)

BUY CAD Goldman Sachs International 20,000 15/04/2013 20,258 20,020 (238)

BUY COP Barclays Bank PLC 36,116,000 28/02/2013 20,313 20,303 (10)

BUY COP JPMorgan Chase Bank N.A. 159,682,500 04/02/2013 90,000 89,941 (59)

SELL COP Barclays Bank PLC 29,592,500 04/02/2013 16,653 16,668 (15)

SELL COP Deutsche Bank AG 741,227,500 04/02/2013 417,440 417,496 (56)

SELL COP UBS AG 384,328,000 04/02/2013 215,757 216,473 (716)

SELL DKK Deutsche Bank AG 852,509 15/04/2013 149,906 155,254 (5,348)

SELL DKK Goldman Sachs International 36,823 15/04/2013 6,601 6,706 (105)


SELL EUR Credit Suisse Group 158,000 15/04/2013 210,782 214,614 (3,832)

SELL EUR Goldman Sachs International 459,911 15/04/2013 613,423 624,704 (11,281)

SELL EUR JPMorgan Chase Bank N.A. 588,856 15/04/2013 770,258 799,853 (29,595)

BUY GBP Barclays Bank PLC 97,548 15/04/2013 156,718 154,653 (2,065)

BUY GBP Credit Suisse Group 9,000 15/04/2013 14,500 14,268 (232)

BUY GBP Deutsche Bank AG 53,548 15/04/2013 86,160 84,895 (1,265)

SELL GBP Credit Suisse Group 14,000 15/04/2013 22,053 22,196 (143)

SELL GBP JPMorgan Chase Bank N.A. 32,000 15/04/2013 50,466 50,733 (267)

BUY HUF Goldman Sachs International 13,686,000 25/02/2013 63,420 63,346 (74)

BUY HUF JPMorgan Chase Bank N.A. 46,962,000 25/02/2013 217,655 217,367 (288)

SELL HUF Goldman Sachs International 73,452,870 25/02/2013 330,509 339,982 (9,473)

SELL IDR JPMorgan Chase Bank N.A. 9,113,929,000 11/02/2013 – 14/02/2013 928,785 934,947 (6,162)

BUY JPY Citibank N.A. 3,442,000 15/04/2013 38,819 37,658 (1,161)

BUY JPY Credit Suisse Group 63,365,812 15/04/2013 722,222 693,277 (28,945)


BUY JPY Merrill Lynch International Bank 59,380,815 15/04/2013 676,905 649,678 (27,227)


SELL KRW JPMorgan Chase Bank N.A. 36,101,000 21/02/2013 32,989 33,118 (129)

BUY MXN Citibank N.A. 4,346,000 08/03/2013 341,864 340,724 (1,140)

BUY MXN UBS AG 7,306,911 14/02/2013 – 22/03/2013 576,904 573,371 (3,533)

SELL MXN Citibank N.A. 4,491,749 05/02/2013 353,000 353,275 (275)

SELL MXN HSBC BANKUSA 3,005,082 14/02/2013 236,000 236,130 (130)

SELL MXN JPMorgan Chase Bank N.A. 2,249,021 05/04/2013 175,691 175,830 (139)

SELL MXN UBS AG 239,000 05/02/2013 18,674 18,798 (124)

BUY MYR Barclays Bank PLC 439,000 05/02/2013 144,730 141,294 (3,436)


BUY MYR Goldman Sachs International 121,000 05/02/2013 39,900 38,945 (955)






SettlementDate

RangeIn Exchange



Global Bond Fund – (continued)Depreciation – (continued)BUY MYR Merrill Lynch International Bank 335,000 14/03/2013 $ 110,561 $ 107,539 $ (3,022)

BUY NGN JPMorgan Chase Bank N.A. 7,632,000 25/02/2013 48,182 48,167 (15)

SELL NGN Deutsche Bank AG 8,860,000 25/02/2013 55,220 55,917 (697)

SELL NOK Deutsche Bank AG 608,127 15/04/2013 108,263 111,004 (2,741)

SELL NZD Westpac Banking Corp. 97,508 15/04/2013 80,921 81,451 (530)

SELL PHP JPMorgan Chase Bank N.A. 8,691,000 12/02/2013 213,507 213,619 (112)

BUY PLN Citibank N.A. 363,362 25/02/2013 117,887 117,298 (589)

BUY PLN Goldman Sachs International 26,000 14/03/2013 8,385 8,380 (5)

BUY PLN JPMorgan Chase Bank N.A. 721,426 14/03/2013 232,508 232,507 (1)

SELL PLN Citibank N.A. 362,724 25/02/2013 115,224 117,093 (1,869)

SELL RON JPMorgan Chase Bank N.A. 393,000 14/03/2013 120,867 121,059 (192)

SELL RUB Deutsche Bank AG 5,878,080 11/02/2013 192,000 195,636 (3,636)

SELL RUB JPMorgan Chase Bank N.A. 7,544,800 11/02/2013 249,110 251,108 (1,998)

SELL SEK Barclays Bank PLC 62,789 15/04/2013 9,715 9,861 (146)

SELL SEK Deutsche Bank AG 1,056,520 15/04/2013 161,897 165,928 (4,031)

BUY SGD Credit Suisse Group 641 15/04/2013 521 518 (3)

SELL TRY Barclays Bank PLC 300,000 13/02/2013 169,510 170,316 (806)

SELL TRY Goldman Sachs International 76,000 15/04/2013 42,379 42,827 (448)

SELL TRY JPMorgan Chase Bank N.A. 885,068 15/04/2013 491,839 498,748 (6,909)

BUY ZAR Barclays Bank PLC 1,727,725 15/04/2013 198,779 191,323 (7,456)

BUY ZAR JPMorgan Chase Bank N.A. 762,000 15/04/2013 86,448 84,382 (2,066)

SELL ZAR Merrill Lynch International Bank 545,000 15/04/2013 59,710 60,351 (641)

Total $ (295,408)

Global Multi-Asset FundAppreciationBUY AUD JPMorgan Chase Bank N.A. 2,134,933 08/02/2013 $ 2,214,088 $ 2,225,630 $ 11,542

SELL AUD Deutsche Bank AG 24,000 15/04/2013 25,199 24,897 302

SELL AUD JPMorgan Chase Bank N.A. 7,449,876 08/02/2013 – 08/05/2013 7,763,122 7,732,663 30,459

SELL AUD Merrill Lynch International Bank 245,196 15/04/2013 256,119 254,357 1,762

SELL AUD Westpac Banking Corp. 74,623 15/04/2013 77,662 77,411 251

BUY CAD JPMorgan Chase Bank N.A. 16,433,384 08/02/2013 – 08/05/2013 16,406,778 16,472,513 65,735

SELL CAD Barclays Bank PLC 134,802 15/04/2013 135,517 134,938 579

SELL CAD Deutsche Bank AG 46,000 15/04/2013 46,553 46,047 506

SELL CAD JPMorgan Chase Bank N.A. 18,357,303 08/02/2013 18,453,000 18,402,343 50,657

SELL CAD Merrill Lynch International Bank 907,970 15/04/2013 917,994 908,890 9,104

BUY CHF JPMorgan Chase Bank N.A. 13,671,139 08/02/2013 14,941,135 15,023,017 81,882

BUY CHF UBS AG 351,892 15/04/2013 381,197 386,974 5,777

BUY CZK Barclays Bank PLC 1,330,000 15/04/2013 68,130 70,397 2,267

BUY DKK Citibank N.A. 592,797 15/04/2013 105,601 107,957 2,356

BUY DKK Credit Suisse Group 52,000 15/04/2013 9,409 9,470 61

BUY DKK Goldman Sachs International 732,358 15/04/2013 132,192 133,373 1,181

BUY EUR Citibank N.A. 191,000 15/04/2013 256,330 259,438 3,108

BUY EUR Credit Suisse Group 77,000 15/04/2013 102,719 104,590 1,871

BUY EUR Deutsche Bank AG 875,232 15/04/2013 1,148,948 1,188,841 39,893

BUY EUR Goldman Sachs International 6,037,499 08/02/2013 – 15/04/2013 7,811,327 8,197,950 386,623

BUY EUR JPMorgan Chase Bank N.A. 854,518 15/04/2013 1,120,826 1,160,705 39,879

BUY EUR UBS AG 18,000 15/04/2013 24,051 24,450 399

SELL EUR UBS AG 49,000 15/04/2013 66,568 66,557 11

BUY GBP Barclays Bank PLC 8,000 15/04/2013 12,611 12,683 72

BUY GBP JPMorgan Chase Bank N.A. 1,641,182 08/05/2013 2,589,032 2,601,638 12,606





SettlementDate

RangeIn Exchange



Global Multi-Asset Fund – (continued)Appreciation – (continued)SELL GBP Barclays Bank PLC 307,543 15/04/2013 $ 494,625 $ 487,580 $ 7,045

SELL GBP Credit Suisse Group 16,000 15/04/2013 25,625 25,366 259

SELL GBP Deutsche Bank AG 307,543 15/04/2013 494,883 487,580 7,303

SELL GBP Goldman Sachs International 104,000 15/04/2013 166,010 164,882 1,128

SELL GBP JPMorgan Chase Bank N.A. 3,401,288 08/02/2013 5,462,000 5,394,322 67,678

SELL JPY Barclays Bank PLC 7,000,000 15/04/2013 79,737 76,586 3,151

SELL JPY Citibank N.A. 7,199,000 15/04/2013 79,238 78,763 475

SELL JPY Credit Suisse Group 11,482,000 15/04/2013 129,608 125,623 3,985

SELL JPY Deutsche Bank AG 6,894,000 15/04/2013 78,238 75,426 2,812

SELL JPY Goldman Sachs International 1,567,224,837 08/02/2013 – 15/04/2013 19,525,582 17,139,127 2,386,455

SELL JPY JPMorgan Chase Bank N.A. 562,582,588 08/02/2013 7,047,113 6,152,301 894,812

SELL KRW JPMorgan Chase Bank N.A. 33,552,000 07/02/2013 31,743 30,806 937

BUY MXN Citibank N.A. 1,450,000 08/03/2013 113,227 113,679 452

SELL MYR Deutsche Bank AG 355,000 05/02/2013 115,148 114,258 890

SELL MYR JPMorgan Chase Bank N.A. 806,000 05/02/2013 261,091 259,414 1,677

BUY NOK Deutsche Bank AG 2,871,309 15/04/2013 517,726 524,112 6,386

BUY NOK Goldman Sachs International 107,538,641 08/02/2013 – 08/05/2013 19,171,205 19,648,143 476,938

BUY NOK JPMorgan Chase Bank N.A. 25,813,338 08/02/2013 – 08/05/2013 4,603,417 4,715,951 112,534

BUY NZD Goldman Sachs International 1,918,088 08/02/2013 1,575,000 1,609,232 34,232

BUY NZD JPMorgan Chase Bank N.A. 5,437,931 08/02/2013 4,478,000 4,562,298 84,298

BUY NZD Westpac Banking Corp. 517,743 15/04/2013 432,237 432,481 244

SELL NZD Goldman Sachs International 145,114 08/02/2013 122,000 121,747 253

BUY PLN Citibank N.A. 426,000 25/02/2013 135,184 137,519 2,335

BUY RUB JPMorgan Chase Bank N.A. 4,000,000 11/02/2013 131,105 133,129 2,024

BUY SEK Deutsche Bank AG 1,515,380 15/04/2013 231,710 237,991 6,281

BUY SEK Goldman Sachs International 145,980,429 08/02/2013 22,160,732 22,958,673 797,941

BUY SEK JPMorgan Chase Bank N.A. 32,450,117 08/02/2013 – 15/04/2013 4,883,126 5,103,291 220,165

SELL SEK Goldman Sachs International 81,152,178 08/02/2013 12,779,468 12,762,987 16,481

SELL SEK JPMorgan Chase Bank N.A. 31,492,342 08/02/2013 4,958,253 4,952,872 5,381

BUY THB HSBC BANKUSA 4,261,000 18/03/2013 138,614 142,408 3,794

BUY THB JPMorgan Chase Bank N.A. 3,975,000 17/04/2013 130,821 132,677 1,856

SELL THB JPMorgan Chase Bank N.A. 623,000 17/04/2013 20,871 20,794 77

SELL ZAR Citibank N.A. 205,000 15/04/2013 22,878 22,701 177

Total $ 5,899,339

DepreciationBUY AUD Credit Suisse Group 12,000 15/04/2013 $ 12,564 $ 12,448 $ (116)

BUY AUD JPMorgan Chase Bank N.A. 5,025,217 08/02/2013 5,242,190 5,238,698 (3,492)

SELL AUD JPMorgan Chase Bank N.A. 4,629,920 08/02/2013 4,795,000 4,826,608 (31,608)

BUY CAD Credit Suisse Group 27,000 15/04/2013 27,345 27,027 (318)

BUY CAD JPMorgan Chase Bank N.A. 3,144,583 08/02/2013 3,188,000 3,152,298 (35,702)

SELL CAD JPMorgan Chase Bank N.A. 610,332 08/02/2013 608,203 611,829 (3,626)

SELL CHF Credit Suisse Group 95,000 15/04/2013 102,210 104,471 (2,261)

SELL CHF Goldman Sachs International 70,000 15/04/2013 75,204 76,979 (1,775)

SELL CHF JPMorgan Chase Bank N.A. 27,342,278 08/02/2013 – 08/05/2013 29,661,355 30,061,170 (399,815)

SELL CHF UBS AG 14,000 15/04/2013 15,365 15,396 (31)

BUY CNY Deutsche Bank AG 818,000 15/01/2014 130,369 129,593 (776)

SELL DKK Deutsche Bank AG 2,627,724 15/04/2013 462,062 478,547 (16,485)


SELL EUR Credit Suisse Group 64,000 15/04/2013 83,643 86,932 (3,289)

SELL EUR Goldman Sachs International 6,809,342 08/02/2013 – 08/05/2013 9,068,700 9,246,415 (177,715)





SettlementDate

RangeIn Exchange



Global Multi-Asset Fund – (continued)Depreciation – (continued)SELL EUR JPMorgan Chase Bank N.A. 79,402 15/04/2013 $ 105,000 $ 107,853 $ (2,853)

BUY GBP Barclays Bank PLC 115,262 15/04/2013 182,859 182,736 (123)

BUY GBP Credit Suisse Group 11,000 15/04/2013 17,644 17,439 (205)

BUY GBP JPMorgan Chase Bank N.A. 5,042,470 08/02/2013 8,121,039 7,997,178 (123,861)

SELL GBP Barclays Bank PLC 13,000 15/04/2013 20,606 20,610 (4)

SELL GBP JPMorgan Chase Bank N.A. 1,723,182 08/02/2013 – 15/04/2013 2,719,641 2,732,859 (13,218)

BUY JPY Barclays Bank PLC 280,000 15/04/2013 3,164 3,063 (101)

BUY JPY Credit Suisse Group 128,339,401 15/04/2013 1,464,493 1,404,144 (60,349)

BUY JPY Goldman Sachs International 631,858,111 08/02/2013 – 15/04/2013 7,131,777 6,909,894 (221,883)

BUY JPY JPMorgan Chase Bank N.A. 631,862,236 08/02/2013 7,684,000 6,909,930 (774,070)

BUY JPY Merrill Lynch International Bank 128,339,404 15/04/2013 1,462,991 1,404,144 (58,847)

SELL JPY Goldman Sachs International 4,736,000 15/04/2013 51,778 51,816 (38)


BUY MXN UBS AG 2,371,832 14/02/2013 187,223 186,371 (852)

BUY MYR Deutsche Bank AG 710,000 05/02/2013 – 04/03/2013 229,566 228,297 (1,269)

BUY MYR JPMorgan Chase Bank N.A. 806,000 05/02/2013 262,926 259,414 (3,512)

SELL NOK Deutsche Bank AG 2,468,399 15/04/2013 439,440 450,567 (11,127)

SELL NOK Goldman Sachs International 55,952,170 08/02/2013 10,192,717 10,240,563 (47,846)

SELL NOK JPMorgan Chase Bank N.A. 12,906,669 08/02/2013 2,352,013 2,362,224 (10,211)

SELL NZD Goldman Sachs International 5,796,781 08/02/2013 4,727,333 4,863,365 (136,032)

SELL NZD JPMorgan Chase Bank N.A. 1,405,539 08/02/2013 1,145,823 1,179,214 (33,391)

SELL NZD Westpac Banking Corp. 423,691 15/04/2013 351,617 353,918 (2,301)

SELL PLN Citibank N.A. 1,165,058 25/02/2013 – 15/04/2013 371,572 375,097 (3,525)

BUY SEK Goldman Sachs International 81,152,178 08/05/2013 12,755,565 12,739,060 (16,505)

BUY SEK JPMorgan Chase Bank N.A. 31,492,342 08/05/2013 4,948,883 4,943,587 (5,296)

SELL SEK Deutsche Bank AG 3,926,412 15/04/2013 601,666 616,645 (14,979)

SELL SEK Goldman Sachs International 64,828,251 08/02/2013 9,654,000 10,195,686 (541,686)

BUY SGD Credit Suisse Group 113,671 15/04/2013 92,429 91,839 (590)

BUY ZAR Barclays Bank PLC 1,368,524 15/04/2013 157,452 151,546 (5,906)

Total $ (2,773,984)

Global Total Return FundAppreciationSELL AUD Merrill Lynch International Bank 2,167,297 15/04/2013 $ 2,263,843 $ 2,248,266 $ 15,577

SELL AUD UBS AG 595,955 15/04/2013 625,526 618,220 7,306

SELL AUD Westpac Banking Corp. 460,026 15/04/2013 478,760 477,212 1,548

BUY CAD Barclays Bank PLC 142,000 15/04/2013 141,119 142,143 1,024

SELL CAD Barclays Bank PLC 1,190,239 15/04/2013 1,196,555 1,191,445 5,110

SELL CAD Merrill Lynch International Bank 8,021,461 15/04/2013 8,112,944 8,029,587 83,357

BUY CHF UBS AG 2,999,000 15/04/2013 3,248,747 3,297,985 49,238

BUY CZK Barclays Bank PLC 9,613,000 15/04/2013 492,433 508,820 16,387

BUY DKK Citibank N.A. 4,149,579 15/04/2013 739,204 755,698 16,494

BUY DKK Credit Suisse Group 780,000 15/04/2013 141,136 142,050 914

BUY DKK Goldman Sachs International 6,573,055 15/04/2013 1,186,453 1,197,049 10,596

BUY EUR Citibank N.A. 2,238,000 15/04/2013 3,006,038 3,039,911 33,873

BUY EUR Credit Suisse Group 1,015,000 15/04/2013 1,353,321 1,378,691 25,370

BUY EUR Deutsche Bank AG 8,458,035 15/04/2013 11,100,109 11,488,686 388,577

BUY EUR Goldman Sachs International 975,000 15/04/2013 1,304,525 1,324,359 19,834

BUY EUR JPMorgan Chase Bank N.A 8,336,065 15/04/2013 10,932,672 11,323,012 390,340

BUY EUR UBS AG 1,022,000 15/04/2013 1,362,844 1,388,199 25,355

BUY GBP Barclays Bank PLC 221,000 15/04/2013 348,377 350,374 1,997





SettlementDate

RangeIn Exchange



Global Total Return Fund – (continued)Appreciation – (continued)BUY GBP Goldman Sachs International 59,000 15/04/2013 $ 93,395 $ 93,539 $ 144

SELL GBP Barclays Bank PLC 2,326,686 15/04/2013 3,741,824 3,688,737 53,087

SELL GBP Deutsche Bank AG 2,326,687 15/04/2013 3,743,708 3,688,736 54,972

SELL GBP Goldman Sachs International 1,622,950 15/04/2013 2,602,770 2,573,030 29,740

SELL JPY Citibank N.A. 22,914,000 15/04/2013 252,211 250,699 1,512

SELL JPY Credit Suisse Group 1,646,000 15/04/2013 18,432 18,009 423

SELL JPY Goldman Sachs International 482,222,181 15/04/2013 5,449,477 5,275,929 173,548

BUY MXN Citibank N.A. 14,697,000 08/03/2013 1,147,653 1,152,238 4,585

SELL MYR Deutsche Bank AG 2,770,233 05/02/2013 898,551 891,610 6,941

SELL MYR JPMorgan Chase Bank N.A 6,033,233 05/02/2013 1,954,176 1,941,820 12,356

BUY NOK Deutsche Bank AG 23,397,798 15/04/2013 4,218,860 4,270,900 52,040

BUY NOK Goldman Sachs International 441,000 15/04/2013 79,876 80,498 622

BUY NZD Westpac Banking Corp. 4,421,737 15/04/2013 3,691,487 3,693,570 2,083

BUY PLN Citibank N.A. 3,595,000 25/02/2013 1,140,812 1,160,520 19,708

BUY RUB JPMorgan Chase Bank N.A 34,783,000 11/02/2013 1,140,052 1,157,655 17,603

BUY SEK Credit Suisse Group 723,000 15/04/2013 113,002 113,548 546

BUY SEK Deutsche Bank AG 10,601,397 15/04/2013 1,621,010 1,664,955 43,945

BUY SEK JPMorgan Chase Bank N.A 8,638,639 15/04/2013 1,343,344 1,356,703 13,359

BUY THB HSBC Bank 28,253,000 18/03/2013 919,096 944,249 25,153

BUY THB JPMorgan Chase Bank N.A 38,346,000 28/02/2013 – 17/04/2013 1,263,397 1,280,155 16,758

Total $ 1,622,022

DepreciationBUY AUD Credit Suisse Group 70,000 15/04/2013 $ 73,287 $ 72,615 $ (672)

BUY CAD Credit Suisse Group 183,000 15/04/2013 185,338 183,185 (2,153)

SELL CHF Credit Suisse Group 832,000 15/04/2013 895,142 914,946 (19,804)

SELL CHF Goldman Sachs International 649,000 15/04/2013 697,244 713,702 (16,458)

BUY CNY Deutsche Bank AG 7,185,000 15/01/2014 1,145,111 1,138,294 (6,817)

SELL DKK Citibank N.A. 3,923,329 15/04/2013 702,115 714,495 (12,380)

SELL DKK Deutsche Bank AG 18,488,788 15/04/2013 3,251,091 3,367,076 (115,985)

BUY EUR UBS AG 604,000 15/04/2013 820,994 820,423 (571)

SELL EUR Goldman Sachs International 3,406,355 15/04/2013 4,531,231 4,626,907 (95,676)

BUY GBP Barclays Bank PLC 1,024,009 15/04/2013 1,624,562 1,623,468 (1,094)

BUY GBP Credit Suisse Group 156,000 15/04/2013 250,230 247,323 (2,907)

SELL GBP JPMorgan Chase Bank N.A 741,000 15/04/2013 1,168,603 1,174,784 (6,181)

BUY JPY Barclays Bank PLC 31,186,000 15/04/2013 352,427 341,202 (11,225)

BUY JPY Credit Suisse Group 1,037,460,183 15/04/2013 11,838,558 11,350,714 (487,844)


BUY JPY Merrill Lynch International Bank 1,037,460,183 15/04/2013 11,826,412 11,350,714 (475,698)

BUY JPY UBS AG 42,902,000 15/04/2013 470,629 469,385 (1,244)

BUY KRW JPMorgan Chase Bank N.A 5,027,173,000 07/02/2013 4,640,924 4,615,776 (25,148)

BUY MXN UBS AG 18,520,056 14/02/2013 1,461,898 1,455,246 (6,652)


BUY MYR JPMorgan Chase Bank N.A 6,033,233 05/02/2013 1,968,107 1,941,819 (26,288)

SELL NOK Deutsche Bank AG 19,956,876 15/04/2013 3,552,852 3,642,813 (89,961)

SELL NZD Westpac Banking Corp. 3,637,905 15/04/2013 3,019,061 3,038,819 (19,758)

SELL PLN Citibank N.A. 10,364,632 25/02/2013 – 15/04/2013 3,305,637 3,337,011 (31,374)

SELL SEK Deutsche Bank AG 32,703,656 15/04/2013 5,011,363 5,136,127 (124,764)

BUY SGD Credit Suisse Group 840,000 15/04/2013 683,026 678,672 (4,354)

BUY ZAR Barclays Bank PLC 10,195,032 15/04/2013 1,172,963 1,128,965 (43,998)

Total $ (1,659,075)





SettlementDate

RangeIn Exchange



High Yield FundAppreciationSELL CAD Merrill Lynch International Bank 2,125,000 15/04/2013 $ 2,148,459 $ 2,127,153 $ 21,306

DepreciationSELL EUR Barclays Bank PLC 888,000 15/04/2013 $ 1,186,003 $ 1,206,185 $ (20,182)

SELL EUR Deutsche Bank AG 7,534,210 15/04/2013 9,855,974 10,233,839 (377,865)

SELL EUR JPMorgan Chase Bank N.A. 7,534,210 15/04/2013 9,855,176 10,233,839 (378,663)

BUY GBP Barclays Bank PLC 36,801 15/04/2013 59,184 58,344 (840)

BUY GBP Deutsche Bank AG 36,801 15/04/2013 59,213 58,344 (869)

Total $ (778,419)

U.K. Equity FundAppreciationSELL EUR Deutsche Bank AG 762,198 04/03/2013 £ 655,000 £ 652,739 £ 2,261

DepreciationBUY CHF Barclays Bank PLC 80,000 04/03/2013 £ 55,571 £ 55,452 £ (119)

SELL CHF Barclays Bank PLC 1,923,577 04/03/2013 1,293,757 1,333,318 (39,561)


SELL EUR Goldman Sachs International 2,499,728 04/03/2013 2,025,023 2,140,743 (115,720)

Total £ (165,361)

Note 10: Class Specific Open Forward Foreign Currency Exchange Contracts

At 31 January 2013, the sub-funds had outstanding the following class specific forward foreign currency exchange contracts. Each sub-fund had sufficientcash and/or other securities to cover any commitments under these derivative contracts.

Type Currency Counterparty Class


SettlementDate

RangeIn Exchange



Absolute Return FundAppreciationBUY EUR Deutsche Bank AG A1 (EUR) Hedged 35,080 15/04/2013 $ 45,890 $ 47,650 $ 1,760

BUY EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 35,080 15/04/2013 45,887 47,650 1,763

BUY EUR Deutsche Bank AG I1 (EUR) Hedged 35,000 15/04/2013 45,786 47,541 1,755

BUY EUR JPMorgan Chase Bank N.A. I1 (EUR) Hedged 35,000 15/04/2013 45,782 47,541 1,759

Total $ 7,037

Emerging Markets Debt FundAppreciationBUY EUR JPMorgan Chase Bank N.A. I1 (EUR) Hedged 97,115,110 15/04/2013 $127,032,099 $131,913,028 $ 4,880,929

BUY EUR Deutsche Bank AG I1 (EUR) Hedged 97,115,110 15/04/2013 127,042,393 131,913,028 4,870,635

BUY EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 36,839,814 15/04/2013 48,188,576 50,040,116 1,851,540

BUY EUR Deutsche Bank AG A1 (EUR) Hedged 36,839,814 15/04/2013 48,192,482 50,040,117 1,847,635

BUY EUR JPMorgan Chase Bank N.A. I1 (EUR) Hedged 1,090,444 15/04/2013 1,448,229 1,481,167 32,938













Type Currency Counterparty Class


SettlementDate

RangeIn Exchange



Emerging Markets Debt Fund – (continued)Appreciation – (continued)BUY EUR Deutsche Bank AG A1 (EUR) Hedged 115,569 15/04/2013 $ 151,025 $ 156,979 $ 5,954





BUY EUR Barclays Bank PLC I1 (EUR) Hedged 128,305 15/04/2013 170,305 174,279 3,974





BUY EUR Barclays Bank PLC A1 (EUR) Hedged 54,367 15/04/2013 72,164 73,848 1,684


BUY EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 629,014 15/04/2013 853,477 854,399 922


BUY EUR Deutsche Bank AG I1 (EUR) Hedged 2,115 15/04/2013 2,763 2,872 109


BUY EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 3711.96 15/04/2013 4,960 5,042 82

Total $13,638,138

DepreciationSELL EUR UBS AG A1 (EUR) Hedged 997 15/04/2013 $ 1,343 $ 1,355 $ (12)

SELL EUR UBS AG I1 (EUR) Hedged 1,136 15/04/2013 1,531 1,544 (13)

SELL EUR JPMorgan Chase Bank N.A. I1 (EUR) Hedged 12,744 15/04/2013 17,291 17,310 (19)

SELL EUR Credit Suisse Group I1 (EUR) Hedged 919 15/04/2013 1,229 1,248 (19)

SELL EUR Credit Suisse Group I1 (EUR) Hedged 2,063 15/04/2013 2,753 2,803 (50)

SELL EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 8,086 15/04/2013 10,812 10,983 (171)



SELL EUR JPMorgan Chase Bank N.A. I1 (EUR) Hedged 45,367 15/04/2013 60,466 61,622 (1,156)



SELL EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 397,953 15/04/2013 531,215 540,546 (9,331)

Total $ (16,421)

U.S. Value FundAppreciationBUY EUR Goldman Sachs International A1 (EUR) Hedged 68,683 15/04/2013 $ 91,514 $ 93,293 $ 1,779






Total $ 45,969

DepreciationSELL EUR JPMorgan Chase Bank N.A. A1 (EUR) Hedged 531 15/04/2013 $ 715 $ 721 $ (6)



Note 11: Repurchase Agreements

Details of the repurchase agreements outstanding at 31 January 2013:

Sub-Fund CounterpartyMaturity

DateInterest

Rate CurrencyMarketValue

Absolute Return FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD $ 568,000

Asia Pacific Ex-Japan FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 520,000

China Equity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 3,187,000

Emerging Markets Debt FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 38,608,000

Emerging Markets Debt Local Currency FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 1,089,000

Emerging Markets Equity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 269,000

Global Bond FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 389,000

Global Concentrated FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 209,000

Global Energy FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 17,000

Global Equity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 3,184,000

Global Multi-Asset FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 13,102,000

Global Research FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 251,000

Global Total Return FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 6,211,000

High Yield FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 3,646,000

Inflation-Adjusted Bond FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 487,000

Japan Equity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 12,000

Latin American Equity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 320,000

Limited Maturity FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 22,234,000

Prudent Wealth FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 10,331,000

Research Bond FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 8,923,000

U.S. Concentrated Growth FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 1,339,000

U.S. Government Bond FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 30,311,000

U.S. Value FundMerrill Lynch, Pierce, Fenner & Smith, Inc. 1/02/2013 0.13% USD 8,345,000

At 31 January 2013, Freddie Mac, 5.5%, 18/07/2016, $64,401,886 and Freddie Mac, 0%, 15/07/2032, $25,112,470 were received as collateral inrespect of the Merrill Lynch, Pierce, Fenner & Smith, Inc. repurchase agreements which were held with a third-party agent.



Note 12: Open Futures Contracts

At 31 January 2013, the sub-funds had outstanding the following futures contracts:

Description Currency Counterparty Expiration Notional Contracts

NetUnrealized

Gain(Loss)

Absolute Return Fund(a)(b)

AEX Index (Long) EUR Goldman Sachs Group, Inc. February 2013 600 3 $ 6,610

ASX SPI 200 Index (Short) AUD Goldman Sachs Group, Inc. March 2013 50 2 (14,868)

Australian Treasury Bond 10 yr (Long) AUD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 400,000 4 (11,219)

Bovespa Index (Long) BRL Goldman Sachs Group, Inc. February 2013 16 16 3,591

CAC 40 Index (Long) EUR Goldman Sachs Group, Inc. February 2013 140 14 5,724

Canadian Treasury Bond 10 yr (Short) CAD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 100,000 1 1,891

DAX Index (Long) EUR Goldman Sachs Group, Inc. March 2013 50 2 13,978

E-Mini S&P 500 Index (Short) USD Goldman Sachs Group, Inc. March 2013 350 7 (25,361)

Euro Government Bond (Short) EUR Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 300,000 3 12,552

FTSE 100 Index (Short) GBP Goldman Sachs Group, Inc. March 2013 10 1 (3,229)

FTSE JSE Top 40 Index (Long) ZAR Goldman Sachs Group, Inc. March 2013 130 13 14,214

FTSE/MIB Index (Long) EUR Goldman Sachs Group, Inc. March 2013 15 3 31,718

Hang Seng China Enterprises Index (Long) HKD Goldman Sachs Group, Inc. February 2013 150 3 2,251

Hang Seng Index (Short) HKD Goldman Sachs Group, Inc. February 2013 50 1 (633)

IBEX 35 Index (Long) EUR Goldman Sachs Group, Inc. February 2013 30 3 (6,649)

Japanese Government Bond 10 yr (Short) JPY Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 100,000,000 1 (1,219)

KOSPI 200 index (Short) KRW Goldman Sachs Group, Inc. March 2013 1,500,000 3 4,934

Mexico Bolsa Index (Short) MXN Goldman Sachs Group, Inc. March 2013 30 3 (1,203)

MSCI Taiwan Index (Long) USD Goldman Sachs Group, Inc. February 2013 500 5 3,871

Nikkei 225 Index (Long) JPY Goldman Sachs Group, Inc. March 2013 3,000 3 7,509

OMX 30 Index (Short) SEK Goldman Sachs Group, Inc. February 2013 1,900 19 (10,647)

Russell 2000 Mini Index (Short) USD Goldman Sachs Group, Inc. March 2013 400 4 (29,772)

S&P/TSE 60 Index (Short) CAD Goldman Sachs Group, Inc. March 2013 1,200 6 (26,456)

SGX CNS Nifty Index (Long) USD Goldman Sachs Group, Inc. February 2013 4 2 (152)

SGX MSCI Index (Short) SGD Goldman Sachs Group, Inc. February 2013 400 2 (1,010)

TurkDEX-ISE 30 Index (Long) TRY Goldman Sachs Group, Inc. February 2013 5,700 57 5,237

United Kingdom Treasury 10 yr (Short) GBP Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 200,000 2 7,551

U.S. Treasury Note 10 yr (Long) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 200,000 2 (3,627)

Total $ (14,414)

Emerging Markets Debt FundU.S. Treasury Bond 30 yr (Long) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 49,400,000 494 $ (2,099,191)

U.S. Treasury Note 10 yr (Long) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 61,300,000 613 (1,317,713)

Total $(3,416,904)

Emerging Markets Debt Local Currency Fund(b)

Euro Government Bond 10 yr (Short) EUR Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 400,000 4 $ 1,763

Global Bond Fund(a)

Euro Government Bond 10 yr (Short) EUR Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 100,000 1 $ 441

Global Multi-Asset Fund(a)

AEX Index (Long) EUR Goldman Sachs Group, Inc. February 2013 7,600 38 $ 83,732

ASX SPI 200 Index (Short) AUD Goldman Sachs Group, Inc. March 2013 625 25 (185,853)

Australian Treasury Bond 10 yr (Long) AUD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 4,600,000 46 (129,013)

Bovespa Index (Long) BRL Goldman Sachs Group, Inc. February 2013 195 195 43,716

CAC 40 Index (Long) EUR Goldman Sachs Group, Inc. February 2013 1,650 165 67,454

Canadian Treasury Bond 10 yr (Short) CAD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 1,500,000 15 33,928

DAX Index (Long) EUR Goldman Sachs Group, Inc. March 2013 725 29 202,693

E-Mini S&P 500 Index (Short) USD Goldman Sachs Group, Inc. March 2013 4,000 80 (289,241)



Description Currency Counterparty Expiration Notional Contracts

NetUnrealized

Gain(Loss)

Global Multi-Asset Fund(a) – (continued)FTSE 100 Index (Short) GBP Goldman Sachs Group, Inc. March 2013 70 7 $ (22,600)

FTSE Top 40 Index (Long) ZAR Goldman Sachs Group, Inc. March 2013 1,540 154 175,467

FTSE/MIB Index (Long) EUR Goldman Sachs Group, Inc. March 2013 155 31 327,759

German Euro Bund (Short) EUR Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 3,300,000 33 139,710

Hang Seng China Enterprises Index (Long) HKD Goldman Sachs Group, Inc. February 2013 2,000 40 30,009

Hang Seng Index (Short) HKD Goldman Sachs Group, Inc. February 2013 450 9 (5,695)

IBEX 35 Index (Long) EUR Goldman Sachs Group, Inc. February 2013 340 34 (75,356)

Japanese Government Bond 10 yr (Short) JPY Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 600,000,000 6 (7,316)

KOSPI 200 Index (Short) KRW Goldman Sachs Group, Inc. March 2013 18,000,000 36 49,680

Mexico Bolsa Index (Short) MXN Goldman Sachs Group, Inc. March 2013 380 38 (15,241)

MSCI Singapore Index (Short) SGD Goldman Sachs Group, Inc. February 2013 4,200 21 (10,605)

MSCI Taiwan Index (Long) USD Goldman Sachs Group, Inc. February 2013 6,400 64 49,552

Nikkei 225 Index (Long) JPY Goldman Sachs Group, Inc. March 2013 37,000 37 92,616

OMX 30 Index (Short) SEK Goldman Sachs Group, Inc. February 2013 23,200 232 (130,007)

Russell 2000 Mini Index (Short) USD Goldman Sachs Group, Inc. March 2013 5,300 53 (394,480)

S&P/TSE 60 Index (Short) CAD Goldman Sachs Group, Inc. March 2013 15,200 76 (335,116)

SGX CNX Nifty Index (Long) USD Goldman Sachs Group, Inc. February 2013 60 30 (2,287)

TurkDEX-ISE 30 Index (Long) TRY Goldman Sachs Group, Inc. February 2013 68,800 688 63,208

United Kingdom Treasury 10 yr (Short) GBP Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 2,900,000 29 123,879

U.S. Treasury Note 10 yr (Long) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 2,500,000 25 (54,641)

Total $(174,048)

Research Bond Fund(a)

U.S. Treasury Note 5 yr (Long) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 5,500,000 55 $ (38,005)

U.S. Treasury Note 10 yr (Short) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 23,000,000 230 353,121

U.S. Treasury Note 30 yr (Short) USD Merrill Lynch Pierce, Fenner & Smith, Inc. March 2013 9,500,000 95 285,941

Total $ 601,057

The Statements of Assets and Liabilities reflect the daily variation margin as of 31 January 2013 on open futures which differs from the net unrealized gain/loss shown above. At 31 January 2013, each sub-fund had sufficient cash and/or other securities to cover any commitments under these derivative contracts.

(a) Refer to the Schedules of Investments for certain securities held as collateral for open futures contracts.(b) The Absolute Return Fund and Emerging Markets Debt Local Currency Fund segregated $35,923 and $10,803, respectively, as cash collateral for open

futures contracts, which is held with the counterparty.



Note 13: Swap Agreements

At 31 January 2013, the sub-funds had outstanding the following swap agreements. Each sub-fund had sufficient cash and/or other securities to cover anycommitments under these derivative contracts.

ExpirationNotionalAmount Counterparty Cash Flows to Receive Cash Flows to Pay Value

Emerging Markets Debt Fund

Depreciation

Credit Default Swaps20/03/2023 USD 1,111,000(a) Deutsche Bank AG 1.00% (fixed rate) (1) $ (56,434)

20/03/2023 USD 22,488,000(b) Goldman Sachs International 1.00% (fixed rate) (1) (1,142,294)

20/03/2023 USD 10,251,000(c) Morgan Stanley Capital Services, Inc. 1.00% (fixed rate) (1) (520,707)

20/03/2023 USD 19,769,000(d) Merrill Lynch International 1.00% (fixed rate) (2) (1,777,624)

20/03/2023 USD 3,488,000(e) Deutsche Bank AG 1.00% (fixed rate) (3) (185,143)

20/03/2023 USD 4,630,000(f) Goldman Sachs International 1.00% (fixed rate) (3) (245,761)

20/03/2023 USD 7,951,000(g) Merrill Lynch International 1.00% (fixed rate) (3) (422,039)

20/03/2023 USD 13,732,000(h) Morgan Stanley Capital Services, Inc. 1.00% (fixed rate) (3) (728,894)

20/03/2023 USD 10,325,000(i) Barclays Bank PLC 1.00% (fixed rate) (4) (354,659)

20/03/2023 USD 39,241,000(j) Merrill Lynch International 1.00% (fixed rate) (5) (3,402,639)

Total $(8,836,194)

(1) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Federal Republic of Brazil, 12.25%, 06/03/2030.(2) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Indonesia, 6.875%, 09/03/2017.(3) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Philippines, 10.625%, 16/03/2025.(4) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Mexico, 5.95%, 19/03/2019.(5) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Russian Federation, 7.5%, 31/03/2030.(a) Net unamortized premiums received by the sub-fund amounted to $42,332.(b) Net unamortized premiums received by the sub-fund amounted to $856,842.(c) Net unamortized premiums received by the sub-fund amounted to $390,586.(d) Net unamortized premiums received by the sub-fund amounted to $1,314,293.(e) Net unamortized premiums received by the sub-fund amounted to $156,705.(f) Net unamortized premiums received by the sub-fund amounted to $208,012.(g) Net unamortized premiums received by the sub-fund amounted to $357,215.(h) Net unamortized premiums received by the sub-fund amounted to $616,937.(i) Net unamortized premiums received by the sub-fund amounted to $272,192.(j) Net unamortized premiums received by the sub-fund amounted to $2,717,017.

Emerging Markets Debt Local Currency Fund

Interest Rate Swaps

Appreciation02/01/2014 BRL 3,000,000 JPMorgan Chase Bank N.A. 8.03% (fixed rate) CDI (floating rate) $ 14,432

02/01/2015 BRL 1,100,000 JPMorgan Chase Bank N.A. 8.70% (fixed rate) CDI (floating rate) 10,492

02/01/2017 BRL 800,000 JPMorgan Chase Bank N.A. 8.5982% (fixed rate) CDI (floating rate) 577



Total $ 99,581

Depreciation02/01/2017 BRL 2,400,000 JPMorgan Chase Bank N.A. 8.30% (fixed rate) CDI (floating rate) $ (9,761)

04/01/2021 BRL 8,700,000 JPMorgan Chase Bank N.A. 9.16% (fixed rate) CDI (floating rate) (6,523)




Total $(50,517)



ExpirationNotionalAmount Counterparty Cash Flows to Receive Cash Flows to Pay Value

Global Bond Fund

Credit Default Swap

Depreciation20/03/2023 USD 244,000(a) Morgan Stanley Capital Services, Inc. 10.625% (fixed rate) (1) $(12,952)

Interest Rate Swaps

Appreciation02/01/2014 BRL 1,200,000 JPMorgan Chase Bank N.A. 7.73% (fixed rate) CDI (floating rate) $ 3,819




02/01/2017 BRL 600,000 JPMorgan Chase Bank N.A. 8.60% fixed rate) CDI (floating rate) 433

04/01/2021 BRL 800,000 JPMorgan Chase Bank N.A. 9.44% (fixed rate) CDI (floating rate) 3,881


Total $ 16,241

Depreciation02/01/2017 BRL 300,000 JPMorgan Chase Bank N.A. 8.50% (fixed rate) CDI (floating rate) $ (386)

02/01/2017 BRL 400,000 JPMorgan Chase Bank N.A. 8.30% (fixed rate) CDI (floating rate) (1,627)

04/01/2021 BRL 225,000 JPMorgan Chase Bank N.A. 9.16% (fixed rate) CDI (floating rate) (169)

04/01/2021 BRL 300,000 JPMorgan Chase Bank N.A. 9.04% (fixed rate) CDI (floating rate) (971)



Total $ (6,072)

(1) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Philippines, 10.625%, 16/03/25.(a) Net unamortized premiums received by the sub-fund amounted to $9,719.

Global Multi-Asset Fund

Total Return Swaps

Appreciation03/09/2013 USD 5,125,081 JPMorgan Chase Bank N.A. DJUBSF2 (floating rate) 0.18% (fixed rate) $ 109

03/09/2013 USD 5,200,264 JPMorgan Chase Bank N.A. DJUBSF2 (floating rate) 0.25% (fixed rate) 139

03/09/2013 USD 5,152,081 Merrill Lynch International DJUBSF2 (floating rate) 0.18% (fixed rate) 100

03/09/2013 USD 5,200,264 Merrill Lynch International DJUBSF2 (floating rate) 0.25% (fixed rate) 114

Total $ 462

Depreciation08/04/2013 USD 4,824,191 JPMorgan Chase Bank N.A. DJUBSF2 (floating rate) 0.27% (fixed rate) $ (44)

Note 14: Transaction Costs

For the year ended 31 January 2013, the Fund incurred transaction costs which have been defined as brokerage commissions in respect of the purchase orsale of transferable securities, money market instruments, derivatives or other eligible assets. Brokerage commissions are included in Identified Cost in theSchedules of Investments or in Net Realized Gain (Loss) on Investments, Derivatives, and Currency Transactions in the Statements of Operations and Changesin Net Assets. These transaction costs are not reflected in Net Expenses in the Statements of Operations and Changes in Net Assets.

Sub-FundNet

Commissions Sub-FundNet

Commissions

Absolute Return Fund $ 21,631 Global Equity Fund $695,885

Asia Pacific Ex-Japan Fund $ 200,295 Global Multi-Asset Fund $363,078

China Equity Fund $ 70,074 Global Research Fund $429,016

Continental European Equity Fund € 23,445 Global Total Return Fund $231,813

Emerging Markets Debt Fund $ 17,871 High Yield Fund $ 9,028

Emerging Markets Debt Local Currency Fund $ 88 Inflation-Adjusted Bond Fund $ —



Sub-FundNet

Commissions Sub-FundNet

Commissions

Emerging Markets Equity Fund $ 204,406 Japan Equity Fund $ 6,743

European Concentrated Fund € 731 Latin American Equity Fund $462,992

European Core Equity Fund € 3,409 Limited Maturity Fund $ 5,464

European Research Fund €509,832 Prudent Wealth Fund $ 50,624

European Smaller Companies Fund €197,432 Research Bond Fund $ 4,901

European Value Fund €536,495 U.K. Equity Fund £127,094

Global Bond Fund $ 13 U.S. Concentrated Growth Fund $297,071

Global Concentrated Fund $ 75,800 U.S. Government Bond Fund $ 452

Global Energy Fund $ 6,822 U.S. Value Fund $257,037

Note 15: Summary of accounting differences between Luxembourg legal and regulatory requirements forinvestment funds and accounting principles generally accepted in the United States

The fund’s financial statements are prepared in accordance with Luxembourg legal and regulatory requirements for investment funds. These requirementsdiffer in the manner in which discount is accreted and premium is amortized into income for certain fixed income securities from accounting principlesgenerally accepted in the United States (“U.S. GAAP”). These differences do not change the total results of operations but may impact amounts reported fornet investment income and change in realized and unrealized gain (loss) for investments, derivatives, and currency translation. These differences have noimpact on the net assets of the sub-funds. The financial statement impact and a description of the material differences for those impacted sub-funds are asfollows.

Sub-Fund

Total net investment income inaccordance with Luxembourglegal and regulatoryrequirements

Net adjustment foramortization of premium, andaccretion of discount on certainfixed income securities

Total net investment income inaccordance with U.S. GAAP

Absolute Return Fund $ 286,302 $ (213,990) $ 72,312

Emerging Markets Debt Fund 164,976,216 (13,745,917) 151,230,299

Emerging Markets Debt Local Currency Fund 7,357,678 (698,353) 6,659,325

Global Bond Fund 764,206 (378,845) 385,361

Global Multi-Asset Fund 925,349 (1,036,175) (110,826)

Global Total Return Fund 9,310,072 (3,282,035) 6,028,037

High Yield Fund 50,519,423 (3,706,490) 46,812,933

Inflation-Adjusted Bond Fund 3,849,556 (4,198,823) (349,267)

Limited Maturity Fund 14,121,812 (5,108,960) 9,012,852

Prudent Wealth Fund 44,462 (149,545) (105,083)

Research Bond Fund 12,294,987 (3,361,735) 8,933,252

U.S. Government Bond Fund 9,782,413 (3,340,461) 6,441,952

Sub-Fund

Net realized gain (loss) oninvestments, derivatives andcurrency transactions inaccordance with Luxembourglegal and regulatoryrequirements

Net adjustment foramortization of premium, andaccretion of discount oncertain fixed income securities

Net realized gain (loss) oninvestments, derivatives andcurrency transactions inaccordance with U.S. GAAP

Absolute Return Fund $ (803,200) $ 134,677 $ (668,523)

Emerging Markets Debt Fund 124,498,392 5,088,487 129,586,879

Emerging Markets Debt Local Currency Fund (3,271,935) 829,023 (2,442,912)

Global Bond Fund (5,736) 257,629 251,893

Global Multi-Asset Fund 1,071,603 1,185,679 2,257,282

Global Total Return Fund 20,551,304 1,969,514 22,520,818

High Yield Fund 6,275,338 2,119,359 8,394,697

Inflation-Adjusted Bond Fund 10,377,335 1,291,297 11,668,632

Limited Maturity Fund (3,969,255) 4,184,666 215,411

Prudent Wealth Fund (530,053) 46,029 (484,024)

Research Bond Fund 6,903,569 1,884,511 8,788,080

U.S. Government Bond Fund 4,423,917 2,070,041 6,493,958



Sub-Fund

Net change in unrealized gain(loss) on investments,derivatives and currencytranslations in accordance withLuxembourg legal andregulatory requirements

Net adjustment foramortization of premium, andaccretion of discount on certainfixed income securities

Net change in unrealized gain(loss) on investments,derivatives and currencytranslations in accordance withU.S. GAAP

Absolute Return Fund $ 918,915 $ 79,313 $ 998,228

Emerging Markets Debt Fund 219,486,866 8,657,430 228,144,296

Emerging Markets Debt Local Currency Fund 8,196,793 (130,670) 8,066,123

Global Bond Fund (78,631) 121,216 42,585

Global Multi-Asset Fund 7,367,785 (149,504) 7,218,281

Global Total Return Fund 84,795,689 1,312,521 86,108,210

High Yield Fund 44,440,122 1,587,131 46,027,253

Inflation-Adjusted Bond Fund (6,711,146) 2,907,526 (3,803,620)

Limited Maturity Fund 4,922,354 924,294 5,846,648

Prudent Wealth Fund 14,304,331 103,516 14,407,847

Research Bond Fund 2,638,432 1,477,224 4,115,656

U.S. Government Bond Fund (11,093,802) 1,270,420 (9,823,382)

The following table shows the significant accounting policy differences between Luxembourg legal and regulatory requirements and U.S. GAAP.

Luxembourg legal and regulatory requirements U.S. GAAP

Fixed income securities Premium on fixed income securities is not required tobe amortized to income on a daily basis. Discount oninterest only securities is not required to be accreted toincome on a daily basis.

Premium on fixed income securities is amortized toincome on a daily basis. Discount on interest onlysecurities is accreted to income on a daily basis.

Note 16: Subsequent Event

Effective 18 February 2013, the MFS Meridian Funds – Prudent Wealth Fund is no longer charged a redemption fee.

Effective 19 February 2013, the MFS Meridian Funds – Bond Fund commenced operations.

Effective 19 February 2013, the following MFS Meridian Fund share classes commenced operations.

Absolute Return Fund N1 (USD), N2 (USD)Asia Pacific Ex-Japan Fund N1 (USD)Emerging Markets Debt Fund A1 Hedged (CHF), I1 Hedged (CHF), N1 (EUR), N1 (USD), N2 (USD)Emerging Markets Debt Local Currency Fund N1 (EUR), N1 (USD), N2 (USD)Emerging Markets Equity Fund N1 (USD)European Research Fund A1 Hedged (CHF), I1 Hedged (CHF), N1 (USD), N1 (EUR)European Smaller Companies Fund N1 (USD)European Value Fund A1 Hedged (CHF), I1 Hedged (CHF), N1 (USD), N1 (EUR)Global Bond Fund N1 (USD), N2 (USD)Global Concentrated Fund N1 (USD)Global Equity Fund N1 (USD)Global Multi-Asset Fund N1 (USD)Global Total Return Fund N1 (USD)High Yield Fund N1 (USD), N2 (USD)Inflation-Adjusted Bond Fund N1 (USD), N2 (USD)Latin American Equity Fund A1 Hedged (CHF), I1 Hedged (CHF), N1 (USD), N1 (EUR)Limited Maturity Fund N1 (USD), N2 (USD)Prudent Wealth Fund A1 Hedged (EUR), I1 Hedged (EUR), N1 (USD)Research Bond Fund N1 (USD), N2 (USD)U.S. Concentrated Growth Fund N1 (USD)U.S. Government Bond Fund N1 (USD), N2 (USD)U.S. Value Fund N1 (USD)


Information relating to Plans Epargne Actions (PEA) in France – (unaudited)

Through the year ended 31 January 2013, the following sub-funds invest primarily (i.e., at least 75% of their net assets) in PEA eligible equity-relatedsecurities (excluding convertible bonds) of companies that are based in continental European Economic Area (“EEA”) countries (except Liechtenstein).Beginning 1 February 2012 through the year ended 31 January 2013, the daily average percentile for each sub-fund’s investment in such securities is asfollows:

Sub-Fund

DailyAverage forPeriod (%)

European Concentrated Fund(g) 76.44%

European Core Equity Fund(g) 85.72%

European Research Fund 76.87%

European Smaller Companies Fund 83.14%

European Value Fund 79.46%

(g) Effective 18 February 2013, these sub-funds are no longer PEA eligible.


INDEPENDENT AUDITOR’S REPORT

To the Shareholders of MFS Meridian Funds49, avenue J.F. KennedyL-1855 Luxembourg

We have audited the accompanying financial statements of MFSMeridian Funds and of each of its sub-funds, which comprise thestatements of assets and liabilities and the schedules ofinvestments as at 31 January 2013 and the statements ofoperations and changes in net assets for the year then ended, anda summary of significant accounting policies and otherexplanatory notes to the financial statements.

Board of Directors of the SICAV responsibility for the financialstatementsThe Board of Directors of the SICAV is responsible for thepreparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of the financialstatements and for such internal control as the Board of Directorsof the SICAV determines is necessary to enable the preparationand presentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adoptedfor Luxembourg by the “Commission de Surveillance du SecteurFinancier”. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements.The procedures selected depend on the judgement of the“réviseur d’entreprises agréé”, including the assessment of therisks of material misstatement of the financial statements,whether due to fraud or error. In making those risk assessments,

the “réviseur d’entreprises agréé” considers internal controlrelevant to the entity’s preparation and fair presentation of thefinancial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internalcontrol. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accountingestimates made by the Board of Directors of the SICAV, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair viewof the financial position of MFS Meridian Funds and of each of itssub-funds as of 31 January 2013, and of the results of theiroperations and changes in their net assets for the year then endedin accordance with Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of the financialstatements.

Other matterSupplementary information included in the annual report hasbeen reviewed in the context of our mandate but has not beensubject to specific audit procedures carried out in accordance withthe standards described above. Consequently, we express noopinion on such information. However, we have no observation tomake concerning such information in the context of the financialstatements taken as a whole.

ERNST & YOUNGSociété AnonymeCabinet de révision agréé

M. Ferguson

Luxembourg, 4 April 2013


REPORT OF INDEPENDENT AUDITORS

To the Shareholder of the MFS Meridian Funds49, avenue J.F. KennedyL-1855 Luxembourg

We have audited the accompanying statements of assets andliabilities of MFS Meridian Funds (the “SICAV”), including theschedules of investments, as of 31 January 2013, and the relatedstatements of operations and changes in net assets for the yearthen ended. These financial statements are the responsibility ofthe Fund’s Board of Directors. Our responsibility is to express anopinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standardsgenerally accepted in the United States. Those standards requirethat we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free ofmaterial misstatement. We were not engaged to perform an auditof the SICAV’s internal control over financial reporting. Our auditincluded consideration of internal control over financial reportingas a basis for designing audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing anopinion on the effectiveness of the SICAV’s internal control over

financial reporting. Accordingly, we express no such opinion. Anaudit also includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements, assessingthe accounting principles used and significant estimates made bymanagement, and evaluating the overall financial statementpresentation. We believe that our audit provides a reasonablebasis for our opinion.

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of MFSMeridian Funds at 31 January 2013, the results of its operationsand changes in its net assets for the year then ended, inconformity with Luxembourg legal and regulatory requirements

Ernst & Young S.A.

Munsbach, Luxembourg4 April 2013


PRIMARY LOCAL AGENTSas of 31 January 2013

Austria Belgium France

Raiffeisen Bank International AG,Am Stadtpark 9, A-1030 Vienna,AustriaTel: +43-1-71-707-1730

Citibank Belgium NV,Generaal Jacqueslaan 263g,1050 Brussels, Belgium.Tel: +32-2-626-5358

BNP Paribas Securities Services,66, rue de la Victoire,75009 Paris, France.Tel: +33-1-42-98-05-77

Germany Hong Kong Italy

Marcard, Stein & Co. AG,Ballindamm 36, 20095 Hamburg,Germany.Tel: +49-40-32-099-224

HSBC Institutional Trust Services (Asia)Ltd., 1 Queen’s Road Central,Hong Kong.Tel: +852-2847-1456/1457

AllFunds Bank S.A.,via Santa Margherita 7, 20121Milano, ItalyTel: +39-02-3211-7001

Societe Generale Securities Services,S.p.A.,Via Benigno Crespi,19/A-MAC 2, 20159,Milano, Italy.Tel: +39 029178.4588

Luxembourg Netherlands Sweden

State Street Bank Luxembourg,49, Avenue J.F. Kennedy, L-1855Luxembourg, Grand Duchy ofLuxembourg.Tel: +352-46-40-600

CACEIS Netherlands N.V., DeRuyterkade 6, 1000 AD Amsterdam,The NetherlandsTel: +31-20-530-8300

Securities Services, SkandinaviskaEnskilda Banken AB, Global Funds,RA 6, Rissneleden 110, SE-106 40Stockholm, Sweden.Tel: +46-8763-6906/5960

Switzerland Taiwan United Kingdom

REPRESENTATIVE: Carnegie Fund ServicesS.A., 11, rue du Général-Dufour,1204 Geneva, Switzerland.Tel: +41-22-705-1177;

PAYING AGENT: Banque cantonale deGenève, 17 Quai de l’lle,1204 Geneva,Tel: +41-22-317-2727

MASTER AGENT:

Pinebridge Investments ConsultingTaiwan Limited, 10th Floor,144 Min Chuan East Road. Section 2Taipei, Taiwan 10436Tel: +886-2-2516-7676

FACILITIES AGENT:

MFS International (UK) Ltd.,Paternoster House, 65 St. Paul’sChurchyard, London, EC4M 8AB UK.Tel: +44 (0) 20-7429-7200

©2013 MFS Investment Management