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Printmgr File Shareholder Annual Report 31 January 2019 MFS Meridian® Funds Luxembourg-Registered SICAV RCS: B0039346 SICAV-UK-GG-ANN-1/19 CONTENTS Letter from the Chairperson .............................................................................. 3 Performance table ...................................................................................... 4 Notes to performance table ............................................................................... 8 General information ..................................................................................... 8 Corporate governance ................................................................................... 8 Shareholder complaints .................................................................................. 9 Certain risk management disclosures ....................................................................... 9 Schedules of investments ................................................................................. 11 Statements of assets and liabilities ......................................................................... 113 Statements of operations and changes in net assets ........................................................... 118 Statistical information ................................................................................... 123 Notes to financial statements ............................................................................. 159 Addendum ............................................................................................ 200 Independent auditor’s report .............................................................................. 206 Directors and administration .............................................................................. 209 Primary local agents ............................................................................... back cover MFS Meridian® Funds listing The following sub-funds comprise the MFS Meridian Funds family. Each sub-fund name is preceded with “MFS Meridian Funds –” which may not be stated throughout this report. Asia Ex-Japan Fund (formerly Asia Pacific Ex-Japan Fund) Blended Research® European Equity Fund Continental European Equity Fund Diversified Income Fund Emerging Markets Debt Fund Emerging Markets Debt Local Currency Fund Emerging Markets Equity Fund European Core Equity Fund European Research Fund European Smaller Companies Fund European Value Fund Global Concentrated Fund Global Credit Fund Global Energy Fund Global Equity Fund Global Equity Income Fund Global High Yield Fund Global Opportunistic Bond Fund Global Research Focused Fund Global Total Return Fund Inflation-Adjusted Bond Fund Japan Equity Fund Latin American Equity Fund Limited Maturity Fund Managed Wealth Fund Prudent Capital Fund Prudent Wealth Fund U.K. Equity Fund U.S. Concentrated Growth Fund U.S. Corporate Bond Fund U.S. Equity Income Fund U.S. Equity Opportunities Fund U.S. Government Bond Fund U.S. Total Return Bond Fund U.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, the audited annual and unaudited semi-annual financial statements as well as the German Key Investor Information Documents of the fund may be inspected at and are available free of charge by mail or by e-mail from the German Paying and Information Agent Marcard, Stein & Co AG, Ballindamm 36, 20095 Hamburg. MFS Meridian Funds Annual Report 2019 LETTER FROM THE CHAIRPERSON Dear Shareholders: Higher interest rates, international trade friction, and geopolitical uncertainty surrounding issues such as Brexit have contributed to an uptick in market volatility in recent quarters – a departure from the low-volatility environment that has prevailed for much of the past several years. Against this more challenging backdrop, equity markets in the United States have outperformed most international markets on a relative basis over the past 12 months, though broad market returns have been modestly negative on an absolute basis. Global economic growth has become less synchronized over the past few quarters, with Europe, China, and some emerging markets having shown signs of significantly slowing growth. While U.S. growth has remained above average, its pace slowed in the second half of 2018. A decelerating global economy and tighter financial conditions have prompted the U.S. Federal Reserve to reassess its monetary policy outlook. Fed chairman Jerome Powell recently acknowledged that the next change in policy rates could be either a hike or a cut, suggesting that the tightening cycle begun in late 2015 may have come to an end. The Fed has also signaled that it is likely to maintain a larger-than-expected balance sheet, meaning that monetary conditions will likely tighten less over time than earlier feared. U.S. tax reforms adopted in late 2017 have been welcomed by equity markets while emerging market economies have recently had to contend with tighter financial conditions as a result of firmer U.S. short-term interest rates, declining equity valuations, and a stronger dollar. With the Republicans losing control of the U.S. House of Representatives, further meaningful U.S. fiscal stimulus appears less likely over the remainder of this presidential term. The recent partial U.S. government shutdown has also added to political uncertainty as the competing budgetary priorities of the House of Representatives and the White House will likely remain a source of friction going forward. Globally, inflation remains largely subdued thanks in part to lower oil prices, but tight labor markets will keep investors on the lookout for its potential reappearance. Increased U.S. protectionism is also a growing concern, as investors fear trade disputes could dampen business sentiment, leading to even slower global growth. While there has been progress on this front – a NAFTA replacement has been worked out between the U.S., Mexico, and Canada; the free trade pact with Korea has been updated; and a negotiating framework with the European Union has been agreed upon – tensions between the U.S. and China remain high, though the two sides recently returned to the negotiating table. As a global investment manager with nearly a century of expertise, MFS® firmly believes active risk management offers downside mitigation and may help improve investment outcomes. We built our active investment platform with this belief in mind. Our long-term perspective influences nearly every aspect of our business, ensuring that our investment decisions align with the investing time horizons of our clients. Respectfully, Robin Stelmach Chairperson of the Board MFS Investment Management Company (Lux) S.à r.l. 11 April 2019 The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed. MFS Meridian Funds Annual Report 2019 3 PERFORMANCE TABLE (unaudited) Total Rates of Return for the year ended 31 January 2019 Blended Emerging Research Continental Emerging Markets Emerging Asia European European Diversified Markets Debt Local Markets Ex-Japan Equity Equity Income Debt Currency Equity Share Class Fund (a) Fund Fund Fund Fund Fund Fund A1 (EUR) (3.53)% (7.86)% (1.89)% N/A 6.48% 3.21% (5.28)% A1 (GBP) N/A N/A (1.77)% N/A 6.37% N/A N/A A1 (USD) (11.36)% (15.33)% (9.79)% 0.98% (1.99)% (5.10)% (12.87)% A2 (EUR) N/A N/A N/A N/A N/A N/A N/A A2 (USD) N/A N/A N/A 0.96% (1.99)% (5.07)% N/A A3 (USD) N/A N/A N/A 0.94% (2.03)% (5.08)% N/A A4 (EUR) N/A N/A N/A 9.67% N/A N/A N/A AH1 (CHF) N/A N/A N/A N/A (5.23)% N/A N/A AH1 (EUR) N/A N/A N/A (2.03)% (4.71)% N/A N/A AH1 (USD) N/A (5.81)% N/A N/A N/A N/A N/A AH2 (EUR) N/A N/A N/A (1.89)% (4.83)% N/A N/A AH3 (EUR) N/A N/A N/A (1.98)% (5.04)% N/A N/A AH4 (EUR) N/A N/A N/A (1.99)% N/A N/A N/A B1 (USD) (11.99)% N/A N/A N/A (3.00)% (6.04)% (13.54)% B2 (USD) N/A N/A N/A N/A (2.94)% (6.09)% N/A C1 (USD) (12.02)% (15.92)% (10.41)% (0.09)% (3.01)% (6.04)% (13.55)% C2 (USD) N/A N/A N/A (0.11)% (2.98)% (5.99)% N/A C3 (USD) N/A N/A N/A (0.13)% (3.00)% (6.11)% N/A CH1 (USD) N/A (6.44)% N/A N/A N/A N/A N/A I1 (EUR) N/A (6.98)% N/A N/A N/A N/A (4.31)% I1 (GBP) (2.65)% (6.90)% (0.73)% N/A 7.05% N/A (4.45)% I1 (JPY) N/A N/A N/A N/A N/A N/A N/A I1 (USD) (10.32)% (14.46)% (8.69)% 1.65% (1.39)% (4.38)% (11.97)% I1X (GBP) N/A N/A N/A N/A N/A N/A N/A I1X (USD) N/A N/A N/A N/A (1.39)% N/A N/A I2 (GBP) N/A N/A N/A 10.35% 7.05% N/A N/A I3 (USD) N/A N/A N/A N/A N/A N/A N/A IH1 (CHF) N/A N/A N/A N/A (4.50)% N/A N/A IH1 (EUR) N/A N/A N/A (0.95)% (4.15)% N/A N/A IH1 (GBP) N/A N/A 0.29% (0.27)% (3.02)% (6.03)% (13.68)% IH1 (JPY) N/A N/A N/A N/A N/A N/A N/A IH1 (USD) N/A (4.79)% N/A N/A N/A N/A N/A IH2 (EUR) N/A N/A N/A N/A 1.02%(g) N/A N/A IS1 (EUR) N/A N/A N/A N/A N/A N/A N/A IS1 (USD) N/A N/A N/A N/A 4.38%(g) N/A N/A ISH1 (EUR) N/A N/A N/A N/A 3.93%(g) N/A N/A ISH2 (GBP) N/A N/A N/A N/A 4.10%(g) N/A N/A ISM1 (USD) N/A N/A N/A N/A 4.37%(g) N/A N/A N1 (EUR) N/A N/A N/A N/A 5.99% 2.66% N/A N1 (USD) (11.82)% (15.53)% (10.25)% 0.45% (2.50)% (5.58)% (13.37)% N2 (USD) N/A N/A N/A 0.48% (2.47)% (5.57)% N/A N3 (USD) N/A N/A N/A 0.44% (2.50)% (5.52)% N/A NH1 (USD) N/A (6.20)% N/A N/A N/A N/A N/A S1 (USD) (10.42)% N/A N/A N/A (1.48)% N/A (11.81)% W1 (EUR) N/A (7.12)% (0.92)% 10.44% 7.33% N/A N/A W1 (GBP) N/A N/A N/A N/A N/A N/A N/A W1 (USD) (10.42)% (14.54)% (8.84)% 1.57% (1.53)% (4.47)% (12.06)% W2 (EUR) N/A N/A N/A 10.36% 7.07% N/A N/A W2 (GBP) N/A N/A N/A N/A N/A N/A N/A W2 (USD) N/A
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