Shareholder Semiannual Report 31 July 2021 MFS Meridian® Funds Luxembourg-Registered SICAV RCS: B0039346 SICAV-UK-SEM-7/21 MFS Meridian® Funds CONTENTS General information .................................................................... 3 Shareholder complaints or inquiries .......................................................... 3 Schedules of investments ................................................................. 4 Statements of assets and liabilities ........................................................... 130 Statements of operations and changes in net assets ............................................... 135 Statistical information ................................................................... 140 Notes to financial statements .............................................................. 179 Addendum .......................................................................... 217 Directors and administration ............................................................... 223 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 ® Blended Research European Equity Fund Continental European Equity Fund Contrarian Value Fund Diversified Income Fund Emerging Markets Debt Fund Emerging Markets Debt Local Currency Fund Emerging Markets Equity Fund Emerging Markets Equity Research Fund Euro Credit Fund European Core Equity Fund European Research Fund European Smaller Companies Fund European Value Fund Global Concentrated Fund Global Credit Fund Global Equity Fund Global Equity Income Fund Global High Yield Fund Global Intrinsic Value Fund Global New Discovery 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. Government Bond Fund U.S. Growth 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. MFS Meridian Funds Semiannual Report 2021 GENERAL INFORMATION Audited annual and unaudited semiannual financial statements are available at the registered office of the fund and at meridian.mfs.com. Notices of general meetings are published in the Mémorial – Journal Officiel du Grand-Duché de Luxembourg and in other newspapers circulating in jurisdictions in which the fund is registered or in other publications as determined by the directors. The list of changes in the portfolios for the period ended 31 July 2021 is available, free of charge, at the registered office of the fund. Information concerning the sub-funds’ net asset values and purchases and sales of securities is available at the registered office of the fund. The Articles of Incorporation are lodged at the office of the Chief Registrar of the District Court of Luxembourg (Greffe du Tribunal d’Arrondissement de et à Luxembourg), at meridian.mfs.com, and at the registered office of the fund where they are available for inspection and where copies thereof may be obtained upon request. The fund’s most recent offering documents, including the Key Investor Information Documents (KIIDs) and Key Facts Statements (KFS) for Hong Kong investors, contain information on the sub-funds’ investment objectives, charges, expenses and risks. The offering documents, Articles of Incorporation and financial reports and other information about the sub-funds are available to investors at no cost at the fund’s registered office, from your financial intermediary, or on the web at meridian.mfs.com. Please read them carefully before you invest. Please note that not all of the sub-funds or classes may be registered or authorized for distribution in every jurisdiction. In certain jurisdictions, investments may only be made by qualified investors and/or through authorized intermediaries on a limited private placement basis subject to applicable laws and regulations in the country of distribution. In particular, please note that as of 31 July 2021 the Contrarian Value Fund, Diversified Income Fund, Emerging Markets Debt Local Currency Fund, Emerging Markets Equity Research Fund, Euro Credit Fund, Global Credit Fund, Global Equity Income Fund, Global Intrinsic Value Fund, Global New Discovery Fund, Global Opportunistic Bond Fund, Managed Wealth Fund, Prudent Capital Fund, U.S. Corporate Bond Fund, U.S. Equity Income Fund, and U.S. Growth Fund were not registered in Hong Kong and these sub-funds shall not be offered to the public in this jurisdiction. SHAREHOLDER COMPLAINTS OR INQUIRIES If you wish to make a complaint about any aspect of the service you have received, you may contact your local agent in your respective country, or contact the funds’ transfer agent at State Street Bank International GmbH, Luxembourg Branch, by mail, phone or email. Mail: MFS Meridian Funds c/o State Street Bank International GmbH, Luxembourg Branch 49 Avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Telephone: Europe and Asia: +352-46-40-10-600 The Americas: +1-416-506-8418 Email: Europe and Asia: [email protected] The Americas: [email protected] You may find more information on the fund’s complaint handling process at meridian.mfs.com. 3 MFS Meridian Funds Semiannual Report 2021 SCHEDULES OF INVESTMENTS 31 July 2021 (unaudited) MFS Meridian Funds - Asia Ex-Japan Fund (Expressed in U.S. Dollars) Name of Security Name of Security Transferable Securities and Money Market Market Net Transferable Securities and Money Market Market Net Instruments Traded on a Regulated Market Shares/Par Value ($) Assets (%) Instruments Traded on a Regulated Market Shares/Par Value ($) Assets (%) COMMON STOCKS Food & Beverages Inner Mongolia Yili Industrial Group Co. Aerospace & Defense Љ Љ Singapore Technologies Engineering Ltd. 394,300 1,166,938 1.70 Ltd., A 205,463 1,062,591 1.55 Airlines Gaming & Lodging Shanghai International Air Co., Ltd. 62,501 373,188 0.54 Krafton, Inc. 134 58,015 0.08 Alcoholic Beverages Insurance China Resources Beer Holdings Co. Ltd. 128,000 960,115 1.40 AIA Group Ltd. 321,800 3,855,231 5.62 Љ Љ Jiangsu Yanghe Brewery JSC Ltd. 22,400 565,491 0.82 Ping An Insurance Co. of China Ltd., H 109,000 955,888 1.39 Kweichow Moutai Co. Ltd., ЉAЉ 4,900 1,274,267 1.86 4,811,119 7.01 2,799,873 4.08 Internet Alibaba Group Holding Ltd. 186,736 4,563,163 6.65 Automotive BYD Co. Ltd. 18,000 553,586 0.81 Sea Ltd., ADR 2,133 589,049 0.86 Mahindra & Mahindra Ltd. 126,440 1,262,616 1.84 Tencent Holdings Ltd. 75,700 4,666,015 6.79 Maruti Suzuki India Ltd. 6,158 578,914 0.84 9,818,227 14.30 PT United Tractors Tbk 679,800 920,265 1.34 Major Banks Yutong Bus Co. Ltd., ЉAЉ 273,641 481,053 0.70 Bank BTPN Syariah Tbk PT 5,197,300 852,872 1.24 3,796,434 5.53 SBI Cards & Payment Services Ltd. 67,422 937,167 1.37 1,790,039 2.61 Biotechnology Hugel, Inc. 4,276 887,728 1.29 Medical & Health Technology & Services Burning Rock Biotech Ltd., ADR 20,896 476,011 0.69 Brokerage & Asset Managers Hong Kong Exchanges & Clearing Ltd. 24,800 1,582,880 2.31 Medical Equipment Venus MedTech HangZhou, Inc., ЉH’ 58,000 367,125 0.54 Business Services GDS Holdings Ltd., ЉAЉ 34,800 258,718 0.38 Natural Gas - Distribution Infosys Ltd. 49,227 1,072,428 1.56 China Resources Gas Group Ltd. 182,000 1,121,816 1.63 Kingsoft Cloud Holdings, ADR 13,698 397,242 0.58 Other Banks & Diversified Financials 1,728,388 2.52 Chailease Holding Co. 137,000 1,134,114 1.65 HDFC Bank Ltd. 73,767 1,419,464 2.07 Chemicals UPL Ltd. 81,691 891,791 1.30 Kotak Mahindra Bank Ltd. 60,913 1,359,165 1.98 PT Bank Central Asia Tbk 407,100 840,238 1.22 Computer Software Kingsoft Corp. 210,800 981,960 1.43 4,752,981 6.92 NAVER Corp. 2,889 1,090,863 1.59 Real Estate NetEase, Inc. 54,225 1,103,283 1.61 Embassy Office Parks, REIT 77,000 374,358 0.54 OneConnect Financial Technology, ADR 71,877 569,985 0.83 ESR Cayman Ltd. 549,200 1,929,336 2.81 3,746,091 5.46 Mapletree Commercial Trust, REIT 429,000 683,892 1.00 2,987,586 4.35 Computer Software - Systems Hon Hai Precision Industry Co. Ltd. 159,000 627,877 0.92 Restaurants Samsung Electronics Co. Ltd. 68,878 4,710,160 6.86 Yum China Holdings, Inc. 29,191 1,815,388 2.64 5,338,037 7.78 Special Products & Services Tisco Financial Group PCL 124,800 334,142 0.49 Construction Gree Electric Appliances, Inc., ЉAЉ 116,454 856,770 1.25 Specialty Chemicals Techtronic Industries Co. Ltd. 62,500 1,117,113 1.63 Asian Paints Ltd. 7,392 293,877 0.43 1,973,883 2.88 Specialty Stores JD.com, Inc., ЉAЉ 23,300 827,394 1.21 Consumer Products Љ Љ AmorePacific Corp. 4,894 942,422 1.37 Meituan, B 46,700 1,292,022 1.88 2,119,416 3.09 Consumer Services 51job, Inc., ADR 3,067 220,885 0.32 Telecommunications - Wireless Advanced Info Service Public Co. Ltd. 135,300 738,917 1.08 Electrical Equipment Advantech Co. Ltd. 50,000 651,878 0.95 Telephone Services PT Telekom Indonesia 1,978,300 443,194 0.65 Electronics E Ink Holdings, Inc. 211,000 608,139 0.88 Singapore Telecommunications Ltd. 176,400 295,530 0.43 Taiwan Semiconductor Manufacturing Co. 738,724 1.08 Ltd. 273,814 5,701,505 8.31 Utilities - Electric Power 6,309,644 9.19 CLP Holdings Ltd. 43,500 448,930 0.65 Energy - Independent Total Common Stocks Reliance