QUARTERLY REPORT May 31, 2017 MFS BLENDED RESEARCH EMERGING MARKETS EQUITY FUND
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1 QUARTERLY REPORT May 31, 2017 MFS BLENDED RESEARCH EMERGING MARKETS EQUITY FUND
2 PORTFOLIO OF INVESTMENTS 5/31/17 (unaudited) The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes. Common Stocks % Airlines - 1.5% Copa Holdings S.A., A 453 $ 51,205 Grupo Aeroportuario del Sureste S.A. de C.V., ADR ,297 Malaysia Airports Holdings Berhad 33,300 67,689 $ 247,191 Alcoholic Beverages - 1.9% Becle S.A.B. de C.V. (a) 7,200 $ 12,465 China Resources Enterprise Ltd. 92, ,109 Thai Beverage PLC 104,000 65,768 $ 310,342 Apparel Manufacturers - 0.7% Formosa Taffeta Co. Ltd. 35,000 $ 36,595 Pou Chen Corp. 59,000 81,402 $ 117,997 Automotive - 3.9% Geely Automobile Holdings Ltd. 65,000 $ 107,603 Great Wall Motor Co. Ltd. 78,500 83,914 Hyundai Motor Co. Ltd. 1, ,476 Kia Motors Corp. 5, ,333 $ 640,326 Broadcasting - 0.3% Sun TV Network Ltd. 4,140 $ 51,205 Business Services - 1.4% Cognizant Technology Solutions Corp., A 1,191 $ 79,690 HCL Technologies Ltd. 5,450 73,003 TravelSky Technology Ltd. 26,000 76,740 $ 229,433 Cable TV - 1.4% Naspers Ltd. 1,129 $ 233,768 Computer Software - Systems - 3.3% Asustek Computer, Inc. 19,000 $ 180,026 Hon Hai Precision Industry Co. Ltd. 104, ,156 $ 537,182 Conglomerates - 0.5% CITIC Pacific Ltd. 55,000 $ 87,237 Construction - 0.6% CEMEX S.A.B. de C.V. (a) 116,372 $ 96,238 Consumer Products - 0.5% Hindustan Unilever Ltd. 5,299 $ 87,632 Consumer Services - 2.4% 51job, Inc., ADR (a) 2,271 $ 98,993 China Maple Leaf Educational Systems 42,000 36,273 Kroton Educacional S.A. 37, ,826 1
3 Portfolio of Investments (unaudited) continued Common Stocks - continued Consumer Services - continued Localiza Rent a Car S.A. 6,335 $ 85,121 $ 390,213 Electrical Equipment - 0.5% Shanghai Electric Group Co. Ltd., H (a) 172,000 $ 74,605 Electronics % AU Optronics Corp. 99,000 $ 38,673 LG Electronics, Inc. 1, ,647 Samsung Electronics Co. Ltd ,297 SK Hynix, Inc. 1,452 73,923 Taiwan Semiconductor Manufacturing Co. Ltd. 115, ,123 $ 1,925,663 Energy - Independent - 2.3% Adaro Energy Tbk 639,900 $ 73,022 China Shenhua Energy Co. Ltd. 56, ,397 Oil & Natural Gas Corp. Ltd. 29,990 82,273 PTT Exploration & Production Ltd. 29,600 78,215 $ 369,907 Energy - Integrated - 4.1% China Petroleum & Chemical Corp. 316,000 $ 259,124 LUKOIL PJSC, ADR 5, ,574 OAO Gazprom, ADR 20,005 83,291 PetroChina Co. Ltd. 94,000 62,606 $ 666,595 Engineering - Construction - 0.9% China Communications Construction Co. Ltd. 48,000 $ 64,800 China Railway Group Ltd., H 39,000 32,331 Hyundai Heavy Industries Co. Ltd. 1,028 47,195 $ 144,326 Food & Beverages - 1.0% AVI Ltd. 21,875 $ 164,559 Food & Drug Stores - 1.5% Dairy Farm International Holdings Ltd. 16,700 $ 133,433 E-Mart Co. Ltd ,312 $ 236,745 Forest & Paper Products - 0.9% Fibria Celulose S.A. 13,000 $ 149,044 Furniture & Appliances - 0.2% Coway Co. Ltd. 409 $ 36,714 Gaming & Lodging - 0.5% Genting Berhad 33,800 $ 78,735 General Merchandise - 0.7% Lojas Renner S.A. 9,000 $ 73,342 S.A.C.I. Falabella 5,350 44,178 $ 117,520 2
4 Portfolio of Investments (unaudited) continued Common Stocks - continued Health Maintenance Organizations - 1.3% Qualicorp S.A. 24,400 $ 211,279 Insurance - 3.8% Cathay Financial Holding Co. Ltd. 114,000 $ 178,510 Fubon Financial Holding Co. Ltd. 40,000 60,973 Korean Reinsurance Co. 4,624 49,354 Liberty Holdings Ltd. 7,744 67,526 PICC Property & Casualty Co. Ltd. 80, ,461 Samsung Fire & Marine Insurance Co. Ltd ,871 $ 608,695 Internet - 8.7% Alibaba Group Holding Ltd., ADR (a) 5,353 $ 655,528 Baidu, Inc., ADR (a) ,893 NAVER Corp ,098 Tencent Holdings Ltd. 14, ,673 YY, Inc., ADR (a) ,196 $ 1,413,388 Machinery & Tools - 2.8% China Infrastructure Machinery Holdings Ltd. 312,000 $ 86,483 Far Eastern New Century Corp. 91,000 73,819 Grupo Simec S.A., B (a) 9,800 32,938 PT United Tractors Tbk 62, ,743 Sinotruk Hong Kong Ltd. 78,000 48,046 Weichai Power Co. Ltd., H 51,000 82,725 $ 454,754 Major Banks - 6.5% Banco do Brasil S.A. 13,800 $ 120,858 Bank of China Ltd. 335, ,660 Bank of Communications Co. Ltd. 50,000 38,755 China Construction Bank 538, ,620 Industrial & Commercial Bank of China, H 432, ,830 $ 1,060,723 Medical & Health Technology & Services - 0.2% Sinopharm Group Co. Ltd., H 8,400 $ 38,375 Metals & Mining - 2.4% Alrosa PJSC 36,800 $ 57,322 KGHM Polska Miedz S.A. 1,377 39,126 POSCO ,092 Ternium S.A., ADR 5, ,475 Vedanta Ltd. 11,428 42,270 $ 388,285 Other Banks & Diversified Financials % Agricultural Bank of China Ltd., H 144,000 $ 69,851 Banco Macro S.A., ADR ,573 Bangkok Bank Public Co. Ltd. 23, ,602 China Minsheng Banking Corp. Ltd. 48,500 49,729 Chongqing Rural Commercial Bank Co. Ltd., H 43,000 29,411 Credicorp Ltd. 1, ,171 FirstRand Ltd. 50, ,025 3
5 Portfolio of Investments (unaudited) continued Common Stocks - continued Other Banks & Diversified Financials - continued Hana Financial Group, Inc. 3,066 $ 112,415 HDFC Bank Ltd., ADR 1, ,823 Rural Electrification Corp. Ltd. 33, ,603 Sberbank of Russia, ADR 21, ,133 Shinhan Financial Group Co. Ltd. 2, ,918 State Bank of India 11,065 49,443 Turkiye Garanti Bankasi A.S. 34,844 94,816 Turkiye Is Bankasi A.S., C 69, ,728 Turkiye Sinai Kalkinma Bankasi A.S. 89,527 33,751 Union National Bank 65,454 83,934 $ 1,778,926 Pharmaceuticals - 1.2% Gedeon Richter PLC 1,981 $ 50,637 Genomma Lab Internacional S.A., B (a) 79,244 99,278 Shanghai Fosun Pharmaceutical (Group) Co. Ltd. 11,500 44,052 $ 193,967 Precious Metals & Minerals - 0.5% Gold Fields Ltd., ADR 21,919 $ 78,470 Real Estate - 2.3% Aldar Properties PJSC 92,685 $ 55,767 Atrium European Real Estate Ltd. 18,643 83,352 China Vanke Co. Ltd., H 16,400 43,565 Country Garden Holdings Co. Ltd. 74,000 87,460 Metro Pacific Investments Corp. 365,700 46,066 SM Prime Holdings, Inc. 82,828 56,078 $ 372,288 Specialty Chemicals - 2.2% LG Chem Ltd. 514 $ 138,646 PTT Global Chemical PLC 100, ,123 $ 348,769 Specialty Stores - 0.2% CJ Home Shopping 180 $ 30,820 Telecommunications - Wireless - 2.9% Advanced Info Service PLC 18,100 $ 91,935 Bharti Tele-Ventures Ltd. 12,787 73,636 China Mobile Ltd. 7,000 77,658 LG Uplus Corp. 6,029 87,236 Mobile TeleSystems PJSC, ADR 4,626 40,755 SK Telecom Co. Ltd ,379 $ 463,599 Telephone Services - 2.3% China Communications Services Corp. Ltd., H 104,000 $ 61,792 Hellenic Telecommunications Organization S.A. 3,352 38,219 KT Corp., ADR 3,352 56,381 PT Telekomunikasi Indonesia 415, ,758 Telkom S.A. Ltd. 14,714 82,742 $ 374,892 4
6 Portfolio of Investments (unaudited) continued Common Stocks - continued Tobacco - 1.8% ITC Ltd. 46,039 $ 222,489 PT Gudang Garam Tbk 12,400 68,842 $ 291,331 Trucking - 0.6% Imperial Holdings, Ltd. 7,479 $ 94,664 Utilities - Electric Power - 2.0% Equatorial Energia S.A. 4,000 $ 66,008 Korea Electric Power Corp ,257 NTPC Ltd. 66, ,386 Transmissora Alianca de Energia Eletrica S.A., IEU 8,706 61,072 $ 324,723 Total Common Stocks $15,521,125 Preferred Stocks - 2.6% Food & Drug Stores - 0.9% Cia Brasileira de Distribuicao (a) 6,600 $ 140,691 Other Banks & Diversified Financials - 1.6% Banco Bradesco S.A. 15,570 $ 132,414 Itau Unibanco Holding S.A. 11, ,437 $ 259,851 Utilities - Electric Power - 0.1% Companhia Energetica de Minas Gerais 9,400 $ 22,193 Total Preferred Stocks $ 422,735 Money Market Funds - 1.6% MFS Institutional Money Market Portfolio, 0.87% (v) 253,251 $ 253,251 Total Investments $16,197,111 Other Assets, Less Liabilities - 0.2% 35,157 Net Assets % $16,232,268 (a) Non-income producing security. (v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. The following abbreviations are used in this report and are defined: ADR American Depositary Receipt IEU International Equity Unit PJSC Public Joint Stock Company PLC Public Limited Company See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report. 5
7 Supplemental Information 5/31/17 (unaudited) The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Investment Companies. (1) Investment Valuations Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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 bid quotation. 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 foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service. The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund s net asset value, or after the halting of trading of a specific security where trading 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 basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading 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 for purposes of calculating the fund s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share. Various inputs are used in determining the value of the fund s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2017 in valuing the fund s assets or liabilities: Investments at Value Level 1 Level 2 Level 3 Total Equity Securities: China $4,383,494 $ $ $4,383,494 South Korea 2,877,362 2,877,362 Taiwan 1,783,277 1,783,277 Brazil 1,359,286 1,359,286 India 1,060,763 1,060,763 South Africa 910, ,753 Russia 618,089 57, ,411 Thailand 191, , ,643 Indonesia 408, ,365 Other Countries 1,913,506 1,913,506 Mutual Funds 253, ,251 Total Investments $15,759,516 $437,595 $ $16,197,111 6
8 Supplemental Information (unaudited) continued For further information regarding security characteristics, see the Portfolio of Investments. Of the level 1 investments presented above, equity investments amounting to $74,605 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The fund s foreign equity securities may often be valued using other observable market-based inputs. The fund s policy is to recognize transfers between the levels as of the end of the period. (2) Portfolio Securities The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $13,836,756 Gross unrealized appreciation 2,481,488 Gross unrealized depreciation (121,133) Net unrealized appreciation (depreciation) $2,360,355 The aggregate cost above includes prior fiscal year end tax adjustments, if applicable. (3) Transactions in Underlying Affiliated Funds Affiliated Issuers An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer: Underlying Affiliated Fund Beginning Shares/Par Amount Acquisitions Shares/Par Amount Dispositions Shares/Par Amount Ending Shares/Par Amount MFS Institutional Money Market Portfolio 591,481 7,853,169 (8,191,399) 253,251 Underlying Affiliated Fund Realized Gain (Loss) Capital Gain Distributions Dividend Income Ending Value MFS Institutional Money Market Portfolio $2 $ $1,369 $253,251 (4) Issuer Country Weightings Issuer country weighting percentages of portfolio holdings based on net assets, as of May 31, 2017, are as follows: China 27.2% South Korea 17.9% Taiwan 11.1% Brazil 8.4% India 6.6% South Africa 5.7% Russia 4.2% Thailand 3.5% Indonesia 2.5% Other Countries 12.9% 7
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