MFS® BLENDED RESEARCH® CORE EQUITY FUND
CONTENTS
The report is prepared for the general information of shareholders.
It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED
Ÿ
MAY LOSE VALUE
Ÿ
NO
BANK GUARANTEE
LETTER
FROM THE CHAIRMAN AND CEO
Dear Shareholders:
The first quarter of 2013 delivered strong returns to global equity investors, particularly those holding U.S. and Japanese stocks, while bond returns were flat
overall. The U.S.
economy picked up steam, driven by the improving housing and job markets. U.S. economic data were broadly positive, with growth in manufacturing activity, durable goods orders and auto sales.
However, consumer confidence wavered somewhat, a likely reflection of the impact of the payroll tax increase and uncertainty over the U.S. government’s across-the-board sequestration cuts.
The eurozone’s unemployment picture and overall economic activity steadily worsened. Cyprus, the latest debt-crisis hot spot, faces unique challenges, with its
oversized banking sector’s unhealthy exposure to Greek debt. In addition, the hefty cost to
large bank depositors could weaken confidence in the region’s financial stability. China’s economic activity rebounded after a mild slowdown in 2012. The Japanese government’s
aggressive effort to stimulate its long-dormant economy by devaluing the yen lifted stock prices, exports and profits for struggling Japanese firms. The outlook for further economic growth and an extension of the U.S. bull market is highly dependent
on how much damage is caused by the U.S. budget cuts, global growth prospects and the ebb and flow of global tail risk events. Most factors point to a continued slow and uneven global economic recovery.
As always, managing risk in the face of uncertainty remains a top priority for investors. At MFS®, our uniquely collaborative investment
process employs global research and active risk management. Our global team of investment professionals shares ideas and evaluates opportunities across continents, investment disciplines and asset 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, and believe it is more
important than ever to maintain a long-term view and employ time-tested principles, such as asset allocation and diversification. We also remain confident that our unique approach can serve investors well as they work with their financial advisors
to identify and pursue the most suitable opportunities.
Respectfully,
Robert J. Manning
Chairman and Chief Executive Officer
MFS
Investment Management®
May 15, 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.
1
PORTFOLIO COMPOSITION
Portfolio structure
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Top ten holdings
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Exxon Mobil Corp.
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4.2%
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Chevron Corp.
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2.7%
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Google, Inc., “A”
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2.5%
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JPMorgan Chase & Co.
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2.4%
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Pfizer, Inc.
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2.3%
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Apple, Inc.
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2.0%
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Amgen, Inc.
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2.0%
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Procter & Gamble Co.
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1.9%
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Citigroup, Inc.
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1.9%
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CVS Caremark Corp.
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1.7%
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Equity sectors
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Financial Services
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15.8%
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Technology
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15.4%
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Health Care
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12.9%
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Energy
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10.9%
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Consumer Staples
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9.4%
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Utilities & Communications
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7.8%
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Retailing
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6.3%
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Industrial Goods & Services
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5.6%
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Leisure
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5.5%
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Basic Materials
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3.0%
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Special Products & Services
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2.9%
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Autos & Housing
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2.0%
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Transportation
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1.7%
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Percentages are based on net assets as
of 3/31/13.
The portfolio is actively managed and current holdings may be different.
2
EXPENSE TABLE
Fund expenses borne by the shareholders during the period,
October 1, 2012 through March 31, 2013
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or
redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and
to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period October 1, 2012 through March 31, 2013.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table
provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The
hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the
expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
3
Expense Table – continued
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Share
Class
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Annualized
Expense
Ratio
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Beginning
Account Value
10/01/12
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Ending
Account Value
3/31/13
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Expenses
Paid During
Period (p)
10/01/12-3/31/13
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A
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Actual
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0.88%
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$1,000.00
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$1,092.65
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$4.59
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Hypothetical (h)
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0.88%
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$1,000.00
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$1,020.54
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$4.43
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B
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Actual
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1.63%
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$1,000.00
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$1,088.87
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$8.49
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Hypothetical (h)
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1.63%
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$1,000.00
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$1,016.80
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$8.20
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C
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Actual
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1.63%
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$1,000.00
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$1,088.14
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$8.49
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Hypothetical (h)
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1.63%
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$1,000.00
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$1,016.80
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$8.20
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I
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Actual
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0.63%
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$1,000.00
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$1,093.34
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$3.29
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Hypothetical (h)
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0.63%
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$1,000.00
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$1,021.79
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$3.18
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R1
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Actual
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1.62%
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$1,000.00
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$1,088.26
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$8.43
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Hypothetical (h)
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1.62%
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$1,000.00
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$1,016.85
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$8.15
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R2
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Actual
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1.13%
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$1,000.00
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$1,091.25
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$5.89
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Hypothetical (h)
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1.13%
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$1,000.00
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$1,019.30
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$5.69
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R3
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Actual
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0.88%
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$1,000.00
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$1,092.21
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$4.59
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Hypothetical (h)
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0.88%
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$1,000.00
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$1,020.54
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$4.43
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R4
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Actual
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0.63%
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$1,000.00
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$1,094.14
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$3.29
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Hypothetical (h)
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0.63%
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$1,000.00
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$1,021.79
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$3.18
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R5
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Actual
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0.53%
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$1,000.00
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$1,094.40
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$2.77
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Hypothetical (h)
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0.53%
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$1,000.00
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$1,022.29
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$2.67
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(h)
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5% class return per year before expenses.
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(p)
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Expenses paid are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by the number of days
in the period, divided by the number of days in the year. Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
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Expense Changes Impacting the Table
Changes to the fund’s fee arrangements occurred during the six month period. Had these fee changes been in effect throughout the entire six month period, the annualized expense ratios would have been 0.85%,
1.60%, 1.60%, 0.60%, 1.60%, 1.10%, 0.85%, and 0.60% for Classes A, B, C, I, R1, R2, R3, and R4 respectively; the actual expenses paid during the period would have been approximately $4.44, $8.33, $8.33, $3.13, $8.33, $5.74, $4.43, and $3.13 for
Classes A, B, C, I, R1, R2, R3, and R4 respectively; and the hypothetical expenses paid during the period would have been approximately $4.28, $8.05, $8.05, $3.02, $8.05, $5.54, $4.28, and $3.02 for Classes A, B, C, I, R1, R2, R3, and R4
respectively. For further information about the fund’s fee arrangements and changes to those fee arrangements, please see Note 3 in the Notes to Financial Statements.
4
PORTFOLIO OF INVESTMENTS
3/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your
fund. It is categorized by broad-based asset classes.
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Common Stocks - 99.2%
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Issuer
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Shares/Par
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Value ($)
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Aerospace - 3.2%
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Lockheed Martin Corp.
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23,592
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$
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2,277,100
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Precision Castparts Corp.
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6,250
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1,185,120
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United Technologies Corp.
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25,830
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2,413,297
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$
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5,875,517
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Automotive - 2.0%
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Delphi Automotive PLC
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41,550
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$
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1,844,820
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Johnson Controls, Inc.
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53,310
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1,869,582
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$
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3,714,402
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Biotechnology - 2.7%
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Amgen, Inc.
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35,280
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$
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3,616,553
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Gilead Sciences, Inc. (a)
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26,790
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1,310,835
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$
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4,927,388
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Broadcasting - 1.2%
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Viacom, Inc., “B”
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35,720
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$
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2,199,280
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Business Services - 2.1%
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Accenture PLC, “A”
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32,780
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$
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2,490,297
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CoreLogic, Inc. (a)
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52,800
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1,365,408
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$
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3,855,705
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Cable TV - 2.8%
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Comcast Corp., “A”
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62,180
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$
|
2,612,182
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Time Warner Cable, Inc.
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26,950
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2,588,817
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$
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5,200,999
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Chemicals - 2.1%
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CF Industries Holdings, Inc.
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9,990
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$
|
1,901,796
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PPG Industries, Inc.
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14,540
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1,947,488
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$
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3,849,284
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Computer Software - 4.5%
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Microsoft Corp.
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94,062
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$
|
2,691,114
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|
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Oracle Corp.
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96,774
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3,129,671
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SolarWinds, Inc. (a)
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42,380
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2,504,658
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$
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8,325,443
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5
Portfolio of Investments (unaudited) – continued
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Issuer
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Shares/Par
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Value ($)
|
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Common Stocks - continued
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Computer Software - Systems - 4.8%
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Apple, Inc.
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8,298
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|
$
|
3,672,944
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|
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Hewlett-Packard Co.
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102,960
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2,454,566
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International Business Machines Corp.
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5,441
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1,160,565
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|
Western Digital Corp.
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30,490
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|
|
|
1,533,037
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$
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8,821,112
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Consumer Products - 2.9%
|
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|
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|
Nu Skin Enterprises, Inc., “A”
|
|
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39,380
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|
|
$
|
1,740,596
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|
|
Procter & Gamble Co.
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|
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46,001
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|
|
|
3,544,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,285,433
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|
|
Consumer Services - 0.8%
|
|
|
|
|
|
|
|
|
|
Priceline.com, Inc. (a)
|
|
|
2,090
|
|
|
$
|
1,437,774
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|
|
|
|
|
|
Electrical Equipment - 0.7%
|
|
|
|
|
|
|
|
|
|
General Electric Co.
|
|
|
55,954
|
|
|
$
|
1,293,656
|
|
|
|
|
|
|
Electronics - 1.4%
|
|
|
|
|
|
|
|
|
|
Intel Corp.
|
|
|
116,107
|
|
|
$
|
2,536,938
|
|
|
|
|
|
|
Energy - Independent - 2.6%
|
|
|
|
|
|
|
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|
|
EOG Resources, Inc.
|
|
|
17,190
|
|
|
$
|
2,201,523
|
|
|
HollyFrontier Corp.
|
|
|
14,890
|
|
|
|
766,091
|
|
|
Marathon Petroleum Corp.
|
|
|
19,840
|
|
|
|
1,777,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,745,278
|
|
|
Energy - Integrated - 6.9%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
41,929
|
|
|
$
|
4,982,004
|
|
|
Exxon Mobil Corp.
|
|
|
85,659
|
|
|
|
7,718,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,700,736
|
|
|
Food & Beverages - 4.1%
|
|
|
|
|
|
|
|
|
|
Coca-Cola Co.
|
|
|
17,750
|
|
|
$
|
717,810
|
|
|
Coca-Cola Enterprises, Inc.
|
|
|
62,160
|
|
|
|
2,294,947
|
|
|
General Mills, Inc.
|
|
|
47,860
|
|
|
|
2,359,977
|
|
|
Tyson Foods, Inc., “A”
|
|
|
87,670
|
|
|
|
2,175,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,548,703
|
|
|
Food & Drug Stores - 4.3%
|
|
|
|
|
|
|
|
|
|
CVS Caremark Corp.
|
|
|
57,620
|
|
|
$
|
3,168,524
|
|
|
Kroger Co.
|
|
|
68,220
|
|
|
|
2,260,811
|
|
|
Walgreen Co.
|
|
|
52,200
|
|
|
|
2,488,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,918,231
|
|
6
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
General Merchandise - 2.0%
|
|
|
|
|
|
|
|
|
|
Dillard’s, Inc.
|
|
|
11,780
|
|
|
$
|
925,319
|
|
|
Macy’s, Inc.
|
|
|
47,870
|
|
|
|
2,002,881
|
|
|
Target Corp.
|
|
|
10,700
|
|
|
|
732,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,660,615
|
|
|
Insurance - 5.1%
|
|
|
|
|
|
|
|
|
|
American International Group, Inc. (a)
|
|
|
28,450
|
|
|
$
|
1,104,429
|
|
|
Berkshire Hathaway, Inc., “B” (a)
|
|
|
2,360
|
|
|
|
245,912
|
|
|
Everest Re Group Ltd.
|
|
|
12,100
|
|
|
|
1,571,306
|
|
|
MetLife, Inc.
|
|
|
60,930
|
|
|
|
2,316,559
|
|
|
Prudential Financial, Inc.
|
|
|
39,870
|
|
|
|
2,351,931
|
|
|
Validus Holdings Ltd.
|
|
|
47,770
|
|
|
|
1,785,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,375,302
|
|
|
Internet - 2.9%
|
|
|
|
|
|
|
|
|
|
AOL, Inc.
|
|
|
21,690
|
|
|
$
|
834,848
|
|
|
Google, Inc., “A” (a)
|
|
|
5,678
|
|
|
|
4,508,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,343,350
|
|
|
Machinery & Tools - 1.7%
|
|
|
|
|
|
|
|
|
|
Cummins, Inc.
|
|
|
19,520
|
|
|
$
|
2,260,611
|
|
|
Kennametal, Inc.
|
|
|
24,510
|
|
|
|
956,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,217,481
|
|
|
Major Banks - 6.1%
|
|
|
|
|
|
|
|
|
|
Goldman Sachs Group, Inc.
|
|
|
19,470
|
|
|
$
|
2,865,011
|
|
|
JPMorgan Chase & Co.
|
|
|
93,373
|
|
|
|
4,431,483
|
|
|
PNC Financial Services Group, Inc.
|
|
|
36,940
|
|
|
|
2,456,510
|
|
|
Wells Fargo & Co.
|
|
|
39,050
|
|
|
|
1,444,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,197,464
|
|
|
Medical & Health Technology & Services - 1.1%
|
|
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
|
52,500
|
|
|
$
|
2,133,075
|
|
|
|
|
|
|
Medical Equipment - 3.0%
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
49,150
|
|
|
$
|
1,735,978
|
|
|
Medtronic, Inc.
|
|
|
29,770
|
|
|
|
1,397,999
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
30,920
|
|
|
|
2,365,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,499,048
|
|
|
Network & Telecom - 1.8%
|
|
|
|
|
|
|
|
|
|
Juniper Networks, Inc. (a)
|
|
|
87,480
|
|
|
$
|
1,621,879
|
|
|
Qualcomm, Inc.
|
|
|
25,080
|
|
|
|
1,679,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,300,985
|
|
7
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Oil Services - 1.4%
|
|
|
|
|
|
|
|
|
|
Halliburton Co.
|
|
|
27,960
|
|
|
$
|
1,129,864
|
|
|
Oil States International, Inc. (a)
|
|
|
17,040
|
|
|
|
1,389,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,519,817
|
|
|
Other Banks & Diversified Financials - 4.3%
|
|
|
|
|
|
|
|
|
|
Citigroup, Inc.
|
|
|
78,424
|
|
|
$
|
3,469,478
|
|
|
Discover Financial Services
|
|
|
58,620
|
|
|
|
2,628,521
|
|
|
Ocwen Financial Corp. (a)
|
|
|
31,380
|
|
|
|
1,189,930
|
|
|
Visa, Inc., “A”
|
|
|
3,430
|
|
|
|
582,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,870,480
|
|
|
Pharmaceuticals - 6.1%
|
|
|
|
|
|
|
|
|
|
AbbVie, Inc.
|
|
|
46,250
|
|
|
$
|
1,886,075
|
|
|
Johnson & Johnson
|
|
|
38,725
|
|
|
|
3,157,249
|
|
|
Merck & Co., Inc.
|
|
|
46,870
|
|
|
|
2,073,060
|
|
|
Pfizer, Inc.
|
|
|
145,770
|
|
|
|
4,206,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,323,306
|
|
|
Railroad & Shipping - 0.5%
|
|
|
|
|
|
|
|
|
|
Union Pacific Corp.
|
|
|
6,570
|
|
|
$
|
935,634
|
|
|
|
|
|
|
Real Estate - 0.3%
|
|
|
|
|
|
|
|
|
|
Public Storage, Inc., REIT
|
|
|
3,750
|
|
|
$
|
571,200
|
|
|
|
|
|
|
Restaurants - 1.5%
|
|
|
|
|
|
|
|
|
|
McDonald’s Corp.
|
|
|
27,040
|
|
|
$
|
2,695,618
|
|
|
|
|
|
|
Specialty Chemicals - 0.9%
|
|
|
|
|
|
|
|
|
|
Airgas, Inc.
|
|
|
17,510
|
|
|
$
|
1,736,292
|
|
|
|
|
|
|
Telecommunications - Wireless - 1.3%
|
|
|
|
|
|
|
|
|
|
American Tower Corp., REIT
|
|
|
30,260
|
|
|
$
|
2,327,599
|
|
|
|
|
|
|
Telephone Services - 3.0%
|
|
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
|
36,024
|
|
|
$
|
1,321,721
|
|
|
CenturyLink, Inc.
|
|
|
46,674
|
|
|
|
1,639,658
|
|
|
Verizon Communications, Inc.
|
|
|
51,370
|
|
|
|
2,524,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,486,215
|
|
|
Tobacco - 2.4%
|
|
|
|
|
|
|
|
|
|
Lorillard, Inc.
|
|
|
50,630
|
|
|
$
|
2,042,921
|
|
|
Philip Morris International, Inc.
|
|
|
25,090
|
|
|
|
2,326,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,369,015
|
|
8
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Trucking - 1.2%
|
|
|
|
|
|
|
|
|
|
United Parcel Service, Inc., “B”
|
|
|
25,260
|
|
|
$
|
2,169,834
|
|
|
|
|
|
|
Utilities - Electric Power - 3.5%
|
|
|
|
|
|
|
|
|
|
AES Corp.
|
|
|
166,790
|
|
|
$
|
2,096,550
|
|
|
American Electric Power Co., Inc.
|
|
|
46,450
|
|
|
|
2,258,864
|
|
|
NRG Energy, Inc.
|
|
|
77,960
|
|
|
|
2,065,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,420,574
|
|
|
Total Common Stocks (Identified Cost, $160,544,210)
|
|
|
|
|
|
$
|
182,388,783
|
|
|
|
|
|
|
Money Market Funds - 1.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.14%,
at Cost and Net Asset Value (v)
|
|
|
1,865,896
|
|
|
$
|
1,865,896
|
|
|
Total Investments (Identified Cost, $162,410,106)
|
|
|
|
|
|
$
|
184,254,679
|
|
|
|
|
|
|
Other Assets, Less Liabilities - (0.2)%
|
|
|
|
|
|
|
(349,711
|
)
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
183,904,968
|
|
|
(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:
|
PLC
|
|
Public Limited Company
|
|
REIT
|
|
Real Estate Investment Trust
|
See Notes to Financial Statements
9
Financial Statements
STATEMENT OF ASSETS AND LIABILITIES
At 3/31/13 (unaudited)
This statement represents your fund’s balance sheet, which details the
assets and liabilities comprising the total value of the fund.
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Investments-
|
|
|
|
|
|
Non-affiliated issuers, at value (identified cost, $160,544,210)
|
|
|
$182,388,783
|
|
|
Underlying affiliated funds, at cost and value
|
|
|
1,865,896
|
|
|
Total investments, at value (identified cost, $162,410,106)
|
|
|
$184,254,679
|
|
|
Cash
|
|
|
37,392
|
|
|
Receivables for
|
|
|
|
|
|
Fund shares sold
|
|
|
718,683
|
|
|
Dividends
|
|
|
113,089
|
|
|
Receivable from investment adviser
|
|
|
2,851
|
|
|
Other assets
|
|
|
1,145
|
|
|
Total assets
|
|
|
$185,127,839
|
|
|
Liabilities
|
|
|
|
|
|
Payables for
|
|
|
|
|
|
Investments purchased
|
|
|
$1,041,844
|
|
|
Fund shares reacquired
|
|
|
72,707
|
|
|
Payable to affiliates
|
|
|
|
|
|
Shareholder servicing costs
|
|
|
71,981
|
|
|
Distribution and service fees
|
|
|
4,855
|
|
|
Payable for independent Trustees’ compensation
|
|
|
238
|
|
|
Accrued expenses and other liabilities
|
|
|
31,246
|
|
|
Total liabilities
|
|
|
$1,222,871
|
|
|
Net assets
|
|
|
$183,904,968
|
|
|
Net assets consist of
|
|
|
|
|
|
Paid-in capital
|
|
|
$170,110,210
|
|
|
Unrealized appreciation (depreciation) on investments
|
|
|
21,844,573
|
|
|
Accumulated net realized gain (loss) on investments
|
|
|
(9,328,752
|
)
|
|
Undistributed net investment income
|
|
|
1,278,937
|
|
|
Net assets
|
|
|
$183,904,968
|
|
|
Shares of beneficial interest outstanding
|
|
|
10,571,451
|
|
10
Statement of Assets and Liabilities (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
Shares
outstanding
|
|
|
Net asset value
per share (a)
|
|
|
Class A
|
|
|
$53,493,257
|
|
|
|
3,073,094
|
|
|
|
$17.41
|
|
|
Class B
|
|
|
3,381,058
|
|
|
|
198,559
|
|
|
|
17.03
|
|
|
Class C
|
|
|
5,548,307
|
|
|
|
329,238
|
|
|
|
16.85
|
|
|
Class I
|
|
|
49,532,114
|
|
|
|
2,820,127
|
|
|
|
17.56
|
|
|
Class R1
|
|
|
644,571
|
|
|
|
38,107
|
|
|
|
16.91
|
|
|
Class R2
|
|
|
6,003,961
|
|
|
|
355,483
|
|
|
|
16.89
|
|
|
Class R3
|
|
|
38,478,750
|
|
|
|
2,218,797
|
|
|
|
17.34
|
|
|
Class R4
|
|
|
22,896,663
|
|
|
|
1,314,553
|
|
|
|
17.42
|
|
|
Class R5
|
|
|
3,926,287
|
|
|
|
223,493
|
|
|
|
17.57
|
|
|
(a)
|
Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was
$18.47 [100 / 94.25 x $17.41]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R5.
|
See Notes to Financial
Statements
11
Financial Statements
STATEMENT OF OPERATIONS
Six months ended 3/31/13 (unaudited)
This statement describes how much your fund earned in
investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
|
|
|
|
|
|
Net investment income
|
|
|
|
|
|
Income
|
|
|
|
|
|
Dividends
|
|
|
$2,260,034
|
|
|
Dividends from underlying affiliated funds
|
|
|
1,357
|
|
|
Total investment income
|
|
|
$2,261,391
|
|
|
Expenses
|
|
|
|
|
|
Management fee
|
|
|
$468,409
|
|
|
Distribution and service fees
|
|
|
147,834
|
|
|
Shareholder servicing costs
|
|
|
98,087
|
|
|
Administrative services fee
|
|
|
15,498
|
|
|
Independent Trustees’ compensation
|
|
|
1,653
|
|
|
Custodian fee
|
|
|
12,324
|
|
|
Shareholder communications
|
|
|
8,541
|
|
|
Audit and tax fees
|
|
|
24,899
|
|
|
Legal fees
|
|
|
641
|
|
|
Registration fees
|
|
|
55,706
|
|
|
Miscellaneous
|
|
|
7,925
|
|
|
Total expenses
|
|
|
$841,517
|
|
|
Fees paid indirectly
|
|
|
(3
|
)
|
|
Reduction of expenses by investment adviser
|
|
|
(200,833
|
)
|
|
Net expenses
|
|
|
$640,681
|
|
|
Net investment income
|
|
|
$1,620,710
|
|
|
Realized and unrealized gain (loss) on investments
|
|
|
|
|
|
Realized gain (loss) on investments (identified cost basis)
|
|
|
$3,429,825
|
|
|
Change in unrealized appreciation (depreciation) on investments
|
|
|
$9,804,799
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
$13,234,624
|
|
|
Change in net assets from operations
|
|
|
$14,855,334
|
|
See Notes to Financial Statements
12
Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
|
|
|
|
|
|
|
|
|
|
Change in net assets
|
|
Six months ended
3/31/13
(unaudited)
|
|
|
Year ended
9/30/12
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$1,620,710
|
|
|
|
$1,424,480
|
|
|
Net realized gain (loss) on investments
|
|
|
3,429,825
|
|
|
|
1,750,890
|
|
|
Net unrealized gain (loss) on investments
|
|
|
9,804,799
|
|
|
|
18,482,683
|
|
|
Change in net assets from operations
|
|
|
$14,855,334
|
|
|
|
$21,658,053
|
|
|
Distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(1,750,002
|
)
|
|
|
$(510,008
|
)
|
|
Change in net assets from fund share transactions
|
|
|
$30,901,731
|
|
|
|
$59,486,152
|
|
|
Total change in net assets
|
|
|
$44,007,063
|
|
|
|
$80,634,197
|
|
|
Net assets
|
|
|
|
|
|
|
|
|
|
At beginning of period
|
|
|
139,897,905
|
|
|
|
59,263,708
|
|
|
At end of period (including undistributed net investment income of $1,278,937 and $1,408,229,
respectively)
|
|
|
$183,904,968
|
|
|
|
$139,897,905
|
|
See Notes to Financial Statements
13
Financial Statements
F
INANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (or
life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund
share class (assuming reinvestment of all distributions) held for the entire period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class A
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$16.11
|
|
|
|
$12.53
|
|
|
|
$12.47
|
|
|
|
$11.59
|
|
|
|
$12.61
|
|
|
|
$16.67
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.17
|
|
|
|
$0.22
|
|
|
|
$0.20
|
|
|
|
$0.16
|
|
|
|
$0.17
|
|
|
|
$0.14
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.31
|
|
|
|
3.45
|
|
|
|
(0.01
|
)(g)
|
|
|
1.09
|
|
|
|
(1.09
|
)
|
|
|
(3.71
|
)
|
|
Total from investment operations
|
|
|
$1.48
|
|
|
|
$3.67
|
|
|
|
$0.19
|
|
|
|
$1.25
|
|
|
|
$(0.92
|
)
|
|
|
$(3.57
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.18
|
)
|
|
|
$(0.09
|
)
|
|
|
$(0.13
|
)
|
|
|
$(0.37
|
)
|
|
|
$(0.06
|
)
|
|
|
$(0.17
|
)
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
(0.32
|
)
|
|
Total distributions declared to
shareholders
|
|
|
$(0.18
|
)
|
|
|
$(0.09
|
)
|
|
|
$(0.13
|
)
|
|
|
$(0.37
|
)
|
|
|
$(0.10
|
)
|
|
|
$(0.49
|
)
|
|
Net asset value, end of period (x)
|
|
|
$17.41
|
|
|
|
$16.11
|
|
|
|
$12.53
|
|
|
|
$12.47
|
|
|
|
$11.59
|
|
|
|
$12.61
|
|
|
Total return (%) (r)(s)(t)(x)
|
|
|
9.27
|
(n)
|
|
|
29.45
|
|
|
|
1.45
|
|
|
|
10.96
|
|
|
|
(7.13
|
)
|
|
|
(21.90
|
)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.14
|
(a)
|
|
|
1.31
|
|
|
|
1.67
|
|
|
|
2.17
|
|
|
|
1.85
|
|
|
|
1.38
|
|
|
Expenses after expense reductions (f)
|
|
|
0.88
|
(a)
|
|
|
0.90
|
|
|
|
0.90
|
|
|
|
0.88
|
|
|
|
0.88
|
|
|
|
1.18
|
|
|
Net investment income
|
|
|
2.03
|
(a)
|
|
|
1.46
|
|
|
|
1.40
|
|
|
|
1.30
|
|
|
|
1.78
|
|
|
|
0.91
|
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$53,493
|
|
|
|
$42,149
|
|
|
|
$19,238
|
|
|
|
$13,018
|
|
|
|
$11,473
|
|
|
|
$25,907
|
|
See Notes to Financial Statements
14
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class B
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$15.72
|
|
|
|
$12.24
|
|
|
|
$12.18
|
|
|
|
$11.33
|
|
|
|
$12.38
|
|
|
|
$16.32
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.10
|
|
|
|
$0.10
|
|
|
|
$0.09
|
|
|
|
$0.07
|
|
|
|
$0.10
|
|
|
|
$0.03
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.29
|
|
|
|
3.38
|
|
|
|
(0.00
|
)(g)(w)
|
|
|
1.06
|
|
|
|
(1.08
|
)
|
|
|
(3.64
|
)
|
|
Total from investment operations
|
|
|
$1.39
|
|
|
|
$3.48
|
|
|
|
$0.09
|
|
|
|
$1.13
|
|
|
|
$(0.98
|
)
|
|
|
$(3.61
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.08
|
)
|
|
|
$—
|
|
|
|
$(0.03
|
)
|
|
|
$(0.28
|
)
|
|
|
$(0.03
|
)
|
|
|
$(0.01
|
)
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
(0.32
|
)
|
|
Total distributions declared to
shareholders
|
|
|
$(0.08
|
)
|
|
|
$—
|
|
|
|
$(0.03
|
)
|
|
|
$(0.28
|
)
|
|
|
$(0.07
|
)
|
|
|
$(0.33
|
)
|
|
Net asset value, end of period (x)
|
|
|
$17.03
|
|
|
|
$15.72
|
|
|
|
$12.24
|
|
|
|
$12.18
|
|
|
|
$11.33
|
|
|
|
$12.38
|
|
|
Total return (%) (r)(s)(t)(x)
|
|
|
8.89
|
(n)
|
|
|
28.43
|
|
|
|
0.74
|
|
|
|
10.14
|
|
|
|
(7.84
|
)
|
|
|
(22.46
|
)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.89
|
(a)
|
|
|
2.06
|
|
|
|
2.44
|
|
|
|
2.92
|
|
|
|
2.59
|
|
|
|
2.03
|
|
|
Expenses after expense reductions (f)
|
|
|
1.63
|
(a)
|
|
|
1.65
|
|
|
|
1.65
|
|
|
|
1.63
|
|
|
|
1.60
|
|
|
|
1.85
|
|
|
Net investment income
|
|
|
1.27
|
(a)
|
|
|
0.68
|
|
|
|
0.68
|
|
|
|
0.55
|
|
|
|
1.06
|
|
|
|
0.23
|
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$3,381
|
|
|
|
$2,631
|
|
|
|
$1,444
|
|
|
|
$1,554
|
|
|
|
$1,440
|
|
|
|
$2,034
|
|
See Notes to Financial Statements
15
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class C
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$15.58
|
|
|
|
$12.13
|
|
|
|
$12.07
|
|
|
|
$11.25
|
|
|
|
$12.29
|
|
|
|
$16.23
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.10
|
|
|
|
$0.10
|
|
|
|
$0.09
|
|
|
|
$0.06
|
|
|
|
$0.10
|
|
|
|
$0.03
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.26
|
|
|
|
3.35
|
|
|
|
0.01
|
(g)
|
|
|
1.06
|
|
|
|
(1.07
|
)
|
|
|
(3.61
|
)
|
|
Total from investment operations
|
|
|
$1.36
|
|
|
|
$3.45
|
|
|
|
$0.10
|
|
|
|
$1.12
|
|
|
|
$(0.97
|
)
|
|
|
$(3.58
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.09
|
)
|
|
|
$—
|
|
|
|
$(0.04
|
)
|
|
|
$(0.30
|
)
|
|
|
$(0.03
|
)
|
|
|
$(0.04
|
)
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
(0.32
|
)
|
|
Total distributions declared to
shareholders
|
|
|
$(0.09
|
)
|
|
|
$—
|
|
|
|
$(0.04
|
)
|
|
|
$(0.30
|
)
|
|
|
$(0.07
|
)
|
|
|
$(0.36
|
)
|
|
Net asset value, end of period (x)
|
|
|
$16.85
|
|
|
|
$15.58
|
|
|
|
$12.13
|
|
|
|
$12.07
|
|
|
|
$11.25
|
|
|
|
$12.29
|
|
|
Total return (%) (r)(s)(t)(x)
|
|
|
8.81
|
(n)
|
|
|
28.44
|
|
|
|
0.77
|
|
|
|
10.12
|
|
|
|
(7.81
|
)
|
|
|
(22.46
|
)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.89
|
(a)
|
|
|
2.06
|
|
|
|
2.44
|
|
|
|
2.92
|
|
|
|
2.59
|
|
|
|
2.03
|
|
|
Expenses after expense reductions (f)
|
|
|
1.63
|
(a)
|
|
|
1.65
|
|
|
|
1.65
|
|
|
|
1.63
|
|
|
|
1.60
|
|
|
|
1.86
|
|
|
Net investment income
|
|
|
1.24
|
(a)
|
|
|
0.70
|
|
|
|
0.67
|
|
|
|
0.55
|
|
|
|
1.03
|
|
|
|
0.23
|
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$5,548
|
|
|
|
$3,986
|
|
|
|
$1,586
|
|
|
|
$1,525
|
|
|
|
$1,476
|
|
|
|
$1,810
|
|
See Notes to Financial Statements
16
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class I
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$16.27
|
|
|
|
$12.64
|
|
|
|
$12.57
|
|
|
|
$11.69
|
|
|
|
$12.73
|
|
|
|
$16.84
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.19
|
|
|
|
$0.26
|
|
|
|
$0.23
|
|
|
|
$0.19
|
|
|
|
$0.22
|
|
|
|
$0.18
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.31
|
|
|
|
3.49
|
|
|
|
(0.00
|
)(g)(w)
|
|
|
1.09
|
|
|
|
(1.14
|
)
|
|
|
(3.72
|
)
|
|
Total from investment operations
|
|
|
$1.50
|
|
|
|
$3.75
|
|
|
|
$0.23
|
|
|
|
$1.28
|
|
|
|
$(0.92
|
)
|
|
|
$(3.54
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.21
|
)
|
|
|
$(0.12
|
)
|
|
|
$(0.16
|
)
|
|
|
$(0.40
|
)
|
|
|
$(0.08
|
)
|
|
|
$(0.25
|
)
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
(0.32
|
)
|
|
Total distributions declared to
shareholders
|
|
|
$(0.21
|
)
|
|
|
$(0.12
|
)
|
|
|
$(0.16
|
)
|
|
|
$(0.40
|
)
|
|
|
$(0.12
|
)
|
|
|
$(0.57
|
)
|
|
Net asset value, end of period (x)
|
|
|
$17.56
|
|
|
|
$16.27
|
|
|
|
$12.64
|
|
|
|
$12.57
|
|
|
|
$11.69
|
|
|
|
$12.73
|
|
|
Total return (%) (r)(s)(x)
|
|
|
9.33
|
(n)
|
|
|
29.80
|
|
|
|
1.73
|
|
|
|
11.21
|
|
|
|
(7.07
|
)
|
|
|
(21.62
|
)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
0.89
|
(a)
|
|
|
1.06
|
|
|
|
1.38
|
|
|
|
1.87
|
|
|
|
1.51
|
|
|
|
1.01
|
|
|
Expenses after expense reductions (f)
|
|
|
0.63
|
(a)
|
|
|
0.65
|
|
|
|
0.65
|
|
|
|
0.64
|
|
|
|
0.60
|
|
|
|
0.88
|
|
|
Net investment income
|
|
|
2.28
|
(a)
|
|
|
1.71
|
|
|
|
1.67
|
|
|
|
1.55
|
|
|
|
2.34
|
|
|
|
1.20
|
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$49,532
|
|
|
|
$39,555
|
|
|
|
$20,260
|
|
|
|
$4,503
|
|
|
|
$1,163
|
|
|
|
$21,551
|
|
See Notes to Financial Statements
17
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class R1
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008 (i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$15.61
|
|
|
|
$12.15
|
|
|
|
$12.10
|
|
|
|
$11.29
|
|
|
|
$12.38
|
|
|
|
$13.70
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.08
|
|
|
|
$0.10
|
|
|
|
$0.09
|
|
|
|
$0.07
|
|
|
|
$0.10
|
|
|
|
$0.01
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.29
|
|
|
|
3.36
|
|
|
|
(0.00
|
)(g)(w)
|
|
|
1.05
|
|
|
|
(1.08
|
)
|
|
|
(1.33
|
)(g)
|
|
Total from investment operations
|
|
|
$1.37
|
|
|
|
$3.46
|
|
|
|
$0.09
|
|
|
|
$1.12
|
|
|
|
$(0.98
|
)
|
|
|
$(1.32
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.07
|
)
|
|
|
$—
|
|
|
|
$(0.04
|
)
|
|
|
$(0.31
|
)
|
|
|
$(0.07
|
)
|
|
|
$—
|
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
—
|
|
|
Total distributions declared to
shareholders
|
|
|
$(0.07
|
)
|
|
|
$—
|
|
|
|
$(0.04
|
)
|
|
|
$(0.31
|
)
|
|
|
$(0.11
|
)
|
|
|
$—
|
|
|
Net asset value, end of period (x)
|
|
|
$16.91
|
|
|
|
$15.61
|
|
|
|
$12.15
|
|
|
|
$12.10
|
|
|
|
$11.29
|
|
|
|
$12.38
|
|
|
Total return (%) (r)(s)(x)
|
|
|
8.83
|
(n)
|
|
|
28.48
|
|
|
|
0.73
|
|
|
|
10.05
|
|
|
|
(7.78
|
)
|
|
|
(9.64
|
)(n)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.89
|
(a)
|
|
|
2.06
|
|
|
|
2.42
|
|
|
|
2.92
|
|
|
|
2.60
|
|
|
|
2.93
|
(a)
|
|
Expenses after expense reductions (f)
|
|
|
1.62
|
(a)
|
|
|
1.65
|
|
|
|
1.65
|
|
|
|
1.63
|
|
|
|
1.60
|
|
|
|
1.60
|
(a)
|
|
Net investment income
|
|
|
1.02
|
(a)
|
|
|
0.69
|
|
|
|
0.69
|
|
|
|
0.55
|
|
|
|
1.02
|
|
|
|
0.88
|
(a)
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$645
|
|
|
|
$160
|
|
|
|
$119
|
|
|
|
$92
|
|
|
|
$83
|
|
|
|
$90
|
|
See Notes to Financial Statements
18
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class R2
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008 (i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$15.64
|
|
|
|
$12.19
|
|
|
|
$12.17
|
|
|
|
$11.34
|
|
|
|
$12.38
|
|
|
|
$13.70
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.13
|
|
|
|
$0.17
|
|
|
|
$0.14
|
|
|
|
$0.12
|
|
|
|
$0.15
|
|
|
|
$0.01
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.28
|
|
|
|
3.37
|
|
|
|
0.02
|
(g)
|
|
|
1.07
|
|
|
|
(1.08
|
)
|
|
|
(1.33
|
)(g)
|
|
Total from investment operations
|
|
|
$1.41
|
|
|
|
$3.54
|
|
|
|
$0.16
|
|
|
|
$1.19
|
|
|
|
$(0.93
|
)
|
|
|
$(1.32
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.16
|
)
|
|
|
$(0.09
|
)
|
|
|
$(0.14
|
)
|
|
|
$(0.36
|
)
|
|
|
$(0.07
|
)
|
|
|
$—
|
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
—
|
|
|
Total distributions declared to
shareholders
|
|
|
$(0.16
|
)
|
|
|
$(0.09
|
)
|
|
|
$(0.14
|
)
|
|
|
$(0.36
|
)
|
|
|
$(0.11
|
)
|
|
|
$—
|
|
|
Net asset value, end of period (x)
|
|
|
$16.89
|
|
|
|
$15.64
|
|
|
|
$12.19
|
|
|
|
$12.17
|
|
|
|
$11.34
|
|
|
|
$12.38
|
|
|
Total return (%) (r)(s)(x)
|
|
|
9.12
|
(n)
|
|
|
29.15
|
|
|
|
1.25
|
|
|
|
10.65
|
|
|
|
(7.32
|
)
|
|
|
(9.64
|
)(n)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.39
|
(a)
|
|
|
1.56
|
|
|
|
1.87
|
|
|
|
2.42
|
|
|
|
2.10
|
|
|
|
2.43
|
(a)
|
|
Expenses after expense reductions (f)
|
|
|
1.13
|
(a)
|
|
|
1.15
|
|
|
|
1.15
|
|
|
|
1.13
|
|
|
|
1.10
|
|
|
|
1.10
|
(a)
|
|
Net investment income
|
|
|
1.67
|
(a)
|
|
|
1.20
|
|
|
|
1.07
|
|
|
|
1.05
|
|
|
|
1.52
|
|
|
|
1.38
|
(a)
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$6,004
|
|
|
|
$2,968
|
|
|
|
$1,587
|
|
|
|
$93
|
|
|
|
$84
|
|
|
|
$90
|
|
See Notes to Financial Statements
19
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class R3
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008 (i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$16.06
|
|
|
|
$12.50
|
|
|
|
$12.43
|
|
|
|
$11.57
|
|
|
|
$12.60
|
|
|
|
$13.94
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.16
|
|
|
|
$0.22
|
|
|
|
$0.18
|
|
|
|
$0.16
|
|
|
|
$0.17
|
|
|
|
$0.02
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.30
|
|
|
|
3.44
|
|
|
|
0.02
|
(g)
|
|
|
1.08
|
|
|
|
(1.08
|
)
|
|
|
(1.36
|
)(g)
|
|
Total from investment operations
|
|
|
$1.46
|
|
|
|
$3.66
|
|
|
|
$0.20
|
|
|
|
$1.24
|
|
|
|
$(0.91
|
)
|
|
|
$(1.34
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.18
|
)
|
|
|
$(0.10
|
)
|
|
|
$(0.13
|
)
|
|
|
$(0.38
|
)
|
|
|
$(0.08
|
)
|
|
|
$—
|
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
—
|
|
|
Total distributions declared to
shareholders
|
|
|
$(0.18
|
)
|
|
|
$(0.10
|
)
|
|
|
$(0.13
|
)
|
|
|
$(0.38
|
)
|
|
|
$(0.12
|
)
|
|
|
$—
|
|
|
Net asset value, end of period (x)
|
|
|
$17.34
|
|
|
|
$16.06
|
|
|
|
$12.50
|
|
|
|
$12.43
|
|
|
|
$11.57
|
|
|
|
$12.60
|
|
|
Total return (%) (r)(s)(x)
|
|
|
9.22
|
(n)
|
|
|
29.45
|
|
|
|
1.53
|
|
|
|
10.92
|
|
|
|
(7.09
|
)
|
|
|
(9.61
|
)(n)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
1.14
|
(a)
|
|
|
1.31
|
|
|
|
1.51
|
|
|
|
2.17
|
|
|
|
1.85
|
|
|
|
2.18
|
(a)
|
|
Expenses after expense reductions (f)
|
|
|
0.88
|
(a)
|
|
|
0.90
|
|
|
|
0.90
|
|
|
|
0.89
|
|
|
|
0.85
|
|
|
|
0.85
|
(a)
|
|
Net investment income
|
|
|
1.99
|
(a)
|
|
|
1.47
|
|
|
|
1.32
|
|
|
|
1.30
|
|
|
|
1.77
|
|
|
|
1.64
|
(a)
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$38,479
|
|
|
|
$28,576
|
|
|
|
$7,016
|
|
|
|
$93
|
|
|
|
$84
|
|
|
|
$90
|
|
See Notes to Financial Statements
20
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Years ended 9/30
|
|
|
Class R4
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008 (i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$16.13
|
|
|
|
$12.54
|
|
|
|
$12.47
|
|
|
|
$11.60
|
|
|
|
$12.61
|
|
|
|
$13.94
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.19
|
|
|
|
$0.25
|
|
|
|
$0.20
|
|
|
|
$0.19
|
|
|
|
$0.20
|
|
|
|
$0.02
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
1.31
|
|
|
|
3.46
|
|
|
|
0.03
|
(g)
|
|
|
1.08
|
|
|
|
(1.09
|
)
|
|
|
(1.35
|
)(g)
|
|
Total from investment operations
|
|
|
$1.50
|
|
|
|
$3.71
|
|
|
|
$0.23
|
|
|
|
$1.27
|
|
|
|
$(0.89
|
)
|
|
|
$(1.33
|
)
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.21
|
)
|
|
|
$(0.12
|
)
|
|
|
$(0.16
|
)
|
|
|
$(0.40
|
)
|
|
|
$(0.08
|
)
|
|
|
$—
|
|
|
From net realized gain on
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04
|
)
|
|
|
—
|
|
|
Total distributions declared to
shareholders
|
|
|
$(0.21
|
)
|
|
|
$(0.12
|
)
|
|
|
$(0.16
|
)
|
|
|
$(0.40
|
)
|
|
|
$(0.12
|
)
|
|
|
$—
|
|
|
Net asset value, end of period (x)
|
|
|
$17.42
|
|
|
|
$16.13
|
|
|
|
$12.54
|
|
|
|
$12.47
|
|
|
|
$11.60
|
|
|
|
$12.61
|
|
|
Total return (%) (r)(s)(x)
|
|
|
9.41
|
(n)
|
|
|
29.72
|
|
|
|
1.75
|
|
|
|
11.21
|
|
|
|
(6.89
|
)
|
|
|
(9.54
|
)(n)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
0.89
|
(a)
|
|
|
1.06
|
|
|
|
1.30
|
|
|
|
1.92
|
|
|
|
1.60
|
|
|
|
1.93
|
(a)
|
|
Expenses after expense reductions (f)
|
|
|
0.63
|
(a)
|
|
|
0.65
|
|
|
|
0.65
|
|
|
|
0.63
|
|
|
|
0.60
|
|
|
|
0.60
|
(a)
|
|
Net investment income
|
|
|
2.28
|
(a)
|
|
|
1.68
|
|
|
|
1.46
|
|
|
|
1.55
|
|
|
|
2.01
|
|
|
|
1.88
|
(a)
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
|
92
|
|
|
|
77
|
|
|
|
71
|
|
|
|
91
|
|
|
Net assets at end of period
(000 omitted)
|
|
|
$22,897
|
|
|
|
$19,762
|
|
|
|
$8,014
|
|
|
|
$94
|
|
|
|
$84
|
|
|
|
$90
|
|
See Notes to Financial Statements
21
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
Class R5
|
|
Six months
ended
3/31/13
(unaudited)
|
|
|
Year ended
9/30/12 (i)
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$16.27
|
|
|
|
$14.64
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
Net investment income (d)
|
|
|
$0.08
|
|
|
|
$0.09
|
|
|
Net realized and unrealized gain (loss) on investments and foreign
currency
|
|
|
1.43
|
|
|
|
1.54
|
(g)
|
|
Total from investment operations
|
|
|
$1.51
|
|
|
|
$1.63
|
|
|
Less distributions declared to shareholders
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.21
|
)
|
|
|
$—
|
|
|
Net asset value, end of period (x)
|
|
|
$17.57
|
|
|
|
$16.27
|
|
|
Total return (%) (r)(s)(x)
|
|
|
9.44
|
(n)
|
|
|
11.13
|
(n)
|
Ratios (%) (to average net assets)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)
|
|
|
0.78
|
(a)
|
|
|
0.98
|
(a)
|
|
Expenses after expense reductions (f)
|
|
|
0.53
|
(a)
|
|
|
0.58
|
(a)
|
|
Net investment income
|
|
|
0.89
|
(a)
|
|
|
1.65
|
(a)
|
|
Portfolio turnover
|
|
|
26
|
(n)
|
|
|
59
|
|
|
Net assets at end of period (000 omitted)
|
|
|
$3,926
|
|
|
|
$111
|
|
|
(d)
|
Per share data is based on average shares outstanding.
|
|
(f)
|
Ratios do not reflect reductions from fees paid indirectly, if applicable.
|
|
(g)
|
The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and
unrealized gains and losses at such time.
|
|
(i)
|
For the period from the class inception, September 2, 2008 (Classes R1, R2, R3, and R4) and June 1, 2012 (Class R5), through the stated period end.
|
|
(r)
|
Certain expenses have been reduced without which performance would have been lower.
|
|
(s)
|
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
|
|
(t)
|
Total returns do not include any applicable sales charges.
|
|
(w)
|
Per share amount was less than $0.01.
|
|
(x)
|
The net asset values per share and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting
principles required at period end for financial reporting purposes.
|
See Notes to Financial Statements
22
NOTES TO FINANCIAL STATEMENTS
(unaudited)
(1) Business and Organization
MFS Blended Research Core Equity Fund (the fund) is a series of MFS Series Trust XI (the trust). The trust is organized as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
(2) Significant
Accounting Policies
General
– The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and
Liabilities through the date that the financial statements were issued.
In January 2013, the Financial Accounting Standards Board issued Accounting
Standards Update 2013-01 (“ASU 2013-01”) entitled Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities which is intended to clarify the scope of Accounting Standards
Update 2011-11 (“ASU 2011-11”), Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities. Consistent with the effective date for ASU 2011-11, ASU 2013-01 is effective for annual reporting periods beginning
on or after January 1, 2013, and interim periods within those annual periods. ASU 2013-01 limits the scope of ASU 2011-11’s disclosure requirements on offsetting to financial assets and financial liabilities related to derivatives,
repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions. Although still evaluating the potential impact of these two ASUs to the fund, management expects that the impact of the fund’s adoption
will be limited to additional financial statement disclosures.
Investment Valuations
– Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued 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 primarily traded. Short-term instruments with a maturity at issuance of 60 days or
less generally are 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 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
23
Notes to Financial Statements (unaudited) – continued
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 March 31, 2013 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Equity Securities
|
|
|
$182,388,783
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$182,388,783
|
|
|
Mutual Funds
|
|
|
1,865,896
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,865,896
|
|
|
Total Investments
|
|
|
$184,254,679
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$184,254,679
|
|
24
Notes to Financial Statements (unaudited) – continued
For further information regarding security characteristics, see the Portfolio of
Investments.
Indemnifications
– Under the fund’s organizational documents, its officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund’s
maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income
– Investment transactions are recorded on the trade date. Dividends received in cash are recorded on the ex-dividend
date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the
ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds
received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other
proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Fees Paid Indirectly
– The fund’s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by the fund. This amount, for the six months ended March 31, 2013, is shown as a reduction of total
expenses in the Statement of Operations.
Tax Matters and Distributions
– The fund intends to qualify as a regulated investment company, as
defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed,
will remain subject to examination by the Internal Revenue Service for a three year period.
Distributions to shareholders are recorded on the
ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income,
expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.
Book/tax differences primarily relate to wash sale loss deferrals.
25
Notes to Financial Statements (unaudited) – continued
The tax character of distributions made during the current period will be determined at
fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
|
|
|
|
|
|
|
|
9/30/12
|
|
Ordinary income (including any
short-term capital gains)
|
|
|
$510,008
|
|
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
|
|
|
|
|
|
As of 3/31/13
|
|
|
|
|
Cost of investments
|
|
|
$162,656,636
|
|
|
Gross appreciation
|
|
|
23,856,348
|
|
|
Gross depreciation
|
|
|
(2,258,305
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$21,598,043
|
|
|
|
|
|
As of 9/30/12
|
|
|
|
|
Undistributed ordinary income
|
|
|
1,408,229
|
|
|
Capital loss carryforwards
|
|
|
(12,383,025
|
)
|
|
Post-October capital loss deferral
|
|
|
(129,022
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
11,793,244
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for fund fiscal years beginning after
September 30, 2011 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses (“post-enactment losses”). Previously, net capital losses were carried forward for eight years and treated
as short-term losses (“pre-enactment losses”). As a transition rule, the Act requires that all post-enactment net capital losses be used before pre-enactment net capital losses.
As of September 30, 2012, the fund had capital loss carryforwards available to offset future realized gains. Such losses expire as follows:
Multiple Classes of Shares of Beneficial Interest
– The fund offers multiple classes of shares, which differ in their
respective distribution and service fees. The fund’s income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class.
Differences in per share dividend rates are generally due to differences in separate class expenses. Class B shares will convert to Class A shares
26
Notes to Financial Statements (unaudited) – continued
approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment
income
|
|
|
|
|
Six months
ended
3/31/13
|
|
|
Year
ended
9/30/12
|
|
|
Class A
|
|
|
$516,538
|
|
|
|
$191,054
|
|
|
Class B
|
|
|
14,794
|
|
|
|
—
|
|
|
Class C
|
|
|
25,836
|
|
|
|
—
|
|
|
Class I
|
|
|
548,053
|
|
|
|
174,994
|
|
|
Class R1
|
|
|
795
|
|
|
|
—
|
|
|
Class R2
|
|
|
39,453
|
|
|
|
10,314
|
|
|
Class R3
|
|
|
332,907
|
|
|
|
60,046
|
|
|
Class R4
|
|
|
270,159
|
|
|
|
73,600
|
|
|
Class R5
|
|
|
1,467
|
|
|
|
—
|
|
|
Total
|
|
|
$1,750,002
|
|
|
|
$510,008
|
|
(3) Transactions with Affiliates
Investment Adviser
– The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is
computed daily and paid monthly at an annual rate of 0.60% of the fund’s average daily net assets. Effective February 1, 2013, the investment adviser has agreed in writing to reduce its management fee to 0.40% of the fund’s average
daily net assets annually. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until January 31, 2014. For the period February 1, 2013 through March 31, 2013, this
management fee reduction amounted to $55,789, which is shown as a reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended March 31, 2013 was equivalent to an annual effective rate of 0.53% of
the fund’s average daily net assets.
The investment adviser had agreed in writing to pay a portion of the fund’s total annual operating
expenses, exclusive of interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related, such that total annual fund operating expenses did not exceed the following rates annually of each class’ average daily net
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classes
|
|
A
|
|
B
|
|
C
|
|
I
|
|
R1
|
|
R2
|
|
R3
|
|
R4
|
|
R5
|
|
0.90%
|
|
1.65%
|
|
1.65%
|
|
0.65%
|
|
1.65%
|
|
1.15%
|
|
0.90%
|
|
0.65%
|
|
0.58%
|
This written agreement terminated on January 31, 2013. For the period October 1, 2012 through January 31, 2013, this
reduction amounted to $120,522 and is reflected as a reduction of total expenses in the Statement of Operations.
Effective February 1, 2013, the
investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, exclusive of interest, taxes,
27
Notes to Financial Statements (unaudited) – continued
extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total annual fund operating expenses do not exceed the following rates annually of each
class’ average daily net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classes
|
|
A
|
|
B
|
|
C
|
|
I
|
|
R1
|
|
R2
|
|
R3
|
|
R4
|
|
R5
|
|
0.85%
|
|
1.60%
|
|
1.60%
|
|
0.60%
|
|
1.60%
|
|
1.10%
|
|
0.85%
|
|
0.60%
|
|
0.53%
|
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least
until January 31, 2014. For the period February 1, 2013 through March 31, 2013, this reduction amounted to $24,364 and is reflected as a reduction of total expenses in the Statement of Operations.
Distributor
– MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $16,191 for the six months ended
March 31, 2013, as its portion of the initial sales charge on sales of Class A shares of the fund.
The Board of Trustees has adopted a
distribution plan for certain class shares pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund’s distribution plan provides that
the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan
is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
Distribution Plan Fee Table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
Fee Rate (d)
|
|
|
Service
Fee Rate (d)
|
|
|
Total
Distribution
Plan (d)
|
|
|
Annual
Effective
Rate (e)
|
|
|
Distribution
and Service
Fee
|
|
|
Class A
|
|
|
—
|
|
|
|
0.25%
|
|
|
|
0.25%
|
|
|
|
0.25%
|
|
|
|
$60,403
|
|
|
Class B
|
|
|
0.75%
|
|
|
|
0.25%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|
|
14,738
|
|
|
Class C
|
|
|
0.75%
|
|
|
|
0.25%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|
|
22,423
|
|
|
Class R1
|
|
|
0.75%
|
|
|
|
0.25%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|
|
1,371
|
|
|
Class R2
|
|
|
0.25%
|
|
|
|
0.25%
|
|
|
|
0.50%
|
|
|
|
0.50%
|
|
|
|
10,886
|
|
|
Class R3
|
|
|
—
|
|
|
|
0.25%
|
|
|
|
0.25%
|
|
|
|
0.25%
|
|
|
|
38,013
|
|
|
Total Distribution and Service Fees
|
|
|
|
$147,834
|
|
|
(d)
|
In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average
daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period.
|
|
(e)
|
The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2013 based on each class’s average daily net
assets.
|
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption
within 18 months of purchase for shares purchased on or after August 1, 2012, and within 24 months of purchase for shares purchased prior to August 1, 2012. Class C shares are subject to a CDSC in the event of a shareholder redemption
within 12 months of purchase. Class B shares are subject to a
28
Notes to Financial Statements (unaudited) – continued
CDSC in the event of a shareholder redemption within six years of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended March 31, 2013, were as
follows:
|
|
|
|
|
|
|
|
|
Amount
|
|
|
Class A
|
|
|
$200
|
|
|
Class B
|
|
|
493
|
|
|
Class C
|
|
|
646
|
|
Shareholder Servicing Agent
– MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the
fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended
March 31, 2013, the fee was $14,804, which equated to 0.0189% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which
may be paid to affiliated and unaffiliated service providers. Class R5 shares do not incur sub-accounting fees. For the six months ended March 31, 2013, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted
to $83,283.
Administrator
– MFS provides certain financial, legal, shareholder communications, compliance, and other administrative
services to the fund. Under an administrative services agreement, the fund partially reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The
administrative services fee incurred for the six months ended March 31, 2013 was equivalent to an annual effective rate of 0.0198% of the fund’s average daily net assets.
Trustees’ and Officers’ Compensation
– The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee
chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration for their services to the fund from MFS. Certain officers and Trustees of
the fund are officers or directors of MFS, MFD, and MFSC.
Other
– This fund and certain other funds managed by MFS (the funds) have entered
into services agreements (the Agreements) which provide for payment of fees by the funds to Tarantino LLC and Griffin Compliance LLC in return for the provision of services of an Independent Chief Compliance Officer (ICCO) and Assistant ICCO,
respectively, for the funds. The ICCO and Assistant ICCO are officers of the funds and the sole members of Tarantino LLC and Griffin Compliance LLC, respectively. The funds can terminate the Agreements with Tarantino LLC and Griffin Compliance LLC
at any time under the terms of the Agreements. For the six months ended March 31, 2013, the aggregate fees paid by the fund to Tarantino LLC and Griffin Compliance LLC were $537 and are included in “Miscellaneous” expense in the
Statement of Operations. MFS has agreed to reimburse the fund for a portion of the payments made by the fund in the amount of $158, which is shown as a reduction of total expenses in the
29
Notes to Financial Statements (unaudited) – continued
Statement of Operations. Additionally, MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ICCO and Assistant ICCO.
The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of
capital and liquidity. Income earned on this investment is included in “Dividends from underlying affiliated funds” in the Statement of Operations. This money market fund does not pay a management fee to MFS.
On May 31, 2012, MFS purchased 6,831 shares of Class R5 for an aggregate amount of $100,000.
(4) Portfolio Securities
Purchases and sales of investments, other than short-term obligations, aggregated
$69,534,390 and $39,813,558, respectively.
(5) Shares of Beneficial Interest
The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
3/31/13
|
|
|
Year ended
9/30/12 (i)
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
853,977
|
|
|
|
$13,955,810
|
|
|
|
1,905,443
|
|
|
|
$27,858,674
|
|
|
Class B
|
|
|
45,327
|
|
|
|
719,046
|
|
|
|
91,160
|
|
|
|
1,337,059
|
|
|
Class C
|
|
|
103,494
|
|
|
|
1,648,613
|
|
|
|
143,601
|
|
|
|
2,081,573
|
|
|
Class I
|
|
|
565,971
|
|
|
|
9,340,015
|
|
|
|
1,238,347
|
|
|
|
18,956,431
|
|
|
Class R1
|
|
|
44,671
|
|
|
|
733,662
|
|
|
|
522
|
|
|
|
7,520
|
|
|
Class R2
|
|
|
192,615
|
|
|
|
3,010,155
|
|
|
|
87,028
|
|
|
|
1,314,871
|
|
|
Class R3
|
|
|
750,551
|
|
|
|
12,319,851
|
|
|
|
1,520,963
|
|
|
|
22,969,752
|
|
|
Class R4
|
|
|
217,520
|
|
|
|
3,469,828
|
|
|
|
727,443
|
|
|
|
11,053,982
|
|
|
Class R5
|
|
|
218,691
|
|
|
|
3,773,352
|
|
|
|
6,831
|
|
|
|
100,000
|
|
|
|
|
|
2,992,817
|
|
|
|
$48,970,332
|
|
|
|
5,721,338
|
|
|
|
$85,679,862
|
|
|
|
|
|
|
|
Shares issued to shareholders in
reinvestment of distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
27,774
|
|
|
|
$440,496
|
|
|
|
11,652
|
|
|
|
$158,584
|
|
|
Class B
|
|
|
857
|
|
|
|
13,330
|
|
|
|
—
|
|
|
|
—
|
|
|
Class C
|
|
|
1,354
|
|
|
|
20,832
|
|
|
|
—
|
|
|
|
—
|
|
|
Class I
|
|
|
19,775
|
|
|
|
316,204
|
|
|
|
4,740
|
|
|
|
64,991
|
|
|
Class R1
|
|
|
51
|
|
|
|
795
|
|
|
|
—
|
|
|
|
—
|
|
|
Class R2
|
|
|
2,562
|
|
|
|
39,453
|
|
|
|
779
|
|
|
|
10,314
|
|
|
Class R3
|
|
|
21,070
|
|
|
|
332,907
|
|
|
|
4,425
|
|
|
|
60,046
|
|
|
Class R4
|
|
|
17,034
|
|
|
|
270,159
|
|
|
|
5,412
|
|
|
|
73,600
|
|
|
Class R5
|
|
|
92
|
|
|
|
1,467
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
90,569
|
|
|
|
$1,435,643
|
|
|
|
27,008
|
|
|
|
$367,535
|
|
30
Notes to Financial Statements (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
3/31/13
|
|
|
Year ended
9/30/12 (i)
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares reacquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(425,212
|
)
|
|
|
$(7,006,798
|
)
|
|
|
(835,730
|
)
|
|
|
$(12,394,614
|
)
|
|
Class B
|
|
|
(14,926
|
)
|
|
|
(239,776
|
)
|
|
|
(41,865
|
)
|
|
|
(611,294
|
)
|
|
Class C
|
|
|
(31,490
|
)
|
|
|
(498,201
|
)
|
|
|
(18,514
|
)
|
|
|
(264,193
|
)
|
|
Class I
|
|
|
(197,546
|
)
|
|
|
(3,217,286
|
)
|
|
|
(413,917
|
)
|
|
|
(5,994,765
|
)
|
|
Class R1
|
|
|
(16,859
|
)
|
|
|
(274,837
|
)
|
|
|
(60
|
)
|
|
|
(857
|
)
|
|
Class R2
|
|
|
(29,458
|
)
|
|
|
(464,157
|
)
|
|
|
(28,185
|
)
|
|
|
(402,900
|
)
|
|
Class R3
|
|
|
(332,526
|
)
|
|
|
(5,377,446
|
)
|
|
|
(306,974
|
)
|
|
|
(4,675,201
|
)
|
|
Class R4
|
|
|
(145,054
|
)
|
|
|
(2,388,790
|
)
|
|
|
(146,988
|
)
|
|
|
(2,217,421
|
)
|
|
Class R5
|
|
|
(2,121
|
)
|
|
|
(36,953
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
(1,195,192
|
)
|
|
|
$(19,504,244
|
)
|
|
|
(1,792,233
|
)
|
|
|
$(26,561,245
|
)
|
|
|
|
|
|
|
|
Net change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
456,539
|
|
|
|
$7,389,508
|
|
|
|
1,081,365
|
|
|
|
$15,622,644
|
|
|
Class B
|
|
|
31,258
|
|
|
|
492,600
|
|
|
|
49,295
|
|
|
|
725,765
|
|
|
Class C
|
|
|
73,358
|
|
|
|
1,171,244
|
|
|
|
125,087
|
|
|
|
1,817,380
|
|
|
Class I
|
|
|
388,200
|
|
|
|
6,438,933
|
|
|
|
829,170
|
|
|
|
13,026,657
|
|
|
Class R1
|
|
|
27,863
|
|
|
|
459,620
|
|
|
|
462
|
|
|
|
6,663
|
|
|
Class R2
|
|
|
165,719
|
|
|
|
2,585,451
|
|
|
|
59,622
|
|
|
|
922,285
|
|
|
Class R3
|
|
|
439,095
|
|
|
|
7,275,312
|
|
|
|
1,218,414
|
|
|
|
18,354,597
|
|
|
Class R4
|
|
|
89,500
|
|
|
|
1,351,197
|
|
|
|
585,867
|
|
|
|
8,910,161
|
|
|
Class R5
|
|
|
216,662
|
|
|
|
3,737,866
|
|
|
|
6,831
|
|
|
|
100,000
|
|
|
|
|
|
1,888,194
|
|
|
|
$30,901,731
|
|
|
|
3,956,113
|
|
|
|
$59,486,152
|
|
|
(i)
|
For Class R5, the period is from inception, June 1, 2012, through the stated period end.
|
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.1 billion unsecured
committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a
rate equal to the higher of the Federal Reserve funds rate or one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the
end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its
borrowings, at a rate equal to the Federal Reserve funds rate plus an agreed upon spread. For the six months ended March 31, 2013, the fund’s commitment fee and interest expense were $384 and $0, respectively, and are included in
“Miscellaneous” expense in the Statement of Operations.
31
Notes to Financial Statements (unaudited) – continued
(7) 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
|
|
|
703,875
|
|
|
|
31,243,479
|
|
|
|
(30,081,458
|
)
|
|
|
1,865,896
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money
Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1,357
|
|
|
|
$1,865,896
|
|
32
BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT
A discussion regarding the Board’s most recent review and renewal of the fund’s Investment Advisory Agreement with MFS is available by clicking on the
fund’s name under “Mutual Funds” in the “Products” section of the MFS Web site
(mfs.com).
PROXY VOTING POLICIES AND INFORMATION
A general description of the MFS funds’ proxy voting policies and procedures is available without charge,
upon request, by calling 1-800-225-2606, by visiting the Proxy Voting section of
mfs.com
or by visiting the SEC’s Web site at
http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge by visiting the Proxy Voting section of
mfs.com
or by visiting the SEC’s Web site at
http://
www.sec.gov.
QUARTERLY PORTFOLIO
DISCLOSURE
The fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and
third quarters of each fiscal year on Form N-Q. A shareholder can obtain the quarterly portfolio holdings report at
mfs.com.
The fund’s Form N-Q is also available on the EDGAR database on the Commission’s Internet Web site at
http://www.sec.gov,
and may be reviewed and copied at the:
Public Reference Room
Securities and Exchange Commission
100 F Street, NE, Room 1580
Washington, D.C. 20549
Information on the
operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. Copies of the fund’s Form N-Q also may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address:
publicinfo@sec.gov, or by writing the Public Reference Section at the above address.
FURTHER INFORMATION
From time to time, MFS may post important information about the fund or the MFS funds on the MFS web site (
mfs.com
). This information is
available by visiting the “News & Commentary” section of
mfs.com
or by clicking on the fund’s name under “Mutual Funds” in the “Products” section of
mfs.com.
PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund’s annual
and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone
number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
33
Save paper with eDelivery.
|
|
MFS® will send you prospectuses,
|
reports, and proxies directly via e-mail so you will get
information faster with less mailbox clutter.
To sign up
:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund
shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 55824
Boston, MA 02205-5824
OVERNIGHT MAIL
MFS Service Center, Inc.
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809