mfs investment funds annual report 30 september 2013 mfs ® investment funds containing the...

ANNUAL REPORT30 September 2013

MFS® INVESTMENT FUNDSContaining the following sub-Funds of Investment:Emerging Markets Debt Fund

Emerging Markets Equity Fund

Emerging Markets Local Currency Debt Fund

Emerging Markets Local Currency Debt Fund II

Global Concentrated Equity Fund

Global Equity Euro Hedged Fund

Global Equity Fund

Global Value Ex-Japan Fund

Open-ended unincorporated mutual investment fund – Specialised Investment Fund

Available only to qualified informed investors who are not United States citizens or residents

R.C.S. B76.467 FCP-ANN

ANNUAL REPORT, 30 September 2013

TABLE OF CONTENTS

MANAGERS AND ADMINISTRATION 1

PERFORMANCE SUMMARY 2

GENERAL INFORMATION 3

CORPORATE GOVERNANCE 3

SCHEDULES OF INVESTMENTS 4

STATEMENTS OF ASSETS AND LIABILITIES 38

STATEMENTS OF OPERATIONS ANDCHANGES IN NET ASSETS 40

STATISTICAL INFORMATION 42

NOTES TO FINANCIAL STATEMENTS 46

INDEPENDENT AUDITOR’S REPORT 67

This report is prepared for the general information of unitholders. It is authorizedfor distribution to prospective investors only when preceded or accompanied by aprospectus.

MFS Investment Funds is a Luxembourg registered “Fonds Commun de Placement” (FCP)designed to meet the needs of qualified informed investors.

MANAGERS AND ADMINISTRATION

Management CompanyMFS Investment Management Company (Lux) S.à r.l.19, Rue de BitbourgL-1273 LuxembourgGrand-Duchy of Luxembourg

Board of Managers of the Management CompanyMark N. PolebaumChairmanExecutive Vice President and General CounselMassachusetts Financial Services Company111 Huntington AvenueBoston, MA, USA 02199-7618

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

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

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

Robin A. StelmachExecutive Vice President andChief Operating OfficerMassachusetts Financial Services Company111 Huntington AvenueBoston, MA USA 02199-7618

Investment ManagerMassachusetts Financial Services Company111 Huntington AvenueBoston, MA USA 02199-7618

DistributorMFS International Ltd.Canon’s Court22 Victoria StreetHamilton HM 12 Bermuda

Depositary, Administration Agent,Corporate and Paying Agent,Registrar, and Transfer AgentState Street Bank Luxembourg S.A.49, Avenue J.F. KennedyL-1855 LuxembourgGrand-Duchy of Luxembourg

Independent Auditor to the FundErnst & Young S.A.7, rue Gabriel LippmannParc d’Activité Syrdall 2L-5365 MunsbachGrand-Duchy of Luxembourg

Independent Auditor to the ManagementCompanyDeloitte & Touche S.A.560, Rue de NeudorfL-2220 LuxembourgGrand-Duchy of Luxembourg

Legal AdviserArendt & Medernach14, Rue ErasmeL-2082 LuxembourgGrand-Duchy of Luxembourg

ANNUAL REPORT 1

PERFORMANCE SUMMARY (unaudited)

Total Rates of Return for the period ended 30 September 2013(c)

MFS Investment Funds –

EmergingMarkets

Debt Fund

EmergingMarketsEquityFund(a)

EmergingMarkets

LocalCurrency

Debt Fund

EmergingMarkets

LocalCurrency

Debt Fund II

GlobalConcentratedEquity Fund

GlobalEquity Euro

HedgedFund

GlobalEquity Fund

GlobalValue

Ex-JapanFund(b)

Euro Class (€) N/A 5.27% N/A N/A 3.46% 5.26% 2.99% N/A

Euro IRE T Class (€) N/A N/A N/A N/A N/A 5.36% 3.10% N/A

FC Class Hedged (¥) N/A N/A (7.96)% N/A N/A N/A N/A N/A

FD Class (¥) N/A N/A (4.03)% N/A N/A N/A N/A N/A

Sterling Class (£) N/A 3.47% N/A N/A 2.27% N/A 1.81% N/A

Sterling UK T Class (£) N/A N/A N/A N/A 2.43% N/A 2.00% N/A

USD Class ($) (4.69)% 8.83% N/A (8.72)% 9.06% N/A 8.57% 2.78%

Yen 1 Class Hedged (¥) (4.65)% N/A N/A N/A N/A N/A N/A N/A

Yen 2 Class (¥) (0.53)% N/A N/A N/A N/A N/A N/A N/A

Yen 3 Class Hedged (¥) (4.55)% N/A N/A N/A N/A N/A N/A N/A

Yen 4 Class (¥) (0.53)% N/A N/A N/A N/A N/A N/A (0.84)%

(a) Returns shown are from the inception date 25 June 2013.(b) Returns shown are from the inception date 24 May 2013.(c) For the period 1 April 2013 to 30 September 2013, unless otherwise noted.

Notes to Performance Summary

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

Performance results reflect any applicable expense subsidies and waivers in effect during the periodsshown. Without such subsidies and waivers, the sub-funds’ performance results would have been lessfavorable. Please see the prospectus and financial statements for details. All results are historical andassume the reinvestment of distributions to unitholders.

Performance results do not include adjustments made for financial reporting purposes.

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

From time to time the sub-funds may receive proceeds from litigation settlements, without whichperformance would be lower.

2 ANNUAL REPORT

GENERAL INFORMATION

MFS Investment Funds (the “fund”) has been established as an open-end investment fund subject to theLuxembourg Law of 13 February 2007, as amended, concerning specialised investment funds (the “2007law”).

Effective 30 September 2013, the financial year end of the fund has been changed from 31 March to30 September.

The list of changes in the portfolios of the sub-funds for the period 1 April 2013 to 30 September 2013 isavailable from the registered office of the Management Company of the fund.

Information concerning issue and repurchase prices of units is available from the registered office of theManagement Company of the fund.

CORPORATE GOVERNANCE

ALFI Code of Conduct

The fund is committed to corporate governance standards relating to its management. In connectiontherewith, the fund adheres to the ALFI (Association of the Luxembourg Fund Industry) Code of Conductfor Luxembourg Investment Funds, which was issued in September 2009. This Code sets forth principlesregarding qualified and experienced personnel, conflicts of interests and serving the best interests of fundshareholders, due diligence and oversight, compliance with applicable laws and risk managementprocesses.

ANNUAL REPORT 3

SCHEDULES OF INVESTMENTS – 30 September 2013(Expressed in U.S. Dollars)

MFS® INVESTMENT FUNDS –EMERGING MARKETS DEBT FUND

The Schedule of Investments is a complete list of all securities owned by your sub-fund.It is categorized by broad-based asset classes.

Bonds

Name of Security Shares/ParMarket

Value ($)

NetAssets

(%)

Angola

Northern Lights III B.V. 7%, 16/08/2019 USD 250,000 268,125 0.39

Argentina

Republic of Argentina 7%, 3/10/2015 USD 583,000 535,777 0.78Republic of Argentina, FRN 8.28%, 31/12/2033 70,618 43,783 0.06

579,560 0.84Armenia

Republic of Armenia 6%, 30/09/2020 USD 200,000 194,723 0.28

Azerbaijan

State Oil Company of Azerbaijan Republic 4.75%, 13/03/2023 USD 455,000 427,131 0.62

Bolivia

Government of Bolivia 5.95%, 22/08/2023 USD 200,000 191,000 0.28

Brazil

Banco do Brasil (Cayman), FRN 6.25%, 31/12/2049 USD 200,000 165,000 0.24Banco do Estado Rio Grande do Sul S.A. 7.375%, 2/02/2022 400,000 395,500 0.57Banco do Nordeste do Brasil S.A. 3.625%, 9/11/2015 176,000 178,640 0.26Banco do Nordeste do Brasil S.A. 4.375%, 3/05/2019 166,000 160,190 0.23BRF S.A. 3.95%, 22/05/2023 200,000 172,000 0.25Caixa Economica Federal 3.5%, 7/11/2022 150,000 123,750 0.18Cielo S.A./Cielo USA, Inc. 3.75%, 16/11/2022 200,000 172,000 0.25Federative Republic of Brazil 8.25%, 20/01/2034 185,000 240,963 0.35Federative Republic of Brazil 5.625%, 7/01/2041 217,000 216,458 0.31Fibria Overseas Finance Ltd. 7.5%, 4/05/2020 130,000 139,750 0.20Globo Comunicacoes e Participacoes S.A. 6.25% to 20/07/2015,9.375% to 29/12/2049 310,000 322,400 0.47Marfrig Holding Europe B.V. 9.875%, 24/07/2017 200,000 196,000 0.28Marfrig Holding Europe B.V. 11.25%, 20/09/2021 200,000 197,000 0.29Minerva Luxembourg S.A. 7.75%, 31/01/2023 200,000 188,500 0.27Odebrecht Finance Ltd. 7.125%, 26/06/2042 290,000 276,225 0.40Odebrecht Offshore Drilling Finance Ltd. 6.75%, 1/10/2022 252,000 258,300 0.37Petrobras International Finance Co. 7.875%, 15/03/2019 97,000 111,655 0.16Petrobras International Finance Co. 5.375%, 27/01/2021 67,000 67,307 0.10Qgog Constellation S.A. 6.25%, 9/11/2019 220,000 209,000 0.30Rearden G Holdings Eins GmbH 7.875%, 30/03/2020 100,000 102,500 0.15Ultrapetrol (Bahamas) Ltd. 8.875%, 15/06/2021 20,000 21,100 0.03Ultrapetrol (Bahamas) Ltd. 8.875%, 15/06/2021 87,000 91,785 0.13Vale Overseas Ltd. 4.375%, 11/01/2022 330,000 317,937 0.46

4,323,960 6.25Canada

First Quantum Minerals Ltd. 7.25%, 15/10/2019 USD 200,000 188,000 0.27

Chile

Cencosud S.A. 4.875%, 20/01/2023 USD 200,000 189,346 0.27E.CL S.A. 5.625%, 15/01/2021 159,000 162,487 0.24Embotelladora Andina S.A. 5%, 1/10/2023 200,000 200,500 0.29

4 ANNUAL REPORT

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –EMERGING MARKETS DEBT FUND – continued


Value ($)

NetAssets

(%)

Bonds - continued

Chile - continued

Sociedad Quimica y Minera de Chile S.A. 5.5%, 21/04/2020 USD 267,000 272,768 0.39Transelec S.A. 4.625%, 26/07/2023 200,000 190,240 0.28

1,015,341 1.47China

Baidu, Inc. 3.5%, 28/11/2022 USD 200,000 182,903 0.26CNPC General Capital Ltd. 3.95%, 19/04/2022 200,000 194,795 0.28CNPC General Capital Ltd. 3.4%, 16/04/2023 200,000 183,863 0.26Sinopec Capital (2013) Ltd. 3.125%, 24/04/2023 600,000 544,890 0.79Sinopec Group Overseas Development (2012) Ltd. 3.9%, 17/05/2022 219,000 214,323 0.31State Grid Overseas Investment (2013) Ltd. 3.125%, 22/05/2023 200,000 186,308 0.27Tencent Holdings Ltd. 3.375%, 5/03/2018 210,000 212,456 0.31Yanlord Land Group Ltd. 9.5%, 4/05/2017 100,000 105,750 0.15Yingde Gases Investments Ltd. 8.125%, 22/04/2018 200,000 199,000 0.29

2,024,288 2.92Colombia

Banco GNB Sudameris S.A. 3.875%, 2/05/2018 USD 148,000 137,640 0.20Bancolombia S.A. 5.125%, 11/09/2022 56,000 51,100 0.07Ecopetrol S.A. 7.625%, 23/07/2019 424,000 501,380 0.72Ecopetrol S.A. 7.375%, 18/09/2043 237,000 256,553 0.37Empresa de Telecomunicaciones de Bogota 7%, 17/01/2023 COP 196,000,000 87,394 0.13Pacific Rubiales Energy Corp. 7.25%, 12/12/2021 USD 168,000 176,400 0.26Pacific Rubiales Energy Corp. 5.125%, 28/03/2023 243,000 217,789 0.31Republic of Colombia 4.375%, 12/07/2021 200,000 206,500 0.30Republic of Colombia 8.125%, 21/05/2024 246,000 317,648 0.46Republic of Colombia 7.375%, 18/09/2037 189,000 235,967 0.34Republic of Colombia 6.125%, 18/01/2041 258,000 281,220 0.41

2,469,591 3.57Costa Rica

Instituto Costarricense 6.375%, 15/05/2043 USD 200,000 172,000 0.25

Cote d’Ivoire

Ivory Coast 5.75%, 31/12/2032 USD 606,000 533,280 0.77

Croatia

Republic of Croatia 6.25%, 27/04/2017 USD 299,000 314,195 0.45Republic of Croatia 6.625%, 14/07/2020 472,000 500,320 0.72Republic of Croatia 6.375%, 24/03/2021 400,000 413,100 0.60Republic of Croatia 5.5%, 4/04/2023 282,000 270,015 0.39

1,497,630 2.16Dominican Republic

Banco de Reservas de la Republica Dominicana 7%, 1/02/2023 USD 200,000 190,000 0.28Dominican Republic 9.04%, 23/01/2018 84,160 91,524 0.13Dominican Republic 7.5%, 6/05/2021 350,000 373,188 0.54Dominican Republic 5.875%, 18/04/2024 542,000 502,705 0.73Dominican Republic 8.625%, 20/04/2027 200,000 217,500 0.31

1,374,917 1.99

ANNUAL REPORT 5



Value ($)

NetAssets

(%)

Bonds - continued

El Salvador

Republic of El Salvador 7.75%, 24/01/2023 USD 203,000 220,763 0.32Republic of El Salvador 5.875%, 30/01/2025 91,000 86,223 0.12

306,986 0.44Guatemala

Central American Bottling Corp. 6.75%, 9/02/2022 USD 74,000 74,740 0.11Central American Bottling Corp. 6.75%, 9/02/2022 76,000 76,760 0.11Industrial Senior Trust Co. 5.5%, 1/11/2022 244,000 222,650 0.32Republic of Guatemala 5.75%, 6/06/2022 200,000 205,750 0.30

579,900 0.84Hungary

Magyar Export-Import Bank 5.5%, 12/02/2018 USD 400,000 402,568 0.58Republic of Hungary 6.25%, 29/01/2020 534,000 570,045 0.82Republic of Hungary 6.375%, 29/03/2021 646,000 687,183 0.99Republic of Hungary 5.375%, 21/02/2023 622,000 604,895 0.88Republic of Hungary 7.625%, 29/03/2041 376,000 402,320 0.58

2,667,011 3.85Iceland

Republic of Iceland 5.875%, 11/05/2022 USD 471,000 483,953 0.70

India

Rolta LLC 10.75%, 16/05/2018 USD 200,000 186,000 0.27

Indonesia

Pertamina PT 6%, 3/05/2042 USD 200,000 162,000 0.23Pertamina PT 5.625%, 20/05/2043 200,000 156,000 0.23PT Perusahaan Listrik Negara 5.25%, 24/10/2042 200,000 149,000 0.21Republic of Indonesia 6.875%, 17/01/2018 675,000 750,938 1.08Republic of Indonesia 11.625%, 4/03/2019 110,000 146,163 0.21Republic of Indonesia 5.875%, 13/03/2020 335,000 352,169 0.51Republic of Indonesia 4.875%, 5/05/2021 677,000 670,230 0.97Republic of Indonesia 3.375%, 15/04/2023 305,000 260,013 0.38

2,646,513 3.82Israel

Israel Electric Corp. Ltd. 5.625%, 21/06/2018 USD 201,000 207,533 0.30

Jamaica

Digicel Group Ltd. 8.25%, 1/09/2017 USD 100,000 103,625 0.15

Kazakhstan

Development Bank of Kazakhstan 4.125%, 10/12/2022 USD 811,000 748,148 1.08Halyk Savings Bank of Kazakhstan B.V. 7.25%, 3/05/2017 195,000 203,775 0.30KazAgro National Management Holding 4.625%, 24/05/2023 853,000 776,230 1.12Kazakhstan Temir Zholy Co. 6.375%, 6/10/2020 400,000 438,000 0.63Kazakhstan Temir Zholy Co. 6.95%, 10/07/2042 400,000 403,480 0.58Kazatomprom 6.25%, 20/05/2015 200,000 210,000 0.30KazMunayGas National Co. 5.75%, 30/04/2043 442,000 387,855 0.56

3,167,488 4.57

6 ANNUAL REPORT



Value ($)

NetAssets

(%)

Bonds - continued

Latvia

Republic of Latvia 5.25%, 22/02/2017 USD 222,000 241,758 0.35Republic of Latvia 5.25%, 16/06/2021 200,000 216,500 0.31

458,258 0.66Lithuania

Republic of Lithuania 6.125%, 9/03/2021 USD 541,000 617,416 0.89Republic of Lithuania 6.625%, 1/02/2022 575,000 674,188 0.98

1,291,604 1.87Malaysia

Petronas Capital Ltd. 5.25%, 12/08/2019 USD 508,000 562,648 0.81

Mexico

America Movil S.A.B. de C.V. 6.45%, 5/12/2022 MXN 2,000,000 142,232 0.20Banco Santander S.A. 4.125%, 9/11/2022 USD 150,000 137,625 0.20BBVA Bancomer S.A. de C.V. 6.75%, 30/09/2022 307,000 317,745 0.46CEMEX S.A.B. de C.V. 9.25%, 12/05/2020 153,000 164,475 0.24CEMEX S.A.B. de C.V. 7.25%, 15/01/2021 212,000 211,470 0.30Comision Federal de Electricidad 4.875%, 26/05/2021 201,000 206,025 0.30Comision Federal de Electricidad 5.75%, 14/02/2042 200,000 185,000 0.27Empresas ICA S.A.B. de C.V. 8.9%, 4/02/2021 203,000 199,701 0.29Grupo Cementos de Chihuahua S.A.B. de C.V. 8.125%, 8/02/2020 200,000 206,750 0.30Grupo Posadas S.A.B. de C.V. 7.875%, 30/11/2017 150,000 154,500 0.22Mexichem S.A.B. de C.V. 6.75%, 19/09/2042 200,000 186,000 0.27Office Depot de Mexico S.A. de C.V. 6.875%, 20/09/2020 200,000 198,500 0.29Petroleos Mexicanos 2.286%, 18/07/2018 133,000 136,990 0.20Petroleos Mexicanos 6%, 5/03/2020 252,000 279,720 0.40Petroleos Mexicanos 5.5%, 21/01/2021 27,000 28,890 0.04Petroleos Mexicanos 4.875%, 18/01/2024 131,000 131,000 0.19Red de Carreteras de Occidente SAPIB de C.V. 9%, 10/06/2028 MXN 3,380,000 226,459 0.33United Mexican States 3.625%, 15/03/2022 USD 808,000 801,536 1.16United Mexican States 4%, 2/10/2023 1,160,000 1,152,750 1.66United Mexican States 6.05%, 11/01/2040 324,000 354,294 0.51United Mexican States 5.75%, 12/10/2110 434,000 407,960 0.59

5,829,622 8.42Nigeria

Afren PLC 11.5%, 1/02/2016 USD 200,000 229,500 0.33

Pakistan

Islamic Republic of Pakistan 6.875%, 1/06/2017 USD 100,000 96,250 0.14Islamic Republic of Pakistan 7.875%, 31/03/2036 172,000 138,460 0.20

234,710 0.34Panama

Panama Canal Railway Co. 7%, 1/11/2026 USD 105,120 103,018 0.15Republic of Panama 5.2%, 30/01/2020 100,000 109,750 0.16Republic of Panama 8.875%, 30/09/2027 166,000 228,250 0.33Republic of Panama 9.375%, 1/04/2029 472,000 673,780 0.97Republic of Panama 6.7%, 26/01/2036 178,000 203,365 0.29

1,318,163 1.90

ANNUAL REPORT 7



Value ($)

NetAssets

(%)

Bonds - continued

Paraguay

Republic of Paraguay 4.625%, 25/01/2023 USD 200,000 181,500 0.26Telefonica Celular del Paraguay S.A. 6.75%, 13/12/2022 200,000 198,000 0.29

379,500 0.55Peru

Ajecorp B.V. 6.5%, 14/05/2022 USD 150,000 145,875 0.21Banco de Credito del Peru 5.375%, 16/09/2020 38,000 38,190 0.06Banco de Credito del Peru, FRN 6.125%, 24/04/2027 221,000 216,028 0.31BBVA Banco Continental S.A. 5%, 26/08/2022 209,000 200,640 0.29Cementos Pacasmayo S.A.A. 4.5%, 8/02/2023 151,000 136,278 0.20Corporacion Financiera de Desarrollo S.A. 4.75%, 8/02/2022 200,000 193,500 0.28Corporacion Jose R Lindey S.A. 6.75%, 23/11/2021 47,000 49,350 0.07Corporacion Lindley S.A. 6.75%, 23/11/2021 93,000 97,650 0.14El Fondo Mivivienda S.A. 3.5%, 31/01/2023 150,000 130,125 0.19Ferreycorp S.A.A. 4.875%, 26/04/2020 200,000 184,000 0.27Republic of Peru 7.35%, 21/07/2025 490,000 625,975 0.90Republic of Peru 8.75%, 21/11/2033 50,000 72,000 0.10Republic of Peru 5.625%, 18/11/2050 137,000 141,453 0.20Southern Copper Corp. 6.75%, 16/04/2040 83,000 80,783 0.12Southern Copper Corp. 5.25%, 8/11/2042 198,000 159,685 0.23Transportadora de Gas del Peru 4.25%, 30/04/2028 200,000 173,000 0.25

2,644,532 3.82Philippines

Power Sector Assets & Liabilities Management Corp. 7.39%, 2/12/2024 USD 220,000 264,000 0.38Republic of Philippines 9.375%, 18/01/2017 484,000 593,505 0.86Republic of Philippines 9.875%, 15/01/2019 46,000 60,835 0.09Republic of Philippines 10.625%, 16/03/2025 40,000 60,600 0.09Republic of Philippines 5.5%, 30/03/2026 828,000 922,185 1.33Republic of Philippines 6.375%, 15/01/2032 376,000 440,390 0.64Republic of Philippines 6.375%, 23/10/2034 707,000 833,376 1.20

3,174,891 4.59Poland

Republic of Poland 5.125%, 21/04/2021 USD 677,000 736,238 1.07Republic of Poland 5%, 23/03/2022 234,000 251,667 0.36

987,905 1.43Qatar

Ras Laffan Liquefied Natural Gas Co. Ltd. 6.332%, 30/09/2027 USD 250,000 281,406 0.41

Romania

Republic of Romania 6.75%, 7/02/2022 USD 454,000 517,651 0.75Republic of Romania 4.375%, 22/08/2023 816,000 780,300 1.12

1,297,951 1.87Russia

Alfa Bank 7.5%, 26/09/2019 USD 200,000 206,500 0.30Gaz Capital S.A. 5.999%, 23/01/2021 200,000 209,250 0.30Gaz Capital S.A. 4.95%, 19/07/2022 306,000 295,673 0.43Gaz Capital S.A. 4.95%, 6/02/2028 233,000 206,205 0.30Gaz Capital S.A. 7.288%, 16/08/2037 350,000 377,125 0.55LUKOIL International Finance B.V. 6.656%, 7/06/2022 101,000 109,080 0.16

8 ANNUAL REPORT



Value ($)

NetAssets

(%)

Bonds - continued

Russia - continued

Metalloinvest Finance Ltd. 5.625%, 17/04/2020 USD 200,000 193,250 0.28Mobile Telesystems International Funding Ltd. 5%, 30/05/2023 200,000 183,500 0.27Mobile TeleSystems OJSC 8.625%, 22/06/2020 150,000 175,313 0.25OJSC Russian Agricultural Bank 5.1%, 25/07/2018 200,000 203,384 0.29Rosneft 4.199%, 6/03/2022 271,000 249,998 0.36Russian Federation 5%, 29/04/2020 600,000 642,150 0.93Russian Federation 4.875%, 16/09/2023 200,000 204,500 0.30Russian Federation 7.5%, 31/03/2030 1,241,240 1,462,777 2.11Russian Federation 5.875%, 16/09/2043 200,000 207,000 0.30Sberbank of Russia 6.125%, 7/02/2022 200,000 209,500 0.30SIBUR Securities Ltd. 3.914%, 31/01/2018 200,000 190,000 0.27VTB Capital S.A. 6%, 12/04/2017 331,000 348,378 0.50

5,673,583 8.20Serbia

Republic of Serbia 7.25%, 28/09/2021 USD 200,000 207,750 0.30Republic of Serbia 6.75%, 1/11/2024 34,347 33,402 0.05

241,152 0.35Singapore

DBS Bank Ltd. 3.625% to 21/09/2017, FRN to 21/09/2022 USD 230,000 235,170 0.34

South Africa

Eskom Holdings SOC Ltd. 6.75%, 6/08/2023 USD 200,000 205,540 0.30Myriad International Holdings B.V. 6%, 18/07/2020 200,000 210,000 0.30Republic of South Africa 5.5%, 9/03/2020 275,000 295,281 0.43Republic of South Africa 5.875%, 16/09/2025 200,000 210,250 0.30Transnet SOC Ltd. 4%, 26/07/2022 201,000 177,383 0.26

1,098,454 1.59Sri Lanka

National Savings Bank 8.875%, 18/09/2018 USD 200,000 205,000 0.30Republic of Sri Lanka 6.25%, 4/10/2020 200,000 193,750 0.28Republic of Sri Lanka 6.25%, 4/10/2020 100,000 96,875 0.14Republic of Sri Lanka 6.25%, 27/07/2021 200,000 190,500 0.27Republic of Sri Lanka 5.875%, 25/07/2022 230,000 210,450 0.30

896,575 1.29Supranational

Eurasian Development Bank 4.767%, 20/09/2022 USD 200,000 187,040 0.27

Turkey

Arcelik A.S. 5%, 3/04/2023 USD 200,000 171,750 0.25Coca Cola Icecek A.S. 4.75%, 1/10/2018 208,000 209,560 0.30Republic of Turkey 7.5%, 14/07/2017 159,000 179,869 0.26Republic of Turkey 6.75%, 3/04/2018 100,000 110,400 0.16Republic of Turkey 7.5%, 7/11/2019 237,000 274,091 0.39Republic of Turkey 5.625%, 30/03/2021 151,000 156,889 0.23Republic of Turkey 5.125%, 25/03/2022 400,000 397,500 0.57Republic of Turkey 6.25%, 26/09/2022 420,000 451,605 0.65Republic of Turkey 7.375%, 5/02/2025 140,000 158,060 0.23Republic of Turkey 6%, 14/01/2041 200,000 193,050 0.28

ANNUAL REPORT 9



Value ($)

NetAssets

(%)

Bonds - continued

Turkey - continued

Turk Eximbank 5.875%, 24/04/2019 USD 201,000 206,276 0.30

2,509,050 3.62Ukraine

Biz Finance PLC 8.375%, 27/04/2015 USD 230,000 203,550 0.29Government of Ukraine 6.25%, 17/06/2016 200,000 172,000 0.25Naftogaz Ukraine 9.5%, 30/09/2014 221,000 205,574 0.30State Export-Import Bank of Ukraine 8.75%, 22/01/2018 200,000 160,000 0.23

741,124 1.07United Arab Emirates

Dolphin Energy Ltd. 5.5%, 15/12/2021 USD 200,000 219,250 0.32

United States

U.S. Treasury Notes 1.75%, 15/05/2022(f) USD 7,000 6,630 0.01

Uruguay

Navios South American Logistics, Inc. 9.25%, 15/04/2019 USD 88,000 94,600 0.14Republic of Uruguay 4.125%, 20/11/2045 734,072 581,752 0.84Republic of Uruguay 4.5%, 14/08/2024 556,000 564,340 0.81Republic of Uruguay 7.625%, 21/03/2036 60,000 75,600 0.11

1,316,292 1.90Venezuela

Petroleos de Venezuela S.A. 8.5%, 2/11/2017 USD 179,000 162,174 0.23Republic of Venezuela 5.75%, 26/02/2016 65,000 58,663 0.08Republic of Venezuela 7.75%, 13/10/2019 483,000 401,615 0.58Republic of Venezuela 12.75%, 23/08/2022 359,000 357,564 0.52Republic of Venezuela 7.65%, 21/04/2025 202,000 145,440 0.21Republic of Venezuela 11.75%, 21/10/2026 381,000 351,473 0.51Republic of Venezuela 9.25%, 15/09/2027 367,000 298,188 0.43Republic of Venezuela 11.95%, 5/08/2031 456,000 420,660 0.61Republic of Venezuela 7%, 31/03/2038 446,000 291,015 0.42

2,486,792 3.59Vietnam

Republic of Vietnam 6.875%, 15/01/2016 USD 123,000 130,534 0.19Republic of Vietnam 6.75%, 29/01/2020 125,000 133,109 0.19

263,643 0.38

Total Bonds 60,174,000 86.93

Short-Term Obligations(y)

Branch Banking & Trust Co., 0.03%, 4/10/2013 USD 2,500,000 2,500,000 3.61

Total Investments (Average Cost, $63,950,412) 62,674,000 90.54

Other Assets, Less Liabilities 6,549,310 9.46

Net Assets 69,223,310 100.00

See Schedules of Investments Footnotes and Notes to Financial Statements

10 ANNUAL REPORT


MFS® INVESTMENT FUNDS –EMERGING MARKETS EQUITY FUND

Common Stocks


Value ($)

NetAssets

(%)

Airlines

Copa Holdings S.A., “A” 1,328 184,154 0.34

Alcoholic Beverages

Companhia de Bebidas das Americas, ADR 13,940 534,599 0.98SABMiller PLC 12,930 658,212 1.21

1,192,811 2.19Apparel Manufacturers

Belle International Holdings Ltd. 406,000 589,487 1.08Cia.Hering S.A. 23,400 353,620 0.65Li & Fung Ltd. 584,000 849,438 1.56Stella International Holdings 270,500 694,811 1.28

2,487,356 4.57Automotive

Ford Otomotiv Sanayi A.S. 31,358 430,953 0.79Geely Automobile Holdings Ltd. 50,000 25,777 0.05Guangzhou Automobile Group Co. Ltd., “H” 564,000 611,625 1.12Kia Motors Corp. 27,330 1,657,997 3.05

2,726,352 5.01Brokerage & Asset Managers

BM&F Bovespa S.A. 86,100 478,838 0.88Bolsa Mexicana de Valores S.A. de C.V. 67,100 160,413 0.29

639,251 1.17Business Services

Cognizant Technology Solutions Corp., “A” 12,550 1,030,606 1.89LPS Brasil - Consultoria de Imoveis S.A. 35,500 277,647 0.51Multiplus S.A. 11,500 133,285 0.25

1,441,538 2.65Cable TV

Astro Malaysia Holdings Berhad 634,000 567,964 1.04Naspers Ltd. 12,062 1,112,790 2.05

1,680,754 3.09Computer Software - Systems

Asustek Computer, Inc. 46,000 368,919 0.68Hon Hai Precision Industry Co. Ltd. 388,300 996,786 1.83

1,365,705 2.51Conglomerates

First Pacific Co. Ltd. 368,000 405,540 0.74

Construction

Anhui Conch Cement Co. Ltd. 179,000 575,966 1.06

Consumer Products

Kimberly-Clark de Mexico S.A. de C.V., “A” 58,500 169,362 0.31

ANNUAL REPORT 11

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –EMERGING MARKETS EQUITY FUND – continued


Value ($)

NetAssets

(%)

Common Stocks - continued

Consumer Services

Abril Educacao S.A., IEU 13,000 193,652 0.36Anhanguera Educacional Participacoes S.A. 44,500 265,075 0.49Estacio Participacoes S.A. 37,300 288,541 0.53Kroton Educacional S.A. 24,700 349,631 0.64

1,096,899 2.02Electronics

Samsung Electronics Co. Ltd. 1,675 2,120,724 3.90Seoul Semiconductor Co. Ltd. 14,684 554,062 1.02Siliconware Precision Industries Co. Ltd. 799,000 933,657 1.71Taiwan Semiconductor Manufacturing Co. Ltd. 637,000 2,165,201 3.98

5,773,644 10.61Energy - Independent

China Shenhua Energy Co. Ltd. 194,500 589,585 1.08INPEX Corp. 28,000 331,561 0.61Reliance Industries Ltd., GDR 27,654 727,024 1.34

1,648,170 3.03Energy - Integrated

OAO Gazprom, ADR 74,460 655,993 1.21OAO NOVATEK, GDR 2,550 337,110 0.62Petroleo Brasileiro S.A., ADR 61,600 954,184 1.75

1,947,287 3.58Engineering - Construction

Mills Estruturas e Servicos de Engenharia S.A. 18,300 249,585 0.46Promotora y Operadora de Infraestructura S.A.B. de C.V. 21,800 208,300 0.38

457,885 0.84Food & Beverages

Arca Continental S.A.B de C.V. 26,500 164,189 0.30M. Dias Branco S.A. Industria e Comercio de Alimentos 8,000 366,569 0.68

530,758 0.98Food & Drug Stores

Dairy Farm International Holdings Ltd. 30,600 309,366 0.57E-Mart Co. Ltd. 2,533 568,803 1.05Magnit OJSC 1,466 371,274 0.68O’Key Group S.A., GDR 34,360 408,884 0.75Wumart Stores, Inc., “H” 196,000 349,280 0.64

2,007,607 3.69Forest & Paper Products

Fibria Celulose S.A. 18,600 212,817 0.39

Gaming & Lodging

Minor International PLC 281,500 217,785 0.40Shangri-La Asia Ltd. 222,000 367,560 0.68

585,345 1.08General Merchandise

Mr. Price Group Ltd. 18,750 259,067 0.47PT Mitra Adiperkasa Tbk 212,500 113,041 0.21

12 ANNUAL REPORT



Value ($)

NetAssets

(%)


General Merchandise - continued

Woolworths Ltd. 64,975 478,996 0.88

851,104 1.56Health Maintenance Organizations

OdontoPrev S.A. 48,600 212,429 0.39

Insurance

Brasil Insurance Participacoes e Administracao S.A. 42,400 379,039 0.69China Pacific Insurance Co. Ltd. 193,800 694,718 1.28

1,073,757 1.97Internet

51job, Inc., ADR 4,050 290,871 0.53NHN Corp. 1,350 699,700 1.29

990,571 1.82Machinery & Tools

Glory Ltd. 16,800 423,347 0.78Sinotruk Hong Kong Ltd. 296,500 151,401 0.28TK Corp. 14,887 345,621 0.63

920,369 1.69Major Banks

Standard Chartered PLC 35,300 854,571 1.57

Medical & Health Technology & Services

Fleury S.A. 28,900 238,231 0.44

Medical Equipment

Top Glove Corp. 178,800 345,038 0.63

Metals & Mining

Gerdau S.A., ADR 46,800 349,128 0.64Grupo Mexico S.A.B. de C.V., “B” 53,600 159,288 0.29Iluka Resources Ltd. 73,380 786,316 1.45Usinas Siderurgicas de Minas Gerais S.A., IPS 73,700 348,296 0.64Vale S.A., ADR 60,510 944,561 1.74

2,587,589 4.76Network & Telecom

VTech Holdings Ltd. 35,500 456,826 0.84

Oil Services

Lamprell PLC 125,850 284,303 0.52Tenaris S.A., ADR 8,840 413,535 0.76

697,838 1.28Other Banks & Diversified Financials

Banco Santander S.A., IEU 42,100 282,552 0.52Bangkok Bank Public Co. Ltd. 157,100 989,409 1.82Bank Negara Indonesia PT 7,500 2,639 0.00China Construction Bank 1,260,000 971,802 1.78Compartamos S.A.B. de C.V. 115,180 213,845 0.39Concentradora Fibra Hotelera Mexicana S.A. de C.V., REIT 116,300 188,713 0.35

ANNUAL REPORT 13



Value ($)

NetAssets

(%)


Other Banks & Diversified Financials - continued

Credicorp Ltd. 1,655 212,601 0.39Grupo Financiero Banorte S.A. de C.V. 40,600 252,074 0.46Grupo Financiero Santander Mexico S.A.B. de C.V., ADR 10,490 144,972 0.27Hana Financial Group, Inc. 18,400 629,096 1.16Itau Unibanco Holding S.A., ADR 29,710 419,505 0.77Kasikornbank Co. Ltd. 42,100 238,270 0.44Komercni Banka A.S. 4,721 1,049,638 1.93Sberbank of Russia 300,010 904,530 1.66Turkiye Garanti Bankasi A.S. 149,198 587,100 1.08

7,086,746 13.02Pharmaceuticals

Genomma Lab Internacional S.A., “B” 90,600 205,650 0.38

Railroad & Shipping

All America Latina Logistica S.A. 45,500 179,053 0.33CCR S.A. 22,130 172,483 0.32

351,536 0.65Real Estate

Brasil Brokers Participacoes 89,900 232,216 0.43Hang Lung Properties Ltd. 168,000 571,904 1.05Macquarie Mexico Real Estate S.A. de C.V., REIT 129,200 218,969 0.40Multiplan Empreendimentos Imobiliarios S.A. 10,400 247,613 0.46

1,270,702 2.34Restaurants

Ajisen China Holdings Ltd. 316,000 317,013 0.58

Telecommunications - Wireless

America Movil S.A.B. de C.V., “L”, ADR 24,730 489,901 0.90China Mobile Ltd. 29,000 326,261 0.60Mobile TeleSystems OJSC, ADR 28,310 630,181 1.16MTN Group Ltd. 19,488 379,545 0.70TIM Participacoes S.A., ADR 8,570 201,995 0.37Turkcell Iletisim Hizmetleri A.S. 54,640 321,436 0.59

2,349,319 4.32Telephone Services

China Unicom (Hong Kong) Ltd. 606,000 939,598 1.73PT XL Axiata Tbk 918,500 337,101 0.62

1,276,699 2.35Utilities - Electric Power

Alupar Investimento S.A., IEU 25,800 202,826 0.37Energias do Brasil S.A. 54,300 294,179 0.54Tractebel Energia S.A. 11,500 189,234 0.35

686,239 1.26Utilities - Water

Aguas Andinas S.A. 194,370 134,040 0.25

Total Common Stocks (Average Cost, $45,230,357) 50,035,468 91.96

14 ANNUAL REPORT


Warrants

Name of SecurityFirst

ExerciseNumber of

SharesMarket

Value ($)

NetAssets

(%)

Automotive

Merrill Lynch International & Co. (Exide Industries Ltd. - Zero Strike Warrant)(1 share for 1 warrant) 2/07/13 209,138 430,929 0.79

Consumer Products

Merrill Lynch International & Co. (Dabur India Ltd. - Zero Strike Warrant)(1 share for 1 warrant) 17/06/13 234,488 630,773 1.16

Machinery & Tools

Deutsche Bank AG (Thermax Ltd. - Zero Strike Warrant) (1 share for1 warrant) 17/04/07 19,813 184,439 0.34

Metals & Mining

Merrill Lynch International & Co. (Steel Authority of India - Zero StrikeWarrant) (1 share for 1 warrant) 10/06/13 278,460 221,193 0.41

Other Banks & Diversified Financials

Deutsche Bank AG (Housing Development Finance Authority - Zero StrikeWarrant) (1 share for 1 warrant) 13/02/07 98,524 1,202,732 2.21

Utilities - Electric Power

Merrill Lynch International & Co. (CESC Ltd. - Zero Strike Warrant) (1 sharefor 1 warrant) 31/05/13 52,180 281,772 0.52

Total Warrants (Average Cost, $3,016,784) 2,951,838 5.43

Total Investments (Average Cost, $48,247,141)(k) 52,987,306 97.39


Net Assets 54,409,730 100.00


ANNUAL REPORT 15

SCHEDULES OF INVESTMENTS – 30 September 2013(Expressed in Japanese Yen)

MFS® INVESTMENT FUNDS –EMERGING MARKETS LOCAL CURRENCY DEBT FUND

Bonds


Value (¥)

NetAssets

(%)

Brazil

Brazil Letras do Tesouro Nacional 10%, 1/01/2018 BRL 2,558,000 107,390,359 3.53Federative Republic of Brazil 10%, 1/01/2017 7,653,000 325,685,397 10.72Federative Republic of Brazil 10%, 1/01/2021 1,584,000 64,588,393 2.12Federative Republic of Brazil, Inflation Linked Bond 6%, 15/08/2016 1,676,011 75,849,129 2.50

573,513,278 18.87Chile

Bonos Tesoreria Pesos 6%, 1/01/2022 CLP 80,000,000 16,395,387 0.54

Colombia

Titulos de Tesoreria 5%, 21/11/2018 COP 870,000,000 42,812,005 1.41Titulos de Tesoreria 11%, 24/07/2020 735,900,000 46,023,909 1.51Titulos de Tesoreria 7.5%, 26/08/2026 516,200,000 26,491,197 0.87

115,327,111 3.79Hungary

Republic of Hungary 6.75%, 24/02/2017 HUF 68,560,000 32,503,975 1.07Republic of Hungary 6.75%, 24/11/2017 128,610,000 61,319,708 2.02Republic of Hungary 6%, 24/11/2023 104,030,000 46,984,389 1.54

140,808,072 4.63Indonesia

Republic of Indonesia 5.25%, 15/05/2018 IDR 3,944,000,000 30,088,335 0.99Republic of Indonesia 12.8%, 15/06/2021 1,382,000,000 14,509,644 0.48Republic of Indonesia 8.25%, 15/07/2021 1,106,000,000 9,207,815 0.30Republic of Indonesia 7%, 15/05/2022 2,703,000,000 20,677,253 0.68Republic of Indonesia 11%, 15/09/2025 1,395,000,000 13,682,480 0.45Republic of Indonesia 8.375%, 15/09/2026 3,067,000,000 24,991,559 0.82Republic of Indonesia 7%, 15/05/2027 2,664,000,000 19,295,369 0.64Republic of Indonesia 8.25%, 15/06/2032 2,903,000,000 22,846,776 0.75

155,299,231 5.11Malaysia

Government of Malaysia 3.434%, 15/08/2014 MYR 1,000,000 30,237,282 1.00Government of Malaysia 3.172%, 15/07/2016 663,000 19,845,271 0.65Government of Malaysia 4.012%, 15/09/2017 1,028,000 31,443,378 1.03Government of Malaysia 4.24%, 7/02/2018 525,000 16,151,899 0.53Government of Malaysia 3.26%, 1/03/2018 300,000 8,920,190 0.29Government of Malaysia 4.378%, 29/11/2019 423,000 13,215,702 0.44Government of Malaysia 4.16%, 15/07/2021 490,000 15,130,703 0.50Government of Malaysia 4.392%, 15/04/2026 389,000 12,079,776 0.40

147,024,201 4.84Mexico

Petroleos Mexicanos 7.65%, 24/11/2021 MXN 1,509,400 11,768,860 0.39Petroleos Mexicanos 7.19%, 12/09/2024 2,239,000 16,304,378 0.54United Mexican States 8%, 11/06/2020 5,690,000 48,272,691 1.59United Mexican States 8%, 7/12/2023 9,570,000 81,546,500 2.68United Mexican States 8.5%, 31/05/2029 6,600,000 57,432,942 1.89United Mexican States 7.75%, 29/05/2031 3,100,000 25,017,355 0.82United Mexican States 10%, 20/11/2036 2,920,000 28,668,585 0.94

16 ANNUAL REPORT

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –EMERGING MARKETS LOCAL CURRENCY DEBT FUND –continued


Value (¥)

NetAssets

(%)

Bonds - continued

Mexico - continued

United Mexican States 8.5%, 18/11/2038 MXN 1,740,000 14,964,381 0.49

283,975,692 9.34Nigeria

Federal Republic of Nigeria 0%, 12/12/2013 NGN 39,255,000 23,307,374 0.77Federal Republic of Nigeria 0%, 19/12/2013 21,124,000 12,398,763 0.41

35,706,137 1.18Peru

Republic of Peru 7.84%, 12/08/2020 PEN 745,000 30,432,426 1.00Republic of Peru, GDN 6.95%, 12/08/2031 154,000 5,779,413 0.19

36,211,839 1.19Poland

Government of Poland 5%, 24/10/2013 PLN 1,024,000 32,236,005 1.06Government of Poland 0%, 25/01/2014 1,190,000 37,104,893 1.22Government of Poland 5.25%, 25/10/2020 1,104,000 36,758,974 1.21Government of Poland 5.75%, 25/10/2021 300,000 10,312,320 0.34Government of Poland 4%, 25/10/2023 892,000 26,963,461 0.89

143,375,653 4.72Romania

Government of Romania 5.8%, 26/10/2015 RON 190,000 5,833,807 0.19

Russia

Russian Federation 7.5%, 27/02/2019 RUB 10,328,000 32,267,775 1.06Russian Federation 6.8%, 11/12/2019 5,141,000 15,466,274 0.51Russian Federation 7.4%, 14/06/2017 4,210,000 13,060,833 0.43Russian Federation 7.5%, 15/03/2018 33,536,000 104,878,143 3.45Russian Federation 7%, 25/01/2023 3,586,000 10,728,431 0.36Russian Federation 8.15%, 3/02/2027 9,886,000 31,358,561 1.03Russian Federation 7.05%, 19/01/2028 3,288,000 9,438,432 0.31RZD Capital PLC 8.3%, 2/04/2019 11,600,000 35,336,937 1.16

252,535,386 8.31South Africa

Republic of South Africa 13.5%, 15/09/2015 ZAR 3,318,000 36,696,781 1.21Republic of South Africa 8%, 21/12/2018 8,140,000 82,767,896 2.72Republic of South Africa 7.25%, 15/01/2020 1,508,000 14,684,695 0.48Republic of South Africa 6.75%, 31/03/2021 2,916,000 27,383,424 0.90Republic of South Africa 7.75%, 28/02/2023 6,122,000 60,044,368 1.98Republic of South Africa 10.5%, 21/12/2026 2,527,000 29,645,288 0.97Republic of South Africa 7%, 28/02/2031 4,211,000 35,279,678 1.16Republic of South Africa 6.5%, 28/02/2041 997,000 7,316,579 0.24Republic of South Africa, Inflation Linked Bond 5.5%, 7/12/2023 819,718 10,887,103 0.36Transnet Ltd. 9.25%, 14/11/2017 1,000,000 10,287,839 0.34Transnet Ltd. 10.5%, 17/09/2020 3,000,000 32,492,126 1.07

347,485,777 11.43Thailand

Kingdom of Thailand 3.625%, 22/05/2015 THB 12,256,000 38,934,515 1.28Kingdom of Thailand 5.4%, 27/07/2016 17,486,000 58,222,969 1.92

ANNUAL REPORT 17

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –EMERGING MARKETS LOCAL CURRENCY DEBT FUND –continued


Value (¥)

NetAssets

(%)

Bonds - continued

Thailand - continued

Kingdom of Thailand 3.45%, 8/03/2019 THB 6,058,000 18,885,786 0.62Kingdom of Thailand 3.875%, 13/06/2019 49,869,000 159,023,156 5.23Kingdom of Thailand 3.65%, 17/12/2021 14,552,000 45,184,699 1.49Kingdom of Thailand 3.625%, 16/06/2023 10,322,000 31,684,020 1.04

351,935,145 11.58Turkey

Republic of Turkey 9%, 8/03/2017 TRY 977,000 47,866,528 1.57Republic of Turkey 6.3%, 14/02/2018 1,891,963 83,424,288 2.75Republic of Turkey 9%, 27/01/2016 1,069,000 52,373,918 1.72Republic of Turkey 10.5%, 15/01/2020 658,000 34,216,585 1.13Republic of Turkey 8.5%, 14/09/2022 182,146 8,552,853 0.28Republic of Turkey 7.1%, 8/03/2023 1,022,000 43,626,418 1.44

270,060,590 8.89Uruguay

Republic of Uruguay, Inflation Linked Bond 5%, 14/09/2018 UYU 1,474,797 7,160,959 0.24

Total Bonds (Average Cost, ¥2,894,196,984)(k) 2,882,648,265 94.85


Net Assets 3,039,171,846 100.00


18 ANNUAL REPORT


MFS® INVESTMENT FUNDS –EMERGING MARKETS LOCAL CURRENCY DEBT FUND II

Bonds


Value ($)

NetAssets

(%)

Brazil

Banco Santander Brasil S.A. 8%, 18/03/2016 BRL 907,000 376,890 0.62Brazil Letras do Tesouro Nacional 0%, 1/01/2014 718,000 315,106 0.52Brazil Letras do Tesouro Nacional 10%, 1/01/2018 1,000,000 427,844 0.71BRF S.A. 7.75%, 22/05/2018 1,111,000 395,529 0.65Cosan Luxembourg S.A. 9.5%, 14/03/2018 990,000 398,445 0.66Federative Republic of Brazil 10%, 1/01/2017 8,783,000 3,809,165 6.28Federative Republic of Brazil 10%, 1/01/2021 3,037,000 1,262,015 2.08Federative Republic of Brazil, Inflation Linked Bond 6%, 15/08/2016 1,676,011 772,985 1.27Fibria Overseas Finance Ltd. 6.75%, 3/03/2021 USD 150,000 160,050 0.26Goldman Sachs Group, Inc. (Federative Republic of Brazil, CLN) 10%, 8/01/2017 BRL 1,676,000 726,877 1.20Marfrig Holding Europe B.V. 9.875%, 24/07/2017 USD 200,000 196,000 0.32Marfrig Holding Europe B.V. 11.25%, 20/09/2021 200,000 197,000 0.33Minerva Luxembourg S.A. 7.75%, 31/01/2023 200,000 188,500 0.31Oi S.A. 9.75%, 15/09/2016 BRL 901,000 354,483 0.58Qgog Constellation S.A. 6.25%, 9/11/2019 USD 205,000 194,750 0.32Ultrapetrol (Bahamas) Ltd. 8.875%, 15/06/2021 18,000 18,990 0.03Ultrapetrol (Bahamas) Ltd. 8.875%, 15/06/2021 81,000 85,455 0.14

9,880,084 16.28Canada

First Quantum Minerals Ltd. 7.25%, 15/10/2019 USD 200,000 188,000 0.31

Chile

S.A.C.I. Falabella 6.5%, 30/04/2023 CLP 161,500,000 307,721 0.51

China

Hyva Global B.V. 8.625%, 24/03/2016 USD 200,000 194,500 0.32

Colombia

Emgesa S.A. E.S.P. 8.75%, 25/01/2021 COP 100,000,000 55,705 0.09Empresa de Telecomunicaciones de Bogota 7%, 17/01/2023 298,000,000 132,875 0.22Pacific Rubiales Energy Corp. 5.125%, 28/03/2023 USD 128,000 114,720 0.19Titulos de Tesoreria 5%, 21/11/2018 COP 820,000,000 411,226 0.68Titulos de Tesoreria 11%, 24/07/2020 1,414,500,000 901,546 1.48Titulos de Tesoreria 7.5%, 26/08/2026 983,300,000 514,269 0.85

2,130,341 3.51Cote d’Ivoire

Ivory Coast 7.099%, 31/12/2032 USD 137,000 120,560 0.20

Croatia

Republic of Croatia 5.5%, 4/04/2023 USD 200,000 191,500 0.32

Dominican Republic

Banco de Reservas de la Republica Dominicana 7%, 1/02/2023 USD 200,000 190,000 0.31

Guatemala

Central American Bottling Corp. 6.75%, 9/02/2022 USD 77,000 77,770 0.13Central American Bottling Corp. 6.75%, 9/02/2022 68,000 68,680 0.11

ANNUAL REPORT 19

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –EMERGING MARKETS LOCAL CURRENCY DEBT FUND II –continued


Value ($)

NetAssets

(%)

Bonds - continued

Guatemala - continued

Industrial Senior Trust Co. 5.5%, 1/11/2022 USD 200,000 182,500 0.30

328,950 0.54Hungary

Republic of Hungary 6.75%, 24/02/2017 HUF 129,310,000 624,767 1.03Republic of Hungary 6.75%, 24/11/2017 247,230,000 1,201,287 1.98Republic of Hungary 6%, 24/11/2023 202,580,000 932,421 1.53

2,758,475 4.54India

Rolta LLC 10.75%, 16/05/2018 USD 200,000 186,000 0.31

Indonesia

Republic of Indonesia 5.25%, 15/05/2018 IDR 7,684,000,000 597,405 0.99Republic of Indonesia 12.8%, 15/06/2021 2,958,000,000 316,495 0.52Republic of Indonesia 8.25%, 15/07/2021 3,342,000,000 283,549 0.47Republic of Indonesia 7%, 15/05/2022 2,655,000,000 206,982 0.34Republic of Indonesia 5.625%, 15/05/2023 1,224,000,000 85,589 0.14Republic of Indonesia 11%, 15/09/2025 2,512,000,000 251,091 0.42Republic of Indonesia 8.375%, 15/09/2026 5,432,000,000 451,086 0.74Republic of Indonesia 7%, 15/05/2027 5,194,000,000 383,390 0.63Republic of Indonesia 8.25%, 15/06/2032 5,545,000,000 444,733 0.73

3,020,320 4.98Israel

Israel Electric Corp. Ltd. 5.625%, 21/06/2018 USD 200,000 206,500 0.34

Kazakhstan

Halyk Savings Bank of Kazakhstan B.V. 7.25%, 3/05/2017 USD 148,000 154,660 0.25

Malaysia

Government of Malaysia 3.172%, 15/07/2016 MYR 1,271,000 387,712 0.64Government of Malaysia 3.26%, 1/03/2018 2,000,000 606,043 1.00Government of Malaysia 4.378%, 29/11/2019 1,014,000 322,855 0.53Government of Malaysia 4.16%, 15/07/2021 1,948,000 613,017 1.01Government of Malaysia 4.392%, 15/04/2026 745,000 235,769 0.39

2,165,396 3.57Mexico

America Movil S.A.B. de C.V. 6.45%, 5/12/2022 MXN 3,990,000 283,752 0.47CEMEX S.A.B. de C.V. 9.25%, 12/05/2020 USD 150,000 161,250 0.27CEMEX S.A.B. de C.V. 7.25%, 15/01/2021 200,000 199,500 0.33Empresas ICA S.A.B. de C.V. 8.375%, 24/07/2017 150,000 148,688 0.24Empresas ICA S.A.B. de C.V. 8.9%, 4/02/2021 62,000 60,993 0.10Grupo Cementos de Chihuahua S.A.B. de C.V. 8.125%, 8/02/2020 200,000 206,750 0.34Grupo Televisa S.A.B. 7.25%, 14/05/2043 MXN 2,500,000 160,257 0.26Office Depot de Mexico S.A. de C.V. 6.875%, 20/09/2020 USD 200,000 198,500 0.33Petroleos Mexicanos 7.65%, 24/11/2021 MXN 2,937,200 233,391 0.38Petroleos Mexicanos 4.1%, 12/09/2024 4,360,000 323,562 0.53Red de Carreteras de Occidente SAPIB de C.V. 9%, 10/06/2028 4,340,000 290,779 0.48United Mexican States 8%, 11/06/2020 10,800,000 933,756 1.54United Mexican States 8%, 7/12/2023 13,820,000 1,200,112 1.98

20 ANNUAL REPORT



Value ($)

NetAssets

(%)

Bonds - continued

Mexico - continued

United Mexican States 8.5%, 31/05/2029 MXN 12,640,000 1,120,946 1.85United Mexican States 7.75%, 29/05/2031 2,700,000 222,057 0.37United Mexican States 10%, 20/11/2036 6,260,000 626,351 1.03United Mexican States 8.5%, 18/11/2038 3,770,000 330,424 0.54

6,701,068 11.04Nigeria

Afren PLC 10.25%, 8/04/2019 USD 200,000 229,000 0.38Federal Republic of Nigeria 0%, 12/12/2013 NGN 32,649,000 197,555 0.32Federal Republic of Nigeria 0%, 19/12/2013 37,249,000 222,811 0.37

649,366 1.07Pakistan

Islamic Republic of Pakistan 6.875%, 1/06/2017 USD 100,000 96,250 0.16

Paraguay

Telefonica Celular del Paraguay S.A. 6.75%, 13/12/2022 USD 200,000 198,000 0.33

Peru

Ajecorp B.V. 6.5%, 14/05/2022 USD 150,000 145,875 0.24Corp Lindley S.A. 4.625%, 12/04/2023 35,000 31,675 0.05Ferreycorp S.A.A. 4.875%, 26/04/2020 200,000 184,000 0.30Republic of Peru 7.84%, 12/08/2020 PEN 1,115,000 464,168 0.77Republic of Peru, GDN 6.95%, 12/08/2031 414,000 158,337 0.26

984,055 1.62Poland

Government of Poland 0%, 25/01/2014 PLN 1,965,000 624,406 1.03Government of Poland 5.25%, 25/10/2020 2,252,000 764,158 1.26Government of Poland 5.75%, 25/10/2021 885,000 310,026 0.51Government of Poland 4%, 25/10/2023 1,359,000 418,650 0.69

2,117,240 3.49Romania

Government of Romania 5.8%, 26/10/2015 RON 260,000 81,356 0.13

Russia

Gazprombank OJSC 8.617%, 15/12/2015 RUB 19,900,000 621,328 1.02Metalloinvest Finance Ltd. 5.625%, 17/04/2020 USD 200,000 193,250 0.32Novatek Finance Ltd. 7.75%, 21/02/2017 RUB 15,400,000 472,972 0.78Russian Federation 7.5%, 27/02/2019 19,804,000 630,559 1.04Russian Federation 6.8%, 11/12/2019 9,862,000 302,359 0.50Russian Federation 7.5%, 15/03/2018 68,078,000 2,169,706 3.58Russian Federation 7%, 25/01/2023 10,000,000 304,892 0.50Russian Federation 8.15%, 3/02/2027 19,002,000 614,264 1.01Russian Federation 7.05%, 19/01/2028 6,315,000 184,740 0.30RZD Capital PLC 8.3%, 2/04/2019 19,500,000 605,377 1.00

6,099,447 10.05South Africa

Republic of South Africa 13.5%, 15/09/2015 ZAR 5,393,000 607,858 1.00Republic of South Africa 8%, 21/12/2018 18,207,000 1,886,671 3.11

ANNUAL REPORT 21


Name of Security Share/ParMarket

Value ($)

NetAssets

(%)

Bonds - continued

South Africa - continued

Republic of South Africa 7.25%, 15/01/2020 ZAR 2,437,000 241,846 0.40Republic of South Africa 6.75%, 31/03/2021 5,607,000 536,601 0.88Republic of South Africa 7.75%, 28/02/2023 11,914,000 1,190,850 1.96Republic of South Africa 10.5%, 21/12/2026 4,863,000 581,400 0.96Republic of South Africa 7%, 28/02/2031 8,072,000 689,193 1.14Republic of South Africa 6.5%, 28/02/2041 1,906,000 142,546 0.23Republic of South Africa, Inflation Linked Bond 5.5%, 7/12/2023 1,172,457 158,696 0.26Transnet Ltd. 9.25%, 14/11/2017 2,000,000 209,688 0.35Transnet Ltd. 10.5%, 17/09/2020 6,000,000 662,260 1.09

6,907,609 11.38Thailand

Kingdom of Thailand 3.625%, 22/05/2015 THB 14,219,000 460,336 0.76Kingdom of Thailand 3.45%, 8/03/2019 10,600,000 336,769 0.55Kingdom of Thailand 3.875%, 13/06/2019 99,501,000 3,233,534 5.33Kingdom of Thailand 3.65%, 17/12/2021 28,228,000 893,242 1.47Kingdom of Thailand 3.625%, 16/06/2023 20,103,000 628,865 1.04

5,552,746 9.15Turkey

Akbank T.A.S. 7.5%, 5/02/2018 TRY 985,000 442,723 0.73Republic of Turkey 9%, 8/03/2017 2,272,000 1,134,399 1.87Republic of Turkey 6.3%, 14/02/2018 2,465,477 1,107,902 1.83Republic of Turkey 9%, 27/01/2016 1,659,000 828,331 1.36Republic of Turkey 10.5%, 15/01/2020 899,000 476,421 0.78Republic of Turkey 8.5%, 14/09/2022 348,125 166,589 0.27Republic of Turkey 7.1%, 8/03/2023 1,990,000 865,709 1.43Turkiye Garanti Bankasi A.S. 7.375%, 7/03/2018 974,000 434,216 0.72

5,456,290 8.99Uruguay

Republic of Uruguay, Inflation Linked Bond 5%, 14/09/2018 UYU 2,827,823 139,930 0.23

Total Bonds (Average Cost, $62,644,787)(k) 57,006,364 93.93


Net Assets 60,691,518 100.00


22 ANNUAL REPORT

SCHEDULES OF INVESTMENTS – 30 September 2013(Expressed in Euros)

MFS® INVESTMENT FUNDS –GLOBAL CONCENTRATED EQUITY FUND

Common Stocks


Value (€)

NetAssets

(%)

Aerospace

Honeywell International, Inc. 333,144 20,436,791 4.90United Technologies Corp. 226,950 18,076,856 4.34

38,513,647 9.24Alcoholic Beverages

Diageo PLC 586,319 13,783,001 3.31Heineken N.V. 296,882 15,553,648 3.73


Compagnie Financiere Richemont S.A. 182,384 13,499,566 3.24LVMH Moet Hennessy Louis Vuitton S.A. 118,887 17,309,947 4.15

30,809,513 7.39Broadcasting

Omnicom Group, Inc. 192,831 9,037,190 2.17Time Warner, Inc. 286,470 13,927,219 3.34Walt Disney Co. 443,215 21,115,443 5.06

44,079,852 10.57Business Services

Accenture PLC, “A” 343,685 18,696,820 4.49

Chemicals

3M Co. 139,188 12,278,233 2.95

Computer Software

Oracle Corp. 560,644 13,738,080 3.30

Consumer Products

Reckitt Benckiser Group PLC 341,818 18,483,348 4.43

Electrical Equipment

Legrand S.A. 371,917 15,254,176 3.66

Food & Beverages

Groupe Danone 270,034 15,024,692 3.60Nestle S.A. 315,332 16,294,215 3.91

31,318,907 7.51Major Banks

Bank of New York Mellon Corp. 654,385 14,594,520 3.50

Medical Equipment

Medtronic, Inc. 355,013 13,965,524 3.35Thermo Fisher Scientific, Inc. 285,478 19,433,963 4.66Waters Corp. 179,274 14,066,178 3.38

47,465,665 11.39Other Banks & Diversified Financials

Visa, Inc., “A” 134,457 18,981,804 4.55

ANNUAL REPORT 23

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –GLOBAL CONCENTRATED EQUITY FUND – continued


Value (€)

NetAssets

(%)


Railroad & Shipping

Canadian National Railway Co. 215,612 16,146,402 3.87

Specialty Chemicals

Akzo Nobel N.V. 234,839 11,407,304 2.74Linde AG 133,671 19,569,434 4.69Praxair, Inc. 148,112 13,152,982 3.16

44,129,720 10.59Trucking

United Parcel Service, Inc., “B” 260,107 17,556,949 4.21

Total Common Stocks (Average Cost, €333,757,646) 411,384,285 98.69


Net Assets 416,832,150 100.00


24 ANNUAL REPORT


MFS® INVESTMENT FUNDS –GLOBAL EQUITY EURO HEDGED FUND

Common Stocks


Value (€)

NetAssets

(%)

Aerospace

Honeywell International, Inc. 59,558 3,653,599 2.34United Technologies Corp. 39,446 3,141,924 2.01


Carlsberg A.S., “B” 20,019 1,524,615 0.98Diageo PLC 150,416 3,535,932 2.26Heineken N.V. 62,336 3,265,783 2.09Pernod Ricard S.A. 23,573 2,163,766 1.39


Burberry Group PLC 46,886 916,521 0.59Compagnie Financiere Richemont S.A. 27,596 2,042,581 1.31LVMH Moet Hennessy Louis Vuitton S.A. 20,562 2,993,827 1.92NIKE, Inc., “B” 12,272 658,544 0.42

6,611,473 4.24Automotive

Delphi Automotive PLC 34,900 1,506,192 0.96Harley-Davidson, Inc. 7,177 340,598 0.22


Omnicom Group, Inc. 30,680 1,437,844 0.92Time Warner, Inc. 49,430 2,403,122 1.54Viacom, Inc., “B” 10,360 639,669 0.41Walt Disney Co. 90,108 4,292,884 2.75WPP PLC 140,155 2,129,411 1.36


Deutsche Boerse AG 17,154 953,934 0.61Franklin Resources, Inc. 21,213 792,167 0.51


Accenture PLC, “A” 55,592 3,024,262 1.94Adecco S.A. 20,070 1,055,937 0.67Brenntag AG 6,047 744,083 0.48Compass Group PLC 178,461 1,814,720 1.16

6,639,002 4.25Cable TV

British Sky Broadcasting Group PLC 75,100 781,639 0.50Time Warner Cable, Inc. 12,780 1,053,631 0.68

1,835,270 1.18Chemicals

3M Co. 30,995 2,734,171 1.75

ANNUAL REPORT 25

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –GLOBAL EQUITY EURO HEDGED FUND – continued


Value (€)

NetAssets

(%)


Computer Software

Autodesk, Inc. 11,493 349,549 0.23Check Point Software Technologies Ltd. 13,950 582,877 0.37Dassault Systems S.A. 3,832 378,142 0.24Oracle Corp. 106,537 2,610,594 1.67


Canon, Inc. 38,500 910,467 0.58

Consumer Products

Colgate-Palmolive Co. 47,530 2,082,169 1.33International Flavors & Fragrances, Inc. 25,430 1,546,107 0.99Procter & Gamble Co. 9,444 527,368 0.34Reckitt Benckiser Group PLC 70,554 3,815,113 2.45Svenska Cellulosa Aktiebolaget 81,568 1,519,790 0.97

9,490,547 6.08Electrical Equipment

Amphenol Corp., “A” 24,410 1,395,372 0.89Legrand S.A. 51,284 2,103,413 1.35Rockwell Automation, Inc. 4,952 391,214 0.25Schneider Electric S.A. 37,309 2,332,186 1.50


Altera Corp. 30,270 830,963 0.53Hoya Corp. 71,300 1,249,914 0.80Microchip Technology, Inc. 34,530 1,027,749 0.66Samsung Electronics Co. Ltd., GDR 2,512 1,183,951 0.76


INPEX Corp. 80,800 706,823 0.45

Food & Beverages

Dr Pepper Snapple Group, Inc. 28,127 931,298 0.60Groupe Danone 47,899 2,665,100 1.71J.M. Smucker Co. 2,858 221,774 0.14Nestle S.A. 78,631 4,063,116 2.60

7,881,288 5.05Food & Drug Stores

Lawson, Inc. 7,000 406,597 0.26Walgreen Co. 17,476 694,573 0.44

1,101,170 0.70Gaming & Lodging

William Hill PLC 126,521 609,979 0.39

General Merchandise

Target Corp. 23,506 1,111,006 0.71

Insurance

Swiss Re Ltd. 19,301 1,179,468 0.76

26 ANNUAL REPORT



Value (€)

NetAssets

(%)


Major Banks

Bank of New York Mellon Corp. 105,408 2,350,878 1.51Goldman Sachs Group, Inc. 14,000 1,636,271 1.05Standard Chartered PLC 111,379 1,973,357 1.26State Street Corp. 64,242 3,120,385 2.00

9,080,891 5.82Medical Equipment

DENTSPLY International, Inc. 36,183 1,160,347 0.74Medtronic, Inc. 47,188 1,856,285 1.19Sonova Holding AG 10,890 999,998 0.64St. Jude Medical, Inc. 70,113 2,778,310 1.78Thermo Fisher Scientific, Inc. 48,479 3,300,216 2.12Waters Corp. 20,880 1,638,284 1.05


Cisco Systems, Inc. 57,777 999,621 0.64

Oil Services

National Oilwell Varco, Inc. 26,976 1,556,602 1.00Saipem S.p.A. 42,055 675,403 0.43Schlumberger Ltd. 37,130 2,423,673 1.55


Aeon Credit Service Co. Ltd. 500 11,666 0.01American Express Co. 36,834 2,054,964 1.32Credicorp Ltd. 3,580 339,738 0.22Erste Group Bank AG 34,854 814,189 0.52Grupo Financiero Banorte S.A. de C.V. 67,800 310,975 0.20ICICI Bank Ltd. 62,515 651,852 0.42Itau Unibanco Holding S.A., ADR 111,254 1,160,496 0.74Julius Baer Group Ltd. 34,154 1,177,495 0.75Komercni Banka A.S. 3,035 498,491 0.32Sberbank of Russia, ADR 53,993 480,638 0.31UBS AG 102,198 1,544,611 0.99Visa, Inc., “A” 23,458 3,311,655 2.12


Bayer AG 38,409 3,347,728 2.14Johnson & Johnson 15,778 1,010,449 0.65Merck KGaA 16,931 1,952,991 1.25Roche Holding AG 5,891 1,173,831 0.75

7,484,999 4.79Railroad & Shipping

Canadian National Railway Co. 34,275 2,566,731 1.65Kuehne & Nagel, Inc. AG 3,929 380,369 0.24

2,947,100 1.89

ANNUAL REPORT 27



Value (€)

NetAssets

(%)


Restaurants

McDonald’s Corp. 21,503 1,528,314 0.98Whitbread PLC 5,546 196,655 0.12

1,724,969 1.10Specialty Chemicals

Akzo Nobel N.V. 41,486 2,015,182 1.29L’Air Liquide S.A. 8,559 881,149 0.57Linde AG 30,648 4,486,867 2.87Praxair, Inc. 19,798 1,758,147 1.13

9,141,345 5.86Specialty Stores

AutoZone, Inc. 3,839 1,198,877 0.77Sally Beauty Holdings, Inc. 53,976 1,043,114 0.67

2,241,991 1.44Trucking


Total Common Stocks (Average Cost, €115,022,166)(k) 151,948,517 97.34


Net Assets 156,096,926 100.00


28 ANNUAL REPORT


MFS® INVESTMENT FUNDS –GLOBAL EQUITY FUND

Common Stocks


Value (€)

NetAssets

(%)

Aerospace

Honeywell International, Inc. 1,329,898 81,582,886 2.37United Technologies Corp. 880,856 70,161,299 2.03


Carlsberg A.S., “B” 445,300 33,913,327 0.98Diageo PLC 3,407,590 80,104,546 2.32Heineken N.V. 1,392,537 72,955,013 2.12Pernod Ricard S.A. 525,146 48,203,151 1.40


Burberry Group PLC 1,037,157 20,274,205 0.59Compagnie Financiere Richemont S.A. 615,806 45,580,279 1.32LVMH Moet Hennessy Louis Vuitton S.A. 459,957 66,969,739 1.94NIKE, Inc., “B” 275,540 14,786,108 0.43

147,610,331 4.28Automotive

Delphi Automotive PLC 783,647 33,820,140 0.98Harley-Davidson, Inc. 161,577 7,667,936 0.22


Omnicom Group, Inc. 686,248 32,161,600 0.93Time Warner, Inc. 1,104,210 53,683,021 1.56Viacom, Inc., “B” 229,988 14,200,411 0.41Walt Disney Co. 2,093,141 99,720,452 2.89WPP PLC 3,153,493 47,911,842 1.39


Deutsche Boerse AG 384,348 21,373,592 0.62Franklin Resources, Inc. 470,533 17,571,330 0.51


Accenture PLC, “A” 1,236,622 67,273,516 1.95Adecco S.A. 465,302 24,480,802 0.71Brenntag AG 134,946 16,605,105 0.48Compass Group PLC 3,979,784 40,469,301 1.17

148,828,724 4.31Cable TV

British Sky Broadcasting Group PLC 1,691,590 17,606,038 0.51Time Warner Cable, Inc. 291,370 24,021,626 0.70

41,627,664 1.21Chemicals

3M Co. 717,523 63,295,073 1.83

ANNUAL REPORT 29

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –GLOBAL EQUITY FUND – continued


Value (€)

NetAssets

(%)


Computer Software

Autodesk, Inc. 250,542 7,619,997 0.22Check Point Software Technologies Ltd. 316,854 13,239,207 0.39Dassault Systems S.A. 85,234 8,410,891 0.24Oracle Corp. 2,435,844 59,688,178 1.73


Canon, Inc. 888,800 21,018,785 0.61

Consumer Products

Colgate-Palmolive Co. 1,065,134 46,660,815 1.35International Flavors & Fragrances, Inc. 572,837 34,827,658 1.01Procter & Gamble Co. 212,002 11,838,527 0.34Reckitt Benckiser Group PLC 1,549,061 83,763,387 2.43Svenska Cellulosa Aktiebolaget 1,816,080 33,837,532 0.98


Amphenol Corp., “A” 545,916 31,206,706 0.91Legrand S.A. 1,151,605 47,233,079 1.37Rockwell Automation, Inc. 115,563 9,129,613 0.26Schneider Electric S.A. 829,893 51,876,611 1.50


Altera Corp. 677,978 18,611,642 0.54Hoya Corp. 1,591,300 27,896,044 0.81Microchip Technology, Inc. 765,746 22,791,630 0.66Samsung Electronics Co. Ltd. 28,030 26,217,172 0.76


INPEX Corp. 1,839,400 16,090,724 0.47

Food & Beverages

Dr Pepper Snapple Group, Inc. 628,946 20,824,692 0.60Groupe Danone 1,068,852 59,470,925 1.73J.M. Smucker Co. 63,603 4,935,438 0.14Nestle S.A. 1,810,241 93,540,953 2.71


Lawson, Inc. 162,800 9,456,284 0.27Walgreen Co. 390,376 15,515,250 0.45

24,971,534 0.72Gaming & Lodging

William Hill PLC 2,843,286 13,707,961 0.40

General Merchandise

Target Corp. 523,428 24,739,708 0.72

Insurance

Swiss Re Ltd. 412,170 25,187,371 0.73

30 ANNUAL REPORT



Value (€)

NetAssets

(%)


Major Banks

Bank of New York Mellon Corp. 2,351,937 52,454,431 1.52Goldman Sachs Group, Inc. 319,743 37,370,452 1.08Standard Chartered PLC 2,508,342 44,441,538 1.29State Street Corp. 1,433,135 69,610,738 2.02

203,877,159 5.91Medical Equipment

DENTSPLY International, Inc. 811,622 26,027,771 0.75Medtronic, Inc. 1,043,761 41,059,538 1.19Sonova Holding AG 246,108 22,599,400 0.66St. Jude Medical, Inc. 1,580,210 62,617,677 1.82Thermo Fisher Scientific, Inc. 1,088,504 74,100,092 2.15Waters Corp. 463,796 36,390,313 1.05


Cisco Systems, Inc. 1,286,395 22,256,384 0.64

Oil Services

National Oilwell Varco, Inc. 606,069 34,972,130 1.01Saipem S.p.A. 932,492 14,975,822 0.44Schlumberger Ltd. 833,677 54,418,543 1.58


Aeon Credit Service Co. Ltd. 10,900 254,314 0.01American Express Co. 826,905 46,132,924 1.34Credicorp Ltd. 80,285 7,618,960 0.22Erste Group Bank AG 792,748 18,518,593 0.54Grupo Financiero Banorte S.A. de C.V. 1,540,000 7,063,435 0.20ICICI Bank Ltd. 1,427,732 14,887,142 0.43Itau Unibanco Holding S.A., ADR 2,499,643 26,073,904 0.75Julius Baer Group Ltd. 766,936 26,440,912 0.77Komercni Banka A.S. 67,450 11,078,499 0.32Sberbank of Russia, ADR 1,190,204 10,595,021 0.31UBS AG 2,335,702 35,301,570 1.02Visa, Inc., “A” 524,732 74,078,404 2.15


Bayer AG 851,271 74,196,780 2.15Johnson & Johnson 356,329 22,819,890 0.66Merck KGaA 388,832 44,851,771 1.30Roche Holding AG 130,652 26,033,510 0.76

167,901,951 4.87Railroad & Shipping

Canadian National Railway Co. 762,343 57,089,106 1.66Kuehne & Nagel, Inc. AG 76,123 7,369,518 0.21

64,458,624 1.87

ANNUAL REPORT 31



Value (€)

NetAssets

(%)


Restaurants

McDonald’s Corp. 478,312 33,995,769 0.98Whitbread PLC 135,209 4,794,365 0.14

38,790,134 1.12Specialty Chemicals

Akzo Nobel N.V. 946,286 45,965,842 1.33L’Air Liquide S.A. 189,326 19,491,112 0.56Linde AG 690,071 101,026,394 2.93Praxair, Inc. 444,912 39,510,097 1.15

205,993,445 5.97Specialty Stores

AutoZone, Inc. 84,870 26,503,953 0.77Sally Beauty Holdings, Inc. 1,205,682 23,300,428 0.67

49,804,381 1.44Trucking


Total Common Stocks (Average Cost, €2,438,969,076)(k) 3,410,999,987 98.87


Net Assets 3,449,874,664 100.00


32 ANNUAL REPORT


MFS® INVESTMENT FUNDS –GLOBAL VALUE EX-JAPAN FUND

Common Stocks


Value ($)

NetAssets

(%)

Aerospace

Cobham PLC 72,735 338,402 0.70Honeywell International, Inc. 11,950 992,328 2.07Northrop Grumman Corp. 5,930 564,892 1.18United Technologies Corp. 12,610 1,359,610 2.84


Heineken N.V. 11,310 802,080 1.67

Automotive

Johnson Controls, Inc. 7,240 300,460 0.63

Broadcasting

Omnicom Group, Inc. 7,430 471,359 0.98Viacom, Inc., “B” 5,010 418,736 0.87Walt Disney Co. 11,200 722,288 1.51


BlackRock, Inc. 1,447 391,587 0.82Computershare Ltd. 13,935 129,257 0.27

520,844 1.09Business Services

Accenture PLC, “A” 10,920 804,149 1.68Amadeus IT Holding S.A. 16,325 578,977 1.21Bunzl PLC 19,713 427,133 0.89Compass Group PLC 46,480 639,792 1.33

2,450,051 5.11Cable TV

Comcast Corp., “Special A” 8,090 350,863 0.73

Chemicals

3M Co. 6,549 782,016 1.63Givaudan S.A. 292 426,577 0.89PPG Industries, Inc. 4,140 691,628 1.44

1,900,221 3.96Computer Software

Oracle Corp. 14,680 486,936 1.02

Computer Software - Systems

International Business Machines Corp. 3,783 700,536 1.46

Construction

Geberit AG 1,214 327,850 0.69Stanley Black & Decker, Inc. 4,610 417,528 0.87

745,378 1.56

ANNUAL REPORT 33

SCHEDULES OF INVESTMENTS – 30 September 2013 MFS® INVESTMENT FUNDS –GLOBAL VALUE EX-JAPAN FUND – continued


Value ($)

NetAssets

(%)


Consumer Products

Henkel KGaA, IPS 8,506 877,033 1.83Procter & Gamble Co. 6,390 483,020 1.01Reckitt Benckiser Group PLC 8,449 618,440 1.29


Danaher Corp. 5,740 397,897 0.83Legrand S.A. 3,438 190,878 0.40Pentair Ltd. 1,600 103,904 0.22Spectris PLC 6,069 216,809 0.45Tyco International Ltd. 8,750 306,075 0.64


Halma PLC 22,131 203,028 0.42Taiwan Semiconductor Manufacturing Co. Ltd., ADR 33,030 560,189 1.17

763,217 1.59Energy - Independent

Cairn Energy PLC 36,970 157,037 0.33Occidental Petroleum Corp. 5,930 554,692 1.16

711,729 1.49Energy - Integrated

Chevron Corp. 3,745 455,018 0.95Exxon Mobil Corp. 9,600 825,984 1.72Royal Dutch Shell PLC, “A” 22,160 732,072 1.53Suncor Energy, Inc. 8,055 288,613 0.60

2,301,687 4.80Food & Beverages

General Mills, Inc. 9,220 441,822 0.92Groupe Danone 14,171 1,067,319 2.23Nestle S.A. 13,138 918,970 1.92


CVS Caremark Corp. 12,520 710,510 1.48

General Merchandise

Target Corp. 7,810 499,684 1.04

Insurance

ACE Ltd. 3,150 294,714 0.61Aon PLC 4,890 364,012 0.76Hiscox Ltd. 24,248 254,648 0.53ING Groep N.V. 33,516 378,876 0.79MetLife, Inc. 13,550 636,172 1.33Prudential Financial, Inc. 4,420 344,672 0.72Swiss Re Ltd. 6,120 506,249 1.06Travelers Cos., Inc. 7,060 598,476 1.25Zurich Insurance Group AG 1,176 302,892 0.63

3,680,711 7.68

34 ANNUAL REPORT



Value ($)

NetAssets

(%)


Leisure & Toys

Hasbro, Inc. 5,680 267,755 0.56

Machinery & Tools

Neopost S.A. 3,980 290,011 0.61

Major Banks

Bank of New York Mellon Corp. 16,750 505,682 1.05Goldman Sachs Group, Inc. 2,813 445,045 0.93HSBC Holdings PLC 56,635 613,938 1.28JPMorgan Chase & Co. 18,220 941,792 1.96State Street Corp. 6,680 439,210 0.92Toronto-Dominion Bank 2,136 192,716 0.40Wells Fargo & Co. 21,290 879,703 1.84

4,018,086 8.38Medical & Health Technology & Services

Quest Diagnostics, Inc. 2,820 174,248 0.36

Medical Equipment

Abbott Laboratories 13,750 456,362 0.95Medtronic, Inc. 9,410 501,083 1.05St. Jude Medical, Inc. 6,020 322,913 0.67


Ericsson, Inc., “B” 58,390 777,248 1.62Nokia Oyj 65,660 431,782 0.90


DnB NOR A.S.A. 23,345 354,391 0.74

Pharmaceuticals

Bayer AG 7,631 900,337 1.88GlaxoSmithKline PLC 38,062 960,005 2.00Johnson & Johnson 13,260 1,149,509 2.40Pfizer, Inc. 39,420 1,131,748 2.36Roche Holding AG 4,169 1,124,489 2.34

5,266,088 10.98Printing & Publishing

Moody’s Corp. 2,820 198,331 0.41Pearson PLC 12,020 244,677 0.51

443,008 0.92Railroad & Shipping

Canadian National Railway Co. 1,700 172,329 0.36

Real Estate

Deutsche Wohnen AG 22,461 402,098 0.84GSW Immobilien AG 590 25,936 0.05

428,034 0.89

ANNUAL REPORT 35



Value ($)

NetAssets

(%)


Restaurants

McDonald’s Corp. 4,488 431,790 0.90

Specialty Stores

Esprit Holdings Ltd. 96,900 154,786 0.32

Telecommunications - Wireless

Vodafone Group PLC 262,996 919,934 1.92

Telephone Services

AT&T, Inc. 19,180 648,668 1.35China Unicom (Hong Kong) Ltd. 74,000 114,736 0.24Deutsche Telekom AG 23,150 335,776 0.70TDC A.S. 29,235 247,532 0.52Telecom Italia S.p.A. - Savings Shares 302,854 201,249 0.42

1,547,961 3.23Tobacco

British American Tobacco PLC 13,691 726,439 1.51Lorillard, Inc. 6,870 307,639 0.64Philip Morris International, Inc. 16,530 1,431,333 2.99

2,465,411 5.14Trucking

United Parcel Service, Inc., “B” 2,730 249,440 0.52

Total Common Stocks (Average Cost, $45,302,812)(k) 47,087,349 98.22

Other Assets, Less Liabilities 853,624 1.78

Net Assets 47,940,973 100.00

Schedules of Investments Footnotes:(f) All or a portion of the security has been segregated as collateral for open futures contracts.(k) As of 30 September 2013, the following sub-funds held securities that were fair valued in accordance with the policies adopted by the Board of

Managers:

Sub-FundMarketValue

% of MarketValue

Number ofSecurities

Emerging Markets Equity Fund $11,968,958 22.59% 19Emerging Markets Local Currency Debt Fund ¥239,246,627 8.30% 5Emerging Markets Local Currency Debt Fund II $2,448,823 4.30% 5Global Equity Euro Hedged Fund $3,285,467 2.16% 5Global Equity Fund $100,933,323 2.96% 6Global Value Ex-Japan Fund $269,522 0.57% 2

(y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in this report and are defined:

ADR American Depositary ReceiptCDI Interbank Deposit CertificatesCLN Credit-Linked NoteFRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.GDN Global Depositary NoteGDR Global Depositary ReceiptIEU International Equity UnitIPS International Preference StockJIBAR Johannesburg Interbank Agreed RatePLC Public Limited CompanyREIT Real Estate Investment Trust

36 ANNUAL REPORT

SCHEDULES OF INVESTMENTS – 30 September 2013

Currency abbreviations have been used throughout this report. A list of abbreviations is shown below:

BRL Brazilian RealCHF Swiss FrancCLP Chilean PesoCOP Colombian PesoCZK Czech KorunaDKK Danish KroneEUR EuroGBP British PoundHUF Hungarian ForintIDR Indonesian RupiahINR Indian RupeeJPY Japanese YenKRW South Korean WonMXN Mexican PesoMYR Malaysian RinggitNGN Nigerian NairaPEN Peruvian Nuevo SolPHP Philippine PesoPLN Polish ZlotyRON Romanian New LeuRUB Russian RubleSEK Swedish KronaTHB Thailand BahtTRY Turkish LiraUSD U.S. DollarUYU Uruguayan PesoZAR South African Rand

See Notes to Financial Statements

ANNUAL REPORT 37

FINANCIAL STATEMENTS | at 30 September 2013

STATEMENTS OF ASSETS AND LIABILITIES

EmergingMarkets Debt

Fund$

EmergingMarkets Equity

Fund(a)$

EmergingMarkets LocalCurrency Debt

Fund¥


Fund II$

Assets:

Investments, at value 62,674,000 52,987,306 2,882,648,265 57,006,364Repurchase agreements (Note 10) 5,865,000 1,340,000 62,309,373 2,774,000Cash and other liquid assets 128,268 22,447 59,458,969 101,445Restricted cash (Note 2) — — 24,531,250 22,500Receivable for open forward foreign currency

exchange contracts (Note 8) 19,960 — 45,773,997 493,309Receivable for class specific open forward foreign

currency exchange contracts (Note 9) 2,038 — 389,353 —Receivable for daily variation margin on open

futures contracts — — — 563Receivable for fund units sold — — 1,753,745 —Receivable for investments sold 1,713,827 209,070 5,025,733 200,239Interest and dividends receivable 839,076 72,132 50,040,531 980,941Interest receivable on swap agreements 283 — 1,862,797 39,796Receivable from related parties (Note 4) 13,468 32,756 2,049,283 11,666Swaps, at value (Note 12) — — 162,025 29,083Other assets 203 — 11,888 188

Total assets 71,256,123 54,663,711 3,136,017,209 61,660,094

Liabilities:

Distributions payable — — 15,489,954 —Payable for open forward foreign currency

exchange contracts (Note 8) 68,401 — 65,855,097 611,553Payable for class specific open forward foreign

currency exchange contracts (Note 9) — — 12,710 —Payable for daily variation margin on open futures

contracts 125 — — —Payable for investments purchased 1,800,484 121,101 — 219,307Payable for fund units reacquired — — 4,376,193 —Payable for capital gains tax — 12,123 — —Interest payable on swap agreements — — 1,254,709 27,406Swaps, at value (Note 12) 78,703 — 56,288 8,841Payable to related parties (Note 4) — — — —Accrued expenses and other liabilities 85,100 120,757 9,800,412 101,469

Total liabilities 2,032,813 253,981 96,845,363 968,576

Total net assets 69,223,310 54,409,730 3,039,171,846 60,691,518

(a) The inception date of the sub-fund was 25 June 2013.


38 ANNUAL REPORT


STATEMENTS OF ASSETS AND LIABILITIES


€

Global EquityEuro Hedged

Fund€

Global EquityFund

€

Global ValueEx-JapanFund(b)

$Total

€

Assets:

Investments, at value 411,384,285 151,948,517 3,410,999,987 47,087,349 4,158,377,551Repurchase agreements (Note 10) — — — — 7,841,018Cash and other liquid assets 5,859,330 1,471,752 19,022,543 881,597 27,638,823Restricted cash (Note 2) — — — — 201,307Receivable for open forward foreign currency

exchange contracts (Note 8) — 3,113,895 — — 3,837,683Receivable for class specific open forward foreign

currency exchange contracts (Note 9) — — — — 4,437Receivable for daily variation margin on open

futures contracts — — — — 416Receivable for fund units sold — — 89,701 — 102,904Receivable for investments sold 383,432 279,706 51,366,853 — 53,636,280Interest and dividends receivable 429,221 177,015 5,358,668 40,085 7,769,063Interest receivable on swap agreements — — — — 43,632Receivable from related parties (Note 4) — — — 17,494 71,118Swaps, at value (Note 12) — — — — 22,705Other assets 616 300 6,610 — 7,904

Total assets 418,056,884 156,991,185 3,486,844,362 48,026,525 4,259,554,841

Liabilities:

Distributions payable — — — — 116,618Payable for open forward foreign currency

exchange contracts (Note 8) — 552,217 — — 1,550,324Payable for class specific open forward foreign

currency exchange contracts (Note 9) — — — — 96Payable for daily variation margin on open futures

contracts — — — — 92Payable for investments purchased 962,419 257,136 4,888,924 15 7,690,059Payable for fund units reacquired 118,712 — 31,412,468 — 31,564,127Payable for capital gains tax — — — — 8,956Interest payable on swap agreements — — — — 29,692Swaps, at value (Note 12) — — — — 65,096Payable to related parties (Note 4) 35,216 7,379 251,890 — 294,485Accrued expenses and other liabilities 108,387 77,527 416,416 85,537 966,338

Total liabilities 1,224,734 894,259 36,969,698 85,552 42,285,883

Total net assets 416,832,150 156,096,926 3,449,874,664 47,940,973 4,217,268,958

(b) The inception date of the sub-fund was 24 May 2013.

See Notes to Financial Statements.

ANNUAL REPORT 39

FINANCIAL STATEMENTS | For the period ended 30 September 2013(e)

STATEMENTS OF OPERATIONS AND CHANGES INNET ASSETS


Fund$


Fund(a)$


Fund¥


Fund II$

Net investment income (loss)

IncomeDividends — 424,906 — —Interest 1,777,520 133 104,286,634 2,024,055Withholding taxes (Note 6) — (40,162) (981,204) (18,994)

Total investment income 1,777,520 384,877 103,305,430 2,005,061

ExpensesInvestment management fee (Note 4) 212,918 113,146 10,645,840 222,502Administrative services fee (Note 4) 8,423 3,819 539,396 7,931Depositary fee (Note 3) 33,470 49,760 5,407,282 55,902Unitholder servicing costs 12,032 6,444 1,184,750 12,032Printing 14,121 13,044 1,388,372 14,121Audit and other professional fees 38,105 42,647 3,968,674 38,163Taxe d’abonnement (Note 6) 3,547 2,627 170,217 3,136Tax transparency costs — — — —Miscellaneous 17,959 11,096 1,563,359 14,970

Total expenses 340,575 242,583 24,867,890 368,757

Fee credits (Note 2) (105) — (4,394) (109)Expenses reimbursed by related parties (Note 4) (70,711) (112,660) (9,061,286) (95,183)

Net expenses 269,759 129,923 15,802,210 273,465

Net investment income 1,507,761 254,954 87,503,220 1,731,596

Realized and unrealized gain (loss) oninvestments, derivatives, and currencytransactions

Net realized gain (loss) on investments, derivatives,and currency transactions (472,692)(b) (570,104) 189,191,880(c) (1,901,224)

Net change in unrealized gain (loss) on investments,derivatives, and currency translation (4,445,565)(b) 4,728,127 (385,106,186)(c) (5,572,923)

Results of operations (3,410,496) 4,412,977 (108,411,086) (5,742,551)

Distributions declared to unitholders (Note 2) — — (86,280,921) —

Change in net assets from fund unit transactions — 49,996,753 (329,563,928) —

Total change in net assets (3,410,496) 54,409,730 (524,255,935) (5,742,551)

Net assets

At the beginning of the period 72,633,806 — 3,563,427,781 66,434,069Beginning of period currency translation — — — —At the end of the period 69,223,310 54,409,730 3,039,171,846 60,691,518

(a) The inception date of the sub-fund was 25 June 2013.(b) A portion of net realized gain (loss) and net change in unrealized gain (loss), $(26,515) and $17,875, respectively, is related to class specific forward

foreign currency exchange transactions and positions.(c) A portion of net realized gain (loss) and net change in unrealized gain (loss), ¥(5,204,384) and ¥3,406,460, respectively, is related to class specific

forward foreign currency exchange transactions and positions.(e) For the period 1 April 2013 to 30 September 2013, unless otherwise noted.


40 ANNUAL REPORT

FINANCIAL STATEMENTS | For the period ended 30 September 2013(e)

STATEMENTS OF OPERATIONS AND CHANGES INNET ASSETS


€


Fund€

Global EquityFund

€

Global ValueEx-JapanFund(d)

$Total

€

Net investment income (loss)

IncomeDividends 4,786,669 2,046,365 49,478,753 327,292 56,867,468Interest — — — 21 3,593,632Withholding taxes (Note 6) (734,168) (388,690) (6,539,776) (64,712) (7,761,528)

Total investment income 4,052,501 1,657,675 42,938,977 262,601 52,699,572

ExpensesInvestment management fee (Note 4) 1,514,308 494,045 11,763,365 101,541 14,332,128Administrative services fee (Note 4) 29,686 12,931 205,516 4,574 270,476Depositary fee (Note 3) 65,761 35,151 256,130 14,723 511,411Unitholder servicing costs 9,276 9,276 9,324 8,548 65,648Printing 10,728 10,728 10,728 13,173 82,868Audit and other professional fees 30,978 38,818 36,185 43,786 256,054Taxe d’abonnement (Note 6) 7,005 5,602 44,420 2,312 66,894Tax transparency costs 13,659 2,160 138,567 — 154,386Miscellaneous 13,027 10,837 40,869 11,667 117,645

Total expenses 1,694,428 619,548 12,505,104 200,324 15,857,510

Fee credits (Note 2) (29) (21) (237) — (478)Expenses reimbursed by related parties (Note 4) — (4,099) — (74,710) (333,289)

Net expenses 1,694,399 615,428 12,504,867 125,614 15,523,743

Net investment income 2,358,102 1,042,247 30,434,110 136,987 37,175,829

Realized and unrealized gain (loss) oninvestments, derivatives, and currencytransactions

Net realized gain (loss) on investments, derivatives,and currency transactions 4,205,844 1,949,175 172,246,111 17,759 177,663,723

Net change in unrealized gain (loss) on investments,derivatives, and currency translation 6,706,310 4,975,687 (86,153,638) 1,785,207 (79,960,356)

Results of operations 13,270,256 7,967,109 116,526,583 1,939,953 134,879,196

Distributions declared to unitholders (Note 2) — — — — (649,574)

Change in net assets from fund unit transactions 25,031,408 4,432,860 (349,376,042) 46,001,020 (251,475,243)

Total change in net assets 38,301,664 12,399,969 (232,849,459) 47,940,973 (117,245,621)

Net assets

At the beginning of the period 378,530,486 143,696,957 3,682,724,123 — 4,342,766,938Beginning of period currency translation — — — — (8,252,363)At the end of the period 416,832,150 156,096,926 3,449,874,664 47,940,973 4,217,268,954

(d) The inception date of the sub-fund was 24 May 2013.(e) For the period 1 April 2013 to 30 September 2013, unless otherwise noted.


ANNUAL REPORT 41


STATISTICAL INFORMATION


Fund$


Fund(a)$


Fund¥


Fund II$

Net asset value

31 March 2012 66,025,601 — 4,557,374,214 62,280,42131 March 2013 72,633,806 — 3,563,427,781 66,434,06930 September 2013 69,223,310 54,409,730 3,039,171,846 60,691,518

Capital units outstanding at 30 September 2013

Euro Class (€) — 750 — —FC Class (Hedged) (¥) — — 3,095 —FD Class (¥) — — 283,772 —Sterling Class (£) — 640 — —USD Class ($) 613,545 498,000 — 625,521Yen 1 Class (Hedged) (¥) 1,013 — — —Yen 2 Class (¥) 1,013 — — —Yen 3 Class (Hedged) (¥) 1,013 — — —Yen 4 Class (¥) 1,013 — — —

Net asset value per unit

Euro Class (€)30 September 2013 — 105.27 — —

FC Class (Hedged) (¥)31 March 2012 — — 11,914 —31 March 2013 — — 12,030 —30 September 2013 — — 10,799 —

FD Class (¥)31 March 2012 — — 9,811 —31 March 2013 — — 11,344 —30 September 2013 — — 10,592 —

Sterling Class (£)30 September 2013 — 103.47 — —

USD Class ($)31 March 2012 106.88 — — 99.5731 March 2013 117.63 — — 106.2130 September 2013 112.12 108.83 — 97.03

Yen 1 Class (Hedged) (¥)31 March 2012 9,071 — — —31 March 2013 9,972 — — —30 September 2013 9,509 — — —

Yen 2 Class (¥)31 March 2012 9,153 — — —31 March 2013 11,529 — — —30 September 2013 11,449 — — —

Yen 3 Class (Hedged) (¥)31 March 2012 9,080 — — —31 March 2013 10,003 — — —30 September 2013 9,548 — — —

Yen 4 Class (¥)31 March 2012 9,153 — — —31 March 2013 11,529 — — —30 September 2013 11,449 — — —

42 ANNUAL REPORT


STATISTICAL INFORMATION - continued


Fund$


Fund(a)$


Fund¥


Fund II$

Expense Ratios Annualized (unaudited) (%) (Note 4)

For the period ended 30 September 2013(b):

Euro Class (€) — 0.92 — —FC Class (Hedged) ((¥) — — 0.95 —FD Class (¥) — — 0.95 —Sterling Class (£) — 0.92 — —USD Class ($) 0.76 0.92 — 0.86Yen 1 Class (Hedged) (¥) 0.76 — — —Yen 2 Class (¥) 0.76 — — —Yen 3 Class (Hedged) (¥) 0.76 — — —Yen 4 Class (¥) 0.76 — — —

Portfolio turnover (unaudited) (%)

For the period ended 30 September 2013(b): 73 21 144 162


ANNUAL REPORT 43


STATISTICAL INFORMATION


€


Fund€

Global EquityFund

€

Global ValueEx-JapanFund(c)

$

Net asset value

31 March 2012 128,181,860 114,444,745 3,275,400,142 —31 March 2013 378,530,486 143,696,957 3,682,724,123 —30 September 2013 416,832,150 156,096,926 3,449,874,664 47,940,973

Capital units outstanding at 30 September 2013

Euro Class (€) 473,883 540,788 1,384,779 —Euro IRE T Class (€) — 305,895 401,407 —Sterling Class (£) 307 — 2,048,389 —Sterling UK T Class (£) 1,721,181 — 12,138,028 —USD Class ($) 395,450 — 904,653 465,455Yen 4 Class (¥) — — — 1,025

Net asset value per unit

Euro Class (€)31 March 2012 151.26 163.36 163.32 —31 March 2013 187.02 196.02 199.42 —30 September 2013 193.37 206.45 205.36 —

Euro IRE T Class (€)31 March 2012 — 114.77 — —31 March 2013 — 137.88 125.71 —30 September 2013 — 145.31 129.57 —

Sterling Class (£)31 March 2012 159.26 — 135.05 —31 March 2013 199.78 — 168.16 —30 September 2013 204.68 — 171.59 —

Sterling UK T Class (£)31 March 2012 — — 136.42 —31 March 2013 130.97 — 168.97 —30 September 2013 134.39 — 172.67 —

USD Class ($)31 March 2012 127.67 — 217.89 —31 March 2013 151.76 — 255.52 —30 September 2013 165.68 — 277.89 102.78

Yen 4 Class (¥)30 September 2013 — — — 9,916

Expense Ratios Annualized (unaudited) (%) (Note 4)

For the period ended 30 September 2013(b):

Euro Class (€) 0.84 0.81 0.69 —Euro IRE T Class (€) — 0.81 0.69 —Sterling Class (£) 0.82 — 0.69 —Sterling UK T Class (£) 0.84 — 0.69 —USD Class ($) 0.84 — 0.69 0.87Yen 4 Class (¥) — — — 0.86

44 ANNUAL REPORT


STATISTICAL INFORMATION - continued


€


Fund€

Global EquityFund

€

Global ValueEx-JapanFund(c)

$

Portfolio turnover (unaudited) (%)

For the period ended 30 September 2013(b): 8 10 5 3

(a) The inception date of the sub-fund was 25 June 2013.(b) For the period 1 April 2013 to 30 September 2013, unless otherwise noted.(c) The inception date of the sub-fund was 24 May 2013.


ANNUAL REPORT 45

NOTES TO FINANCIAL STATEMENTS

Note 1: The Fund

The MFS Investment Funds (the “fund”) was established as a “Fonds Commun de Placement” by thepredecessor to MFS Investment Management Company (Lux) S.á r.l. (the “Management Company”) on14 July 2000. The Management Company was incorporated in and under the laws of the Grand-Duchy ofLuxembourg as a Société Anonyme on 20 June 2000 and converted to a Société à Responsabilité Limitéeas of 27 June 2011. The fund comprises separate sub-funds each of which relates to a separate portfolioof securities with specific investment objectives. The fund is subject to the provisions of the LuxembourgLaw of 13 February 2007, as amended. As of 30 September 2013, the fund offered units in eightsub-funds. Each sub-fund offers various unit classes as disclosed in the fund’s issuing document. Unitclasses available for each sub-fund as of 30 September 2013 can be found under “Statistical Information”in this report.

Effective 30 September 2013, the financial year end of the fund has been changed from 31 March to30 September.

Note 2: Summary of Significant Accounting Policies

The financial statements have been prepared in accordance with Luxembourg legal and regulatoryrequirements applicable to investment funds. In relation to the accounts of the fund, there were nosignificant reconciling differences on net investment income between Luxembourg legal and regulatoryrequirements for investment funds and Generally Accepted Accounting Principles (“GAAP”) used in theUnited States for the period ended 30 September 2013.

A) Use of Estimates – The preparation of financial statements in conformity with accounting principlesgenerally accepted in Luxembourg requires management to make estimates and assumptions that affectthe reported amount of assets and liabilities and the reported amounts of income and expenses during thereporting period. Actual results may differ from those estimates.

B) Financial Instrument Valuations – Equity securities are generally valued at the last sale or officialclosing price as provided by a third-party pricing service on the market or exchange on which they areprimarily traded. Equity securities, for which there were no sales reported that day, are generally valued atthe last quoted daily bid quotation as provided by a third-party pricing service on the market or exchangeon which such securities are primarily traded.

Debt instruments and floating rate loans (other than short-term instruments) are generally valued at anevaluated or composite bid as provided by a third-party pricing service.

Exchange-traded options are generally valued at the last sale or official closing price as provided by athird-party pricing service on the exchange on which they are primarily traded. Exchange-traded optionsfor which there were no sales reported that day are generally valued at the last daily bid quotation asprovided by a third-party pricing service on the exchange on which such options are primarily traded.Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currencyoptions are generally valued at valuations provided by a third-party pricing service.

Futures contracts are generally valued at the last posted settlement price as provided by a third-partypricing service on the market on which they are primarily traded. Futures contracts, for which there wereno trades that day for a particular position, are generally valued at the closing bid quotation as provided bya third-party pricing service on the market on which such futures contracts are primarily traded.

Swap agreements are generally valued at valuations provided by a third-party pricing service, which forcleared swaps includes an evaluation of any trading activity at the clearinghouses.

Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices forthe time period interpolated from rates provided by a third-party pricing service for proximate timeperiods.

Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortizedcost, which approximates market value.

Securities and other assets generally valued on the basis of information from a third-party pricing servicemay also be valued at a broker/dealer bid quotation.

46 ANNUAL REPORT

Notes to financial statements – continued

Values obtained from third-party pricing services can utilize both transaction data and market informationsuch as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.The values of securities and other assets and liabilities expressed in non-base currencies are converted tothe base currency of the sub-fund based upon exchange rates provided by a third-party source.

The Board of Managers has delegated primary responsibility for determining or causing to be determinedthe value of the sub-fund’s investments (including any fair valuation) to the investment manager pursuantto valuation policies and procedures approved by the Board. If the investment manager determines thatreliable market quotations are not readily available, investments are valued at fair value as determined ingood faith by the investment manager in accordance with such procedures under the oversight of theBoard of Managers.

Under the fund’s valuation policies and procedures, investments may be valued at fair value if theinvestment manager determines that an investment’s value has been materially affected by eventsoccurring after the close of the exchange or market on which the investment is principally traded (such asforeign exchange or market) and prior to the determination of the sub-fund’s net asset value, or after thehalting of trading of a specific security where trading does not resume prior to the close of the exchangeor market on which the security is principally traded. Events that occur on a frequent basis after marketsclose (such as developments in foreign markets) and prior to the determination of the sub-fund’s net assetvalue may be deemed to have a material effect on the value of securities traded in these markets.Accordingly, the fund’s non-U.S. (“foreign”) equity securities may often be valued at fair value. Theinvestment manager may rely on third-party pricing services or other information (such as the correlationwith price movements of similar securities in the same or other markets; the type, cost and investmentcharacteristics of the security; the business and financial condition of the issuer; and trading and othermarket 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 sub-fund’s net asset value can differ dependingon the source and method used to determine the value. When fair valuation is used, the value of aninvestment used to determine the sub-fund’s net asset value may differ from quoted or published pricesfor the same investment. There can be no assurance that the sub-fund could obtain the fair value assignedto an investment if it were to sell the investment at the same time at which the sub-fund determines itsnet asset value per unit.

C) Dividends and Interest – Dividends received in cash are recorded on the ex-dividend date. Certaindividends from foreign securities will be recorded when the sub-fund is informed of the dividend if suchinformation is obtained subsequent to the ex-dividend date. Dividend and interest payments received inadditional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value ofthe security on such date. Interest income is recorded on the accrual basis. Each sub-fund accretesdiscounts and amortizes premiums on debt securities as adjustments to interest income.

The sub-funds may receive proceeds from litigation settlements. Any proceeds received from litigationinvolving portfolio holdings are reflected in the Statements of Operations and Changes in Net Assets in netrealized gain (loss) on investments, derivatives, and currency transactions if the security has been disposed ofby the sub-fund or in net change in unrealized gain (loss) on investments, derivatives, and currency translationif the security is still held by the sub-fund. Any other proceeds from litigation not related to portfolio holdingsare recorded as net realized gain, in the Statements of Operations and Changes in Net Assets.

D) Foreign Currency Translation – Purchases and sales of foreign investments, income, and expensesinitially expressed in foreign currencies are converted each business day into each sub-fund’s base currencybased upon currency exchange rates prevailing on the respective dates of such transactions or on thereporting date for foreign denominated receivables and payables. The base currency for the EmergingMarkets Debt Fund, Emerging Markets Equity Fund, Emerging Markets Local Currency Debt Fund II, andGlobal Value Ex-Japan Fund is USD. The base currency for the Emerging Markets Local Currency Debt Fundis JPY. The base currency for the Global Concentrated Equity Fund, Global Equity Euro Hedged Fund, andGlobal Equity Fund is EUR. Gains and losses attributable to foreign currency exchange rates on sales ofsecurities and foreign exchange rate movements on receivables, payables, income, and expenses arerecorded for financial statement purposes as net realized gain (loss) on investments, derivatives, andcurrency transactions. The portion of both realized and unrealized gains and losses on investments thatresults from fluctuations in currency exchange rates is not separately disclosed.

ANNUAL REPORT 47


E) Cost of Securities Sold – In determining the cost of securities sold, each sub-fund uses the averagecost basis.

F) Over-the-Counter Derivative Collateral Requirements – Derivative counterparty credit risk ismanaged through formal evaluation of the creditworthiness of all potential counterparties. On certain, butnot all, over-the-counter derivatives, the sub-fund attempts to reduce its exposure to counterparty creditrisk by entering into an International Swaps and Derivatives Association (“ISDA”) Master Agreement on abilateral basis, at the sub-fund level, with each of the counterparties with whom it undertakes a significantvolume of transactions. The ISDA Master Agreement gives each party to the agreement the right toterminate all transactions traded under such agreement if there is a certain deterioration in the creditquality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, thenon-defaulting party has the right to close out all transactions traded under such agreement and to netamounts owed under each transaction to one net amount payable by one party to the other. This right toclose out and net payments across all transactions traded under the ISDA Master Agreement could resultin a reduction of the sub-fund’s credit risk to such counterparty equal to any amounts payable by thesub-fund under the applicable transactions, if any. However, absent an event of default by thecounterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offsetof reported balance sheet assets and liabilities across transactions between the sub-fund and theapplicable counterparty.

Collateral and margin requirements differ by type of derivative. Margin requirements are set by the brokeror clearinghouse for cleared traded derivatives (i.e., futures contracts, cleared swaps, and exchange-tradedoptions) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forwardforeign currency exchange contracts, uncleared swap agreements, and over-the-counter options). Forderivatives traded under an ISDA Master Agreement, the collateral requirements are netted across alltransactions traded under such agreement and one amount is posted from one party to the other tocollateralize such obligations. Cash that has been segregated to cover the sub-fund’s collateral or marginobligations under derivative contracts, if any, will be reported separately in the Statements of Assets andLiabilities as restricted cash. The Emerging Markets Local Currency Debt Fund and Emerging Markets LocalCurrency Debt Fund II segregated ¥24,531,250 and $22,500, respectively, as cash collateral for open over-the-counter derivatives. Securities pledged as collateral for margin for the same purpose, if any, is noted inthe Schedules of Investments.

G) Forward Foreign Currency Exchange Contracts – Each sub-fund may enter into forward foreigncurrency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on afuture date. Risks may arise upon entering into these contracts from the potential inability ofcounterparties to meet the terms of their contracts and from unanticipated movements in the value of thecontract. Certain sub-funds may enter into forward foreign currency exchange contracts for efficientportfolio management or for investment purposes. For efficient portfolio management purposes, thesub-fund may enter into contracts to deliver or receive foreign currency it will receive from or require in itsnormal investment activities. The sub-fund may also use contracts in a manner intended to protect foreigncurrency denominated securities from declines in value due to unfavorable exchange rate movements. Forinvestment purposes, certain sub-funds may enter into contracts with the intent of changing the relativeexposure of the sub-fund’s portfolio of securities to different currencies to take advantage of anticipatedexchange rate changes. The forward foreign currency exchange contracts are adjusted by the dailyexchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable orpayable for forward foreign currency exchange contracts until the contract settlement date. On contractsettlement date, any gains or losses are recorded as realized gain (loss) on investments, derivatives, andcurrency transactions in the Statements of Operations and Changes in Net Assets. Collateral, in the formof cash or securities, may be required to be held in segregated accounts with the sub-fund’s depositary inconnection with these agreements. Details of the forward foreign currency exchange contractsoutstanding are listed in Note 8.

The Emerging Markets Debt Fund, which has a base currency of USD, offers two hedged classes: Yen 1Class and Yen 3 Class. For these classes the sub-fund will seek to hedge US dollar to Yen exchange raterisk at the class level via the purchase or sale of forward foreign currency exchange contracts. While thesub-fund may attempt to hedge US dollar exposure in the Yen 1 Class and Yen 3 Class, there can be no

48 ANNUAL REPORT


guarantee that it will be successful in doing so. The use of hedging for the classes may substantially limitthe holders of Yen 1 and Yen 3 units from benefiting if the Yen depreciates against the US dollar. Thecosts associated with the foreign exchange contracts that hedge the US dollar exposure will be allocatedto and reflected in the net asset value of the respective hedged class. Consequently, the performance andnet asset value per unit of the hedged Yen classes versus the unhedged Yen classes are expected to differ.The sub-fund will allocate the gains and losses of the hedging transactions described above to the relevanthedged Yen class on behalf of which the transactions were effected, and consequently it is anticipatedthat the effects of such hedging will not materially affect the unhedged Yen classes or any of the classesdenominated in other currencies.

In order to protect its present and future assets and liabilities related to Class FC of the Emerging MarketsLocal Currency Debt Fund against the fluctuation of emerging market local currencies, the sub-fundentered into transactions the object of which is the purchase or the sale of forward foreign currencyexchange contracts relating to the value of the US dollar (as an approximate proxy for the value of theemerging market local currencies), other currencies as an approximate proxy, or the emerging market localcurrencies themselves. While the sub-fund may attempt to hedge the emerging market local currenciesrisk, there can be no guarantee that it will be successful in doing so, nor that the US dollar (or othercurrencies as an approximate proxy) will be an effective proxy for the value of the emerging market localcurrencies. The use of these class hedging strategies may substantially limit holders of this unit class frombenefiting if the Yen falls against the emerging market local currencies (the currencies in which all of theassets of the portfolio are denominated) or the US dollar. Details of the class specific forward foreigncurrency exchange contracts outstanding are listed in Note 9.

Given that there is no segregation of liabilities between share classes of the sub-funds, there is a risk that,under certain circumstances, currency hedging transactions in relation to one share class could result inliabilities which might affect the net asset value of the other share classes of the same sub-fund.

H) Written Options – In exchange for a premium, each sub-fund may write call options on securities thatit anticipated the price would decline and also write put options on securities that it anticipated the pricewould increase. At the time the option was written, the sub-fund believed the premium received exceededthe potential loss that could result from adverse price changes in the options’ underlying securities. In awritten option, the sub-fund as the option writer grants the buyer the right to purchase from, or sell to,the sub-fund a specified number of shares or units of a particular security, currency or index at a specifiedprice within a specified period of time. The premium is initially recorded as a liability in the Statements ofAssets and Liabilities. The option is subsequently marked-to-market daily with the difference between thepremium received and the market value of the written option being recorded as unrealized appreciation ordepreciation. When a written option expires, the sub-fund realizes a gain equal to the amount of thepremium received. The difference between the premium and the amount paid on effecting a closingtransaction is considered a realized gain or loss. When a written call option is exercised, the premiumreceived is offset against the proceeds to determine the realized gain or loss. When a written put option isexercised, the premium reduces the cost basis of the security purchased by the sub-fund. In general,written call options may serve as a partial hedge against decreases in value in the underlying securities tothe extent of the premium received. Collateral, in the form of cash or securities, may be required to beheld in segregated accounts with the sub-fund’s depositary in connection with these agreements.

At the initiation of the written option contract, for exchange traded options, the sub-fund is required todeposit securities or cash as collateral with the depositary for the benefit of the broker. Forover-the-counter options, the sub-fund may post collateral subject to the terms of an ISDA MasterAgreement as generally described above if the market value of the options contract moves against it. Thesub-fund, as writer of an option, may have no control over whether the underlying securities may be sold(call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of thesecurities underlying the written option. Losses from writing options can exceed the premium received andcan exceed the potential loss from an ordinary buy and sell transaction. Although the sub-fund’s marketrisk may be significant, the maximum counterparty credit risk to the sub-fund is equal to the market valueof any collateral posted to the broker. For over-the-counter options, this risk is mitigated in cases wherethere is an ISDA Master Agreement between the sub-fund and the counterparty providing for netting asdescribed above.

ANNUAL REPORT 49


I) Purchased Options – Each sub-fund may purchase call or put options for a premium. Purchased call andput options entitle the holder to buy or sell a specified number of shares or units of a particular security,currency or index at a specified price at a specified date or within a specified period of time. Purchasing calloptions may be used to hedge against an anticipated increase in the cost of securities or currency to beacquired or to increase the sub-fund’s exposure to an underlying instrument. Purchasing put options mayhedge against a decline in the value of portfolio securities or currency. The premium paid is initially recordedas an investment in the Schedules of Investments. That investment is subsequently marked-to-market dailywith the difference between the premium paid and the market value of the purchased option beingrecorded as unrealized appreciation or depreciation. Premiums paid for purchased call and put options whichhave expired are treated as net realized loss on investments in the Statements of Operations and Changes inNet Assets. Upon the exercise or closing of a purchased option, the premium paid is either added to the costof the security or financial instrument in the case of a call option, or offset against the proceeds on the saleof the underlying security or financial instrument in the case of a put option, in order to determine the netrealized gain or loss on investments, derivatives, and currency transactions. Collateral, in the form of cash orsecurities, may be required to be held in segregated accounts with the sub-fund’s depositary in connectionwith these agreements. Whether or not the option is exercised, the sub-fund’s maximum risk of loss frompurchasing an option is the amount of premium paid. All option contracts involve credit risk if thecounterparty to the option contract fails to perform. For over-the-counter options, this risk is mitigated incases where there is an ISDA Master Agreement between the fund and the counterparty providing fornetting as described above and for posting of collateral by the counterparty to the fund to cover the fund’sexposure to the counterparty under such ISDA Master Agreement.

J) Swap Agreements – Certain sub-funds may enter into swap agreements. A swap agreement isgenerally an exchange of cash payments, at specified intervals or upon the occurrence of specified events,between the sub-fund and another party. Interest rate and credit default swaps may be centrally cleared(“cleared swaps”). In a cleared swap transaction, the swap agreement is notated to a central counterparty(the “clearinghouse”) immediately following execution of the swap contract with an executing broker.Thereafter, throughout the term of the cleared swap, the fund interfaces indirectly with the clearinghousethrough a clearing broker. Net cash payments are exchanged at specified intervals and the expectedincome or expense is recorded on the accrual basis. The swap agreement is recorded at value and adjusteddaily and the change in value is recorded as unrealized appreciation or depreciation in the Statements ofOperations and Changes in Net Assets. The daily change in valuation of centrally cleared swaps is recordedas a receivable or payable for variation margin in the Statements of Assets and Liabilities. Amounts paid orreceived at the inception of the swap agreement are disclosed as premiums paid or received in Note 12and are amortized using the effective interest method over the term of the agreement. A liquidationpayment received or made upon early termination is recorded as a realized gain or loss in the Statementsof Operations and Changes of Net Assets. Collateral, in the form of cash or securities, may be required tobe held in segregated accounts with the sub-fund’s depositary in connection with these agreements.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market andinterest rate movements of the underlying instrument and the failure of the counterparty to performunder the terms of the agreements. To address counterparty risk, swap agreements are limited to onlyhighly-rated counterparties. For uncleared swaps, that risk is further reduced by having an ISDA MasterAgreement between the sub-fund and its counterparty providing for netting as described above and bythe posting of collateral by the counterparty to the sub-fund to cover the sub-fund’s exposure to thecounterparty under such ISDA Master Agreement. Although not covered by an ISDA Master Agreement,the sub-fund’s counterparty risk due to cleared swaps is mitigated by the clearinghouse marginrequirements and financial safeguards in the event of a clearing broker default. Certain sub-funds mayenter into swaps for efficient portfolio management. Certain sub-funds may also enter into swaps forinvestment purposes. For efficient portfolio management purposes, the sub-fund may use swaps to reduceits exposure to interest and foreign exchange rate fluctuations. For investment purposes, certain sub-fundsmay use swaps to take a position on anticipated changes in the underlying financial index.

Interest Rate Swaps – Interest rate swap agreements involve the periodic exchange of cash flows,between the sub-fund and a counterparty, based on the differences between two interest rates applied toa notional principal amount. The two interest rates exchanged may either be a fixed rate and a floatingrate or two floating rates based on different indices. The net receivable or payable associated with these

50 ANNUAL REPORT


payments is accrued daily and recorded as an unrealized gain or loss, and any payments received or madeare recorded as realized gain or loss, in the Statements of Operations and Changes in Net Assets. Detailsof the interest rate swaps outstanding are listed in Note 12.

Credit Default Swaps – Credit default swaps are agreements to manage a sub-fund’s exposure to themarket or certain sectors of the market, to reduce a sub-fund’s credit risk exposure to defaults ofcorporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is nototherwise exposed. In a credit default swap, the protection buyer can make an upfront payment and willmake a stream of payments based on a fixed percentage applied to the contract notional amount to theprotection seller in exchange for the right to receive a specified return upon the occurrence of a definedcredit event on the reference obligation (which may be either a single security or a basket of securitiesissued by corporate or sovereign issuers) and, with respect to the rare cases where physical settlementapplies, the delivery by the buyer to the seller of a defined deliverable obligation. Although agreementspecific, credit events generally consist of a combination of the following: bankruptcy, failure to pay,restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined inthe 2003 ISDA Credit Derivatives Definitions as amended by the relevant contract. Restructuring isgenerally not applicable when the reference obligation is issued by a North American corporation andobligation acceleration, obligation default, or repudiation/moratorium are generally only applicable whenthe reference obligation is issued by a sovereign entity or an entity in an emerging country. Upondetermination of the final price for the deliverable obligation (or upon delivery of the deliverable obligationin the case of physical settlement), the difference between the value of the deliverable obligation and theswap’s notional amount is recorded as realized gain or loss in the Statements of Operations and Changesin Net Assets. As discussed earlier in this note, collateral requirements for these swaps are based generallyon the market value of the swap netted against collateral requirements for other types of over-the-counterderivatives traded under each counterparty’s ISDA Master Agreement. Details of the credit default swapsoutstanding are listed in Note 12.

K) Futures Contracts – The sub-funds may enter into futures contracts which may be used to hedgeagainst or obtain broad market exposure, interest rate exposure, currency exposure, or to manageduration. A futures contract represents a commitment for the future purchase or sale of an asset at aspecified price on a specified date. Upon entering into a future contract, the sub-fund is required todeposit with the broker either in cash or securities an initial margin in an amount equal to a certainpercentage of the notional amount of the contract, which subjects the sub-fund to counterparty risk withrespect to such collateral. Subsequent payments are made or received by the sub-fund each day,depending on the daily fluctuations in the value of the contract, and are recorded for financial statementpurposes as unrealized gains or losses by the sub-fund until the contract is closed or expires at which pointthe gain or loss on futures contracts is realized. Upon entering into such contracts, the sub-fund bears therisk of interest or exchange rates or securities’ prices moving unexpectedly, in which case, the sub-fundmay not achieve the anticipated benefits of the futures contracts and may realize a loss. Details of thefutures contracts outstanding, including collateral amounts posted by a sub-fund for such contracts, arelisted in Note 11.

L) Combined Statements – The combined Statements of Assets and Liabilities, Operations and Changesin Net Assets are presented in EUR at the exchange rate at the period ended 30 September 2013. Thecurrency translation adjustment relates to the retranslation of the opening Net Asset Values at thisexchange rate. The currency exchange rates (JPY to EUR) for 30 September 2013 and 31 March 2013were 0.007529 and 0.008282, respectively. The currency exchange rates (USD to EUR) for 30 September2013 and 31 March 2013 were 0.738743 and 0.780031, respectively. The currency exchange rates(GBP to EUR) for 30 September 2013 and 31 March 2013 were 1.196320 and 1.185218, respectively.

M) Fee Credits – Each sub-fund’s depositary fee may be reduced according to an arrangement thatmeasures the value of cash deposited with the depositary by each sub-fund. During the period ended30 September 2013, certain sub-fund’s depositary fees were reduced under this arrangement. Theseamounts are shown as a reduction of total expenses in the Statements of Operations and Changes in NetAssets for the applicable sub-funds.

N) Distributions – The Management Company, at its discretion, intends to pay dividends monthly for theEmerging Markets Local Currency Debt Fund and the Yen 1 and Yen 2 classes of the Emerging Markets

ANNUAL REPORT 51


Debt Fund. No distribution will be made in any of the other sub-funds and the profits allocated to each ofthose sub-funds shall be included in the net assets of the relevant sub-fund. For the period ended30 September 2013, there were no distributions paid on the Yen 1 and Yen 2 classes of the EmergingMarkets Debt Fund.

O) Repurchase Agreements – Each sub-fund may enter into repurchase agreements. Each repurchaseagreement is recorded at cost. For certain repurchase agreements, collateral posted by the counterparty isheld by the sub-funds’ depositary or its agent, while for others it is held with a third-party agent. In thelatter case, the sub-funds are exposed to additional counterparty risk with respect to such collateral due tothe possibility of insolvency of the third-party agent. Under Luxembourg regulations, the sub-funds’depositary has established procedures to monitor collateral held with such third-party agent on behalf ofthe sub-funds. Each sub-fund monitors, on a daily basis, the value of the collateral to ensure that its value,including accrued interest, is greater than amounts owed to each sub-fund under each such repurchaseagreement. Each sub-fund and other funds managed by MFS, may utilize a joint trading account for thepurpose of entering into one or more repurchase agreements. Details of the repurchase agreementsincluding various counterparties and the collateral amounts relating to such agreements outstanding arelisted in Note 10.

P) Inflation-Adjusted Debt Securities – Certain sub-funds may invest in inflation-adjusted debt securitiesissued by the U.S. Treasury. Certain sub-funds may also invest in inflation-adjusted debt securities issued byU.S. Government agencies and instrumentalities other than the U.S. Treasury and by other entities such asU.S. and foreign corporations and foreign governments. The principal value of these debt securities isadjusted through income according to changes in the Consumer Price Index or another general price orwage index. These debt securities typically pay a fixed rate of interest, but this fixed rate is applied to theinflation-adjusted principal amount. The principal paid at maturity of the debt security is typically equal to theinflation-adjusted principal amount, or the security’s original par value, whichever is greater. Other types ofinflation-adjusted securities may use other methods to adjust for other measures of inflation.

Note 3: Depositary Fee

Each sub-fund will pay State Street Bank Luxembourg S.A., the funds’ depositary and global custodian,(the “Depositary”), a fee based on the monthly net asset value of the sub-funds plus a fee based upon thetrading activity of each sub-fund. The Depositary and MFS, on behalf of the fund, shall determine the levelof the fee from time to time in light of market rates applicable in Luxembourg. Reasonable disbursementsand out-of-pocket expenses incurred by the Depositary or by other banks and financial institutions towhich safekeeping of assets of the sub-funds is entrusted are in addition to the Depositary’s fee. The fundhas also appointed State Street as the Luxembourg Paying Agent, Central Administration Agent, and FundAccounting Agent, for which it pays fees at commercial rates agreed between the parties, together withreasonable out-of-pocket expenses. The fees paid to the Depositary for these services are part of eachsub-fund’s operating expenses which are capped by MFS as described in Note 4.

Note 4: Related Party Transactions

A) Investment Management Fee – Under the fund’s Management Regulations, the ManagementCompany is responsible for providing overall investment advisory services. The Management Company hasappointed MFS (the “Investment Manager”) to provide the Management Company with day-to-dayinvestment management of the fund. The investment management fee is computed daily and paidmonthly at an annual rate equal to:

Sub-Fund

% of AverageDaily Net

Assets

Emerging Markets Debt Fund 0.60%Emerging Markets Equity Fund(a) 0.80%Emerging Markets Local Currency Debt Fund 0.64%Emerging Markets Local Currency Debt Fund II 0.70%Global Concentrated Equity Fund 0.75%Global Equity Euro Hedged Fund 0.65%Global Equity Fund 0.65%Global Value Ex-Japan Fund(b) 0.70%(a) The inception date of the sub-fund was 25 June 2013.(b) The inception date of the sub-fund was 24 May 2013.

52 ANNUAL REPORT


B) Administrative Services Fee – MFS provides certain financial, legal, risk management, unitholdercommunications, compliance, and other administrative support services to each sub-fund. Under thecurrent agreement, the sub-funds pay the lesser of an annual fee approved by the fund’s Board ofManagers of the Management Company or the fund’s share of actual costs for administrative servicesprovided by MFS during a calendar year. The approved annual fee is allocated such that each sub-fundpays a fixed fee of $10,000 (or currency equivalent) plus a fee at an annual rate based on average dailynet assets over $20 million and up to $4 billion (or currency equivalent), equal to a rate which whenapplied to a sub-fund’s net assets and when added to the fixed fee, is reasonably calibrated to pay MFS itsportion of the approved annual fee.

The administrative services fees incurred for the period 1 April 2013 through 30 September 2013, unlessotherwise noted, for each sub-fund, were equivalent to the following annual effective rates of each sub-fund’s average daily net assets:

Sub-Fund


Assets


C) Expense Cap Arrangement – Each sub-fund has entered into a temporary expense cap agreementwhereby the Investment Manager has voluntarily agreed to pay each sub-fund’s operating expenses,exclusive of management fees, distribution and service fees (if applicable), taxes, tax transparency relatedexpenses, extraordinary expenses, brokerage and transaction costs and expenses associated with eachsub-fund’s investing activities (“Other Expenses”) such that each sub-fund’s Other Expenses with respectto such designated class do not exceed, on an annualized basis, the percentage of the designated class’saverage daily net assets set forth below.

Sub-Fund


Assets


The reductions under these agreements are reported as “Expenses reimbursed by related parties” in theStatements of Operations and Changes in Net Assets. These expense cap agreements are voluntary andmay be rescinded at any time at the discretion of the Investment Manager.

D) Other – All transactions entered into between the fund and the Investment Manager have beenentered into in the ordinary course of business and on normal commercial terms. The fund has notentered into any transactions through a broker who is a connected person, nor has the fund entered intoany transactions which are outside the ordinary course of business or not on normal commercial terms. Inaddition, neither the Investment Manager, the Management Company, nor any person connected withany of them is entitled to any profits from transactions in the units of the fund or from the managementof the fund, other than through the payment of fees which have been disclosed in the fund’s prospectus.

ANNUAL REPORT 53


Note 5: Unitholder Subscription and Redemption Fee

The Management Company may charge a subscription and redemption fee up to 0.75% of eachsub-fund’s net asset value per unit to subscription and redemption transactions that exceed a materialitythreshold, for fees incurred by the sub-fund to invest or liquidate portfolio securities in connection withany purchase or redemption by a unitholder. Any subscription and redemption fee charged is accountedfor as an addition to net assets and is disclosed in the Statements of Operations and Changes in Net Assetsas “Unitholder subscription and redemption fees”. No subscription or redemption fees were chargedduring the period.

Note 6: Taxation

The fund is subject to Luxembourg law with respect to its tax status. Under legislation and regulationscurrently prevailing in Luxembourg, the fund is subject to a “Taxe d’abonnement” on its net asset value atan annual rate of 0.01%. The “Taxe d’abonnement” is calculated and payable quarterly on the basis ofthe net assets at the end of each quarter. Share classes that are reserved to pension plan investors do notpay the taxe d’abonnement, pursuant to the 2007 Law.

Interest and dividend income, and gains on securities, may be subject to non-recoverable withholdingtaxes deducted at source in the countries of origin.

The Sterling UK T and Euro IRE T classes are intended to achieve tax transparency with respect to certaincountries and as such may not be subject to the same non-recoverable withholding taxes as thosededucted within other unit classes. However, no guarantee can be given if and when such taxtransparency can be achieved for these classes for a given market.

Note 7: Line of Credit

Each sub-fund and other funds managed by MFS, except for the Emerging Markets Equity Fund and theGlobal Value Ex-Japan Fund, participate in an unsecured committed line of credit, subject to a $100 millionsublimit for the sub-funds and other funds managed by MFS, provided by a syndication of banks under acredit agreement. Borrowings may be made for temporary financing needs. Interest is charged to eachsub-fund, based on its borrowings, generally at a rate equal to the higher of the U.S. Federal Reservefunds rate or one month LIBOR plus an agreed upon spread. In addition, a commitment fee, based on theaverage daily unused portion of the committed line of credit, is allocated among the participatingsub-funds. In addition, each sub-fund and other funds managed by MFS have established a $200 millionunsecured uncommitted borrowing arrangement with its depositary bank for temporary financing needs.Interest is charged to each participating sub-fund, based on its borrowings, at a rate equal to the U.S.Federal Reserve funds rate plus an agreed upon spread. Any interest and commitment fees are reflected in“Miscellaneous” expense in the Statements of Operations and Changes in Net Assets. None of thesub-funds had any borrowings outstanding under these arrangements at 30 September 2013.

Note 8: Open Forward Foreign Currency Exchange Contracts

At 30 September 2013, the sub-funds had outstanding the following forward foreign currency exchangecontracts. Each sub-fund had sufficient cash and/or other securities to cover any commitments under thesederivative contracts.

Type Currency CounterpartyContracts to

Deliver/Receive Settlement Date RangeIn Exchange

ForContracts at

Value

NetUnrealizedGain (Loss)

Emerging Markets Debt Fund

Appreciation

BUY CLP Deutsche Bank AG 24,260,000 15/10/2013 $48,111 $48,117 $6BUY CLP JPMorgan Chase Bank N.A. 46,060,000 15/10/2013 91,280 91,354 74SELL CLP Deutsche Bank AG 4,868,000 15/10/2013 9,748 9,655 93SELL CLP JPMorgan Chase Bank N.A. 14,606,000 15/10/2013 29,238 28,969 269SELL CLP UBS AG 50,981,000 15/10/2013 102,013 101,114 899BUY EUR Deutsche Bank AG 40,000 18/10/2013 52,595 54,148 1,553BUY EUR UBS AG 68,000 18/10/2013 89,460 92,052 2,592BUY JPY Barclays Bank PLC 3,436,000 18/10/2013 34,592 35,020 428

54 ANNUAL REPORT




ForContracts at

Value


Emerging Markets Debt Fund (continued)

Appreciation (continued)

BUY JPY Deutsche Bank AG 13,877,000 18/10/2013 $140,615 $141,434 $819BUY KRW Deutsche Bank AG 76,512,000 12/11/2013 70,259 71,009 750BUY KRW Merrill Lynch International

Bank 193,628,000 12/11/2013 178,016 179,701 1,685BUY MXN JPMorgan Chase Bank N.A. 2,015,000 03/10/2013 150,965 153,059 2,094BUY MXN UBS AG 1,234,000 18/10/2013 93,420 93,617 197SELL MXN Credit Suisse Group 306,000 03/10/2013 23,387 23,244 143SELL MXN JPMorgan Chase Bank N.A. 1,620,000 03/10/2013 123,729 123,055 674SELL MXN UBS AG 298,000 03/10/2013 22,780 22,636 144BUY PHP Barclays Bank PLC 4,114,000 16/10/2013 94,207 94,501 294BUY PHP Deutsche Bank AG 2,196,000 16/10/2013 50,286 50,443 157BUY PHP JPMorgan Chase Bank N.A. 1,141,000 16/10/2013 26,110 26,210 100BUY PLN Barclays Bank PLC 145,000 12/11/2013 44,820 46,339 1,519BUY PLN JPMorgan Chase Bank N.A. 401,000 12/11/2013 123,984 128,151 4,167BUY RUB JPMorgan Chase Bank N.A. 5,546,000 16/10/2013 169,556 170,859 1,303

Total $19,960

Depreciation

SELL COP JPMorgan Chase Bank N.A. 221,627,009 15/10/2013 $115,626 $116,138 $(512)SELL EUR Barclays Bank PLC 161,000 18/10/2013 206,437 217,946 (11,509)SELL EUR Credit Suisse Group 25,000 18/10/2013 33,137 33,843 (706)SELL EUR UBS AG 49,000 18/10/2013 65,006 66,331 (1,325)SELL JPY Merrill Lynch International

Bank 36,427,000 18/10/2013 367,385 371,263 (3,878)SELL KRW Deutsche Bank AG 123,718,000 12/11/2013 113,670 114,820 (1,150)SELL KRW JPMorgan Chase Bank N.A. 146,673,000 12/11/2013 135,997 136,123 (126)BUY MXN Deutsche Bank AG 7,171,526 03/10/2013 - 18/10/2013 566,315 544,115 (22,200)BUY MXN JPMorgan Chase Bank N.A. 4,192,000 03/10/2013 - 18/10/2013 325,020 318,375 (6,645)BUY MXN UBS AG 1,563,000 18/10/2013 122,468 118,576 (3,892)BUY MYR Deutsche Bank AG 668,000 23/10/2013 211,727 204,653 (7,074)BUY PHP Barclays Bank PLC 2,120,000 21/10/2013 49,131 48,700 (431)BUY PHP Deutsche Bank AG 1,057,000 21/10/2013 24,599 24,281 (318)SELL RUB JPMorgan Chase Bank N.A. 4,000 16/10/2013 123 124 (1)BUY ZAR Barclays Bank PLC 173,000 23/10/2013 17,890 17,138 (752)BUY ZAR Credit Suisse Group 331,000 23/10/2013 34,246 32,791 (1,455)BUY ZAR Deutsche Bank AG 141,000 23/10/2013 14,583 13,969 (614)BUY ZAR JPMorgan Chase Bank N.A. 1,335,000 23/10/2013 138,069 132,256 (5,813)

Total $(68,401)



ForContracts at

Value



Appreciation

BUY BRL Barclays Bank PLC 331,000 02/10/2013 ¥14,590,586 ¥14,590,586 ¥0BUY BRL Citibank N.A. 151,000 02/10/2013 6,366,954 6,656,129 289,175BUY BRL JPMorgan Chase Bank N.A. 6,284,940 02/10/2013 276,803,896 277,042,171 238,275SELL BRL Citibank N.A. 886,880 02/10/2013 39,790,000 39,093,955 696,045SELL BRL JPMorgan Chase Bank N.A. 352,704 02/10/2013 15,940,000 15,547,306 392,694SELL BRL UBS AG 7,158,819 02/10/2013 - 04/11/2013 315,270,488 313,135,499 2,134,989SELL CLP JPMorgan Chase Bank N.A. 61,827,000 15/10/2013 12,250,837 12,032,406 218,431SELL COP Deutsche Bank AG 198,418,500 15/10/2013 10,287,471 10,201,919 85,552SELL COP JPMorgan Chase Bank N.A. 485,616,881 15/10/2013 25,066,875 24,968,560 98,315

ANNUAL REPORT 55




ForContracts at

Value


Emerging Markets Local Currency Debt Fund (continued)


BUY EUR Barclays Bank PLC 27,000 18/10/2013 ¥3,531,639 ¥3,586,145 ¥54,506BUY EUR Citibank N.A. 51,000 18/10/2013 6,693,034 6,773,830 80,796BUY EUR Goldman Sachs

International 2,000 18/10/2013 259,865 265,640 5,775SELL EUR Goldman Sachs

International 108,000 18/10/2013 14,405,160 14,344,580 60,580BUY HUF Citibank N.A. 123,635,455 21/10/2013 53,874,599 55,130,182 1,255,583BUY HUF Goldman Sachs

International 14,094,000 21/10/2013 6,187,487 6,284,644 97,157SELL IDR Barclays Bank PLC 4,260,011,000 13/12/2013 35,928,531 35,626,259 302,272BUY KRW Barclays Bank PLC 107,963,000 28/10/2013 9,517,988 9,840,204 322,216BUY KRW Citibank N.A. 48,382,000 28/10/2013 4,398,183 4,409,740 11,557BUY KRW Deutsche Bank AG 72,607,000 28/10/2013 6,401,013 6,617,709 216,696BUY KRW JPMorgan Chase Bank N.A. 171,502,000 28/10/2013 - 12/11/2013 15,552,859 15,623,259 70,400BUY KRW UBS AG 83,724,000 28/10/2013 7,414,501 7,630,959 216,458BUY MXN Barclays Bank PLC 448,000 18/10/2013 3,318,575 3,334,847 16,272BUY MXN Goldman Sachs

International 2,571,893 18/10/2013 18,732,406 19,144,796 412,390BUY MXN JPMorgan Chase Bank N.A. 2,316,743 03/10/2013 17,161,353 17,267,932 106,579SELL MXN Barclays Bank PLC 511,000 18/10/2013 3,853,685 3,803,810 49,875SELL MXN Citibank N.A. 1,751,000 03/10/2013 13,270,691 13,051,143 219,548SELL MXN Deutsche Bank AG 3,240,000 03/10/2013 - 18/10/2013 25,076,095 24,127,782 948,313SELL MXN Goldman Sachs

International 1,387,000 18/10/2013 10,627,576 10,324,627 302,949SELL MXN JPMorgan Chase Bank N.A. 3,570,353 03/10/2013 27,225,014 26,611,758 613,256SELL MXN Merrill Lynch International

Bank 647,000 18/10/2013 5,035,870 4,816,174 219,696SELL MXN UBS AG 3,310,000 03/10/2013 - 18/10/2013 25,020,846 24,651,021 369,825BUY MYR Deutsche Bank AG 4,101,558 21/10/2013 122,291,585 123,310,291 1,018,706BUY MYR UBS AG 94,000 21/10/2013 2,822,571 2,826,040 3,469SELL MYR Barclays Bank PLC 44,000 21/10/2013 1,329,018 1,322,827 6,191SELL MYR UBS AG 494,000 21/10/2013 14,973,639 14,851,743 121,896BUY PEN Deutsche Bank AG 148,750 16/10/2013 5,217,557 5,240,124 22,567BUY PEN JPMorgan Chase Bank N.A. 102,000 16/10/2013 3,577,754 3,593,228 15,474BUY PHP Barclays Bank PLC 3,434,000 29/11/2013 7,499,306 7,737,671 238,365BUY PLN Barclays Bank PLC 697,000 18/10/2013 - 12/11/2013 21,780,235 21,877,540 97,305BUY PLN Citibank N.A. 775,726 18/10/2013 - 12/11/2013 24,121,362 24,352,667 231,305BUY PLN Deutsche Bank AG 3,072,940 18/10/2013 94,799,724 96,500,380 1,700,656BUY PLN Goldman Sachs

International 284,000 18/10/2013 8,750,486 8,918,531 168,045BUY PLN JPMorgan Chase Bank N.A. 470,000 12/11/2013 14,521,161 14,735,828 214,667SELL PLN Barclays Bank PLC 354,000 12/11/2013 11,370,407 11,098,900 271,507SELL PLN Citibank N.A. 264,000 12/11/2013 8,432,558 8,277,146 155,412SELL PLN Goldman Sachs

International 264,000 12/11/2013 8,427,945 8,277,146 150,799SELL PLN JPMorgan Chase Bank N.A. 1,241,000 12/11/2013 39,627,409 38,908,855 718,554BUY RON JPMorgan Chase Bank N.A. 678,840 15/10/2013 19,967,481 20,179,694 212,213SELL RUB Barclays Bank PLC 1,104,000 12/11/2013 3,421,761 3,321,794 99,967SELL RUB JPMorgan Chase Bank N.A. 40,739,809 12/11/2013 122,806,402 122,580,829 225,573SELL THB Citibank N.A. 5,046,999 24/10/2013 16,195,169 15,809,989 385,180SELL THB JPMorgan Chase Bank N.A. 7,149,550 24/10/2013 22,879,250 22,396,340 482,910BUY TRY Barclays Bank PLC 87,000 11/10/2013 4,212,509 4,213,909 1,400SELL TRY Barclays Bank PLC 949,615 11/10/2013 - 21/10/2013 48,669,002 45,975,299 2,693,703SELL TRY Citibank N.A. 391,000 11/10/2013 19,668,944 18,938,375 730,569

56 ANNUAL REPORT




ForContracts at

Value




SELL TRY Deutsche Bank AG 311,944 11/10/2013 ¥15,672,954 ¥15,109,259 ¥563,695SELL TRY Goldman Sachs

International 245,014 11/10/2013 12,189,723 11,867,413 322,310SELL TRY JPMorgan Chase Bank

N.A. 2,057,000 11/10/2013 101,110,620 99,632,319 1,478,301BUY USD Barclays Bank PLC 95,548 21/10/2013 9,309,621 9,374,603 64,982BUY USD Citibank N.A. 107,090 18/10/2013 10,504,099 10,507,265 3,166BUY USD Deutsche Bank AG 149,008 28/10/2013 14,506,905 14,619,254 112,349BUY USD Goldman Sachs

International 334,018 02/10/2013 - 21/10/2013 32,579,774 32,773,599 193,825BUY USD JPMorgan Chase Bank

N.A. 2,711,766 02/10/2013 - 21/10/2013 264,966,296 266,090,657 1,124,361BUY USD Merrill Lynch International

Bank 66,976 11/10/2013 - 18/10/2013 6,543,872 6,571,544 27,672BUY USD UBS AG 24,910 02/10/2013 2,433,835 2,444,298 10,463SELL USD Barclays Bank PLC 1,698,960 02/10/2013 - 12/11/2013 169,713,578 166,685,848 3,027,730SELL USD Citibank N.A. 1,529,658 02/10/2013 - 12/11/2013 151,878,565 150,084,014 1,794,551SELL USD Credit Suisse Group 1,865,782 16/10/2013 - 29/11/2013 186,722,563 183,042,012 3,680,551SELL USD Deutsche Bank AG 2,726,041 02/10/2013 - 13/12/2013 271,027,194 267,460,932 3,566,262SELL USD Goldman Sachs

International 443,642 02/10/2013 - 21/10/2013 44,206,797 43,529,817 676,980SELL USD JPMorgan Chase Bank

N.A. 5,702,378 02/10/2013 - 13/12/2013 563,876,933 559,511,550 4,365,383SELL USD Merrill Lynch International

Bank 500,858 11/10/2013 - 12/11/2013 50,295,772 49,139,371 1,156,401SELL USD UBS AG 3,387,179 02/10/2013 - 28/10/2013 333,624,837 332,364,962 1,259,875BUY ZAR Deutsche Bank AG 1,596,000 18/10/2013 15,371,271 15,525,535 154,264BUY ZAR Merrill Lynch International

Bank 272,000 18/10/2013 2,596,342 2,645,956 49,614SELL ZAR Barclays Bank PLC 2,596,975 18/10/2013 25,812,705 25,262,795 549,910SELL ZAR Citibank N.A. 1,518,373 18/10/2013 - 23/10/2013 15,518,785 14,765,511 753,274SELL ZAR Deutsche Bank AG 1,566,516 18/10/2013 15,721,182 15,238,722 482,460SELL ZAR Goldman Sachs

International 1,060,209 11/10/2013 - 18/10/2013 10,603,993 10,320,983 283,010

Total ¥45,773,997

Depreciation

BUY BRL Barclays Bank PLC 761,225 04/11/2013 ¥33,741,084 ¥33,294,782 ¥(446,302)BUY BRL Citibank N.A. 735,880 02/10/2013 32,437,827 32,437,827 0BUY BRL Deutsche Bank AG 547,000 02/10/2013 24,639,584 24,111,936 (527,648)BUY BRL Goldman Sachs

International 161,000 02/10/2013 7,096,932 7,096,932 0BUY BRL JPMorgan Chase Bank

N.A. 362,000 02/10/2013 16,023,736 15,957,076 (66,660)BUY BRL UBS AG 7,140,819 02/10/2013 315,873,728 314,769,597 (1,104,131)SELL BRL Barclays Bank PLC 331,000 02/10/2013 14,340,201 14,590,586 (250,385)SELL BRL Deutsche Bank AG 547,000 02/10/2013 23,975,705 24,111,936 (136,231)SELL BRL Goldman Sachs

International 161,000 02/10/2013 6,535,816 7,096,932 (561,116)SELL BRL JPMorgan Chase Bank

N.A. 6,294,236 02/10/2013 260,124,854 277,451,941 (17,327,087)SELL BRL UBS AG 7,082,819 02/10/2013 311,497,614 312,212,938 (715,324)BUY COP Citibank N.A. 62,402,000 15/10/2013 3,219,853 3,208,472 (11,381)BUY COP Deutsche Bank AG 506,987,000 15/10/2013 26,159,799 26,067,330 (92,469)

ANNUAL REPORT 57




ForContracts at

Value



Depreciation (continued)

SELL EUR Barclays Bank PLC 107,000 18/10/2013 ¥13,865,870 ¥14,211,760 ¥(345,890)SELL EUR Goldman Sachs

International 41,000 18/10/2013 5,270,236 5,445,628 (175,392)SELL EUR Merrill Lynch International

Bank 111,000 18/10/2013 14,729,028 14,743,041 (14,013)SELL HUF Barclays Bank PLC 10,195,214 21/10/2013 4,395,492 4,546,139 (150,647)SELL HUF Citibank N.A. 35,330,762 21/10/2013 15,752,858 15,754,310 (1,452)SELL HUF Deutsche Bank AG 17,387,821 21/10/2013 7,726,489 7,753,389 (26,900)SELL HUF Goldman Sachs

International 5,847,000 21/10/2013 2,521,102 2,607,231 (86,129)BUY IDR Barclays Bank PLC 3,129,064,000 13/12/2013 26,979,485 26,168,206 (811,279)BUY IDR Deutsche Bank AG 1,720,586,000 13/12/2013 15,290,254 14,389,175 (901,079)BUY IDR JPMorgan Chase Bank N.A. 1,371,459,000 13/12/2013 11,928,990 11,469,443 (459,547)SELL IDR Citibank N.A. 819,431,000 13/12/2013 6,789,727 6,852,860 (63,133)BUY INR Barclays Bank PLC 4,911,000 28/10/2013 7,680,303 7,640,522 (39,781)BUY INR Deutsche Bank AG 9,561,000 28/10/2013 16,059,637 14,874,981 (1,184,656)SELL INR Deutsche Bank AG 9,554,000 28/10/2013 14,506,905 14,864,091 (357,186)BUY KRW Citibank N.A. 42,348,000 28/10/2013 3,886,043 3,859,776 (26,267)BUY KRW Merrill Lynch International

Bank 254,463,000 12/11/2013 23,314,458 23,168,921 (145,537)SELL KRW Citibank N.A. 28,428,000 12/11/2013 2,585,501 2,588,377 (2,876)BUY MXN Barclays Bank PLC 392,000 03/10/2013 3,011,404 2,921,786 (89,618)BUY MXN Citibank N.A. 2,477,000 18/10/2013 18,781,582 18,438,430 (343,152)BUY MXN Deutsche Bank AG 6,483,660 03/10/2013 - 18/10/2013 49,630,899 48,268,914 (1,361,985)BUY MXN Goldman Sachs

International 303,000 18/10/2013 2,327,654 2,255,488 (72,166)BUY MXN JPMorgan Chase Bank N.A. 3,292,392 03/10/2013 - 18/10/2013 25,162,894 24,534,491 (628,403)BUY MXN Merrill Lynch International

Bank 1,092,000 18/10/2013 8,270,394 8,128,690 (141,704)BUY MXN UBS AG 464,000 18/10/2013 3,575,228 3,453,949 (121,279)SELL MXN Citibank N.A. 1,144,850 18/10/2013 8,379,901 8,522,095 (142,194)SELL MXN Goldman Sachs

International 381,000 18/10/2013 2,772,758 2,836,109 (63,351)SELL MXN Merrill Lynch International

Bank 437,000 18/10/2013 3,207,198 3,252,965 (45,767)BUY MYR JPMorgan Chase Bank N.A. 2,366,000 23/10/2013 72,384,675 71,122,071 (1,262,604)SELL MYR Barclays Bank PLC 636,000 21/10/2013 18,852,013 19,120,867 (268,854)SELL MYR JPMorgan Chase Bank N.A. 198,000 21/10/2013 5,850,135 5,952,723 (102,588)BUY NGN Barclays Bank PLC 17,942,000 28/10/2013 11,116,043 10,807,527 (308,516)BUY NGN JPMorgan Chase Bank N.A. 2,667,000 16/10/2013 1,634,711 1,612,913 (21,798)SELL NGN JPMorgan Chase Bank N.A. 4,474,000 16/10/2013 2,686,908 2,705,727 (18,819)BUY PEN Deutsche Bank AG 233,000 21/10/2013 8,350,428 8,203,067 (147,361)BUY PHP Credit Suisse Group 3,809,000 29/11/2013 8,605,197 8,582,640 (22,557)BUY PHP Deutsche Bank AG 6,784,000 16/10/2013 15,673,868 15,289,685 (384,183)BUY PLN Barclays Bank PLC 1,460,046 12/11/2013 45,900,004 45,776,571 (123,433)BUY PLN Citibank N.A. 609,263 12/11/2013 19,225,821 19,102,105 (123,716)BUY PLN Deutsche Bank AG 492,759 12/11/2013 15,572,198 15,449,396 (122,802)BUY PLN JPMorgan Chase Bank N.A. 1,719,000 18/10/2013 - 12/11/2013 54,149,831 53,901,459 (248,372)SELL PLN Barclays Bank PLC 12,000 18/10/2013 365,515 376,839 (11,324)SELL PLN Citibank N.A. 328,000 18/10/2013 10,073,285 10,300,275 (226,990)SELL PLN Goldman Sachs

International 137,000 18/10/2013 4,135,014 4,302,249 (167,235)SELL PLN Merrill Lynch International

Bank 29,000 18/10/2013 907,302 910,695 (3,393)

58 ANNUAL REPORT




ForContracts at

Value




BUY RON JPMorgan Chase Bank N.A. 400,000 15/10/2013 ¥11,919,323 ¥11,890,692 ¥(28,631)BUY RUB Credit Suisse Group 56,969,840 16/10/2013 - 12/11/2013 178,117,366 171,562,002 (6,555,364)BUY RUB JPMorgan Chase Bank N.A. 11,054,000 16/10/2013 - 12/11/2013 33,579,788 33,342,395 (237,393)SELL RUB Barclays Bank PLC 1,143,000 12/11/2013 3,436,132 3,439,140 (3,008)SELL THB JPMorgan Chase Bank N.A. 27,564,803 18/11/2013 85,701,088 86,204,537 (503,449)BUY TRY Citibank N.A. 198,000 11/10/2013 10,050,800 9,590,277 (460,523)BUY TRY Goldman Sachs International 431,000 11/10/2013 21,988,820 20,875,804 (1,113,016)BUY TRY JPMorgan Chase Bank N.A. 2,383,729 11/10/2013 - 21/10/2013 118,567,838 115,372,652 (3,195,186)BUY TRY Merrill Lynch International

Bank 169,000 11/10/2013 8,377,275 8,185,640 (191,635)SELL TRY Goldman Sachs International 314,000 11/10/2013 15,075,788 15,208,823 (133,035)SELL TRY JPMorgan Chase Bank N.A. 271,000 11/10/2013 12,974,725 13,126,086 (151,361)SELL TRY Merrill Lynch International

Bank 71,000 11/10/2013 3,336,674 3,438,938 (102,264)BUY USD Barclays Bank PLC 1,775,871 02/10/2013 - 13/12/2013 176,330,711 174,228,512 (2,102,199)BUY USD Citibank N.A. 1,491,918 02/10/2013 - 13/12/2013 148,077,518 146,381,724 (1,695,794)BUY USD Deutsche Bank AG 991,973 02/10/2013 - 21/10/2013 98,459,896 97,332,095 (1,127,801)BUY USD Goldman Sachs International 699,304 11/10/2013 - 12/11/2013 69,447,200 68,612,747 (834,453)BUY USD JPMorgan Chase Bank N.A. 4,710,918 02/10/2013 - 18/11/2013 469,277,821 462,189,315 (7,088,506)BUY USD Merrill Lynch International

Bank 373,964 18/10/2013 36,943,200 36,691,899 (251,301)BUY USD UBS AG 6,746,523 02/10/2013 - 04/11/2013 664,328,752 661,942,224 (2,386,528)SELL USD Barclays Bank PLC 559,697 18/10/2013 - 13/12/2013 53,858,733 54,903,124 (1,044,391)SELL USD Citibank N.A. 337,448 21/10/2013 33,106,668 33,108,534 (1,866)SELL USD Deutsche Bank AG 1,478,708 03/10/2013 - 18/10/2013 144,430,623 145,085,608 (654,985)SELL USD Goldman Sachs International 411,105 18/10/2013 39,986,411 40,336,069 (349,658)SELL USD JPMorgan Chase Bank N.A. 1,330,006 18/10/2013 - 23/10/2013 129,059,357 130,492,196 (1,432,839)SELL USD UBS AG 129,010 18/10/2013 - 21/10/2013 12,434,538 12,657,960 (223,422)BUY ZAR Barclays Bank PLC 2,274,679 18/10/2013 22,525,150 22,127,576 (397,574)BUY ZAR Citibank N.A. 193,000 18/10/2013 1,929,175 1,877,461 (51,714)BUY ZAR Goldman Sachs International 911,000 18/10/2013 8,933,558 8,862,006 (71,552)BUY ZAR Merrill Lynch International

Bank 755,000 18/10/2013 7,737,303 7,344,473 (392,830)BUY ZAR UBS AG 1,663,000 18/10/2013 16,373,347 16,177,296 (196,051)SELL ZAR Citibank N.A. 222,000 18/10/2013 2,124,198 2,159,567 (35,369)SELL ZAR Goldman Sachs International 997,000 18/10/2013 9,461,858 9,698,595 (236,737)

Total ¥(65,855,097)



ForContracts at

Value



Appreciation

BUY BRL Barclays Bank PLC 632,000 02/10/2013 $283,408 $283,911 $503BUY BRL Citibank N.A. 376,000 02/10/2013 161,178 168,909 7,731BUY BRL Goldman Sachs International 260,000 02/10/2013 116,592 116,799 207BUY BRL JPMorgan Chase Bank N.A. 7,844,019 02/10/2013 3,504,691 3,523,739 19,048BUY BRL UBS AG 81,000 02/10/2013 35,139 36,388 1,249SELL BRL JPMorgan Chase Bank N.A. 969,936 02/10/2013 440,000 435,721 4,279SELL BRL UBS AG 6,625,018 02/10/2013 - 04/11/2013 2,955,992 2,953,029 2,963BUY COP Citibank N.A. 121,698,000 15/10/2013 63,239 63,773 534BUY COP Deutsche Bank AG 993,172,000 15/10/2013 516,202 520,447 4,245BUY EUR Barclays Bank PLC 51,000 18/10/2013 68,033 69,039 1,006BUY EUR Citibank N.A. 94,000 18/10/2013 123,659 127,248 3,589

ANNUAL REPORT 59




ForContracts at

Value


Emerging Markets Local Currency Debt Fund II (continued)


BUY EUR Goldman Sachs International 6,000 18/10/2013 $7,955 $8,122 $167BUY HUF Citibank N.A. 241,283,470 21/10/2013 1,063,203 1,096,536 33,333BUY HUF Goldman Sachs International 27,266,000 21/10/2013 121,349 123,913 2,564BUY IDR Deutsche Bank AG 2,655,419,000 13/12/2013 223,897 226,363 2,466SELL IDR Barclays Bank PLC 8,299,214,000 13/12/2013 712,379 707,472 4,907BUY KRW Barclays Bank PLC 204,418,000 28/10/2013 183,203 189,894 6,691BUY KRW Citibank N.A. 201,338,000 28/10/2013 184,845 187,033 2,188BUY KRW Deutsche Bank AG 139,481,000 28/10/2013 124,860 129,571 4,711BUY KRW JPMorgan Chase Bank N.A. 327,341,000 28/10/2013 - 12/11/2013 298,675 303,937 5,262BUY KRW Merrill Lynch International

Bank 490,563,000 12/11/2013 451,009 455,277 4,268BUY KRW UBS AG 159,140,000 28/10/2013 142,662 147,832 5,170BUY MXN Barclays Bank PLC 941,000 18/10/2013 70,520 71,388 868BUY MXN Citibank N.A. 2,558,000 18/10/2013 192,722 194,063 1,341BUY MXN Goldman Sachs International 140,695 18/10/2013 10,538 10,674 136BUY MXN JPMorgan Chase Bank N.A. 16,518,939 03/10/2013 1,237,605 1,254,776 17,171BUY MXN Merrill Lynch International

Bank 1,640,000 18/10/2013 122,168 124,418 2,250SELL MXN Barclays Bank PLC 918,000 18/10/2013 70,306 69,644 662SELL MXN Citibank N.A. 3,416,000 03/10/2013 261,221 259,479 1,742SELL MXN Deutsche Bank AG 6,311,000 03/10/2013 - 18/10/2013 491,564 478,968 12,596SELL MXN Goldman Sachs International 2,667,000 18/10/2013 203,488 202,331 1,157SELL MXN JPMorgan Chase Bank N.A. 9,096,614 03/10/2013 698,623 690,977 7,646SELL MXN Merrill Lynch International

Bank 1,206,000 18/10/2013 94,363 91,492 2,871SELL MXN UBS AG 7,853,293 03/10/2013 - 18/10/2013 598,662 596,015 2,647BUY MYR Deutsche Bank AG 10,133,492 21/10/2013 3,055,294 3,104,989 49,695BUY NGN JPMorgan Chase Bank N.A. 7,848,000 16/10/2013 47,854 48,367 513BUY PEN Deutsche Bank AG 533,066 16/10/2013 189,501 191,381 1,880BUY PEN JPMorgan Chase Bank N.A. 183,000 16/10/2013 65,044 65,701 657BUY PHP Barclays Bank PLC 6,596,000 29/11/2013 148,125 151,514 3,389BUY PHP Credit Suisse Group 7,492,000 29/11/2013 171,677 172,095 418BUY PLN Barclays Bank PLC 3,012,713 18/10/2013 - 12/11/2013 938,913 963,250 24,337BUY PLN Citibank N.A. 3,106,014 18/10/2013 - 12/11/2013 975,699 993,433 17,734BUY PLN Deutsche Bank AG 9,316,085 18/10/2013 - 12/11/2013 2,935,385 2,981,186 45,801BUY PLN Goldman Sachs International 604,000 18/10/2013 189,960 193,312 3,352BUY PLN JPMorgan Chase Bank N.A. 4,268,000 18/10/2013 - 12/11/2013 1,353,260 1,364,069 10,809SELL PLN Barclays Bank PLC 687,000 12/11/2013 221,828 219,551 2,277SELL PLN Citibank N.A. 514,000 12/11/2013 165,938 164,263 1,675SELL PLN Goldman Sachs International 514,000 12/11/2013 165,848 164,264 1,584SELL PLN JPMorgan Chase Bank N.A. 2,416,000 12/11/2013 779,738 772,101 7,637BUY RON JPMorgan Chase Bank N.A. 2,224,240 15/10/2013 664,930 673,861 8,931BUY RUB JPMorgan Chase Bank N.A. 21,156,000 16/10/2013 - 12/11/2013 645,854 650,451 4,597SELL RUB Barclays Bank PLC 2,251,000 12/11/2013 70,136 69,040 1,096SELL THB Citibank N.A. 9,830,252 24/10/2013 317,105 313,848 3,257SELL THB JPMorgan Chase Bank N.A. 15,231,650 24/10/2013 490,000 486,298 3,702BUY TRY Barclays Bank PLC 219,000 11/10/2013 106,025 108,072 2,047BUY TRY JPMorgan Chase Bank N.A. 994,000 11/10/2013 488,510 490,521 2,011BUY TRY Merrill Lynch International

Bank 296,000 11/10/2013 144,596 146,071 1,475SELL TRY Barclays Bank PLC 2,469,416 11/10/2013 - 21/10/2013 1,267,491 1,217,624 49,867SELL TRY Citibank N.A. 736,000 11/10/2013 370,803 363,202 7,601SELL TRY Deutsche Bank AG 607,707 11/10/2013 306,478 299,892 6,586SELL TRY Goldman Sachs International 140,000 11/10/2013 71,758 69,088 2,670

60 ANNUAL REPORT




ForContracts at

Value




SELL TRY JPMorgan Chase Bank N.A. 2,053,000 11/10/2013 $1,021,942 $1,013,118 $8,824BUY ZAR Barclays Bank PLC 4,747,434 18/10/2013 466,821 470,655 3,834BUY ZAR Citibank N.A. 96,000 18/10/2013 9,305 9,517 212BUY ZAR Deutsche Bank AG 3,056,000 18/10/2013 296,970 302,968 5,998BUY ZAR Goldman Sachs International 1,406,000 18/10/2013 138,455 139,390 935BUY ZAR Merrill Lynch International

Bank 435,000 18/10/2013 41,954 43,125 1,171BUY ZAR UBS AG 882,000 18/10/2013 87,173 87,440 267SELL ZAR Barclays Bank PLC 3,004,337 18/10/2013 300,581 297,847 2,734SELL ZAR Citibank N.A. 6,452,004 18/10/2013 - 23/10/2013 666,502 639,435 27,067SELL ZAR Deutsche Bank AG 3,052,780 18/10/2013 307,523 302,649 4,874SELL ZAR Goldman Sachs International 2,414,434 11/10/2013 - 18/10/2013 243,139 239,512 3,627

Total $493,309

Depreciation

BUY BRL Deutsche Bank AG 1,042,000 02/10/2013 $471,067 $468,094 $(2,973)BUY BRL UBS AG 6,593,018 02/10/2013 2,963,154 2,961,756 (1,398)SELL BRL Barclays Bank PLC 632,000 02/10/2013 276,279 283,911 (7,632)SELL BRL Citibank N.A. 376,000 02/10/2013 168,610 168,909 (299)SELL BRL Deutsche Bank AG 1,042,000 02/10/2013 464,001 468,094 (4,093)SELL BRL Goldman Sachs International 260,000 02/10/2013 108,582 116,799 (8,217)SELL BRL JPMorgan Chase Bank N.A. 6,874,083 02/10/2013 2,908,801 3,088,018 (179,217)SELL BRL UBS AG 6,642,018 02/10/2013 2,978,483 2,983,768 (5,285)SELL CLP JPMorgan Chase Bank N.A. 113,435,664 15/10/2013 224,803 224,985 (182)SELL COP Deutsche Bank AG 595,255,500 15/10/2013 308,670 311,928 (3,258)SELL COP JPMorgan Chase Bank N.A. 211,003,532 15/10/2013 110,084 110,571 (487)SELL EUR Barclays Bank PLC 207,000 18/10/2013 265,420 280,217 (14,797)SELL EUR Goldman Sachs International 287,000 18/10/2013 382,692 388,513 (5,821)SELL EUR Merrill Lynch International

Bank 218,000 18/10/2013 294,800 295,107 (307)SELL HUF Barclays Bank PLC 21,726,333 21/10/2013 96,427 98,737 (2,310)SELL HUF Citibank N.A. 68,869,772 21/10/2013 311,144 312,985 (1,841)SELL HUF Deutsche Bank AG 33,899,844 21/10/2013 152,229 154,061 (1,832)SELL HUF Goldman Sachs International 2,261,000 21/10/2013 10,008 10,275 (267)BUY IDR Barclays Bank PLC 6,093,985,000 13/12/2013 551,991 519,485 (32,506)BUY IDR Deutsche Bank AG 1,513,674,000 13/12/2013 133,481 129,034 (4,447)BUY IDR JPMorgan Chase Bank N.A. 2,669,100,000 13/12/2013 231,564 227,529 (4,035)SELL IDR Citibank N.A. 1,591,107,000 13/12/2013 134,357 135,635 (1,278)BUY INR Barclays Bank PLC 9,565,000 28/10/2013 153,150 151,677 (1,473)BUY INR Deutsche Bank AG 18,232,000 28/10/2013 301,552 289,115 (12,437)SELL INR Deutsche Bank AG 18,214,000 28/10/2013 284,066 288,830 (4,764)BUY JPY Barclays Bank PLC 12,471,000 18/10/2013 129,016 127,104 (1,912)BUY JPY Goldman Sachs International 18,026,000 18/10/2013 186,415 183,720 (2,695)SELL JPY Merrill Lynch International

Bank 30,478,000 18/10/2013 307,387 310,632 (3,245)SELL KRW Citibank N.A. 54,790,000 12/11/2013 50,783 50,849 (66)BUY MXN Barclays Bank PLC 446,000 03/10/2013 34,759 33,878 (881)BUY MXN Citibank N.A. 2,475,000 18/10/2013 192,343 187,765 (4,578)BUY MXN Deutsche Bank AG 8,601,410 03/10/2013 - 18/10/2013 679,237 652,645 (26,592)BUY MXN Goldman Sachs International 2,655,986 18/10/2013 210,612 201,495 (9,117)BUY MXN JPMorgan Chase Bank N.A. 3,231,773 03/10/2013 - 18/10/2013 251,441 245,384 (6,057)BUY MXN Merrill Lynch International

Bank 467,000 18/10/2013 35,496 35,429 (67)BUY MXN UBS AG 241,000 18/10/2013 18,845 18,283 (562)

ANNUAL REPORT 61




ForContracts at

Value




SELL MXN Citibank N.A. 1,144,850 18/10/2013 $85,409 $86,854 $(1,445)SELL MXN Goldman Sachs International 455,000 18/10/2013 34,065 34,518 (453)BUY MYR JPMorgan Chase Bank N.A. 4,609,000 23/10/2013 1,452,729 1,412,050 (40,679)BUY MYR UBS AG 144,000 21/10/2013 44,432 44,122 (310)SELL MYR Barclays Bank PLC 1,069,000 21/10/2013 321,647 327,550 (5,903)SELL MYR JPMorgan Chase Bank N.A. 380,000 21/10/2013 114,596 116,435 (1,839)SELL MYR UBS AG 875,000 21/10/2013 265,740 268,108 (2,368)BUY NGN Barclays Bank PLC 77,011,000 28/10/2013 474,498 472,695 (1,803)SELL NGN JPMorgan Chase Bank N.A. 7,224,000 16/10/2013 43,875 44,521 (646)BUY PEN Deutsche Bank AG 497,000 21/10/2013 178,648 178,325 (323)BUY PHP Deutsche Bank AG 13,214,000 16/10/2013 308,594 303,532 (5,062)BUY PLN Barclays Bank PLC 535,000 12/11/2013 171,017 170,974 (43)SELL PLN Citibank N.A. 547,000 18/10/2013 168,481 175,069 (6,588)SELL PLN Goldman Sachs International 194,000 18/10/2013 60,238 62,090 (1,852)SELL PLN Merrill Lynch International

Bank 40,000 18/10/2013 12,597 12,802 (205)BUY RUB Credit Suisse Group 74,576,895 16/10/2013 - 12/11/2013 2,330,500 2,288,346 (42,154)SELL RUB Barclays Bank PLC 2,381,000 12/11/2013 72,221 73,027 (806)SELL RUB JPMorgan Chase Bank N.A. 70,921,819 12/11/2013 2,128,825 2,175,220 (46,395)SELL THB JPMorgan Chase Bank N.A. 5,412,239 18/11/2013 169,397 172,533 (3,136)BUY TRY Citibank N.A. 394,000 11/10/2013 198,615 194,431 (4,184)BUY TRY Deutsche Bank AG 33,000 11/10/2013 16,988 16,285 (703)BUY TRY Goldman Sachs International 706,000 11/10/2013 357,902 348,398 (9,504)BUY TRY JPMorgan Chase Bank N.A. 4,232,715 11/10/2013 - 21/10/2013 2,145,374 2,086,971 (58,403)BUY TRY Merrill Lynch International

Bank 55,000 11/10/2013 27,169 27,141 (28)SELL TRY Goldman Sachs International 1,302,933 11/10/2013 639,989 642,973 (2,984)SELL TRY JPMorgan Chase Bank N.A. 2,390,000 11/10/2013 1,172,858 1,179,421 (6,563)BUY ZAR Barclays Bank PLC 255,000 18/10/2013 25,535 25,281 (254)BUY ZAR Citibank N.A. 370,000 18/10/2013 37,055 36,682 (373)BUY ZAR Goldman Sachs International 255,000 18/10/2013 25,374 25,281 (93)BUY ZAR Merrill Lynch International

Bank 1,679,000 18/10/2013 169,726 166,454 (3,272)BUY ZAR UBS AG 1,878,000 18/10/2013 190,865 186,183 (4,682)SELL ZAR Citibank N.A. 195,000 18/10/2013 19,044 19,332 (288)SELL ZAR Goldman Sachs International 614,000 18/10/2013 59,589 60,873 (1,284)

Total $(611,553)



ForContracts at

Value


Global Equity Euro Hedged Fund

Appreciation

BUY CHF Goldman Sachs International 80,794 18/10/2013 €65,299 €66,012 €713BUY CHF JPMorgan Chase Bank N.A. 25,344 18/10/2013 20,518 20,707 189SELL DKK Goldman Sachs International 6,263,491 18/10/2013 840,225 839,913 312BUY JPY Barclays Bank PLC 15,529,317 18/10/2013 116,549 116,920 371SELL JPY Goldman Sachs International 319,644,182 18/10/2013 2,474,936 2,406,593 68,343SELL USD Barclays Bank PLC 36,387 18/10/2013 27,533 26,880 653SELL USD Citibank N.A. 164,739 18/10/2013 123,509 121,695 1,814SELL USD Credit Suisse Group 34,621 18/10/2013 25,681 25,575 106SELL USD Deutsche Bank AG 37,137,350 18/10/2013 28,902,043 27,433,877 1,468,166SELL USD Goldman Sachs International 6,300,266 18/10/2013 4,751,007 4,654,094 96,913

62 ANNUAL REPORT




ForContracts at

Value


Global Equity Euro Hedged Fund (continued)


SELL USD JPMorgan Chase Bank N.A. 36,958,407 18/10/2013 €28,772,266 €27,301,689 €1,470,577SELL USD Merrill Lynch International

Bank 67,255 18/10/2013 50,747 49,683 1,064SELL USD UBS AG 293,611 18/10/2013 221,505 216,895 4,610SELL USD Goldman Sachs International 13,898 18/10/2013 10,297 10,267 30SELL USD Goldman Sachs International 56,498 18/10/2013 41,770 41,736 34

Total €3,113,895

Depreciation

SELL CHF Barclays Bank PLC 483,741 18/10/2013 €392,000 €395,234 €(3,234)SELL CHF Goldman Sachs International 11,984,573 18/10/2013 9,640,100 9,791,830 (151,730)SELL CZK Barclays Bank PLC 12,201,790 18/10/2013 470,469 474,137 (3,668)SELL DKK Citibank N.A. 363,633 18/10/2013 48,760 48,762 (2)SELL DKK Credit Suisse Group 135,383 18/10/2013 18,153 18,155 (2)SELL DKK Merrill Lynch International

Bank 89,550 18/10/2013 12,008 12,008 0SELL GBP Citibank N.A. 204,000 18/10/2013 235,879 244,010 (8,131)SELL GBP Credit Suisse Group 9,843,549 18/10/2013 11,424,202 11,774,123 (349,921)SELL GBP Goldman Sachs International 48,272 18/10/2013 56,991 57,739 (748)BUY JPY Merrill Lynch International

Bank 7,717,714 18/10/2013 58,351 58,107 (244)SELL SEK Goldman Sachs International 9,528,744 18/10/2013 1,088,499 1,095,482 (6,983)BUY USD Barclays Bank PLC 97,500 18/10/2013 74,397 72,025 (2,372)BUY USD Citibank N.A. 5,259 18/10/2013 3,966 3,885 (81)BUY USD Deutsche Bank AG 390,753 18/10/2013 297,119 288,655 (8,464)BUY USD Goldman Sachs International 559,887 18/10/2013 425,174 413,596 (11,578)BUY USD JPMorgan Chase Bank N.A. 5,286 18/10/2013 3,992 3,905 (87)BUY USD UBS AG 285,261 18/10/2013 215,677 210,726 (4,951)SELL USD Goldman Sachs International 23,945 18/10/2013 17,677 17,689 (12)BUY JPY Merrill Lynch International

Bank 234,735 18/10/2013 1,776 1,767 (9)

Total €(552,217)

Note 9: Class Specific Open Forward Foreign Currency Exchange Contracts

At 30 September 2013, the sub-funds had outstanding the following class specific forward foreigncurrency exchange contracts. Each sub-fund had sufficient cash and/or other securities to cover anycommitments under these derivative contracts.

Type Currency Counterparty ClassContracts to

Deliver/ReceiveSettlementDate Range

In ExchangeFor

Contracts atValue



Appreciation

BUY JPY Merrill LynchInternational Bank Yen 1 (Hedged) 9,766,571 18/10/2013 $98,501 $99,541 $1,040

BUY JPY Merrill LynchInternational Bank Yen 3 (Hedged) 9,372,741 18/10/2013 94,529 95,527 998

Total $2,038

ANNUAL REPORT 63


Type Currency Counterparty ClassContracts to

Deliver/ReceiveSettlementDate Range

In ExchangeFor

Contracts atValue



Appreciation

SELL USD Citibank N.A. FC (Hedged) 22,461 18/10/2013 ¥2,236,850 ¥2,203,770 ¥33,080SELL USD Deutsche Bank AG FC (Hedged) 3,062 18/10/2013 305,165 300,404 4,761SELL USD Merrill Lynch

International Bank FC (Hedged) 339,368 18/10/2013 33,649,058 33,297,546 351,512

Total ¥389,353

Depreciation

BUY USD Deutsche Bank AG FC (Hedged) 3,141 18/10/2013 ¥310,305 ¥308,137 ¥(2,168)BUY USD Goldman Sachs

International FC (Hedged) 12,606 18/10/2013 1,241,763 1,236,830 (4,933)SELL USD Goldman Sachs

International FC (Hedged) 1,920 18/10/2013 188,139 188,334 (195)BUY USD UBS AG FC (Hedged) 10,426 18/10/2013 1,028,397 1,022,983 (5,414)

Total ¥(12,710)

Note 10: Repurchase Agreements

Details of the repurchase agreements outstanding at 30 September 2013:

Sub-Fund CounterpartyMaturity

DateInterest

Rate CurrencyMarketValue Collateral

Emerging Markets Debt Fund Merrill Lynch, Pierce,Fenner & Smith, Inc. 01/10/2013 0.04% USD $5,865,000 $5,982,308

Emerging Markets Equity Fund Merrill Lynch, Pierce,Fenner & Smith, Inc. 01/10/2013 0.04% USD $628,000 $640,561Goldman SachsGroup, Inc. 01/10/2013 0.04% USD 712,000 726,241

Total $1,340,000 $1,366,802

Emerging Markets Local Currency Debt Fund Goldman SachsGroup, Inc. 01/10/2013 0.04% JPY ¥33,068,124 ¥33,729,510Merrill Lynch, Pierce,Fenner & Smith, Inc. 01/10/2013 0.04% JPY 29,241,249 29,826,074

Total ¥62,309,373 ¥63,555,584

Emerging Markets Local Currency Debt Fund II Merrill Lynch, Pierce,Fenner & Smith, Inc. 01/10/2013 0.04% USD $2,774,000 $2,829,484

At 30 September 2013, the following securities were received as collateral in the amount shown above inrespect of the Merrill Lynch, Pierce, Fenner & Smith, Inc. repurchase agreements which were held with athird-party agent.

Tennesee Valley Authority, 4.875%, 15/01/2048Freddie Mac, 0%, 28/03/2014

At 30 September 2013, the following securities were received as collateral in the amount shown above inrespect of the Goldman Sachs Group, Inc. repurchase agreements which were held with a third-partyagent.

Freddie Mac, 0.625%, 29/12/2014Fannie Mae, 1.25%, 27/02/2014Fannie Mae, 1.6%, 30/01/2020

64 ANNUAL REPORT


Note 11: Open Futures Contracts

At 30 September 2013, the sub-funds had the following futures contracts outstanding:

Description Counterparty Expiration Notional Contracts


Emerging Markets Debt Fund(a)

U.S. Treasury Bond 30 yr (Long) Merrill Lynch, Pierce, Fenner & Smith, Inc. December-2013 200,000 2 $4,806

Emerging Markets Local CurrencyDebt Fund II(b)

U.S. Treasury Bond 30 yr (Short) Merrill Lynch, Pierce, Fenner & Smith, Inc. December-2013 900,000 9 $(21,636)

The Statements of Assets and Liabilities reflect the daily variation margin, if any, as of 30 September 2013 onopen futures which differs from the net unrealized gain/loss shown above. At 30 September 2013, each sub-fund had sufficient cash and/or other securities to cover any commitments under these derivative contracts.(a) Refer to the Schedules of Investments for certain securities held as collateral for open futures contracts.(b) The Emerging Markets Local Currency Debt Fund II segregated $22,500 as cash collateral for open futures contracts, which is held with the

counterparty.

Note 12: Swap Agreements

At 30 September 2013, the sub-funds had outstanding the following swap agreements. Each sub-fundhad sufficient cash and/or other securities to cover any commitments under these derivative contracts.

ExpirationNotionalAmount Counterparty

Cash Flows toReceive

Cash Flows toPay Value


Credit Default Swaps

Depreciation

20/09/2023 USD 292,000(a) Morgan Stanley Capital Services, Inc. 1.00% (fixed rate) (1) $ (27,736)20/09/2023 USD 492,000(b) Merrill Lynch International 1.00% (fixed rate) (2) (50,967)

Total $(78,703)

(1) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Federal Republic of Brazil, 12.25%, 06/03/2030.(2) Sub-Fund, as protection seller, to pay notional amount upon a defined credit event by Russian Federation, 7.5%, 31/03/2030.(a) Net unamortized premiums received by the sub-fund amounted to $31,417.(b) Net unamortized premiums received by the sub-fund amounted to $60,197.





Interest Rate Swaps

Appreciation

12/06/2017 ZAR 1,643,000 JPMorgan Chase Bank N.A. 7.85% (fixed rate) JIBAR (floating rate) ¥53,00513/06/2017 ZAR 1,656,000 JPMorgan Chase Bank N.A. 7.80% (fixed rate) JIBAR (floating rate) 39,08818/06/2017 ZAR 1,657,000 Merrill Lynch International 7.92% (fixed rate) JIBAR (floating rate) 69,932

Total ¥162,025

Depreciation

14/06/2017 ZAR 3,299,000 JPMorgan Chase Bank N.A. 7.55% (fixed rate) JIBAR (floating rate) ¥(56,288)





Interest Rate Swaps

Appreciation

02/01/2017 BRL 1,500,000 JPMorgan Chase Bank N.A. 11.35% (fixed rate) CDI (floating rate) $2,88802/01/2017 BRL 2,000,000 JPMorgan Chase Bank N.A. 11.56% (fixed rate) CDI (floating rate) 7,884

ANNUAL REPORT 65






Interest Rate Swaps (continued)


02/01/2017 BRL 3,000,000 JPMorgan Chase Bank N.A. 11.68% (fixed rate) CDI (floating rate) $15,14312/06/2017 ZAR 3,150,000 JPMorgan Chase Bank N.A. 7.85% (fixed rate) JIBAR (floating rate) 1,03613/06/2017 ZAR 3,174,000 JPMorgan Chase Bank N.A. 7.80% (fixed rate) JIBAR (floating rate) 76418/06/2017 ZAR 3,180,000 Merrill Lynch International 7.92% (fixed rate) JIBAR (floating rate) 1,368

Total $29,083

Depreciation

14/06/2017 ZAR 6,325,000 JPMorgan Chase Bank N.A. 7.55% (fixed rate) JIBAR (floating rate) $(1,100)02/01/2018 BRL 2,000,000 JPMorgan Chase Bank N.A. 11.15% (fixed rate) CDI (floating rate) (7,741)

Total $(8,841)

66 ANNUAL REPORT

INDEPENDENT AUDITOR’S REPORT

To the Board of Managers ofMFS Investment Management Company(Lux) S.à r.l., and to the Unitholders ofMFS Investment Funds19, Rue de BitbourgL-1273 Luxembourg

We have audited the accompanying financial statements of MFS Investment Funds and of each of its sub-funds(the “Fund”), which comprise the statements of assets and liabilities and the schedules of investments as at30 September 2013, the statements of operations and changes in net assets for the period from 1 April 2013to 30 September 2013, and a summary of significant accounting policies and other explanatory notes to thefinancial statements.

Board of Managers of the Management Company’s responsibility for the financial statements

The Board of Managers of the Management Company is responsible for the preparation and fairpresentation of these financial statements in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation and presentation of the financial statements and for such internalcontrol as the Board of Managers of the Management Company determines is necessary to enable thepreparation and presentation of financial statements that are free from material misstatement, whetherdue to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with International Standards on Auditing as adopted for Luxembourg by the“Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the judgement of the “réviseur d’entreprisesagréé”, including the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error. In making those risk assessments, the “réviseur d’entreprises agréé”considers internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by the Board of Managers of the Management Company, as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of MFSInvestment Funds and of each of its sub-funds as of 30 September 2013, and of the results of theiroperations and changes in their net assets for the period from 1 April 2013 to 30 September 2013 inaccordance with Luxembourg legal and regulatory requirements relating to the preparation andpresentation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandatebut has not been subject to specific audit procedures carried out in accordance with the standards describedabove. Consequently, we express no opinion on such information. However, we have no observation tomake concerning such information in the context of the financial statements taken as a whole.

ERNST & YOUNG

Société AnonymeCabinet de révision agrééM. FergusonLuxembourg, 3 December 2013

ANNUAL REPORT 67

REPORT OF INDEPENDENT AUDITORS

To the Board of Managers ofMFS Investment Management Company(Lux) S.à r.l., and to the Unitholders ofMFS Investment Funds19, Rue de BitbourgL-1273 Luxembourg

We have audited the accompanying statements of assets and liabilities of MFS Investment Funds (the“Fund”), including the schedules of investments, as of 30 September 2013, and the related statements ofoperations and changes in net assets for the period from 1 April 2013 to 30 September 2013. Thesefinancial statements are the responsibility of the Management Company’s Board of Managers. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States.Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. We were not engaged to perform anaudit of the Fund’s internal control over financial reporting. Our audit included consideration of internalcontrol over financial reporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internalcontrol over financial reporting. Accordingly, we express no such opinion. An audit also includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made by management, and evaluatingthe overall financial statement presentation. We believe that our audit provides a reasonable basis for ouropinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of MFS Investment Funds at 30 September 2013, the results of its operations andchanges in its net assets for the period from 1 April 2013 to 30 September 2013, in conformity withLuxembourg legal and regulatory requirements.

Munsbach, Luxembourg3 December 2013

68 ANNUAL REPORT

MFS Investment Funds Annual Report 2013 FCP-ANN-9/13

mfs investment funds annual report 30 september 2013 mfs ® investment funds containing the...

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