MFS® Commodity Strategy Fund

Commodity Strategy Fund is not available for direct purchase.

Specialty / Alternative | MCSAX
$ 5.69
$0.15 As of 12/14/17
$585M
As of 11/30/17
Morningstar
View Overall Morningstar Ratings Information

MFS® Commodity Strategy Fund

Specialty / Alternative
MCSAX
$0.15 As of 12/14/17
As of 11/30/17
Specialty / Alternative | MCSAX
$ 5.69
$0.15 As of 12/14/17
$585M
As of 11/30/17
Morningstar
View Overall Morningstar Ratings Information
INVESTMENT OBJECTIVE

Seeks total return.

INVESTMENT FOCUS

Provides broad exposure to the commodities markets

Invests in commodity-linked instruments and debt securities

Fund Information

Fund Commencement
06/02/10
Net Assets ($ M)
As of 11/30/17
$585.40
Fiscal Year End
OCTOBER
Benchmark

Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper),grains (corn, wheat), livestock (live cattle/ lean hogs), among others, and are traded in a variety of currencies.

Bloomberg Commodity Index

Top 10 Holdings

As of 11/30/17
  • BBG Commodity total return Swap JUL 16 18
  • Mlcilprt Total Return ETRS JUN 15 18
  • BBG Commodity total return Swap JUL 16 18
  • Bloomberg Commodity F3 TR Etrs JAN 10 18
  • Mlcilprt Total Return ETotal Return Swap JUL 16 18
  • Mlcilprt Total Return Etrs APR 09 18
  • Mlcilprt Total Return Etrs APR 10 18
  • US Treasury Note 1.875% FEB 28 22
  • Ust Bond 2yr Future Mar 29 18
  • Bbg Commodity F3 Tr Etrs MAR 06 18
MANAGERS

Important Risk Considerations

The fund may not achieve its objective and/or you could lose money on your investment in the fund.

Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.

Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, and economic instability than developed markets.

Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.

Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.

Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.

The fund's performance could be more volatile than the performance of more diversified funds.

Commodity-related investments can be more volatile than investments in equity securities or debt instruments and can be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, and demand/supply imbalances in the market for the commodity. Events that affect the financial services sector may have a significant adverse effect on the fund.

The Fund may also invest up to 25% of the fund's assets in MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands (the "Subsidiary"). The Subsidiary is not registered as an investment company under the Investment Company Act of 1940 (the Act) and is not subject to all of the investor protections of the Act. Changes in the laws impacting the fund or the Subsidiary could negatively affect the fund and its shareholders. By investing in the Subsidiary, the fund is exposed to the risks associated with the Subsidiary's investments, including the risks associated with the additional use of leverage and derivatives.

MFS' assessment of the risk/return potential of commodity sectors and the resulting allocation among commodity sectors may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests.

Please see the prospectus for further information on these and other risk considerations.

Performance

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Average Annual Total Returns %

Average Annual Total Returns %

These results represent the percent change in net asset value.
Monthly | Quarterly As of 09/30/17 (*YTD Updated Daily, As of 12/13/17 , subject to revision and not annualized.)

    Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

    MORNINGSTAR RATING
    Morningstar Overall Rating As of 11/30/17 Class A Shares

    Morningstar Commodities Broad Basket

    Morningstar ratings are based on risk adjusted performance.

    OVERALL
    Out Of Funds
    NA
    OVERALL MORNINGSTAR RATING
    Morningstar Overall Rating As of 11/30/17 Class A Shares

    Morningstar Commodities Broad Basket

    Morningstar ratings are based on risk adjusted performance.

    NA
    THREE YEAR
    Out Of Funds
    NA
    FIVE YEAR
    Out Of Funds
    NA
    TEN YEAR
    Out Of Funds
    NA

    Important Performance Information

    Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

    Sales Charges

    Class A shares ("A") results include the maximum sales charge.

    Annual Rate of Return %
    Pricing & Distributions

    Portfolio & Holdings Information

    Portfolio characteristic data are based on unaudited net assets.

    The portfolio is actively managed, and current holdings may be different.

    Collapse Expand
    Sector, Holding & Characterstics

    Sectors, Holdings & Characteristics

    Performance Statistics

    Alpha: Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance.

    Beta: Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

    Information Ratio: Information ratio is a measure of consistency in excess return. The annualized excess return over a benchmark divided by the annualized standard deviation of excess return.

    R-squared: R2 represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have values very close to 100.

    Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

    Standard Deviation: Standard deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

    Tracking Error: Tracking error is the active risk of the portfolio that measures the dispersion of the portfolio's return minus the benchmark's annualized return.

    Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

    Upside / Downside Capture %: The upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously.

    Updated Monthly As of 11/30/17
    3 Yr. 5 Yr. 10 Yr.
    Alpha 0.48 -0.14 n/a
    Beta 0.93 0.95 n/a
    R-squared 98.36 98.32 n/a
    Standard Deviation % 12.22 11.43 n/a
    Sharpe Ratio -0.63 -0.82 n/a
    Tracking Error 1.79 1.59 n/a
    Information Ratio 0.58 0.21 n/a
    Upside Capture % 96.14 96.46 n/a
    Downside Capture % 92.58 96.45 n/a
    Treynor Ratio -8.25 -9.81 n/a
    Performance-based characteristics are only calculated for Class A shares at NAV.

    Top 10 Holdings

    As of 11/30/17
    • BBG Commodity total return Swap JUL 16 18
    • Mlcilprt Total Return ETRS JUN 15 18
    • BBG Commodity total return Swap JUL 16 18
    • Bloomberg Commodity F3 TR Etrs JAN 10 18
    • Mlcilprt Total Return ETotal Return Swap JUL 16 18
    • Mlcilprt Total Return Etrs APR 09 18
    • Mlcilprt Total Return Etrs APR 10 18
    • US Treasury Note 1.875% FEB 28 22
    • Ust Bond 2yr Future Mar 29 18
    • Bbg Commodity F3 Tr Etrs MAR 06 18

    Portfolio Statistics

    Average Effective Duration: Average Effective Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.

    Average Effective Maturity: Average effective maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.

    As of 11/30/17
    • Average Effective Maturity
      2.61 Yrs.
    • Average Effective Duration
      1.66 Yrs.
    Exposures
    Important Characteristics Information
    Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

    Fees

    • 1.08 % Net Expense Ratio

      Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.

    • 1.08 % Gross Expense Ratio

      Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

    • 5.75 % Maximum Sales Charge
      Class A shares ("A") results include the maximum sales charge.

    Resources

    News & Announcements

    Insightful Investing

    • November 3, 2017

      Updated As of October 9, 2017

    • One of the "Best Mutual Fund Families"

      Updated As of February 12, 2017

    MORNINGSTAR RATINGS

    The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 10/31/17.

    The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

    Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

    This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

    This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online. Read it carefully.

    • Overview
      INVESTMENT OBJECTIVE

      Seeks total return.

      INVESTMENT FOCUS

      Provides broad exposure to the commodities markets

      Invests in commodity-linked instruments and debt securities

      Fund Information

      Fund Commencement
      06/02/10
      Net Assets ($ M)
      As of 11/30/17
      $585.40
      Fiscal Year End
      OCTOBER
      Benchmark

      Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper),grains (corn, wheat), livestock (live cattle/ lean hogs), among others, and are traded in a variety of currencies.

      Bloomberg Commodity Index

      Top 10 Holdings

      As of 11/30/17
      • BBG Commodity total return Swap JUL 16 18
      • Mlcilprt Total Return ETRS JUN 15 18
      • BBG Commodity total return Swap JUL 16 18
      • Bloomberg Commodity F3 TR Etrs JAN 10 18
      • Mlcilprt Total Return ETotal Return Swap JUL 16 18
      • Mlcilprt Total Return Etrs APR 09 18
      • Mlcilprt Total Return Etrs APR 10 18
      • US Treasury Note 1.875% FEB 28 22
      • Ust Bond 2yr Future Mar 29 18
      • Bbg Commodity F3 Tr Etrs MAR 06 18
      MANAGERS