6 9

U.S. Government Cash Reserve Fund

DISCLOSURES

Effective May 29, 2020 the fund will be closed to new and existing investor purchases, subject to certain exceptions.

You could lose money by investing in this fund.  Although the fund seeks to preserve its value at $1.00 per share, the fund cannot guarantee it will do so.  An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

MSRXX
Without Waiver 4.51 %
With Waiver 4.92 %
As of 02/29/24
$ 1.00
$0.00 As of 03/28/24
$477M
As of 02/29/24

U.S. Government Cash Reserve Fund

MSRXX
$0.00 As of 03/28/24
As of 02/29/24
MSRXX
$ 1
$0.00 As of 03/28/24
$477M
As of 02/29/24
  • Overview

    INVESTMENT OBJECTIVE

    The fund's investment objective is to seek current income consistent with preservation of capital and liquidity.

    Fund Information

    • Fund Commencement 12/29/86
    • Net Assets ($ M) As of 02/29/24 $477.36
    • Fiscal Year End AUGUST

    Share Class Information

    • Class Inception 09/07/93
    • Net Asset Value (NAV) As of 03/28/24 $1.00
    • Most Recent NAV Change As of 03/28/24 $0.00 | 0.00%
    • Fund Number 1
    • Maximum Sales Charge --
    • 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.

      0.84%
    • Net Expense Ratio

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


      These reductions will continue until at least 12/31/24

      0.45%
    • Daily and Historical Information View
      Daily and Historical Information is a report which provides the Daily Liquid Assets (% of Portfolio). Weekly liquid Assets (% of Portfolio), Net Shareholder Flows, Net Asset Value (NAV) and the Net Asset Value (at Market) for each business day during the previous 6 months. Definitions of these terms may be found on the report.

    Top 10 Holdings

    • BOFA SECURITIES INC REPO - 5.290% MAR 01 24 - BAC403
    • SSB FICC REPO - 5.280% MAR 01 24 - UST403
    • US TREASURY BILL - 5.250% MAR 26 24 - UST403
    • FREDDIE MAC - 5.185% MAR 18 24 - FHL403
    • US TREASURY BILL - 5.200% APR 30 24 - UST404
    • US TREASURY BILL - 5.260% APR 02 24 - UST404
    • US TREASURY BILL - 5.195% MAR 05 24 - UST403
    • US TREASURY BILL - 5.225% MAY 09 24 - UST405
    • FANNIE MAE - 5.170% APR 22 24 - FNM404
    • US TREASURY BILL - 5.230% MAY 23 24 - UST405

    Important Risk Considerations

    Liquidity: It may be difficult to value, and it may not be possible to sell, certain investments, types of investments, and/or investments in certain segments of the market, and the portfolio may have to sell certain of these investments at a price or time that is not advantageous in order to meet redemptions or other cash needs.

  • Performance

    Performance

    Average Annual Total Returns

    Average Annual Total Returns (%)

    These results represent the percent change in net asset value.
    Monthly | Quarterly As of 12/31/23 (*YTD Updated Daily, As of 03/28/24 , 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.
      OVERALL
      Out Of Funds
      NA
      OVERALL MORNINGSTAR RATING
      NA
      THREE YEAR
      Out Of Funds
      NA
      FIVE YEAR
      Out Of Funds
      NA
      TEN YEAR
      Out Of Funds
      NA

      Important Performance Information

      Performance information prior to July 1, 2014, reflects time periods when the fund was not considered a U.S. Government money market fund and had different investment policies and strategies. The fund's investment policies and strategies changed effective July 1, 2014.

      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") for MFS U.S. Government Cash Reserve Fund and MFS U.S. Government Money Market Fund may be purchased and redeemed at net asset value and have no initial sales charge.

      Annual Rate of Return

      Annual Rate of Return (%)

      As of 12/31/23
      annual rate of return table
      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
      At NAV 0.00 0.00 0.01 0.20 1.12 1.46 0.17 0.01 1.19 4.59
      At NAV
      2023 4.59
      2022 1.19
      2021 0.01
      2020 0.17
      2019 1.46
      2018 1.12
      2017 0.2
      2016 0.01
      2015 -
      2014 -
      Pricing & Distributions

      Pricing History

      • Market Price (MP): 
      Maximum data displayed is for the most recent 10 years
      Historical MP Lookup
      Enter date for which you wish to obtain a Historical MP for this fund

      Historical MP may not be available for all dates.

      7-Day Sec Yields (%)
      Based on the latest seven days ended with dividends annualized. The yield quotation more closely reflects the current earnings of the Money Market portfolio than the total return quotation.

      Subsidies and fee waivers may be imposed at any time to enhance a fund's yield during periods when the fund's operating expenses have a significant impact on the fund's yield due to lower interest rates.

      As of 02/29/24

      Wavier Yield Seven day value
      Without Waiver 4.51
      With Waiver 4.92

      Distributions
      The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.

      The Payable Date is the date on which the distribution is paid to shareholders.

      Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.

      Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.

      Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.

      Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)

      Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)

      Updated Daily As of 03/29/24

      Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$)
      02/29/24 02/29/24 03/01/24 Dividend 0.00390 1.00
      01/31/24 01/31/24 02/01/24 Dividend 0.00417 1.00
      12/29/23 12/29/23 12/29/23 Dividend 0.00419 1.00
      11/30/23 11/30/23 12/01/23 Dividend 0.00407 1.00
      10/31/23 10/31/23 11/01/23 Dividend 0.00421 1.00
      09/29/23 09/29/23 10/02/23 Dividend 0.00403 1.00
      08/31/23 08/31/23 09/01/23 Dividend 0.00408 1.00
      07/31/23 07/31/23 08/01/23 Dividend 0.00396 1.00
      06/30/23 06/30/23 07/03/23 Dividend 0.00375 1.00
      05/31/23 05/31/23 06/01/23 Dividend 0.00354 1.00
      04/28/23 04/28/23 05/01/23 Dividend 0.00330 1.00
      03/31/23 03/31/23 04/03/23 Dividend 0.00349 1.00
      Past performance is no guarantee of future results. Please consult your tax advisor for further information.
    • Portfolio & Holdings Information

      Portfolio & Holdings Information
      Portfolio characteristic data are based on unaudited net assets.

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

      Sector, Holding & Characterstics

      Holding Characteristics
      Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.

      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 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.

      Weighted average yield-to-worst of all portfolio holdings excluding cash & derivatives. Yield-to-worst is the annual estimate of the portfolio yield considering factors such as call provisions, prepayments, and other features that may affect a bond's cash flow; and assumes no default. It is an estimated characteristic at a point in time and is not a measure of portfolio performance.

      As of 02/29/24
      Data table of holding characteristics
      characteristics Fixed Earning
      Number of Issues 20
      Number of Issuers 6
      Average Effective Duration 0.00 yrs

      Top 10 Holdings

      As of 02/29/24
      • BOFA SECURITIES INC REPO - 5.290% MAR 01 24 - BAC403
      • SSB FICC REPO - 5.280% MAR 01 24 - UST403
      • US TREASURY BILL - 5.250% MAR 26 24 - UST403
      • FREDDIE MAC - 5.185% MAR 18 24 - FHL403
      • US TREASURY BILL - 5.200% APR 30 24 - UST404
      • US TREASURY BILL - 5.260% APR 02 24 - UST404
      • US TREASURY BILL - 5.195% MAR 05 24 - UST403
      • US TREASURY BILL - 5.225% MAY 09 24 - UST405
      • FANNIE MAE - 5.170% APR 22 24 - FNM404
      • US TREASURY BILL - 5.230% MAY 23 24 - UST405

      Money Market Fund Reports

      Monthly Portfolio Holding Reports:
      1

      The fund files monthly portfolio information with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund files monthly portfolio information on Form N-MFP as of the last business day of the month no later than the fifth business day of the following month. Prior to April 14, 2016, the funds Form N-MFP became publicly available on the SECs website 60 days after the filing date. For filings made after April 14, 2016, the funds filings on Form N-MFP will be immediately available on the SECs website.

      *By selecting the link, you will be directed to the corresponding filing on the SEC website.
      The portfolio is actively managed, and current holdings may be different.
      1

      The fund files monthly portfolio information with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund files monthly portfolio information on Form N-MFP as of the last business day of the month no later than the fifth business day of the following month. Prior to April 14, 2016, the funds Form N-MFP became publicly available on the SECs website 60 days after the filing date. For filings made after April 14, 2016, the funds filings on Form N-MFP will be immediately available on the SECs website.

      *By selecting the link, you will be directed to the corresponding filing on the SEC website.
      The portfolio is actively managed, and current holdings may be different.
      Exposures

      Portfolio Structure (%)

      As of 02/29/24
      • Cash & Cash Equivalents
        100.00

      Credit Quality (%)

      For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.

      As of 02/29/24
      • % of Total Net Assets
      • A
        100.44
      • Other Not Rated
        -0.44
      Important Characteristics Information
      The portfolio is actively managed, and current holdings may be different.

      Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Cash and other portfolio assets that are not securities are not included in the categories mentioned above. Ratings are shown in the S&P scale. All ratings are subject to change.

      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.

      *Short positions, unlike long positions, lose value if the underlying asset gains value.

    • Fees

      Fees

      • 0.45 % Net Expense Ratio

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


        These reductions will continue until at least 12/31/24

      • 0.84 % 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.

      • - Maximum Sales Charge
        Class A shares ("A") for MFS U.S. Government Cash Reserve Fund and MFS U.S. Government Money Market Fund may be purchased and redeemed at net asset value and have no initial sales charge.
    • Resources

      Resources

      Product Literature

      Product Literature

      Back to bonds: Why it may be time to make the move.

      Fixed Income public brochure that illustrates why the bond window of opportunity is now open for long-term investors.

      Market Declines: A History of Recoveries

      Flyer showing market declines over time and how recoveries have played out over the long-term.

      Barron's Box Flyer

      Flyer showing MFS' annual rankings from Barron's since 2008

      Monthly Distribution Report

      Monthly Fact Sheet

      2024 Dividend and Capital Gains Schedule

      MFS Fund Sustainability Ratings

      Sustainability ratings from Morningstar and MSCI for MFS Portfolios

      The Power of Active Management brochure

      Announcements

      Announcements

      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.
      MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.
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