MFS® Total Return Fund

Largest Sector Weights of Equity Assets

As of 6/30/15

% of Equity Assets  
Financial Services
23.72
Health Care
13.87
Industrial Goods & Services
9.42
Consumer Staples
9.06
Technology
7.72
Leisure
6.62
Energy
6.34
Retailing
6.21
Utilities & Communications
5.85

Map represents sectors greater than 5%.

Holdings Characteristics

Holdings Based Portfolio - Equity Level Data

As of 6/30/15

Weighted Average Price/Earnings (12 months forward ex-negative earnings)
15.28x
Weighted Average Price/Cash Flow
10.61x
Weighted Average Price/Sales
1.59x
Weighted Average Price/Book
2.35x
Weighted Average IBES Long Term EPS Growth
8.15%
Weighted Average Market Cap
$99.8b
Weighted Median Market Cap
$62.5b
# of Stock Holdings
193
% in Stocks
58.36%
% in Cash & Other1
1.85%
% in Top Ten
22.14%

Weighted Average IBES Long Term EPS Growth sourced from: Thomson Reuters.

Equity Portfolio Characteristics displayed prior to 1/31/10 reflects its market value, and is not based on equivalent exposure, which may differ.

Holdings Based Portfolio - Fixed Income Level Data

As of 6/30/15

# of Bond Holdings
288
Average Coupon
3.69
Average Effective Duration
5.28 yrs
Average Effective Maturity
7.29 yrs
Yield to Worst
2.43%

Performance Statistics

Performance Based

Updated monthly as of 6/30/15

BENCHMARK:
Standard & Poor's 500 Stock Index

 
3 Yr
5 Yr
10 Yr
Alpha
0.77
0.26
0.89
Beta
0.61
0.61
0.61
R-squared
94.78
97.16
96.73
Standard Deviation %
5.37
7.43
9.14
Sharpe Ratio
2.08
1.44
0.51
Tracking Error
3.54
4.85
5.98
Information Ratio
-1.72
-1.37
-0.33
Upside Capture %
56.88
47.02
36.48
Downside Capture %
62.52
66.02
75.70
Treynor Ratio
18.27
17.51
7.67

Performance-based characteristics are only calculated for Class A shares at NAV.

Top 10 Equity Holdings

As of 6/30/15

JPMorgan Chase & Co
Wells Fargo & Co
Philip Morris International Inc
Johnson & Johnson
CVS Health Corp
Merck & Co Inc
MetLife Inc
Target Corp
Comcast Corp
Danaher Corp

22.14% of equity assets

Full and Historical Holdings

Top 10 Fixed Income Holdings

As of 6/30/15

US Treasury Note 0.875% DEC 31 16
US Treasury Bond 4.5% AUG 15 39
US Treasury Note 1% JUN 30 19
FNMA 30YR 4.0
US Treasury Note 3.125% MAY 15 21
FNMA 30YR 3.5
US Treasury Note 0.375% FEB 15 16
FNMA 30YR 4.5
US Treasury Note 3.5% MAY 15 20
US Treasury Note 2.5% AUG 15 23

38.11% of fixed income assets

Full and Historical Holdings

Types of Holdings %

As of 6/30/15

Total number of holdings : 482

Sector Weights %

As of 6/30/15

% of Equity Assets  
Financial Services
23.72
Health Care
13.87
Industrial Goods & Services
9.42
Consumer Staples
9.06
Technology
7.72
Leisure
6.62
Energy
6.34
Retailing
6.21
Utilities & Communications
5.85
Basic Materials
4.98
Autos & Housing
3.05
Special Products & Services
1.89
Transportation
1.26

Credit Quality %

As of 6/30/15

 
% of Fixed Income Assets

Region %

As of 6/30/15

Region
% Equity Assets 
North America 2 countries
92.11
Europe ex-U.K. 7 countries
3.44
United Kingdom 1 country
2.05
Emerging Markets 4 countries
1.14
Japan 1 country
0.90
0.37

Important Characteristics Information

Portfolio characteristic data are based on unaudited net assets.

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

For all securities other than those specifically described below, ratings are assigned to underlying 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. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The portfolio itself has not been rated.

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.

1 The assets included in "Other" carry risks including market, credit, counterparty, currency and liquidity risks. The inclusion of these assets may understate or overstate the portfolio's actual cash position.

Definitions

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.

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: 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.

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.

Credit Quality: For all securities other than those specifically described below, ratings are assigned to underlying 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. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The fund itself has not been rated.

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: 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.

Weighted Average IBES Long Term EPS Growth: Weighted Average IBES Long Term EPS Growth sourced from: Thomson Reuters.

Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.

Weighted Average Price/Book: Price/book ratio (P/B) is the ratio of a stock's price to its book value per share.

Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.

Weighted Average Price/Earnings (next 12 months): Price/earnings ratio (P/E) is the price of a stock divided by its earnings per share.

Weighted Average Price/Sales: Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.

Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.

Yield to Worst: The weighted average yield-to-worst of all portfolio holdings. The yield-to-worst is computed by using the lower of either yield-to-maturity or the yield-to-call on every possible call date. Essentially the yield-to-worst is a bond's yield-to-maturity under the least desirable bond repayment pattern under the assumption that bond market yields are unchanged.

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.