Effective Date 06/30/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Effective Date 06/30/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Prospectus
|
Fact Sheet
|
$0.05
As of09/06/24
As of 07/31/24
MCSIX
Effective Date 06/30/24 The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating distinguishes itself with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. A Fund with a "Bronze" rating distinguishes itself with notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. Analyst Ratings are reevaluated at least every 14 months.
Invests in commodity-linked instruments and debt securities
Provides broad exposure to the commodities markets
Uses proprietary quantitative models to make allocation decisions
Fund Information
Fund Commencement
06/02/2010
Net Assets
($
M)
As of 07/31/24
$851.46
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
Share Class Information
Class Inception
06/02/2010
Net Asset Value (NAV)
As of 09/06/24
$3.44
Most Recent NAV Change
As of 09/06/24
$0.05
|
1.43%
Fund Number
1842
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.
0.9%
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 02/28/25
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception 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 portfolio's value may decline during rising rates. Portfolios 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: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
International: 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.
Derivatives: 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.
Commodity: 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, currency fluctuations, or 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 portfolio.
Subsidiary: 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.
Allocation: 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 portfolio underperforming other portfolios with similar investment strategies and/or underperforming the markets in which the portfolio invests.
Please see the prospectus for further information on these and other risk considerations.
Philipp Burgener, CFA
Portfolio Manager
24
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Philipp S. Burgener, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). He is part of the portfolio management teams for the limited maturity strategy as well as the US and global opportunistic fixed income strategies and serves as the leader of MFS' structured product team.
Philipp assumed his portfolio manager role in 2017. He first joined the structured product team in 2003 as a research associate and became a research analyst in 2005. Prior to that, he served as a quantitative research associate. He joined MFS in 2000 in a sales role.
Philipp earned a Bachelor of Arts degree from Colgate University and a Master of Science degree from Boston University. He holds the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston.
Alexander M. Mackey, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, he has joint oversight of MFS' global fixed income team and works collaboratively with the firm's investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve clients globally. He is also a fixed income portfolio manager on several strategies, including the firm's multisector fixed income strategies, with oversight of dedicated US credit portfolios.
Alexander assumed his current role in 2023. Prior to taking on portfolio management responsibilities in 2017, he worked as a credit research analyst for 13 years and a fixed income research associate for three years. He joined MFS as a financial control assistant in 1998.
Alexander has a bachelor's degree from Trinity College and holds the Chartered Financial Analyst (CFA) designation. He is a member of CFA Society Boston.
Ben Nastou, CFA
Portfolio Manager
23
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
23
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
Benjamin R. Nastou, CFA, is an investment officer and co-CIO of quantitative solutions at MFS Investment Management® (MFS®). In his role, he oversees quantitative portfolio management and research at the firm.
Ben joined MFS in 2001 as a fixed income research associate and was promoted to quantitative research analyst in 2003. He was named portfolio manager in 2010 and co-director of quantitative solutions in 2021 before taking on his current role in 2024.
Ben earned a Bachelor of Arts degree in economics and mathematics from Dartmouth College. He is a member of the Boston Security Analysts Society, Inc. and holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Natalie Shapiro, Ph.D.
Portfolio Manager
30
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
Natalie I. Shapiro, Ph.D., is an investment officer and multi-asset portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, she is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, she participates in the research process and strategy discussions.
Natalie joined MFS in 1997 as a quantitative research analyst and took on portfolio management responsibilities in 2007. Prior to joining the firm, she served as a research associate for three years at the Federal Reserve Bank of Boston.
Natalie earned a Bachelor of Arts degree in economics with honors from Wellesley College and a doctorate in economics from the University of Pennsylvania.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
06/30/24
(*YTD Updated
Daily,
As of 09/06/24 , 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.
MORNINGSTAR RATING
Morningstar Overall Rating As of 07/31/24 Class I Shares
Morningstar Commodities Broad Basket
Morningstar ratings are based on risk adjusted performance.
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 I shares are available without a sales charge to eligible investors.
Annual Rate of Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Bloomberg Commodity Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
-16.61
-23.25
11.48
3.64
-12.80
7.78
-0.03
27.96
13.32
-6.14
Bloomberg Commodity Index
-17.01
-24.66
11.77
1.70
-11.25
7.69
-3.12
27.11
16.09
-7.91
At NAV
Bloomberg Commodity Index
2023
-6.14
-7.91
2022
13.32
16.09
2021
27.96
27.11
2020
-0.03
-3.12
2019
7.78
7.69
2018
-12.8
-11.25
2017
3.64
1.7
2016
11.48
11.77
2015
-23.25
-24.66
2014
-16.61
-17.01
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
09/06/24
Net Asset Value (NAV):
$3.44
Change
($) (since
09/05/24
):
0.05
Change (%) (since
09/05/24
):
1.43
Market Price (MP):
Maximum data displayed is for the most recent 10 years
Historical NAV Lookup
Enter date for which you wish to obtain a Historical NAV for this fund
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Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
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
09/07/24
Record Date
Ex-Date
Payable Date
Type of Earnings
Rate per Share (US$)
Reinvestment NAV (US$)
12/18/23
12/19/23
12/20/23
Dividend
0.07724
3.51
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
The portfolio is actively managed, and current holdings may be different.
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 indicates alpha worse-than-expected portfolio performance.
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 is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.
R squared 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. R squared is not a measure of performance.
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 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 is the standard deviation of a portfolio's excess returns. Excess returns are a 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 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. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.
Updated Monthly As of
07/31/24
Benchmark
Bloomberg Commodity Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
0.62
0.33
-0.21
Beta
1.02
1.06
1.05
R-squared
97.09
97.41
97.21
Standard Deviation %
14.62
17.02
16.31
Sharpe Ratio
-0.15
0.29
0.01
Tracking Error
2.51
2.88
2.82
Information Ratio
0.21
0.21
-0.05
Treynor Ratio
-2.14
4.64
0.16
Downside Capture %
98.68
100.54
101.67
Upside Capture %
101.54
102.66
100.79
Top 10 Holdings
As of
07/31/24
MLCILPRT TR Swap OCT 18 24
MLCILPRT TR Swap DEC 20 24
BBG Commodity F3 TR SWAP
US Treasury Note 4.625% NOV 15 26
US Treasury Note 4.5% JUL 15 26
BBG Commodity TR Swap JAN 21 25
BBG Commodity TR Swap JAN 21 25
BBG Commodity TR Swap JAN 21 25
USD IRS 3Yr Receiver 4.967 OCT 02 26
BBG Commodity TR Swap APR 17 25
The portfolio is actively managed, and current holdings may be different.
Exposures
Commodity Exposures (%)
As of 07/31/24
Commodity Exposures (%)
Portfolio
Bloomberg Commodity Index
Underweight/ Overweight
Energy
34.7
26.1
8.6
Gas/Oil
4.3
-
4.3
Natural Gas
8.1
6.2
1.9
Heating Oil
3.5
2.0
1.5
Brent Crude
8.5
7.7
0.8
Unleaded Gasoline
3.0
2.5
0.5
WTI Crude Oil
7.2
7.7
-0.5
Livestock
7.5
5.7
1.8
Live Cattle
5.1
3.8
1.3
Lean Hogs
2.4
1.9
0.5
Softs
9.1
7.5
1.6
Cotton
2.6
1.3
1.3
Coffee
4.1
3.7
0.4
Sugar
2.4
2.5
-0.1
Industrial Metals
13.6
15.0
-1.4
Lead
0.8
-
0.8
Zinc
3.4
2.6
0.8
Nickel
2.5
2.6
-0.1
Copper (COMEX)
4.4
5.8
-1.4
Aluminum
2.5
4.1
-1.6
Grains
16.9
19.4
-2.5
Corn
4.6
4.7
-0.1
Kansas Wheat
1.5
1.6
-0.1
Soybean Oil
2.8
3.0
-0.2
Soybeans
4.6
4.8
-0.2
Soybean Meal
2.2
3.0
-0.8
Wheat
1.1
2.4
-1.3
Precious Metals
17.1
22.7
-5.6
Silver
3.4
5.5
-2.1
Gold
13.7
17.2
-3.5
Underweight/ Overweight
Portfolio Structure (%)
As of
07/31/24
Commodities
98.94
U.S. Treasuries
44.26
Investment Grade Corporates
32.89
Collateralized Loan Obligations
6.83
Asset Backed
3.50
Commercial Mtg Backed
2.89
Residential Mtg Backed
1.54
Emerging Markets Debt
1.08
Mortgage Backed
0.49
Municipals
0.31
High Yield Corporates
0.26
Non-U.S. Sovereigns
0.26
Cash & Cash Equivalents
17.56
Other1
-110.81
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
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.
1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
Fees
0.89% 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 02/28/25
0.90% 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 I shares are available without a sales charge to eligible investors.
The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 07/31/24.
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 do not take into account sales charges and are based on historical returns, which are not indicative of future results. Rankings of other share classes may vary. A high relative ranking does not always mean the fund achieved a positive return during the period.
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 at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.
Invests in commodity-linked instruments and debt securities
Provides broad exposure to the commodities markets
Uses proprietary quantitative models to make allocation decisions
Fund Information
Fund Commencement
06/02/2010
Net Assets
($
M)
As of 07/31/24
$851.46
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
Share Class Information
Class Inception
06/02/2010
Net Asset Value (NAV)
As of 09/06/24
$3.44
Most Recent NAV Change
As of 09/06/24
$0.05
|
1.43%
Fund Number
1842
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.
0.9%
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 02/28/25
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception 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 portfolio's value may decline during rising rates. Portfolios 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: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
International: 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.
Derivatives: 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.
Commodity: 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, currency fluctuations, or 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 portfolio.
Subsidiary: 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.
Allocation: 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 portfolio underperforming other portfolios with similar investment strategies and/or underperforming the markets in which the portfolio invests.
Please see the prospectus for further information on these and other risk considerations.
Philipp Burgener, CFA
Portfolio Manager
24
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
Philipp S. Burgener, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). He is part of the portfolio management teams for the limited maturity strategy as well as the US and global opportunistic fixed income strategies and serves as the leader of MFS' structured product team.
Philipp assumed his portfolio manager role in 2017. He first joined the structured product team in 2003 as a research associate and became a research analyst in 2005. Prior to that, he served as a quantitative research associate. He joined MFS in 2000 in a sales role.
Philipp earned a Bachelor of Arts degree from Colgate University and a Master of Science degree from Boston University. He holds the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston.
Alexander M. Mackey, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, he has joint oversight of MFS' global fixed income team and works collaboratively with the firm's investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve clients globally. He is also a fixed income portfolio manager on several strategies, including the firm's multisector fixed income strategies, with oversight of dedicated US credit portfolios.
Alexander assumed his current role in 2023. Prior to taking on portfolio management responsibilities in 2017, he worked as a credit research analyst for 13 years and a fixed income research associate for three years. He joined MFS as a financial control assistant in 1998.
Alexander has a bachelor's degree from Trinity College and holds the Chartered Financial Analyst (CFA) designation. He is a member of CFA Society Boston.
Ben Nastou, CFA
Portfolio Manager
23
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
23
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
Benjamin R. Nastou, CFA, is an investment officer and co-CIO of quantitative solutions at MFS Investment Management® (MFS®). In his role, he oversees quantitative portfolio management and research at the firm.
Ben joined MFS in 2001 as a fixed income research associate and was promoted to quantitative research analyst in 2003. He was named portfolio manager in 2010 and co-director of quantitative solutions in 2021 before taking on his current role in 2024.
Ben earned a Bachelor of Arts degree in economics and mathematics from Dartmouth College. He is a member of the Boston Security Analysts Society, Inc. and holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
Natalie Shapiro, Ph.D.
Portfolio Manager
30
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
30
YEARS WITH INDUSTRY
14
YEARS WITH PORTFOLIO
Natalie I. Shapiro, Ph.D., is an investment officer and multi-asset portfolio manager at MFS Investment Management® (MFS®). As a member of the portfolio management teams for the firm's commodity and global multi-asset strategies, she is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Additionally, she participates in the research process and strategy discussions.
Natalie joined MFS in 1997 as a quantitative research analyst and took on portfolio management responsibilities in 2007. Prior to joining the firm, she served as a research associate for three years at the Federal Reserve Bank of Boston.
Natalie earned a Bachelor of Arts degree in economics with honors from Wellesley College and a doctorate in economics from the University of Pennsylvania.
These results represent the percent change in net asset value.
Monthly|QuarterlyAs of
06/30/24
(*YTD Updated
Daily,
As of 09/06/24 , 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.
MORNINGSTAR RATING
Morningstar Overall Rating As of 07/31/24 Class I Shares
Morningstar Commodities Broad Basket
Morningstar ratings are based on risk adjusted performance.
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 I shares are available without a sales charge to eligible investors.
Annual Rate of Return
Annual Rate of Return (%)
As of
12/31/23|Benchmark: Bloomberg Commodity Index
annual rate of return table
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
At NAV
-16.61
-23.25
11.48
3.64
-12.80
7.78
-0.03
27.96
13.32
-6.14
Bloomberg Commodity Index
-17.01
-24.66
11.77
1.70
-11.25
7.69
-3.12
27.11
16.09
-7.91
At NAV
Bloomberg Commodity Index
2023
-6.14
-7.91
2022
13.32
16.09
2021
27.96
27.11
2020
-0.03
-3.12
2019
7.78
7.69
2018
-12.8
-11.25
2017
3.64
1.7
2016
11.48
11.77
2015
-23.25
-24.66
2014
-16.61
-17.01
Pricing & Distributions
Pricing History
NAV at Close of Trading on:
09/06/24
Net Asset Value (NAV):
$3.44
Change
($) (since
09/05/24
):
0.05
Change (%) (since
09/05/24
):
1.43
Market Price (MP):
Maximum data displayed is for the most recent 10 years
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Historical Exit Price Table
NAV at Close of Trading on
Net Asset Value (NAV)
No Data Available
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
09/07/24
Record Date
Ex-Date
Payable Date
Type of Earnings
Rate per Share (US$)
Reinvestment NAV (US$)
12/18/23
12/19/23
12/20/23
Dividend
0.07724
3.51
Past performance is no guarantee of future results. Please consult your tax advisor for further information.
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 indicates alpha worse-than-expected portfolio performance.
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 is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.
R squared 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. R squared is not a measure of performance.
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 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 is the standard deviation of a portfolio's excess returns. Excess returns are a 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 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. Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period.
Updated Monthly As of
07/31/24
Benchmark
Bloomberg Commodity Index
Performance Statistics Table
10 Yr.
5 Yr.
3 Yr.
Alpha
0.62
0.33
-0.21
Beta
1.02
1.06
1.05
R-squared
97.09
97.41
97.21
Standard Deviation %
14.62
17.02
16.31
Sharpe Ratio
-0.15
0.29
0.01
Tracking Error
2.51
2.88
2.82
Information Ratio
0.21
0.21
-0.05
Treynor Ratio
-2.14
4.64
0.16
Downside Capture %
98.68
100.54
101.67
Upside Capture %
101.54
102.66
100.79
Top 10 Holdings
As of
07/31/24
MLCILPRT TR Swap OCT 18 24
MLCILPRT TR Swap DEC 20 24
BBG Commodity F3 TR SWAP
US Treasury Note 4.625% NOV 15 26
US Treasury Note 4.5% JUL 15 26
BBG Commodity TR Swap JAN 21 25
BBG Commodity TR Swap JAN 21 25
BBG Commodity TR Swap JAN 21 25
USD IRS 3Yr Receiver 4.967 OCT 02 26
BBG Commodity TR Swap APR 17 25
The portfolio is actively managed, and current holdings may be different.
Exposures
Commodity Exposures (%)
As of 07/31/24
Commodity Exposures (%)
Portfolio
Bloomberg Commodity Index
Underweight/ Overweight
Energy
34.7
26.1
8.6
Gas/Oil
4.3
-
4.3
Natural Gas
8.1
6.2
1.9
Heating Oil
3.5
2.0
1.5
Brent Crude
8.5
7.7
0.8
Unleaded Gasoline
3.0
2.5
0.5
WTI Crude Oil
7.2
7.7
-0.5
Livestock
7.5
5.7
1.8
Live Cattle
5.1
3.8
1.3
Lean Hogs
2.4
1.9
0.5
Softs
9.1
7.5
1.6
Cotton
2.6
1.3
1.3
Coffee
4.1
3.7
0.4
Sugar
2.4
2.5
-0.1
Industrial Metals
13.6
15.0
-1.4
Lead
0.8
-
0.8
Zinc
3.4
2.6
0.8
Nickel
2.5
2.6
-0.1
Copper (COMEX)
4.4
5.8
-1.4
Aluminum
2.5
4.1
-1.6
Grains
16.9
19.4
-2.5
Corn
4.6
4.7
-0.1
Kansas Wheat
1.5
1.6
-0.1
Soybean Oil
2.8
3.0
-0.2
Soybeans
4.6
4.8
-0.2
Soybean Meal
2.2
3.0
-0.8
Wheat
1.1
2.4
-1.3
Precious Metals
17.1
22.7
-5.6
Silver
3.4
5.5
-2.1
Gold
13.7
17.2
-3.5
Underweight/ Overweight
Portfolio Structure (%)
As of
07/31/24
Commodities
98.94
U.S. Treasuries
44.26
Investment Grade Corporates
32.89
Collateralized Loan Obligations
6.83
Asset Backed
3.50
Commercial Mtg Backed
2.89
Residential Mtg Backed
1.54
Emerging Markets Debt
1.08
Mortgage Backed
0.49
Municipals
0.31
High Yield Corporates
0.26
Non-U.S. Sovereigns
0.26
Cash & Cash Equivalents
17.56
Other1
-110.81
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
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.
1Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.
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 02/28/25
0.90% 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 I shares are available without a sales charge to eligible investors.
The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 07/31/24.
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 do not take into account sales charges and are based on historical returns, which are not indicative of future results. Rankings of other share classes may vary. A high relative ranking does not always mean the fund achieved a positive return during the period.
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 at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199.