Global Alternative Strategy Fund

Specialty / Alternative

DVRIX

Daily Nav

$ 13.96

$0.05 As of 06/13/25

Net Assets

$158M

As of 05/31/25

OVERALL MORNINGSTAR RATING

View Overall Morningstar Ratings Information

Global Alternative Strategy Fund

Specialty / Alternative

DVRIX

Prospectus |
Fact Sheet |

Daily Nav $ 13.96

$0.05 As of 06/13/25

Net Assets $158M

As of 05/31/25

Specialty / Alternative

DVRIX

Daily Nav

$ 13.96

$0.05 As of 06/13/25

Net Assets

$158M

As of 05/31/25

OVERALL MORNINGSTAR RATING

View Overall Morningstar Ratings Information

Investment Objective

Seeks total return.

Goal is total return that meets or exceeds 2-4% over the ICE BofA 0-3 Month U.S. Treasury Bill Index (net of fund expenses), over a full market cycle, with less reliance on favorable market conditions

Seeks to generate consistent returns over time by managing active security selection separately from tactical equity, fixed income and currency market allocation

The fund uses a flexible approach, seeking lower correlation to traditional equity and fixed income markets

Fund Commencement 12/20/2007
Net Assets ($ M) As of 05/31/25 $158.19
Fiscal Year End OCTOBER
Benchmark

Bloomberg 1-3 Year U.S. Treasury Bond Index measures U.S. Treasury bonds with a maturity from 1 year up to (but not including) 3 years.

Bloomberg 1-3 Year U.S. Treasury Bond Index

Class Inception 12/20/2007
Net Asset Value (NAV) As of 06/13/25 $13.96
Most Recent NAV Change As of 06/13/25 $0.05 | 0.36%
Fund Number 841
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.

1.32%
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 02/28/26

1.09%

Timothy Dittmer

Portfolio Manager

1 YEAR WITH PORTFOLIO

Ben Nastou, CFA

Portfolio Manager

11 YEARS WITH PORTFOLIO

Natalie Shapiro, Ph.D.

Portfolio Manager

17 YEARS WITH PORTFOLIO

Erich Shigley, CFA

Portfolio Manager

4 YEARS WITH PORTFOLIO

		Derivative Overlay Positions ¹
	Active Security Selection	Long	Short ^1,*	Net Exposure
				29.00
Europe ex-U.K.	11.29	5.17	-3.35	13.11
North America ex-U.S.	2.20	3.47		5.66
Emerging Markets	2.80	4.27	-2.82	4.24
U.S. Large Cap	27.24		-24.20	3.05
Asia/Pacific ex-Japan	1.24	3.16	-1.76	2.63
U.S. Small/Mid Cap	19.81		-17.92	1.89
Developed - Middle East/Africa	0.06			0.06
United Kingdom	2.66		-2.84	-0.18
Japan	3.90		-5.37	-1.46
				48.35
U.S.	13.83	41.15	-17.58	37.40
United Kingdom	0.78	6.86		7.64
Europe ex-U.K.	2.59	1.60		4.19
Asia/Pacific ex-Japan	0.65	0.60		1.25
Emerging Markets	0.21			0.21
Japan	0.44		-1.22	-0.79
North America ex-U.S.	1.20		-2.76	-1.56
				2.48
U.S.	2.37			2.37
Non-U.S.	0.11			0.11
Cash & Cash Equivalents				7.39
Other³				12.78
Total Net Exposure Summary				100.00

Market exposure of derivative position utilized to adjust fund.

³Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

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

Important Risk Considerations

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

Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.

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.

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.

High Yield: 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.

Strategy: There is no assurance that the portfolio will meet its target total rate of return, or have lower volatility than that of the overall equity market, over the long term or for any year or period of years. The portfolio's strategy to manage its exposure to asset classes, markets, and currencies may not produce the intended results. It is expected that the portfolio will generally under-perform the equity markets during strong, rising equity markets.

Allocation: MFS' assessment of the risk/return potential of asset classes, markets and currencies and its adjustments to the portfolio's exposure to asset classes, markets and currencies may not produce intended results and/or can lead to an investment focus that results in the portfolio underperforming other portfolios that invest in similar investment types or have similar investment strategies and/or underperform the markets in which the portfolio invests.

Strategy: The portfolio's strategy to blend fundamental and quantitative research may not produce the intended results. In addition, MFS fundamental research is not available for all issuers.

Quantitative Strategy: MFS' investment analysis, development and use of quantitative models, and selection of investments may not produce the intended results and/or can lead to an investment focus that results in underperforming portfolios with similar investment strategies and/or the markets in which the portfolio invests. The proprietary and third party quantitative models used by MFS may not produce the intended results for a variety of reasons, including the factors used, the weight placed on each factor, changing sources of market return, changes from the market factors' historical trends, and technical issues in the development, application, and maintenance of the models (e.g., incomplete or inaccurate data, programming/software issues, coding errors and technology failures).

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

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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 03/31/25

Class I at NAV
Bloomberg 1-3 Year U.S. Treasury Bond Index

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

OVERALL

OVERALL MORNINGSTAR RATING

THREE YEAR

FIVE YEAR

TEN YEAR

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.

Performance information for periods prior to July 13, 2018 reflects periods when a subadvisor was responsible for managing the fund's tactical asset allocation overlay under a different investment process.

Sales Charges

Class I shares are available without a sales charge to eligible investors.

Annual Rate of Return

Annual Rate of Return (%)

As of 12/31/24

Benchmark: Bloomberg 1-3 Year U.S. Treasury Bond Index

annual rate of return table
	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
At NAV	-1.72	-3.44	6.40	-0.40	13.01	4.66	3.67	-5.10	9.22	9.66
Bloomberg 1-3 Year U.S. Treasury Bond Index	0.56	0.86	0.42	1.56	3.59	3.16	-0.60	-3.82	4.29	4.03

	At NAV	Bloomberg 1-3 Year U.S. Treasury Bond Index
2024	9.66	4.03
2023	9.22	4.29
2022	-5.1	-3.82
2021	3.67	-0.6
2020	4.66	3.16
2019	13.01	3.59
2018	-0.4	1.56
2017	6.4	0.42
2016	-3.44	0.86
2015	-1.72	0.56

Pricing & Distributions

Pricing History

NAV at Close of Trading on: 06/13/25
Net Asset Value (NAV): $13.96
Change ($) (since 06/12/25 ): 0.05
Change (%) (since 06/12/25 ): 0.36

Market Price (MP):

Maximum data displayed is for the most recent 10 years

Historical NAV Lookup

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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 06/14/25

Record Date	Ex-Date	Payable Date	Type of Earnings	Rate per Share (US$)	Reinvestment NAV (US$)
12/18/24	12/19/24	12/20/24	Dividend	0.21434	12.95

Record Date

Ex-Date

Payable Date

Type of Earnings

Rate per Share (US$)

Reinvestment NAV (US$)

12/18/24

12/19/24

12/20/24

Dividend

0.21434

12.95

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.

component list

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Holdings

Sector, Holding & Characterstics

Performance Statistics

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 05/31/25

Benchmark

Bloomberg 1-3 Year U.S. Treasury Bond Index

Performance Statistics Table
	10 Yr.	5 Yr.	3 Yr.
Alpha	2.81	4.55	4.56
Beta	0.68	1.32	1.31
R-squared	4.51	27.20	31.54
Standard Deviation %	5.15	5.03	5.15
Sharpe Ratio	0.36	0.67	0.77
Tracking Error	5.06	4.34	4.31
Information Ratio	0.44	1.13	1.29
Treynor Ratio	2.70	2.54	3.04
Downside Capture %	60.54	76.41	53.56
Upside Capture %	159.18	233.00	187.20

Fund Positioning (%)

As of 05/31/25

		Derivative Overlay Positions ¹
	Active Security Selection	Long	Short ^1,*	Net Exposure
				29.00
Europe ex-U.K.	11.29	5.17	-3.35	13.11
North America ex-U.S.	2.20	3.47		5.66
Emerging Markets	2.80	4.27	-2.82	4.24
U.S. Large Cap	27.24		-24.20	3.05
Asia/Pacific ex-Japan	1.24	3.16	-1.76	2.63
U.S. Small/Mid Cap	19.81		-17.92	1.89
Developed - Middle East/Africa	0.06			0.06
United Kingdom	2.66		-2.84	-0.18
Japan	3.90		-5.37	-1.46
				48.35
U.S.	13.83	41.15	-17.58	37.40
United Kingdom	0.78	6.86		7.64
Europe ex-U.K.	2.59	1.60		4.19
Asia/Pacific ex-Japan	0.65	0.60		1.25
Emerging Markets	0.21			0.21
Japan	0.44		-1.22	-0.79
North America ex-U.S.	1.20		-2.76	-1.56
				2.48
U.S.	2.37			2.37
Non-U.S.	0.11			0.11
Cash & Cash Equivalents				7.39
Other³				12.78
Total Net Exposure Summary				100.00

Market exposure of derivative position utilized to adjust fund.

³Other. Other consists of: (i) currency derivatives and/or (ii) any derivative offsets.

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

Top 10 Holdings

As of 05/31/25

USD IRS 2YR Receiver 3.749 JUN 16 27
USD IRS 5YR Receiver 3.739 JUN 19 30
GB Govt Bond 10Yr Future SEP 26 25
S&P TSX 60 Index Future JUN 19 25
TOPIX Index Future JUN 12 25*
USD IRS 10YR Payer 3.843 JUN 18 35*
S&P 400 Mid Cap Future JUN 20 25*
UST Bond 10Yr Future SEP 19 25*
Russell 2000 E-Mini Future JUN 20 25*
S&P 500 E-Mini Future JUN 20 25*

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

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.

Fees

1.09
% 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 02/28/26
1.32
% 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.

Resources

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Product Resources

Fact Sheets are available approximately 15 days after quarter end.

Full Holdings available approximately 19 or 24 days after month end.
Prospectuses & SAIs
Shareholder Reports
Product Literature
Announcements

Product Resources

Prospectuses & SAIs

Shareholder Reports

Click here to access the following:

Semiannual Report
Annual Report
Financial and Other information
First Quarter Holdings
Third Quarter Holdings

Product Literature

2025 Dividend and Capital Gains Schedule

As of Jan 07, 2025

Announcements

Barron's Box Flyer

As of Mar 06, 2025

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

2024 Capital Gain Estimates (Retail)

As of Nov 08, 2024

MORNINGSTAR RATINGS

The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 05/31/25.

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.

The information provided on this page should be read in conjunction with the fund's prospectus or summary prospectus for the portfolio being offered, which are available online here or by contacting MFS. Consider the fund's investment objectives, risks, charges, and expenses, and otherwise read these documents carefully before you invest. Shares of the funds are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the funds involve investment risk, including possible loss of principal.

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