A multi-sector closed-end bond fund
INVESTMENT OBJECTIVE
Seeks high current income, but may also consider capital appreciation.
Fund Information
- Fund Commencement 07/20/1989
- Net Assets ($ M) As of 11/30/24 $286.68
- Fiscal Year End NOVEMBER
- Net Asset Value (NAV) As of 12/24/24 $6.73
- Most Recent NAV Change As of 12/24/24 $0.00 | 0.00%
- Market Price (MP) As of 12/24/24 $6.26
- Most Recent Market Price Change As of 12/24/24 $0.03 | 0.48%
MANAGERS
Effective March 31, 2023 Neeraj Arora will join the portfolio management team.
Top 10 Holdings
- Us 2yr Note Future Mar 31 25
- US Treasury Note 2.75% AUG 15 32
- Euro BOBL Future DEC 06 24
- US Treasury Bond 1.125% AUG 15 40
- Australia Government Bond RegS 3.25% JUN 21 39
- US Treasury Note 4% JUN 30 28
- US Treasury Note 4.125% AUG 31 30
- Euro Schatz 2Yr Future DEC 06 24*
- Us 10yr Note Future Mar 20 25*
- Us 5yr Note Future Mar 31 25*
Important Risk Considerations
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.
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.
Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.
Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
Neeraj Arora, CFA
Portfolio Manager
Neeraj Arora, CFA, is an investment officer and fixed income portfolio manager for MFS Investment Management® (MFS®). He is co-manager of the firm's emerging markets debt strategies, which include both US dollar--denominated and local currency strategies, as well as dedicated emerging market debt portfolios within several multi-asset fixed income strategies at the firm. Before joining MFS in 2011, Neeraj worked as an economist and sovereign research analyst for six years on the emerging market fixed income team at J.P. Morgan. Neeraj earned a bachelor's degree from Marquette University and a master's degree in economics from Georgetown University. He holds the Chartered Financial Analyst (CFA) designation.
Ward Brown, CFA, Ph.D.
Portfolio Manager
Ward Brown, CFA, Ph.D., is an investment officer and fixed-income portfolio manager at MFS Investment Management® (MFS®). He is a member of the Emerging Markets Debt team, and his management duties include MFS' emerging market debt strategies and institutional accounts in addition to conducting macroeconomic research and individual credit analysis.
Ward joined MFS in 2005 as a fixed-income research analyst and was named portfolio manager in 2008. Prior to joining MFS, he served as an economist for the International Monetary Fund for eight years. Ward spent four years as a research and teaching assistant for the Financial Markets Group at the London School of Economics and Political Science and later served as a lecturer at the school in the Economics Department.
Ward earned his bachelor's degree from McGill University and holds master's and doctoral degrees in economics from the London School of Economics and Political Science.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Philipp Burgener, CFA
Portfolio Manager
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.
David Cole, CFA
Portfolio Manager
David P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.
Pilar Gomez-Bravo, CFA
Portfolio Manager
Pilar Gomez-Bravo, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, she has joint oversight of MFS' global fixed income team and works collaboratively with MFS' investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve the firm's clients globally. She is also a fixed income portfolio manager with oversight of the firm's Global Aggregate and Global Credit portfolio management teams. She is based in MFS' London office. Pilar joined MFS in 2013 as a portfolio manager from Imperial Capital, where she served as a managing director. She was named director of Fixed Income -- Europe in 2017 before being named co-CIO in 2023. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and cofounded Marengo Asset Management. From 2006 through 2010, she served as a senior portfolio manager and head of credit, Europe, for Neuberger Berman. She began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment grade credit research for Europe. Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She also earned a Master of Business Administration degree from the Massachusetts Institute of Technology's Sloan School of Management. She has held the Chartered Financial Analyst designation since 2000.
Andy Li, CFA
Portfolio Manager
Andy Li, CFA, is a fixed income portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He is based in London.
Prior to joining MFS in 2018, Andy worked for four years as a portfolio manager at Man GLG. He previously served as a portfolio manager for ECM Asset Management for seven years and a management consultant at Accenture for two years. He began his career in financial services in 2005.
Andy earned a Bachelor of Engineering degree in computer science with honors from Imperial College, London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Jay Mitchell, CFA
Portfolio Manager
Jay Mitchell, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he collaborates with the full MFS global investment organization to develop and implement portfolio strategies that seek to achieve long-term performance objectives. His responsibilities encompass all aspects of portfolio construction, including risk budgeting, asset allocation, security selection and risk management. Jay joined MFS in 2000, first serving in the firm's retirement services division. In 2003, he was named fixed income trading associate and in 2004 was named fixed income research associate. In 2007, he was promoted to research analyst and in 2017 was named director of emerging market corporate research. He added portfolio responsibilities in 2020, and in 2023 was named portfolio manager on the US and global credit strategies. Jay earned a bachelor's degree in finance and a Master of Business Administration degree from Boston College. He holds the Chartered Financial Analyst designation from the CFA Institute and is a member of the CFA Society Boston.
Michael Skatrud, CFA
Portfolio Manager
Michael Skatrud, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 2013 as a fixed income analyst and was named a portfolio manager in 2018. He previously worked for Columbia Management, where he was as a high yield analyst for four years. Before that, he was a senior credit analyst at Oppenheimer Funds, Inc. for two years and spent seven years as a corporate bond analyst at Putnam Investments. He began his career in the financial services industry in 1996. Michael earned a Bachelor of Science degree in economics with distinction from the University of Wisconsin and a Master of Business Administration degree in finance from the University of Pennsylvania's Wharton School of Business. He is a CFA charterholder and a member of the CFA Society Boston.
Robert Spector, CFA
Portfolio Manager
Robert Spector, CFA, is an investment officer and fixed income portfolio manager for the Global Aggregate Core, Core Plus, Opportunistic, Canadian Core Plus and Canadian Long Plus fixed income strategies at MFS Investment Management® (MFS®). In this role, he is responsible for fina buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He serves on MFS' Fixed Income Strategy, Fixed Income Risk and Opportunities, and Global Rates and Currency committees. Robert joined the firm in 2005 as a portfolio manager focused on Canadian fixed income strategies and took on additional portfolio management responsibilities in 2017. His previous positions include head of Canadian economics and strategy and also senior economist and strategist at Merrill Lynch; financial economist at BMO Nesbit Burns; and associate editor and research analyst at BCA Research Group. He began his career in the financial services industry in 1993. Robert earned a Bachelor of Arts degree in economics with great distinction as a University Scholar from McGill University and a Master of Arts degree in economics from the University of Western Ontario. He holds the Chartered Financial Analyst (CFA) designation.
Erik Weisman, Ph.D.
Portfolio Manager
Erik S. Weisman, Ph.D., is an investment officer, chief economist and fixed income portfolio manager at MFS Investment Management® (MFS®). As chief economist, he provides a broad-based view of major economic trends impacting financial markets and economic policy, serving as a thought leader for MFS clients and the firm's investment team as well as in the media. He manages the firm's US and global inflation-adjusted, global total return and global government strategies and chairs both the Fixed Income Strategy Group and the Global Rates and Currency Group. He is also a member of the Risk Opportunities Group and the Macro-Micro Group. Erik joined the firm in 2002 as a global sovereign fixed income research analyst. He assumed portfolio management responsibilities in 2003 and was named chief economist in 2015. Previously, he served for two years as assistant to the US executive director of the International Monetary Fund and for two years as an international economist in the Office of Central and Eastern Europe of the US Department of the Treasury. Erik earned a Bachelor of Arts degree in economics from the University of Michigan and a Ph.D. in economics from Duke University.
Performance
Average Annual Total Returns (%)
Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.
Important Performance Information
Performance information shown for periods prior to June 30, 2007, reflects periods when Columbia Management Advisors, LLC was responsible for selecting investments for the fund.
The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information
Annual Rate of Return (%)
As of 12/31/23| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | 5.49 | -1.67 | 13.78 | 7.39 | -0.49 | 16.69 | 8.68 | 1.03 | -12.04 | 12.72 |
| at MP | 9.72 | -9.93 | 22.05 | 8.51 | -5.47 | 25.23 | 13.33 | 5.32 | -21.34 | 14.49 |
| At NAV | at MP | |
|---|---|---|
| 2023 | 12.72 | 14.49 |
| 2022 | -12.04 | -21.34 |
| 2021 | 1.03 | 5.32 |
| 2020 | 8.68 | 13.33 |
| 2019 | 16.69 | 25.23 |
| 2018 | -0.49 | -5.47 |
| 2017 | 7.39 | 8.51 |
| 2016 | 13.78 | 22.05 |
| 2015 | -1.67 | -9.93 |
| 2014 | 5.49 | 9.72 |
Pricing History
- NAV at Close of Trading on: 12/24/24
- Net Asset Value (NAV): $6.73
- Change ($) (since 12/23/24 ): 0.00
- Change (%) (since 12/23/24 ): 0.00
- MP at Close of Trading on: 12/24/24
- Market Price (MP): $6.26
- Change $ (since 12/23/24 ): 0.03
- Change (%) (since 12/23/24 ): 0.48
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
| MP at Close of Trading on | Market Price (MP) |
|---|
Distribution Rate (%)
Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.The fund has adopted a managed distribution plan. The fund's managed distribution rate is 8.00%.
The fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital.
The fund has adopted a managed distribution plan. The fund's managed distribution rate is 8.00%.
The fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital.
As of 11/30/24
For information about the sources the managed distribution rates, see Dividend Source Information
| Performance | Distribution Rate |
| NAV | 8.03 |
| MP | 8.73 |
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)
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 12/25/24 Dividend Source Information
| Record Date | Ex-Date | Payable Date | Type of Earnings 1 | Rate per Share (US$) |
|---|---|---|---|---|
| 12/17/24 | 12/17/24 | 12/31/24 | Other | 0.04548 |
| 11/12/24 | 11/12/24 | 11/29/24 | Other | 0.04595 |
| 10/15/24 | 10/15/24 | 10/31/24 | Other | 0.04656 |
| 09/17/24 | 09/17/24 | 09/30/24 | Other | 0.04601 |
| 08/13/24 | 08/13/24 | 08/30/24 | Other | 0.04548 |
| 07/16/24 | 07/16/24 | 07/31/24 | Other | 0.04536 |
| 06/18/24 | 06/18/24 | 06/18/24 | Other | 0.04521 |
| 05/15/24 | 05/14/24 | 05/31/24 | Other | 0.04509 |
| 04/17/24 | 04/16/24 | 04/30/24 | Other | 0.04579 |
| 03/13/24 | 03/12/24 | 03/28/24 | Other | 0.04567 |
| 02/14/24 | 02/13/24 | 02/29/24 | Other | 0.04588 |
| 01/17/24 | 01/16/24 | 01/31/24 | Other | 0.04585 |
The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information
The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change.
-
Overview
A multi-sector closed-end bond fund
INVESTMENT OBJECTIVE
Seeks high current income, but may also consider capital appreciation.
Fund Information
- Fund Commencement 07/20/1989
- Net Assets ($ M) As of 11/30/24 $286.68
- Fiscal Year End NOVEMBER
- Net Asset Value (NAV) As of 12/24/24 $6.73
- Most Recent NAV Change As of 12/24/24 $0.00 | 0.00%
- Market Price (MP) As of 12/24/24 $6.26
- Most Recent Market Price Change As of 12/24/24 $0.03 | 0.48%
MANAGERS
Effective March 31, 2023 Neeraj Arora will join the portfolio management team.
Top 10 Holdings
As of 11/30/24- Us 2yr Note Future Mar 31 25
- US Treasury Note 2.75% AUG 15 32
- Euro BOBL Future DEC 06 24
- US Treasury Bond 1.125% AUG 15 40
- Australia Government Bond RegS 3.25% JUN 21 39
- US Treasury Note 4% JUN 30 28
- US Treasury Note 4.125% AUG 31 30
- Euro Schatz 2Yr Future DEC 06 24*
- Us 10yr Note Future Mar 20 25*
- Us 5yr Note Future Mar 31 25*
Important Risk Considerations
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.
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.
Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.
Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
Neeraj Arora, CFA
Portfolio Manager
19YEARS WITH INDUSTRY
2YEARS WITH PORTFOLIONeeraj Arora, CFA, is an investment officer and fixed income portfolio manager for MFS Investment Management® (MFS®). He is co-manager of the firm's emerging markets debt strategies, which include both US dollar--denominated and local currency strategies, as well as dedicated emerging market debt portfolios within several multi-asset fixed income strategies at the firm. Before joining MFS in 2011, Neeraj worked as an economist and sovereign research analyst for six years on the emerging market fixed income team at J.P. Morgan. Neeraj earned a bachelor's degree from Marquette University and a master's degree in economics from Georgetown University. He holds the Chartered Financial Analyst (CFA) designation.
Ward Brown, CFA, Ph.D.
Portfolio Manager
29YEARS WITH INDUSTRY
12YEARS WITH PORTFOLIOWard Brown, CFA, Ph.D., is an investment officer and fixed-income portfolio manager at MFS Investment Management® (MFS®). He is a member of the Emerging Markets Debt team, and his management duties include MFS' emerging market debt strategies and institutional accounts in addition to conducting macroeconomic research and individual credit analysis.
Ward joined MFS in 2005 as a fixed-income research analyst and was named portfolio manager in 2008. Prior to joining MFS, he served as an economist for the International Monetary Fund for eight years. Ward spent four years as a research and teaching assistant for the Financial Markets Group at the London School of Economics and Political Science and later served as a lecturer at the school in the Economics Department.
Ward earned his bachelor's degree from McGill University and holds master's and doctoral degrees in economics from the London School of Economics and Political Science.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Philipp Burgener, CFA
Portfolio Manager
25YEARS WITH INDUSTRY
5YEARS WITH PORTFOLIOPhilipp 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.
David Cole, CFA
Portfolio Manager
31YEARS WITH INDUSTRY
18YEARS WITH PORTFOLIODavid P. Cole, CFA, is an investment officer of MFS Investment Management® (MFS®). He is also a co-portfolio manager of the firm's high-yield portfolios.
David joined MFS in 2004 after working for five years as a high-yield analyst for Franklin Templeton Investments. Before that, he served as a financial economist/Treasury market analyst for Thomson Financial Services and an economist for Standard and Poor's.
David has a bachelor's degree from Cornell University and an MBA from University of California, Berkeley. He holds the Chartered Financial Analyst (CFA) designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration, and active risk management.
Pilar Gomez-Bravo, CFA
Portfolio Manager
VIEW FULL PROFILE27YEARS WITH INDUSTRY
11YEARS WITH PORTFOLIOPilar Gomez-Bravo, CFA, is co-chief investment officer of Fixed Income at MFS Investment Management® (MFS®). As co-CIO, she has joint oversight of MFS' global fixed income team and works collaboratively with MFS' investment leadership team to ensure its fixed income investors have the tools and skill sets necessary to serve the firm's clients globally. She is also a fixed income portfolio manager with oversight of the firm's Global Aggregate and Global Credit portfolio management teams. She is based in MFS' London office. Pilar joined MFS in 2013 as a portfolio manager from Imperial Capital, where she served as a managing director. She was named director of Fixed Income -- Europe in 2017 before being named co-CIO in 2023. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and cofounded Marengo Asset Management. From 2006 through 2010, she served as a senior portfolio manager and head of credit, Europe, for Neuberger Berman. She began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment grade credit research for Europe. Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She also earned a Master of Business Administration degree from the Massachusetts Institute of Technology's Sloan School of Management. She has held the Chartered Financial Analyst designation since 2000.
Andy Li, CFA
Portfolio Manager
19YEARS WITH INDUSTRY
6YEARS WITH PORTFOLIOAndy Li, CFA, is a fixed income portfolio manager at MFS Investment Management (MFS). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He is based in London.
Prior to joining MFS in 2018, Andy worked for four years as a portfolio manager at Man GLG. He previously served as a portfolio manager for ECM Asset Management for seven years and a management consultant at Accenture for two years. He began his career in financial services in 2005.
Andy earned a Bachelor of Engineering degree in computer science with honors from Imperial College, London. He holds the Chartered Financial Analyst designation.
Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. The team employs a proprietary investment process to build better insights for our clients. The core principles of our approach are integrated research, global collaboration and active risk management.
Jay Mitchell, CFA
Portfolio Manager
25YEARS WITH INDUSTRY
2YEARS WITH PORTFOLIOJay Mitchell, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he collaborates with the full MFS global investment organization to develop and implement portfolio strategies that seek to achieve long-term performance objectives. His responsibilities encompass all aspects of portfolio construction, including risk budgeting, asset allocation, security selection and risk management. Jay joined MFS in 2000, first serving in the firm's retirement services division. In 2003, he was named fixed income trading associate and in 2004 was named fixed income research associate. In 2007, he was promoted to research analyst and in 2017 was named director of emerging market corporate research. He added portfolio responsibilities in 2020, and in 2023 was named portfolio manager on the US and global credit strategies. Jay earned a bachelor's degree in finance and a Master of Business Administration degree from Boston College. He holds the Chartered Financial Analyst designation from the CFA Institute and is a member of the CFA Society Boston.
Michael Skatrud, CFA
Portfolio Manager
29YEARS WITH INDUSTRY
7YEARS WITH PORTFOLIOMichael Skatrud, CFA, is an investment officer and fixed income portfolio manager at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 2013 as a fixed income analyst and was named a portfolio manager in 2018. He previously worked for Columbia Management, where he was as a high yield analyst for four years. Before that, he was a senior credit analyst at Oppenheimer Funds, Inc. for two years and spent seven years as a corporate bond analyst at Putnam Investments. He began his career in the financial services industry in 1996. Michael earned a Bachelor of Science degree in economics with distinction from the University of Wisconsin and a Master of Business Administration degree in finance from the University of Pennsylvania's Wharton School of Business. He is a CFA charterholder and a member of the CFA Society Boston.
Robert Spector, CFA
Portfolio Manager
32YEARS WITH INDUSTRY
9YEARS WITH PORTFOLIORobert Spector, CFA, is an investment officer and fixed income portfolio manager for the Global Aggregate Core, Core Plus, Opportunistic, Canadian Core Plus and Canadian Long Plus fixed income strategies at MFS Investment Management® (MFS®). In this role, he is responsible for fina buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. He serves on MFS' Fixed Income Strategy, Fixed Income Risk and Opportunities, and Global Rates and Currency committees. Robert joined the firm in 2005 as a portfolio manager focused on Canadian fixed income strategies and took on additional portfolio management responsibilities in 2017. His previous positions include head of Canadian economics and strategy and also senior economist and strategist at Merrill Lynch; financial economist at BMO Nesbit Burns; and associate editor and research analyst at BCA Research Group. He began his career in the financial services industry in 1993. Robert earned a Bachelor of Arts degree in economics with great distinction as a University Scholar from McGill University and a Master of Arts degree in economics from the University of Western Ontario. He holds the Chartered Financial Analyst (CFA) designation.
Erik Weisman, Ph.D.
Portfolio Manager
27YEARS WITH INDUSTRY
12YEARS WITH PORTFOLIOErik S. Weisman, Ph.D., is an investment officer, chief economist and fixed income portfolio manager at MFS Investment Management® (MFS®). As chief economist, he provides a broad-based view of major economic trends impacting financial markets and economic policy, serving as a thought leader for MFS clients and the firm's investment team as well as in the media. He manages the firm's US and global inflation-adjusted, global total return and global government strategies and chairs both the Fixed Income Strategy Group and the Global Rates and Currency Group. He is also a member of the Risk Opportunities Group and the Macro-Micro Group. Erik joined the firm in 2002 as a global sovereign fixed income research analyst. He assumed portfolio management responsibilities in 2003 and was named chief economist in 2015. Previously, he served for two years as assistant to the US executive director of the International Monetary Fund and for two years as an international economist in the Office of Central and Eastern Europe of the US Department of the Treasury. Erik earned a Bachelor of Arts degree in economics from the University of Michigan and a Ph.D. in economics from Duke University.
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Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
As of 11/30/24 (*YTD Updated Monthly, As of 11/30/24 , subject to revision and not annualized.)Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.
Important Performance Information
Performance information shown for periods prior to June 30, 2007, reflects periods when Columbia Management Advisors, LLC was responsible for selecting investments for the fund.
The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information
Annual Rate of ReturnAnnual Rate of Return (%)
As of 12/31/23annual rate of return table 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 At NAV 5.49 -1.67 13.78 7.39 -0.49 16.69 8.68 1.03 -12.04 12.72 at MP 9.72 -9.93 22.05 8.51 -5.47 25.23 13.33 5.32 -21.34 14.49 At NAV at MP 2023 12.72 14.49 2022 -12.04 -21.34 2021 1.03 5.32 2020 8.68 13.33 2019 16.69 25.23 2018 -0.49 -5.47 2017 7.39 8.51 2016 13.78 22.05 2015 -1.67 -9.93 2014 5.49 9.72 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 12/24/24
- Net Asset Value (NAV): $6.73
- Change ($) (since 12/23/24 ): 0.00
- Change (%) (since 12/23/24 ): 0.00
- MP at Close of Trading on: 12/24/24
- Market Price (MP): $6.26
- Change $ (since 12/23/24 ): 0.03
- Change (%) (since 12/23/24 ): 0.48
Maximum data displayed is for the most recent 10 yearsHistorical NAV LookupEnter date for which you wish to obtain a Historical NAV for this fundHistorical NAV may not be available for all dates.
Historical MP LookupEnter date for which you wish to obtain a Historical MP for this fundHistorical MP may not be available for all dates.
Historical MP TableMP at Close of Trading on Market Price (MP) No Data AvailableDistribution Rate (%)
Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.The fund has adopted a managed distribution plan. The fund's managed distribution rate is 8.00%.
The fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital.
As of 11/30/24
For information about the sources the managed distribution rates, see Dividend Source Information
Performance Distribution Rate NAV 8.03 MP 8.73 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 12/25/24 Dividend Source Information
Record Date Ex-Date Payable Date Type of Earnings 1 Rate per Share (US$) 12/17/24 12/17/24 12/31/24 Other 0.04548 11/12/24 11/12/24 11/29/24 Other 0.04595 10/15/24 10/15/24 10/31/24 Other 0.04656 09/17/24 09/17/24 09/30/24 Other 0.04601 08/13/24 08/13/24 08/30/24 Other 0.04548 07/16/24 07/16/24 07/31/24 Other 0.04536 06/18/24 06/18/24 06/18/24 Other 0.04521 05/15/24 05/14/24 05/31/24 Other 0.04509 04/17/24 04/16/24 04/30/24 Other 0.04579 03/13/24 03/12/24 03/28/24 Other 0.04567 02/14/24 02/13/24 02/29/24 Other 0.04588 01/17/24 01/16/24 01/31/24 Other 0.04585 The fund has adopted a managed distribution plan. The fund's managed distribution rate is 8.00%.The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund's shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund's common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see Dividend Source Information
The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change.
1Other may contain sources of income other than ordinary income, such as short term capital gains, long term capital gains, or return of capital. Distributions that are treated for federal income tax purposes as a return of capital will reduce a shareholder's tax basis in his or her shares and, to the extent the distribution exceeds a shareholder's adjusted tax basis, will be treated as a gain to the shareholder from a sale of shares. Please see the funds' dividend source card for the breakdown of the estimated sources of distributions in prior periods by clicking on the link above labeled Dividend Source Information.