Effective March 31, 2023 Neeraj Arora will join the portfolio management team.
Top 10 Holdings
As of
10/31/24
UST Bond 2Yr Future DEC 31 24
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
UST Bond 10Yr Future DEC 19 24*
Euro Schatz 2Yr Future DEC 06 24*
UST Bond 5Yr Future DEC 31 24*
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
19
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
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
29
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
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
24
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
5
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.
David Cole, CFA
Portfolio Manager
31
YEARS WITH INDUSTRY
18
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
18
YEARS WITH PORTFOLIO
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, 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
19
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
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
24
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
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
28
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
28
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
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
31
YEARS WITH INDUSTRY
9
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
9
YEARS WITH PORTFOLIO
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
27
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
27
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
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.
As of
10/31/24
(*YTD Updated
Monthly,
As of 10/31/24 , 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.
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
Maximum data displayed is for the most recent 10 years
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No Data Available
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Market Price (MP)
No Data Available
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 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 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.
Portfolio & Holdings Information
Portfolio characteristic data are based on unaudited net assets.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
As of
10/31/24
Data table of holding characteristics
characteristics
Fixed Earning
Number of Issues
906
Number of Issuers
545
Average Coupon
5.13
Average Effective Duration
6.26 yrs
Average Effective Maturity
7.02 yrs
Top 10 Holdings
As of
10/31/24
UST Bond 2Yr Future DEC 31 24
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
UST Bond 10Yr Future DEC 19 24*
Euro Schatz 2Yr Future DEC 06 24*
UST Bond 5Yr Future DEC 31 24*
Exposures
Portfolio Structure (%)
As of
10/31/24
High Yield Corporates
65.61
Emerging Markets Debt
19.59
U.S. Treasuries
11.07
Non-U.S. Sovereigns
9.72
Investment Grade Corporates
6.27
Mortgage Backed
2.97
Commercial Mtg Backed
1.96
Collateralized Loan Obligations
1.18
U.S. Equities
0.79
Asset Backed
0.61
Residential Mtg Backed
0.34
Municipals
0.29
Non-U.S. Equities
0.00
High Yield Credit Derivatives
-1.79
Cash & Cash Equivalents
-30.90
Other1
12.30
Credit Quality (%)
For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency.
As of
10/31/24
% of Total Net Assets
U.S. Government
20.27
Federal Agencies
2.97
AAA
5.93
AA
3.19
A
7.34
BBB
11.32
BB
38.15
B
28.77
CCC
9.17
CC
0.25
C
0.21
D
0.11
Other Not Rated
-27.69
Important Characteristics Information
Portfolio information is subject to change due to active management.
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.
MFS Investment Management® (MFS®) is making a portfolio management team announcement for MFS® Charter Income Trust (NYSE: MCR), MFS® Multimarket Income Trust (NYSE: MMT), and MFS® Special Value Trust (NYSE: MFV), each a closed end fund.
Please note: The Section 16 Filing links for each MFS Closed-End Fund listed above connect you to the EDGAR database for the specific fund; you will leave www.mfs.com.
About Section 16 Insider Filings
The MFS closed-end funds are subject to the provisions of Section 16 of the Securities Exchange Act of 1934 by virtue of Section 30(h) of the Investment Company Act of 1940. The following filings are periodically made with the SEC via EDGAR, an online submission and database website, by insiders of MFS' closed-end funds (i.e. trustees, certain officers and 10% shareholders of the Funds, and directors and certain officers of MFS):
Form 3 - An initial statement of beneficial ownership of securities (to be filed upon becoming an insider);
Form 4 - A statement of changes of beneficial ownership of securities (to be filed upon certain transactions of funds shares); and
Form 5 - An annual statement of beneficial ownership of securities (to be filed, if necessary, on an annual basis).
These forms contain information on the reporting person's relationship to the particular fund and on purchases and sales of such equity securities.
Shareholders may request a printed version of an MFS Closed-End Fund's Annual or Semiannual report by calling (800) 637-2304 any business day between the hours of 9:00 am and 5:00 pm.
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.
Closed-end funds are only available for purchase/sale on the NYSE at the current market price. For more complete information about each closed-end fund, including risks, charges, and expenses, please see the fund's annual and semiannual shareholder report or contact your financial adviser.
Effective March 31, 2023 Neeraj Arora will join the portfolio management team.
Top 10 Holdings
As of
10/31/24
UST Bond 2Yr Future DEC 31 24
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
UST Bond 10Yr Future DEC 19 24*
Euro Schatz 2Yr Future DEC 06 24*
UST Bond 5Yr Future DEC 31 24*
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
19
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
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
29
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
29
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
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
24
YEARS WITH INDUSTRY
5
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
5
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.
David Cole, CFA
Portfolio Manager
31
YEARS WITH INDUSTRY
18
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
18
YEARS WITH PORTFOLIO
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, 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
19
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
19
YEARS WITH INDUSTRY
6
YEARS WITH PORTFOLIO
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
24
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
24
YEARS WITH INDUSTRY
2
YEARS WITH PORTFOLIO
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
28
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
28
YEARS WITH INDUSTRY
7
YEARS WITH PORTFOLIO
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
31
YEARS WITH INDUSTRY
9
YEARS WITH PORTFOLIO
31
YEARS WITH INDUSTRY
9
YEARS WITH PORTFOLIO
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
27
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
27
YEARS WITH INDUSTRY
12
YEARS WITH PORTFOLIO
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.
As of
10/31/24
(*YTD Updated
Monthly,
As of 10/31/24 , 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.
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
Maximum data displayed is for the most recent 10 years
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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 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 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.
Average Effective Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
Average Effective Maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
As of
10/31/24
Data table of holding characteristics
characteristics
Fixed Earning
Number of Issues
906
Number of Issuers
545
Average Coupon
5.13
Average Effective Duration
6.26 yrs
Average Effective Maturity
7.02 yrs
Top 10 Holdings
As of
10/31/24
UST Bond 2Yr Future DEC 31 24
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
UST Bond 10Yr Future DEC 19 24*
Euro Schatz 2Yr Future DEC 06 24*
UST Bond 5Yr Future DEC 31 24*
Exposures
Portfolio Structure (%)
As of
10/31/24
High Yield Corporates
65.61
Emerging Markets Debt
19.59
U.S. Treasuries
11.07
Non-U.S. Sovereigns
9.72
Investment Grade Corporates
6.27
Mortgage Backed
2.97
Commercial Mtg Backed
1.96
Collateralized Loan Obligations
1.18
U.S. Equities
0.79
Asset Backed
0.61
Residential Mtg Backed
0.34
Municipals
0.29
Non-U.S. Equities
0.00
High Yield Credit Derivatives
-1.79
Cash & Cash Equivalents
-30.90
Other1
12.30
Credit Quality (%)
For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 Rating Agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency.
As of
10/31/24
% of Total Net Assets
U.S. Government
20.27
Federal Agencies
2.97
AAA
5.93
AA
3.19
A
7.34
BBB
11.32
BB
38.15
B
28.77
CCC
9.17
CC
0.25
C
0.21
D
0.11
Other Not Rated
-27.69
Important Characteristics Information
Portfolio information is subject to change due to active management.
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.
MFS Investment Management® (MFS®) is making a portfolio management team announcement for MFS® Charter Income Trust (NYSE: MCR), MFS® Multimarket Income Trust (NYSE: MMT), and MFS® Special Value Trust (NYSE: MFV), each a closed end fund.
Please note: The Section 16 Filing links for each MFS Closed-End Fund listed above connect you to the EDGAR database for the specific fund; you will leave www.mfs.com.
About Section 16 Insider Filings
The MFS closed-end funds are subject to the provisions of Section 16 of the Securities Exchange Act of 1934 by virtue of Section 30(h) of the Investment Company Act of 1940. The following filings are periodically made with the SEC via EDGAR, an online submission and database website, by insiders of MFS' closed-end funds (i.e. trustees, certain officers and 10% shareholders of the Funds, and directors and certain officers of MFS):
Form 3 - An initial statement of beneficial ownership of securities (to be filed upon becoming an insider);
Form 4 - A statement of changes of beneficial ownership of securities (to be filed upon certain transactions of funds shares); and
Form 5 - An annual statement of beneficial ownership of securities (to be filed, if necessary, on an annual basis).
These forms contain information on the reporting person's relationship to the particular fund and on purchases and sales of such equity securities.
Shareholders may request a printed version of an MFS Closed-End Fund's Annual or Semiannual report by calling (800) 637-2304 any business day between the hours of 9:00 am and 5:00 pm.
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.
Closed-end funds are only available for purchase/sale on the NYSE at the current market price. For more complete information about each closed-end fund, including risks, charges, and expenses, please see the fund's annual and semiannual shareholder report or contact your financial adviser.