INVESTMENT OBJECTIVE
Seeks total return with an emphasis on high current income, but also considering capital appreciation.
INVESTMENT FOCUS
Research-intensive approach focuses on outperformance through country and security selection, with an emphasis on managing downside risk
Seeks to manage volatility and preserve flexibility through diversification and liquid holdings
Team experience and continuity: Portfolio manager in place since 1998; Portfolio management team together since 2005.
Fund Information
- Fund Commencement 03/17/1998
- Net Assets ($ M) As of 10/31/24 $7321.35
- Fiscal Year End JULY
-
Benchmark
JPMorgan Emerging Markets Bond Index Global tracks debt instruments in the emerging markets (includes a broader array of countries than the EMBI Plus).JPMorgan Emerging Markets Bond Index Global Diversified
Share Class Information
- Class Inception 03/17/1998
- Net Asset Value (NAV) As of 11/27/24 $12.10
- Most Recent NAV Change As of 11/27/24 $0.03 | 0.25%
- Fund Number 833
- Maximum Sales Charge --
-
Gross Expense Ratio
0.82%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.81%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 11/30/25
MANAGERS
Top 10 Holdings
- US Treasury Note 2.75% AUG 15 32
- UST Bond 5Yr Future DEC 31 24
- UST Bond 30Yr Future DEC 19 24
- UST Bond 10Yr Future DEC 19 24
- Oman Government International Bond RegS 6.75% JAN 17 48
- UST 10Yr Ultra Bond Future DEC 19 24
- Oman Government International Bond RegS 7% JAN 25 51
- US Treasury Bond 2.5% FEB 15 46
- Paraguay Government International Bond RegS 5.4% MAR 30 50
- Argentine Republic Government International Bond FRB JUL 09 41
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.
Emerging Markets: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
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.
Please see the prospectus for further information on these and other risk considerations.
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.
Performance
Average Annual Total Returns (%)
Important Performance Information
Sales Charges
Class I shares are available without a sales charge to eligible investors.
Annual Rate of Return (%)
As of 12/31/23 | Benchmark: JPMorgan Emerging Markets Bond Index Global Diversified| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | 4.70 | -0.60 | 9.49 | 9.61 | -5.01 | 14.09 | 8.00 | -2.42 | -14.88 | 10.48 |
| JPMorgan Emerging Markets Bond Index Global Diversified | 7.43 | 1.18 | 10.15 | 10.26 | -4.26 | 15.04 | 5.26 | -1.80 | -17.78 | 11.09 |
| At NAV | JPMorgan Emerging Markets Bond Index Global Diversified | |
|---|---|---|
| 2023 | 10.48 | 11.09 |
| 2022 | -14.88 | -17.78 |
| 2021 | -2.42 | -1.8 |
| 2020 | 8.0 | 5.26 |
| 2019 | 14.09 | 15.04 |
| 2018 | -5.01 | -4.26 |
| 2017 | 9.61 | 10.26 |
| 2016 | 9.49 | 10.15 |
| 2015 | -0.6 | 1.18 |
| 2014 | 4.7 | 7.43 |
Pricing History
- NAV at Close of Trading on: 11/27/24
- Net Asset Value (NAV): $12.10
- Change ($) (since 11/26/24 ): 0.03
- Change (%) (since 11/26/24 ): 0.25
- Market Price (MP):
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
Distribution Rates (%)
The distribution rates are computed by annualizing the current distribution rate per share (excluding short-term capital gains), and dividing the result by the public offering price (for the distribution rate including sales charge) or net asset value (for the distribution rate not including sales charge) at the end of the business day.
The distribution rates are computed by annualizing the current distribution rate per share (excluding short-term capital gains), and dividing the result by the public offering price (for the distribution rate including sales charge) or net asset value (for the distribution rate not including sales charge) at the end of the business day.
As of 10/31/24
| Charges | Distribution Rate |
| Not Including Sales Charges | 6.89 |
30-Day SEC Yield (%)
The fund's 30-day yield is based on the yield of a fund's investments over a 30-day period and not on the dividend paid by the fund, which may differ.
As of 10/31/24
| Wavier | Yield Value |
| Without Waiver | 5.98 |
| With Waiver | 5.99 |
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 11/28/24
| Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) | Reinvestment NAV (US$) |
|---|---|---|---|---|---|
| 10/31/24 | 10/31/24 | 11/01/24 | Dividend | 0.06935 | 12.07 |
| 09/30/24 | 09/30/24 | 10/01/24 | Dividend | 0.07230 | 12.35 |
| 08/30/24 | 08/30/24 | 09/03/24 | Dividend | 0.07424 | 12.19 |
| 07/31/24 | 07/31/24 | 08/01/24 | Dividend | 0.07424 | 12.00 |
| 06/28/24 | 06/28/24 | 07/01/24 | Dividend | 0.07224 | 11.83 |
| 05/31/24 | 05/31/24 | 06/03/24 | Dividend | 0.06871 | 11.84 |
| 04/30/24 | 04/30/24 | 05/01/24 | Dividend | 0.06725 | 11.73 |
| 03/28/24 | 03/28/24 | 04/01/24 | Dividend | 0.06728 | 12.02 |
| 02/29/24 | 02/29/24 | 03/01/24 | Dividend | 0.06428 | 11.84 |
| 01/31/24 | 01/31/24 | 02/01/24 | Dividend | 0.06427 | 11.77 |
| 12/29/23 | 12/29/23 | 12/29/23 | Dividend | 0.08464 | 11.92 |
| 11/30/23 | 11/30/23 | 12/01/23 | Dividend | 0.07206 | 11.44 |
-
Overview
INVESTMENT OBJECTIVE
Seeks total return with an emphasis on high current income, but also considering capital appreciation.
INVESTMENT FOCUS
Research-intensive approach focuses on outperformance through country and security selection, with an emphasis on managing downside risk
Seeks to manage volatility and preserve flexibility through diversification and liquid holdings
Team experience and continuity: Portfolio manager in place since 1998; Portfolio management team together since 2005.
Fund Information
- Fund Commencement 03/17/1998
- Net Assets ($ M) As of 10/31/24 $7321.35
- Fiscal Year End JULY
-
Benchmark
JPMorgan Emerging Markets Bond Index Global tracks debt instruments in the emerging markets (includes a broader array of countries than the EMBI Plus).JPMorgan Emerging Markets Bond Index Global Diversified
Share Class Information
- Class Inception 03/17/1998
- Net Asset Value (NAV) As of 11/27/24 $12.10
- Most Recent NAV Change As of 11/27/24 $0.03 | 0.25%
- Fund Number 833
- Maximum Sales Charge --
-
Gross Expense Ratio
0.82%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.81%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 11/30/25
MANAGERS
Top 10 Holdings
As of 10/31/24- US Treasury Note 2.75% AUG 15 32
- UST Bond 5Yr Future DEC 31 24
- UST Bond 30Yr Future DEC 19 24
- UST Bond 10Yr Future DEC 19 24
- Oman Government International Bond RegS 6.75% JAN 17 48
- UST 10Yr Ultra Bond Future DEC 19 24
- Oman Government International Bond RegS 7% JAN 25 51
- US Treasury Bond 2.5% FEB 15 46
- Paraguay Government International Bond RegS 5.4% MAR 30 50
- Argentine Republic Government International Bond FRB JUL 09 41
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.
Emerging Markets: Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, geopolitical and economic instability than developed markets.
International: Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
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.
Please see the prospectus for further information on these and other risk considerations.
Neeraj Arora, CFA
Portfolio Manager
19YEARS WITH INDUSTRY
5YEARS 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
16YEARS 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. -
Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
These results represent the percent change in net asset value.Monthly | Quarterly As of 09/30/24 (*YTD Updated Daily, As of 11/27/24 , subject to revision and not annualized.)The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future.The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future.Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.Important Performance Information
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.Sales Charges
Class I shares are available without a sales charge to eligible investors.
Annual Rate of ReturnAnnual Rate of Return (%)
As of 12/31/23 | Benchmark: JPMorgan Emerging Markets Bond Index Global Diversifiedannual rate of return table 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 At NAV 4.70 -0.60 9.49 9.61 -5.01 14.09 8.00 -2.42 -14.88 10.48 JPMorgan Emerging Markets Bond Index Global Diversified 7.43 1.18 10.15 10.26 -4.26 15.04 5.26 -1.80 -17.78 11.09 At NAV JPMorgan Emerging Markets Bond Index Global Diversified 2023 10.48 11.09 2022 -14.88 -17.78 2021 -2.42 -1.8 2020 8.0 5.26 2019 14.09 15.04 2018 -5.01 -4.26 2017 9.61 10.26 2016 9.49 10.15 2015 -0.6 1.18 2014 4.7 7.43 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 11/27/24
- Net Asset Value (NAV): $12.10
- Change ($) (since 11/26/24 ): 0.03
- Change (%) (since 11/26/24 ): 0.25
- Market Price (MP):
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.
Distribution Rates (%)
The distribution rates are computed by annualizing the current distribution rate per share (excluding short-term capital gains), and dividing the result by the public offering price (for the distribution rate including sales charge) or net asset value (for the distribution rate not including sales charge) at the end of the business day.
As of 10/31/24
Charges Distribution Rate Not Including Sales Charges 6.89 30-Day SEC Yield (%)
The fund's 30-day yield is based on the yield of a fund's investments over a 30-day period and not on the dividend paid by the fund, which may differ.As of 10/31/24
Wavier Yield Value Without Waiver 5.98 With Waiver 5.99 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 11/28/24
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$) 10/31/24 10/31/24 11/01/24 Dividend 0.06935 12.07 09/30/24 09/30/24 10/01/24 Dividend 0.07230 12.35 08/30/24 08/30/24 09/03/24 Dividend 0.07424 12.19 07/31/24 07/31/24 08/01/24 Dividend 0.07424 12.00 06/28/24 06/28/24 07/01/24 Dividend 0.07224 11.83 05/31/24 05/31/24 06/03/24 Dividend 0.06871 11.84 04/30/24 04/30/24 05/01/24 Dividend 0.06725 11.73 03/28/24 03/28/24 04/01/24 Dividend 0.06728 12.02 02/29/24 02/29/24 03/01/24 Dividend 0.06428 11.84 01/31/24 01/31/24 02/01/24 Dividend 0.06427 11.77 12/29/23 12/29/23 12/29/23 Dividend 0.08464 11.92 11/30/23 11/30/23 12/01/23 Dividend 0.07206 11.44 Past performance is no guarantee of future results. Please consult your tax advisor for further information.