INVESTMENT OBJECTIVE
Seeks total return that exceeds the rate of inflation over the long-term with an emphasis on current income, but also considering capital appreciation.
INVESTMENT FOCUS
Invests in inflation-protected U.S. Treasury securities and government agencies as well as other entities
Looks to add value through duration and yield curve management
Fund Information
- Fund Commencement 09/30/2003
- Net Assets ($ M) As of 12/31/24 $1521.16
- Fiscal Year End OCTOBER
-
Benchmark
Bloomberg U.S. Treasury Inflation Protected Securities Index
Bloomberg U.S. Treasury Inflation Protected Securities Index consists of inflation-protection securities issued by the U.S. Treasury.
Share Class Information
- Class Inception 09/30/2003
- Net Asset Value (NAV) As of 01/16/25 $8.91
- Most Recent NAV Change As of 01/16/25 $0.02 | 0.22%
- Fund Number 1831
- Maximum Sales Charge --
-
Gross Expense Ratio
0.57%
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
0.49%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 02/28/25
MANAGERS
Effective September 30, 2025, Geoff Schechter will retire from MFS and relinquish his portfolio management responsibilities.
Top 10 Holdings
- US Treasury Inflation Indexed Bonds 0.125% JAN 15 32
- US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
- US Treasury Inflation Indexed Bonds 0.375% JAN 15 27
- US Treasury Inflation Indexed Bonds 0.125% JUL 15 30
- US Treasury Inflation Indexed Bonds 0.875% JAN 15 29
- US Treasury Inflation Indexed Bonds 0.75% FEB 15 42
- US Treasury Inflation Indexed Bonds 0.375% JUL 15 27
- USD CPI 2Yr Receiver 2.482 MAR 19 26
- US Treasury Inflation Indexed Bonds 1.75% JAN 15 34
- US Treasury Inflation Indexed Bonds 3.625% APR 15 28
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.
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.
Inflation-Adjusted Debt: Interest payments on inflation-adjusted debt instruments can be unpredictable and vary based on the level of inflation.
U.S. Government Credit: U.S. government securities not supported as to the payment of principal or interest by the U.S. Treasury are subject to greater credit risk than are U.S. government securities supported by the U.S. Treasury.
Please see the prospectus for further information on these and other risk considerations.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
Geoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
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.
Jake Stone, CFA
Portfolio Manager
Jake Stone, CFA, is an investment officer and fixed income portfolio manager for the US government and mortgage-backed strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Jake joined MFS in 2018 in his current role. He previously worked for Wellington Management Company for six years, most recently serving as a vice president and portfolio analyst for the fixed income portfolio management team. Before that, he worked for three years as a quantitative research associate and member of the fixed income management team at Manning & Napier Advisors. Jake earned a Bachelor of Arts degree in financial economics from the University of Rochester. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society Boston.
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 (%)
Important Performance Information
Sales Charges
Class I shares are available without a sales charge to eligible investors.
Annual Rate of Return (%)
As of 12/31/24 | Benchmark: Bloomberg U.S. Treasury Inflation Protected Securities Index| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | -2.27 | 4.14 | 2.57 | -1.82 | 8.04 | 10.56 | 4.64 | -11.85 | 2.14 | 1.66 |
| Bloomberg U.S. Treasury Inflation Protected Securities Index | -1.44 | 4.68 | 3.01 | -1.26 | 8.43 | 10.99 | 5.96 | -11.85 | 3.90 | 1.84 |
| At NAV | Bloomberg U.S. Treasury Inflation Protected Securities Index | |
|---|---|---|
| 2024 | 1.66 | 1.84 |
| 2023 | 2.14 | 3.9 |
| 2022 | -11.85 | -11.85 |
| 2021 | 4.64 | 5.96 |
| 2020 | 10.56 | 10.99 |
| 2019 | 8.04 | 8.43 |
| 2018 | -1.82 | -1.26 |
| 2017 | 2.57 | 3.01 |
| 2016 | 4.14 | 4.68 |
| 2015 | -2.27 | -1.44 |
Pricing History
- NAV at Close of Trading on: 01/16/25
- Net Asset Value (NAV): $8.91
- Change ($) (since 01/15/25 ): 0.02
- Change (%) (since 01/15/25 ): 0.22
- 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 12/31/24
| Charges | Distribution Rate |
| Not Including Sales Charges | 5.59 |
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.Does not include any income adjustment resulting from change in inflation rate.
Does not include any income adjustment resulting from change in inflation rate.
As of 12/31/24
| Wavier | Yield Value |
| Without Waiver | 1.91 |
| With Waiver | 1.99 |
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 01/17/25
| Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) | Reinvestment NAV (US$) |
|---|---|---|---|---|---|
| 12/11/24 | 12/12/24 | 12/13/24 | Dividend | 0.12384 | 8.97 |
| 09/25/24 | 09/26/24 | 09/27/24 | Dividend | 0.07164 | 9.26 |
| 06/24/24 | 06/25/24 | 06/26/24 | Dividend | 0.14877 | 9.00 |
| 03/25/24 | 03/26/24 | 03/27/24 | Dividend | 0.01853 | 9.02 |
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Overview
INVESTMENT OBJECTIVE
Seeks total return that exceeds the rate of inflation over the long-term with an emphasis on current income, but also considering capital appreciation.
INVESTMENT FOCUS
Invests in inflation-protected U.S. Treasury securities and government agencies as well as other entities
Looks to add value through duration and yield curve management
Fund Information
- Fund Commencement 09/30/2003
- Net Assets ($ M) As of 12/31/24 $1521.16
- Fiscal Year End OCTOBER
-
Benchmark
Bloomberg U.S. Treasury Inflation Protected Securities Index
Bloomberg U.S. Treasury Inflation Protected Securities Index consists of inflation-protection securities issued by the U.S. Treasury.
Share Class Information
- Class Inception 09/30/2003
- Net Asset Value (NAV) As of 01/16/25 $8.91
- Most Recent NAV Change As of 01/16/25 $0.02 | 0.22%
- Fund Number 1831
- Maximum Sales Charge --
-
Gross Expense Ratio
0.57%
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
0.49%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 02/28/25
MANAGERS
Effective September 30, 2025, Geoff Schechter will retire from MFS and relinquish his portfolio management responsibilities.
Top 10 Holdings
As of 12/31/24- US Treasury Inflation Indexed Bonds 0.125% JAN 15 32
- US Treasury Inflation Indexed Bonds 0.125% JAN 15 31
- US Treasury Inflation Indexed Bonds 0.375% JAN 15 27
- US Treasury Inflation Indexed Bonds 0.125% JUL 15 30
- US Treasury Inflation Indexed Bonds 0.875% JAN 15 29
- US Treasury Inflation Indexed Bonds 0.75% FEB 15 42
- US Treasury Inflation Indexed Bonds 0.375% JUL 15 27
- USD CPI 2Yr Receiver 2.482 MAR 19 26
- US Treasury Inflation Indexed Bonds 1.75% JAN 15 34
- US Treasury Inflation Indexed Bonds 3.625% APR 15 28
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.
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.
Inflation-Adjusted Debt: Interest payments on inflation-adjusted debt instruments can be unpredictable and vary based on the level of inflation.
U.S. Government Credit: U.S. government securities not supported as to the payment of principal or interest by the U.S. Treasury are subject to greater credit risk than are U.S. government securities supported by the U.S. Treasury.
Please see the prospectus for further information on these and other risk considerations.
Geoffrey Schechter, CFA, CPA
Portfolio Manager
36YEARS WITH INDUSTRY
8YEARS WITH PORTFOLIOGeoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management® (MFS®) and a portfolio manager of the firm's government securities and municipal bond portfolios.
Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. He was named portfolio manager in 1993.
Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
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.
Jake Stone, CFA
Portfolio Manager
16YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOJake Stone, CFA, is an investment officer and fixed income portfolio manager for the US government and mortgage-backed strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Jake joined MFS in 2018 in his current role. He previously worked for Wellington Management Company for six years, most recently serving as a vice president and portfolio analyst for the fixed income portfolio management team. Before that, he worked for three years as a quantitative research associate and member of the fixed income management team at Manning & Napier Advisors. Jake earned a Bachelor of Arts degree in financial economics from the University of Rochester. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society Boston.
Erik Weisman, Ph.D.
Portfolio Manager
27YEARS WITH INDUSTRY
21YEARS 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 (%)
These results represent the percent change in net asset value.Monthly | Quarterly As of 12/31/24 (*YTD Updated Daily, As of 01/16/25 , subject to revision and not annualized.)Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.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 12/31/24 | Benchmark: Bloomberg U.S. Treasury Inflation Protected Securities Indexannual rate of return table 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 At NAV -2.27 4.14 2.57 -1.82 8.04 10.56 4.64 -11.85 2.14 1.66 Bloomberg U.S. Treasury Inflation Protected Securities Index -1.44 4.68 3.01 -1.26 8.43 10.99 5.96 -11.85 3.90 1.84 At NAV Bloomberg U.S. Treasury Inflation Protected Securities Index 2024 1.66 1.84 2023 2.14 3.9 2022 -11.85 -11.85 2021 4.64 5.96 2020 10.56 10.99 2019 8.04 8.43 2018 -1.82 -1.26 2017 2.57 3.01 2016 4.14 4.68 2015 -2.27 -1.44 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 01/16/25
- Net Asset Value (NAV): $8.91
- Change ($) (since 01/15/25 ): 0.02
- Change (%) (since 01/15/25 ): 0.22
- 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 12/31/24
Charges Distribution Rate Not Including Sales Charges 5.59 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.Does not include any income adjustment resulting from change in inflation rate.
As of 12/31/24
Wavier Yield Value Without Waiver 1.91 With Waiver 1.99 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 01/17/25
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$) 12/11/24 12/12/24 12/13/24 Dividend 0.12384 8.97 09/25/24 09/26/24 09/27/24 Dividend 0.07164 9.26 06/24/24 06/25/24 06/26/24 Dividend 0.14877 9.00 03/25/24 03/26/24 03/27/24 Dividend 0.01853 9.02 Past performance is no guarantee of future results. Please consult your tax advisor for further information.