Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The funds investment objective is to seek total return with an emphasis on high current income, but also considering capital appreciation.
Strategy. MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests directly and/or indirectly through investment in mutual funds advised by MFS at least 80% of the funds net assets in high income debt instruments. MFS may invest the funds assets in other types of debt instruments. Debt instruments include corporate bonds, foreign government securities, floating rate loans, and other obligations to repay money borrowed. MFS may invest up to 100% of the funds assets in below investment grade quality debt instruments. MFS invests the funds assets in U.S. and foreign securities, including emerging market securities. MFS normally invests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the funds assets … MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests directly and/or indirectly through investment in mutual funds advised by MFS at least 80% of the funds net assets in high income debt instruments. MFS may invest the funds assets in other types of debt instruments. Debt instruments include corporate bonds, foreign government securities, floating rate loans, and other obligations to repay money borrowed. MFS may invest up to 100% of the funds assets in below investment grade quality debt instruments. MFS invests the funds assets in U.S. and foreign securities, including emerging market securities. MFS normally invests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the funds assets in issuers in a single industry, sector, country, or region. MFS generally invests the fund's assets in at least three different countries and invests a percentage of the fund's net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers in the ICE BofA Global High Yield - Constrained Index (USD Hedged) less 15%. While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives include futures, forward contracts, options, and swaps. MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers. Quantitative screening tools that systematically evaluate instruments may also be considered. In structuring the fund, MFS also considers top-down factors. MFS may invest the fund's assets in other mutual funds advised by MFS that invest in particular investment types rather than invest directly in such investments. For purposes of the fund's 80% policy, net assets include the amount of any borrowings for investment purposes.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MFS High Yield Pooled Portfolio | — | $118.72M | 65.45% |
| MFS Institutional Money Market Portfolio, Class A | — | $3.20M | 1.77% |
| SAMARCO MINERACAO SA REG S SR UNSEC PIK 9.0% 06-30-31/12-30-25 | — | $1.12M | 0.62% |
| Bulgarian Energy Holding EAD | — | $1.10M | 0.61% |
| SASOL FING USA LLC 5.5% 03/18/2031 | SSL/31 | $960.58K | 0.53% |
| GRUPO NUTRESA SA COMPANY GUAR 144A 05/30 8 | — | $945.07K | 0.52% |
| PETROLEOS MEXICANOS SR UNSEC 6.5% 06-02-41 | PEMEX | $935.19K | 0.52% |
| Odido Group Holding BV | — | $878.09K | 0.48% |
| First Quantum Minerals Ltd | — | $877.37K | 0.48% |
| Kaixo Bondco Telecom SA | — | $866.65K | 0.48% |
Portfolio moves
Jan 31, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| MFS Diversified Income Fund · DIFAX, DIFCX, DIFIX, DIFDX, DIFEX, DIFFX, DIFGX, DIFHX | 24% | 0.55% |
| MFS Emerging Markets Debt Fund · MEDAX, MEDBX, MEDCX, MEDIX, MEDHX, MEDDX, MEDEX, MEDFX, MEDGX | 8% | 0.71% |
| VanEck Emerging Markets High Yield Bond ETF · HYEM | 8% | 0.40% |
Advisers
| Firm | Role |
|---|---|
| MASSACHUSETTS FINANCIAL SERVICES COMPANY | Adviser |
Footnotes
- Expense ratio as of July 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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