Investment objective & strategy
As of Feb. 26, 2026 · 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 the funds assets primarily in a broad range of debt instruments issued by U.S. and foreign corporate, government, and other entities, including below investment grade quality debt instruments and debt instruments of issuers located in emerging market countries. MFS focuses on investing the fund's assets in corporate debt instruments, mortgage-backed securities and other securitized instruments (including commercial mortgage-backed securities, collateralized debt obligations, and/or other asset-backed securities), U.S. Government securities, and debt instruments of issuers located in emerging market countries. MFS allocates the funds assets across these categories with a view toward broad diversification across and within these categories. MFS normally invests up to 35% of the funds assets, at … MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the funds assets primarily in a broad range of debt instruments issued by U.S. and foreign corporate, government, and other entities, including below investment grade quality debt instruments and debt instruments of issuers located in emerging market countries. MFS focuses on investing the fund's assets in corporate debt instruments, mortgage-backed securities and other securitized instruments (including commercial mortgage-backed securities, collateralized debt obligations, and/or other asset-backed securities), U.S. Government securities, and debt instruments of issuers located in emerging market countries. MFS allocates the funds assets across these categories with a view toward broad diversification across and within these categories. MFS normally invests up to 35% of the funds assets, at time of purchase, in below investment grade quality debt instruments. MFS may purchase or sell securities for the fund on a when-issued, delayed delivery, or forward commitment basis where payment and delivery take place at a future settlement date, including mortgage-backed securities purchased or sold in the to be announced (TBA) market. 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 may invest a significant percentage of the funds assets in a single issuer or a small number of issuers. 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.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $240.57M | 2.93% |
| US TREASURY N/B | — | $194.56M | 2.37% |
| US TREASURY N/B | — | $179.48M | 2.19% |
| US TREASURY N/B | — | $162.22M | 1.98% |
| US TREASURY N/B | — | $152.86M | 1.86% |
| MFS Institutional Money Market Portfolio, Class A | — | $150.23M | 1.83% |
| US TREASURY N/B | — | $148.85M | 1.82% |
| US TREASURY N/B | — | $142.80M | 1.74% |
| US TREASURY N/B | — | $142.37M | 1.74% |
| US TREASURY N/B | — | $140.31M | 1.71% |
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 Income Portfolio | 51% | 0.67% |
| MFS Active Core Plus Bond ETF · MFSB | 38% | 0.34% |
| Guardian Total Return Bond VIP Fund | 33% | 0.82% |
Advisers
| Firm | Role |
|---|---|
| MASSACHUSETTS FINANCIAL SERVICES COMPANY | Adviser |
Footnotes
- Expense ratio as of February 26, 2026, 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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