6 9

Limited Maturity Fund

DISCLOSURES

In a continued effort to designate existing strategies within MFS Meridian® Funds and MFS Investment Funds under Article 8 of the European Union’s Sustainable Finance Disclosure Regulation (SFDR), CEO Mike Roberge is pleased to announce that effective 21 November 2022, four additional funds have received regulatory approval – Read more.

THIS INFORMATION IS FOR MARKETING PURPOSES ONLY

Please note that this is an actively managed product. 

Class I shares are only available to certain qualifying institutional investors.

LU0219455796
$ 148.91
$0.13 As of 16-May-24
US$1.0B
As of 30-Apr-24

Limited Maturity Fund

LU0219455796
$0.13 As of 16-May-24
As of 30-Apr-24
LU0219455796
$ 148.91
$0.13 As of 16-May-24
$1.0B
As of 30-Apr-24
  • Overview

    INVESTMENT OBJECTIVE

    Seeks total return with an emphasis on current income, but also considering capital preservation, measured in US dollars.

    INVESTMENT FOCUS

    Conservative, short-term bond fund investing in investment-grade securities

    Constructs a high quality and short duration portfolio from the bottom up

    The Fund's average maturity normally doesn't exceed five years

    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.

    Please see the prospectus for further information on these and other risk considerations.

    Fund Information

    • Fund Inception 26-Sep-05
    • Net Assets (US$ M) As of 30-Apr-24 US$ 1071.91
    • Fiscal Year End JANUARY
    • SFDR Classification

      Article 6: Integrates sustainability risks into the investment process.

      Article 8: Systematically promotes a stated environmental or social characteristic and provides enhanced disclosure accordingly.

      Article 9: Typically for "impact" funds, which have a dual objective of financial return and specific environmental or social outcomes.
      Article 8

    Share Class Information

    • Class Inception 26-Sep-05
    • Net Asset Value (NAV) As of 16-May-24 $148.91
    • Most Recent NAV Change As of 16-May-24 $0.13 | 0.09%
    • ISIN LU0219455796
    • SEDOL B08N958
    • WKN A0F481
    • Bloomberg MFLMIU1 LX
    • CUSIP L6365Z170
    • Maximum Sales Charge --

    MANAGERS

    Philipp Burgener, CFA
    Philipp Burgener, CFA

    Portfolio Manager

    7 YEARS WITH PORTFOLIO

    Alexander Mackey, CFA
    Alexander Mackey, CFA

    Portfolio Manager

    7 YEARS WITH PORTFOLIO

    VIEW FULL PROFILE
    Rob Hall
    Rob Hall

    Institutional Portfolio Manager

    5 YEARS WITH PORTFOLIO

    Top 10 Holdings

    As of 30-Apr-24
    • USD IRS 3Yr Receiver 4.967 OCT 02 26
    • US Treasury Note 5% SEP 30 25
    • US Treasury Note 4.625% NOV 15 26
    • UST Bond 2Yr Future JUN 28 24
    • US Treasury Note 2.75% MAY 15 25
    • US Treasury Note 4.5% JUL 15 26
    • USD IRS 2Yr Receiver 4.664 OCT 02 26
    • Bank of America Corp FRB JUL 22 27
    • Element Fleet Management Corp 144A 6.271% JUN 26 26
    • Entergy Louisiana LLC 0.95% OCT 01 24
    Full and Historical Holdings
  • Performance

    Performance

    Collapse Expand
    12 Month Total Returns

    12 Month Total Returns (%)

    12 Month Total Returns (%)

    As of 30-Apr-24 [updated monthly]
    These results represent the percent change in net asset value.
    *YTD Updated Daily as of 15-May-24, subject to revision and not annualized.
    12 month period ending:
    30-Apr-20
    or Life

    Life performance is only shown when 5 years of performance is not available.
    		30-Apr-21 30-Apr-22 30-Apr-23 30-Apr-24 YTD % * Class Inception
    Class I1 Shares, US Dollars at NAV 2.75 4.33 -3.75 1.42 3.67 1.09 26-Sep-05
    12 month period ending: Class I1 Shares, US Dollars at NAV
    30-Apr-20 or Life

    Life performance is only shown when 5 years of performance is not available.
    		2.75
    30-Apr-21 4.33
    30-Apr-22 -3.75
    30-Apr-23 1.42
    30-Apr-24 3.67
    YTD % * 1.09
    Class Inception 26-Sep-05 26-Sep-05

    Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested. 

    Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.

    Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.

    Important Performance Information

    Class I1 Roll-Up shares do not pay distributions to shareholders. 

    Average Annual Total Returns

    Average Annual Total Returns (%)

    Average Annual Total Returns (%)

    These results represent the percent change in net asset value.
    Updated monthly as of 30-Apr-24
    *YTD Updated Daily as of 15-May-24, subject to revision and not annualized.

      Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested. 

      Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.

      Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.

      MORNINGSTAR RATING
      Morningstar View Overall Morningstar Ratings Information
      OVERALL
      Out Of Funds
      NA
      OVERALL MORNINGSTAR RATING
      NA
      THREE YEAR
      Out Of Funds
      NA
      FIVE YEAR
      Out Of Funds
      NA
      TEN YEAR
      Out Of Funds
      NA

      Important Performance Information

      Class I1 Roll-Up shares do not pay distributions to shareholders. 

      Annual Rate of Return

      Annual Rate of Return (%)

      Annual Rate of Return (%)

      As of 31-Dec-23
      annual rate of return table
      Life

      Life performance as of  30-Apr-24
      		2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
      At NAV 2.12 0.78 0.28 1.58 1.60 1.12 4.84 4.35 -0.23 -4.12 5.71
      At NAV
      2023 5.71
      2022 -4.12
      2021 -0.23
      2020 4.35
      2019 4.84
      2018 1.12
      2017 1.6
      2016 1.58
      2015 0.28
      2014 0.78
      Life

      Life performance as of  30-Apr-24
      		2.12

      Performance results reflect ongoing charges and any applicable expense subsidies and waivers in effect during the periods shown. All historic results assume distributions within the fund and/or the share class are reinvested. 

      Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested.

      Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different.

      Important Performance Information

      Class I1 Roll-Up shares do not pay distributions to shareholders. 

      Pricing & Distributions

      Pricing History

      • NAV at Close of Trading on:  16-May-24
      • Net Asset Value (NAV):  $148.91
      • Change ($) (since 15-May-24):  0.13
      • Change (%) (since 15-May-24):  0.09
      • Market Price (MP): 
      Maximum data displayed is for the most recent 10 years
      Historical NAV Lookup
      Enter date for which you wish to obtain a Historical NAV for this fund

      Historical NAV may not be available for all dates.

      Historical MP Lookup
      Enter date for which you wish to obtain a Historical MP for this fund

      Historical MP may not be available for all dates.

      Historical Exit Price Table
      NAV at Close of Trading on Net Asset Value (NAV)
      No Data Available
      There are no distributions for this share class or distributions are currently not available
    • Portfolio & Holdings Information

      Portfolio & Holdings Information

      Portfolio characteristic data are based on unaudited net assets.

      The portfolio is actively managed, and current holdings may be different.

      • Select All
      • Holding Characteristics
      • Performance Statistics
      • Top 10 Holdings
      • Portfolio Structure (%)
      • Credit Quality (%)
      • Currency Weights %
      Collapse Expand
      Sector, Holding & Characterstics

      Holding Characteristics
      Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.

      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.

      Yield to Worst: For fixed income securities, yield is the discount rate that equilibrates the net present value of all future cash flows to the current market value. Average Yield is the equivalent exposure weighted average yield to worst which is typically the lowest of the yields to each potential call or put or the yield to maturity, whichever is worst.

      The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; 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. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.

      As of 30-Apr-24
      Data table of holding characteristics
      characteristics Fixed Earning
      Number of Issues 302
      Number of Issuers 192
      Average Coupon 4.48
      Average Effective Duration 2.11 yrs
      Average Effective Maturity 2.13 yrs
      Average Credit Quality of Rated Securities A+

      Performance Statistics

      Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative indicates alpha worse-than-expected portfolio performance.

      Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

      Information ratio is a measure of consistency in excess return. It is calculated by taking the annualized excess return over a benchmark and dividing it by the annualized standard deviation of excess return.

      R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.  Index portfolios will tend to have values very close to 100.  R squared is not a measure of performance.

      The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

      Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

      Tracking error is the standard deviation of a portfolio's excess returns. Excess returns are a portfolio's return minus the benchmark's annualized return.

      Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

      Updated Monthly As of 30-Apr-24
      Performance Statistics Table
      10 Yr. 5 Yr. 3 Yr.
      Alpha 0.23 0.31 0.28
      Beta 1.05 1.09 1.10
      R-squared 51.00 50.07 92.58
      Standard Deviation % 2.09 2.88 2.54
      Sharpe Ratio 0.06 -0.14 -0.95
      Tracking Error 1.47 2.04 0.72
      Information Ratio 0.19 0.20 0.40
      Treynor Ratio 0.12 -0.37 -2.19
      Downside Capture % 97.40 106.27 106.38
      Upside Capture % 109.96 116.76 115.61

      Top 10 Holdings

      As of 30-Apr-24
      • USD IRS 3Yr Receiver 4.967 OCT 02 26
      • US Treasury Note 5% SEP 30 25
      • US Treasury Note 4.625% NOV 15 26
      • UST Bond 2Yr Future JUN 28 24
      • US Treasury Note 2.75% MAY 15 25
      • US Treasury Note 4.5% JUL 15 26
      • USD IRS 2Yr Receiver 4.664 OCT 02 26
      • Bank of America Corp FRB JUL 22 27
      • Element Fleet Management Corp 144A 6.271% JUN 26 26
      • Entergy Louisiana LLC 0.95% OCT 01 24

      Full and Historical Holdings

      The portfolio is actively managed, and current holdings may be different.
      Exposures

      Portfolio Structure (%)

      As of 30-Apr-24
      • Investment Grade Corporates
        48.89
      • U.S. Treasuries
        48.69
      • Collateralized Debt Obligations
        10.80
      • Residential Mtg Backed
        4.00
      • Commercial Mtg Backed
        2.68
      • Asset Backed
        1.59
      • Emerging Markets Debt
        1.10
      • Mortgage Backed
        0.67
      • Non-U.S. Sovereigns
        0.42
      • Municipals
        0.25
      • High Yield Corporates
        0.18
      • Cash & Cash Equivalents
        1.28
      • Other1
        -20.54

      Credit Quality (%)

      The Average Credit Quality (ACQR) is a market weighted average (using a linear scale) of securities included in the rating categories. For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s and applying the following hierarchy: If all three agencies provide a rating, the consensus rating is assigned if applicable or the middle rating if not; 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. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively.

      As of 30-Apr-24
      • % of Total Net Assets
      • U.S. Government
        28.15
      • Federal Agencies
        0.67
      • AAA
        10.54
      • AA
        7.40
      • A
        19.89
      • BBB
        31.84
      • BB
        0.18
      • CCC
        0.01
      • CC
        0.02
      • C
        0.01
      • Other Not Rated
        1.29

      Currency Weights (%)

      As of 30-Apr-24
      • United States Dollar
        100.00
      Important Characteristics Information
      The portfolio is actively managed, and current holdings may be different.

      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.
    • Resources

      Resources

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      Product Resources

      Fact Sheets are available approximately 15 days after month end.


      Full Holdings available approximately 25 days after month end.


      Quarterly Portfolio Review is available approximately 25 days after quarter end.


      Monthly Portfolio Review available approximately 15 days after month end.


      Available approximately 15 or 25 days after month end

      Product Presentation available approximately 25 days after quarter end.


      Quarterly Investment Update available approximately 25 days after quarter end.


      Monthly Investment Update available approximately 25 days after month end.
      Fund Documents & Fact Sheets

      Fund Documents & Fact Sheets

      Click here to view fund documents such as Key Investor Documents, Complete Prospectus, Annual Report, Semi Annual Report, Swing Pricing, and Fact Sheets. Some of these documents are available in other languages.
      Product Literature

      Product Literature

      Strategic Case for Investing in Short-Term Bonds
      As of Mar 31, 2024

      Provides a case for allocating to short-term bonds given where yields are today and highlights MFS Meridian® Funds – Limited Maturity Fund

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