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MFS® High Yield Portfolio

       
   
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CUSIP:  55274F471  
Daily NAV:  $6.34  (as of 4/24/15)
    Characteristics Portfolio Profile Performance Portfolio Management Price History Reports/Prospectus Sales Tools

Portfolio Profile

Seeking a high level of current income

Seeks total return with an emphasis on a high current income from lower rated bonds. Management focuses on bonds issued by companies our analysts believe have solid or improving credit fundamentals. Management allocates across a variety of high-yield industries and issuers.

Objective:

Seeks total return with an emphasis on high current income, but also considering capital appreciation.

 

  • Classification: Bond
  • Class Inception: 6/12/85  
  • Start of Investment Operations: 6/12/85  
  • CUSIP:  55274F471  

Portfolio Facts:

 
Portfolio characteristic data are based on unaudited net assets.

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

 
Portfolio Structure
(on 3/31/15)
High Yield Corporates 89.11%
Bank Loans 4.19%
Cash & Other1 3.59%
Emerging Markets Debt 2.19%
Investment Grade Corporates 1.52%
U.S. Equities 0.54%
Commercial Mtg Backed 0.05%
Collateralized Debt Obligations 0.01%
U.S. Treasuries* -1.20%
Portfolio Statistics
(on 3/31/15)
What's this?
Average Effective Maturity 6.73 yrs
Average Effective Duration 4.25 yrs
 
Top 10 Holdings
(on 3/31/15)  
What's this?
Full & Historical Holdings
Kinder Morgan Inc/DE 7.75% JAN 15 32
CHS/Community Health Systems Inc 6.875% FEB 01 22
T-Mobile USA Inc 6.25% APR 01 21
HCA Inc 7.5% FEB 15 22
BPCE SA 144A FRB SEP 30 59
Valeant Pharmaceuticals International 144A 7% OCT 01 20
Navient Corp 8% MAR 25 20
Tronox Finance LLC 6.375% AUG 15 20
Allegion US Holding Co Inc 5.75% OCT 01 21
UST Bond 10YR Future JUN 19 15*

5.39% long and 1.20% short (*) positions of total net assets
Total number of holdings: 407
Credit Quality
(% of Total Net Assets on 3/31/15)
What's this?
BBB 1.90%
BB 36.53%
B 47.75%
CCC and Below 10.89%
Other Not Rated* -1.20%
 
 

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.

 

1 Cash and other assets are less liabilities; this may include derivative offsets.

 

*Short positions, unlike long positions, lose value if the underlying asset gains value.

 
Important Risk Considerations

 
The portfolio may not achieve its objective and/or you could lose money on your investment in the portfolio.

 
Investments in debt instruments may decline in value as the result 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 Fund's share price may decline during rising rate environments as the underlying debt instruments in the portfolio adjust to the rise in rates. Funds 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.

 
Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, economic, industry, political, regulatory, geopolitical, or other conditions.

 
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.

 
Investments in lower-quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments.

 
The portfolio's performance could be more volatile than the performance of more diversified portfolios.

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

 
Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus, or summary prospectus if available, containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.