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MFS® Research Bond Series

       
   
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CUSIP:  55273F878   Start of Investment Operations: 10/24/95  
Class Inception: 10/24/95  
Daily NAV:  $13.50  (as of 4/23/14)
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Series Profile

An analyst-run core bond portfolio

MFS’ team of fixed-income analysts seeks to drive performance through security selection and sector rotation across various sectors including corporate bonds, government, and mortgage-backed securities. The portfolio generally seeks to invest primarily in investment-grade securities, but may also invest a portion of its assets in below investment-grade securities on an opportunistic basis.

Objective:

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

Important Risk Considerations

 

  • Classification: Bond
  • Class Inception: 10/24/95  
  • Start of Investment Operations: 10/24/95  
  • CUSIP:  55273F878  

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 3/31/14)
High Grade Corporates 39.82%
Mortgage Backed 17.41%
U.S. Treasuries 12.44%
Commercial Mtg Backed 9.15%
High Yield Corporates 6.44%
Cash & Other1 6.01%
Asset Backed 2.52%
U.S. Govt Agencies 2.29%
Emerging Markets Debt 2.02%
Collateralized Debt Obligations 0.93%
Non-U.S. Sovereigns 0.83%
Residential Mtg Backed 0.09%
Municipals 0.06%
Portfolio Statistics
(on 3/31/14)
What's this?
Average Effective Maturity 7.48 yrs
Average Effective Duration 5.16 yrs
 
Top 10 Holdings
(on 3/31/14)  
What's this?
Full & Historical Holdings
United States Treasury Note/Bond 0.875 DEC 31 16
United States Treasury Note 0.375 FEB 15 16
United States Treasury Note 4.5 AUG 15 39
United States Treasury Note 2.125 MAY 31 15
FNMA 30YR 4.0
United States Treasury Note 1.750 JUL 31 15
United States Treasury Note 4.250 NOV 15 14
FNMA 30YR 4.5
UST Bond 30Yr Future Jun 19 14*
UST Bond 10Yr Future Jun 19 14*

18.59% long and 5.95% short (*) positions of total net assets
Total number of holdings: 575
Credit Quality
(% of Total Net Assets on 3/31/14)
What's this?
U.S. Government 18.39%
Federal Agencies 19.70%
AAA 5.40%
AA 1.83%
A 14.47%
BBB 30.80%
BB 5.63%
B 3.72%
CCC and Below 0.01%
Other Not Rated* -5.95%
 
 

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

 
Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, 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, political, regulatory, geopolitical, or other conditions.

 
Investments in derivatives can be used to take both long and short positions, be highly volatile, result in 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 than higher-quality debt instruments.

 
Mortgage-backed securities can be subject to prepayment and/or extension and therefore can offer less potential for gains and greater potential for loss.

 
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.