In this ESG in Depth, we discuss the impact of the Gig Economy and changing regulation on workers and the platforms that employ them. Rob Almeida and Erik Weisman analyze the potential effectiveness of unprecedented fiscal stimulus. Rob Almeida and Erik Weisman assess the equity markets through an earnings lens in their latest Market Insight. COVID is leading to unprecedented economic destruction across the globe.
Dislocations like these can present investment opportunities. Rob Almeida and Erik Weisman analyze the impact of machines on volatility in this special Market Insight. Rob Almeida and Erik Weisman analyze the potential depth of the coronarvirus impact in this special market insight. The Investment Solutions Group provides an equity insight on US valuations and its impact on long-term returns. We dissect the advantages of a strategic allocation to the real estate sector and the related transparency, liquidity and accessiblity offered by REITs.
We examine the investment characteristics and performance attributes of US taxable municipal bonds compared with other high-grade fixed income asset classes. MFS' Director of Quantitative Equity Research, shares an overview of mean reversion in returns, including its impact on value and momentum factors. This paper explores the ever-shifting global equity opportunity set and examines asset allocation and implementation considerations for investors. Nick Paul advocates for the de-labeling of financial assets, rather than over-prescribed categories or style-box labels, by focusing on materiality.
The MFS Investment Solutions Group discusses the intriguing relationship between growth and value investing while considering current valuations. An allocation to global bonds has the potential to enhance risk-adjusted returns and bring diversification benefits to a portfolio. The MFS Quantitative Solutions Team discusses how investment factors have proven consistent in illuminating investment returns. A look at key themes that plan sponsors may face in , including low growth, demographic changes, ESG issues, and significant legislative change.
The Investment Solutions Group identifies key themes to watch for and details the investment implications of each theme. These proprietary expectations represent a forward look over a year time horizon as of January Noah Rumpf, Director of Quantitative Equity Research, analyzes mean reversion in returns, including the impact on value and momentum factors.
The Investment Solutions Group discusses the intrigue of global equities and the potential opportunity of diversifying beyond US equities. Bran Kalmar and Rob Almeida discuss the interest rate environment and its impact on the global real estate market. How we help our clients achieve their investment goals by employing an investment approach that integrates environmental, social and corporate governance. Technological advances have led to enormous change and growth opportunities worldwide.
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ESG in Action: Danone In this case study, we discuss the problem of plastic waste, a significant issue that is likely to become even more important in the years ahead. Latest Insights Get the latest on global markets and economies as well as what's top of mind for our thought leaders. Monthly insights and facts on the capital markets and retirement industry. The MFS Capital Markets View provides a broad perspective on current risks and opportunities in the equity and fixed income asset classes and across various regions.
An analysis of the historical relationship between the macro environment and credit spreads. In this Investment Insight, we assess the changing landscape of share buybacks and dividends. A case study on shifting the performance evaluation mindset. Capital Markets View is published each quarter to provide a broad perspective on current risks and opportunities in the equity and fixed income asset classes and across various regions, including Europe, United Kingdom, Japan, Asia, and Emerging Markets.
Erik Weisman assesses the potential for a medium-term shift in the inflation backdrop. With market volatility on the minds of institutional investors, what are their thoughts about risk and the support they need to manage it? White paper presenting several cases - macro and micro - for investing in Japanese equities. As the market caps for the largest growth names have accelerated, dedicated exposure to mid-cap growth may be key to an asset allocation framework.
Collective Investment Trusts: Myths vs. High Yield: Poised to Shine? Long Term Capital Markets Expectations. Regional Vice President. Lead Technician. Operations Manager. Group Leader. Senior Sharepoint Developer. Investment Advisor. Team Leader. Investment Officer. Finance Analyst. Account Executive. Show More. Fidelity Investments 4.
Eaton Vance 2. Wellington Management 2. National Financial Services State Street Putnam Investments 8. John Hancock Life Insurance Company 7. The Hartford 6. Bank of America 6. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance.
Organization type Public. Average Salary. BNP Paribas. Neuberger Berman. Credit Suisse. Wellington Management. Eaton Vance. Bridgewater Associates. Fidelity Investments. MFS Investment Management has 1, employees.
Clark 4 age Assistant Treasurer. Collins 4 age Thomas H. Connors 4 age Ethan D. Corey 4 age David L. DiLorenzo 4 age Brian E. Langenfeld 4 age Kenneth Paek 4 age Susan A. Pereira 4 age Kasey L. Phillips 4 age Mark N. Polebaum 4 age Secretary and Clerk. Matthew A. Stowe 4 age Frank L. Tarantino age Independent Senior Officer. Tarantino LLC provider of compliance services , Principal.
Richard S. Weitzel 4 age Martin J. Wolin 4 age Chief Compliance Officer. James O. Yost 4 age Deputy Treasurer. Each Trustee and Officer has served continuously since appointment unless indicated otherwise. Manning served as Advisory Trustee. The following provides an overview of the considerations that led the Board to conclude that each individual serving as a Trustee of the Trust should so serve.
The current members of the Board have joined the Board at different points in time since Generally, no one factor was decisive in the original selection of an individual to join the Board. Buller, CPA. Buller has substantial accounting, investment management, and executive experience at firms within the investment management industry. Prior to joining BlackRock, Mr. He has also served on the boards of BlackRock Finco UK, a privately-held company, and Person-to-Person, a community service organization.
Butler, CPA. Butler has substantial accounting and compliance consulting experience for clients in the investment management industry. Since retiring from PWC, Mr. Butler has worked as a consultant to mutual fund boards and investment advisers on regulatory and compliance matters. He has served as, or assisted, the Independent Compliance Consultant in conjunction with the implementation of SEC market timing orders at three major fund groups. Goldfarb has substantial executive and board experience at firms within the investment management industry.
Prior to joining John Hancock, Ms. She also held various marketing, distribution, and portfolio management positions with other investment management firms. Gunning has substantial executive and board experience at publicly-traded and privately-held companies, including past service as the Vice Chairman and a director of Cleveland-Cliffs Inc.
Gunning is also a former partner and head of the corporate department of Jones Day, a large international law firm. He has substantial senior executive experience at a publicly-traded company and various privately-held companies as well as board experience at privately-held companies and non-profits. Gutow has substantial investment company board experience, having served on boards of trustees responsible for oversight of funds in the MFS Funds for over 18 years.
Michael Hegarty. Hegarty has substantial senior executive and board experience at firms within the financial services industry, as well as board experience at publicly-traded and privately-held companies. He is a former director of AllianceBernstein, which serves as the general partner of a publicly-traded investment adviser, and a former trustee of investment companies in the EQ Advisers Trust family of funds.
Kavanaugh has substantial executive, investment management, and board experience at firms within the investment management and mutual fund industry. He is a Chartered Financial Analyst and currently serves on the board of the Independent Directors Council, a unit of the Investment Company Institute which serves the mutual fund independent director community. He has substantial executive and investment management experience, having worked for MFS for 30 years.
Roepke has substantial executive and compliance experience within the investment management industry. She currently is a trustee of Rockhurst University. Prior to MFS, Ms. Thomsen has substantial venture capital financing experience, as well as board experience at publicly-traded and privately-held companies. Prior to that, she was a General Partner at Harbourvest Partners, a venture capital firm. Uek has substantial accounting and consulting experience for clients in the investment management industry.
He also has served as a consultant to mutual fund boards. Uek previously served on the boards of trustees of investment companies in the TT International family of funds and Hillview Capital family of funds. Uek is a former Chairman and Board Member of the Independent Directors Council, a unit of the Investment Company Institute, which serves the mutual fund independent director community in the U.
Each Trustee except Mses. Stelmach and Roepke and Mr. Buller has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.
Buller, Butler, Kavanaugh, Uek, and Ms. Trustee Compensation Table. Not Applicable. In addition, the Committee advises and makes recommendations to the Board on matters concerning Trustee practices and recommendations concerning the functions and duties of the committees of the Board. Recommends qualified candidates to the Board in the event that a position is vacated or created. The Committee will consider recommendations by shareholders when a vacancy exists.
The Committee is also responsible for making recommendations to the Board regarding any necessary standards or qualifications for service on the Board. The Committee also reviews and makes recommendations to the Board regarding compensation for the Independent Trustees.
Oversees the policies, procedures, and practices of the Fund with respect to brokerage transactions involving portfolio securities as those policies, procedures, and practices are carried out by MFS and its affiliates. In addition, the Committee receives reports from MFS regarding the policies, procedures, and practices of MFS and its affiliates in connection with their marketing and distribution of shares of the Fund.
Reviews and evaluates the contractual arrangements of the Fund relating to transfer agency, sub-transfer agency, administrative services, and custody, and makes recommendations to the full Board of Trustees on these matters. Although Mr. Ownership By Trustees and Officers. The following dollar ranges apply:.
Therefore, no Trustee owned shares of the Fund. Percentage Class Ownership. Voting Guidelines;. Administrative Procedures;. General Policy; Potential Conflicts of Interest. MFS reviews corporate governance issues and proxy voting matters that are presented for shareholder vote by either management or shareholders of public companies.
Based on the overall principle that all votes cast by MFS on behalf of its clients must be in what MFS believes to be the best long-term economic interests of such clients, MFS has adopted proxy voting guidelines, set forth below, that govern how MFS generally will vote on specific matters presented for shareholder vote.
As a general matter, MFS votes consistently on similar proxy proposals across all shareholder meetings. However, some proxy proposals, such as certain excessive executive compensation, environmental, social and governance matters, are analyzed on a case-by-case basis in light of all the relevant facts and circumstances of the proposal.
Therefore, MFS may vote similar proposals diffe rently at different shareholder meetings based on the specific facts and circumstances of the issuer or the terms of the proposal. MFS also generally votes consistently on the same matter when securities of an issuer are held by multiple client accounts, unless MFS has received explicit voting instructions to vote differently from a client for its own account. These comments are carefully considered by MFS when it reviews these guidelines and revises them as appropriate.
If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest see Sections B. The MFS Proxy Voting Committee is responsible for monitoring and reporting with respect to such potential material conflicts of interest. Election of Directors. MFS may not support certain board nominees of U. Majority Voting and Director Elections. Classified Boards. MFS generally supports proposals to declassify a board i. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies.
Proxy Access. However, such potential benefits must be balanced by its potential misuse by shareholders. Therefore, we support Proxy Access proposals at U. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors.
Companies should be mindful of imposing any undue impediments within its bylaws that may render Proxy Access impractical. MFS analyzes all other proposals seeking Proxy Access on a case-by-case basis. Stock Plans. MFS opposes stock option programs and restricted stock plans that provide unduly generous compensation for officers, directors or employees, or that could result in excessive dilution to other shareholders.
In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote its shares on a case-by-case basis. MFS also opposes stock option programs that allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval. MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.
Shareholder Proposals on Executive Compensation. MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain some flexibility to determine the appropriate pay package for executives. Advisory Votes on Executive Compensation.
MFS will analyze advisory votes on executive compensation on a case-by-case basis. MFS will vote against an advisory vote on executive compensation if MFS determines that the issuer has adopted excessive executive compensation practices and will vote in favor of an advisory vote on executive compensation if MFS has not determined that the issuer has adopted excessive executive compensation practices. Examples of excessive executive compensation practices may include, but are not limited to, a pay-for-performance disconnect, employment contract terms such as guaranteed bonus provisions, unwarranted pension payouts, backdated stock options, overly generous hiring bonuses for chief executive officers, unnecessary perquisites, or the potential reimbursement of excise taxes to an executive in regards to a severance package.
MFS may also vote against certain or all board nominees if an advisory pay vote for a U. MFS will support an advisory vote on a severance package on a on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.
Shareholders of companies may also submit proxy proposals that would require shareholder approval of severance packages for executive officers that exceed certain predetermined thresholds. Anti-Takeover Measures. In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. MFS will also consider on a case-by-case basis proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.
Proxy Contests. MFS will analyze Proxy Contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder s. Like all of our proxy votes, MFS will support the slate of director nominees that we believe is in the best, long-term economic interest of our clients. Reincorporation and Reorganization Proposals. When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure.
MFS generally votes with management in regards to these types of proposals, however, if MFS believes the proposal is in the best long-term economic interests of its clients, then MFS may vote against management e. Issuance of Stock. There are many legitimate reasons for the issuance of stock. MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines that the requested authorization is excessive or not warranted. Repurchase Programs. MFS supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis.
Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders. Cumulative Voting. MFS opposes proposals that seek to introduce cumulative voting and for proposals that seek to eliminate cumulative voting. Written Consent and Special Meetings. The right to call a special meeting or act by written consent can be a powerful tool for shareholders. MFS also supports proposals requesting the right for shareholders to act by written consent.
Independent Auditors. MFS believes that the appointment of auditors for U. Other Business. Adjourn Shareholder Meeting. As a result, it may vote similar proposals differently at various shareholder meetings based on the specific facts and circumstances of such proposal.
MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders i. Many of these governance-related issues, including compensation issues, are outlined within the context of the above guidelines. In addition, MFS typically supports proposals that require an issuer to reimburse successful dissident shareholders who are not seeking control of the company for reasonable expenses that such dissident incurred in soliciting an alternative slate of director candidates.
MFS typically supports proposals for an independent board chairperson. However, we may not support such proposals if we determine there to be an appropriate and effective counter-balancing leadership structure in place e. MFS will analyze social proposals on a case-by-case basis. The laws of various states or countries may regulate how the interests of certain clients subject to those laws e. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients.
Foreign Issuers. In such circumstances, we will vote against director nominee s. Also, certain markets outside of the U. As such, MFS will evaluate any explanations by companies relating to their compliance with a particular corporate governance guideline on a case-by-case basis and may vote against the board nominees or other relevant ballot item if such explanation is not satisfactory. In some circumstances, MFS may submit a vote to abstain from certain director nominees or the relevant ballot items if we have concerns with the nominee or ballot item, but do not believe these concerns rise to the level where a vote against is warranted.
MFS generally supports the election of auditors, but may determine to vote against the election of a statutory auditor in certain markets if MFS reasonably believes that the statutory auditor is not truly independent. Some international markets have also adopted mandatory requirements for all companies to hold shareholder votes on executive compensation. We may alternatively submit an abstention vote on such proposals in circumstances where our executive compensation concerns are not as severe.
Many other items on foreign proxies involve repetitive, non-controversial matters that are mandated by local law. MFS will evaluate all other items on proxies for foreign companies in the context of the guidelines described above, but will generally vote against an item if there is not sufficient information disclosed in order to make an informed voting decision. For any ballot item where MFS wishes to express a more moderate level of concern than a vote of against, we will cast a vote to abstain.
Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior or subsequent to the meeting e. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Due to these restrictions, MFS must balance the benefits to its clients of voting proxies against the potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time.
For companies in countries with share blocking periods or in markets where some custodians may block shares, the disadvantage of being unable to sell the stock regardless of changing conditions generally. Accordingly, MFS will not vote those proxies in the absence of an unusual, significant vote that outweighs the disadvantage of being unable to sell the stock.
From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions. In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements.
In these limited instances, MFS votes securities on a best efforts basis in the context of the guidelines described above. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Reviews these MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments considered to be necessary or advisable;.
Considers special proxy issues as they may arise from time to time. Potential Conflicts of Interest. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small.
Nonetheless, we have developed precautions to assure that all proxy votes are cast in the best long-term economic interest of shareholders. In cases where proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures, no material conflict of interest will be deemed to exist.
If the name of the issuer does not appear on the MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Voting Committee;. If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund.
If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS, MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle. Gathering Proxies. MFS, on behalf of itself and certain of its clients including the MFS Funds has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy vote related administrative services such as vote processing and recordkeeping functions.
If a proxy ballot has not been received, the Proxy Administrator contacts the custodian requesting the reason as to why a ballot has not been received. Analyzing Proxies. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee considers and votes on those proxy matters.
MFS also receives research and recommendations from the Proxy Administrator which it may take into account in deciding how to vote. In those situations where the only MFS fund that is eligible to vote at a shareholder meeting has Glass Lewis as its Proxy Administrator, then we will utilize research from Glass Lewis to identify such issues.
MFS may also use other research tools in order to identify the circumstances described above. As a general matter, portfolio managers and investment analysts have little involvement in most votes taken by MFS. In certain types of votes e. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.
Voting Proxies. Securities Lending. As a result, non-U. A company or shareholder may also seek to engage with representatives of the MFS. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting. Proxy solicitation materials, including electronic versions of the proxy ballots completed by representatives of the MFS Proxy Voting Committee, together with their respective notes and comments, are maintained in an electronic format by the Proxy Administrator and are accessible on-line by the MFS Proxy Voting Committee.
Registered MFS Funds. MFS publicly discloses the proxy voting records of the U. Based on these reviews, the Trustees of the U. Other MFS Clients. MFS may publicly disclose the proxy voting records of certain other clients including certain MFS Funds or the votes it casts with respect to certain matters as required by law. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.
Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters.
During such dialogue with the company, MFS may disclose the vote it intends to cast in order to potentially effect positive change at a company in regards to environmental, social or governance issues. Asset-Backed Securities. Asset-backed securities are securities that represent interests in or payments from pools of assets such as mortgages, debt securities, bank loans, motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit i.
The assets can be a pool of assets or a single asset e. Asset-backed securities that represent an interest in a pool of assets provide greater credit diversification than asset-backed securities that represent an interest in a single asset. Underlying assets are securitized through the use of trusts and special purpose entities.
Payment of interest and repayment of principal on asset-backed securities may be largely dependent upon the cash flows generated by the underlying assets and, in certain cases, may be supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may be affected by the various factors described above and other factors, such as changes in interest rates, the availability of information concerning the pool of assets and its structure, the creditworthiness of the servicing agent for the pool of assets, the originator of the underlying assets, or the entities providing the credit enhancement.
Asset-backed securities that do not have the benefit of a security interest in the underlying assets present certain additional risks that are not present with asset-backed securities that do have a security interest in the underlying assets. Some types of asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate, as a result of the pass-through of prepayments of principal on the underlying assets. The rate of principal payments on these asset-backed securities is related to the rate of principal payments on the underlying pool of assets and related to the priority of payment of the security with respect to the pool of assets.
The occurrence of prepayments is a function of several factors, such as the level of interest rates, general economic conditions, the location and age of the underlying obligations, asset default and recovery rates, and other social and demographic conditions. Because prepayments of principal generally occur when interest rates are declining, an investor generally has to reinvest the proceeds of such prepayments at lower interest rates than those at which its assets were previously invested.
Therefore, these asset-backed securities may have less potential for capital appreciation in periods of falling interest rates than other income-bearing securities of comparable maturity. When interest rates increase, these asset-backed securities may be repaid more slowly than expected.
As a result, the maturity of the asset-backed security is extended, increasing the potential for loss. If the Fund borrows money, its share price may be subject to greater fluctuation until the borrowing is paid off. If the Fund makes additional investments while borrowings are outstanding, this may be considered a form of leverage and may cause a Fund to liquidate investments when it would not otherwise do so. Money borrowed will be subject to interest charges and may be subject to other fees or requirements which would increase the cost of borrowing above the stated interest rate.
Commodity Pool Operator Regulation. However, if in the future the Fund is no longer eligible for this exclusion, the notice claiming exclusion from the definition of a CPO would be withdrawn, and MFS, as adviser to such Fund, would be subject to regulation as a CPO with respect to such Fund. Country Location. For purposes of determining if a security or other investment is considered a foreign security, revenues from goods sold or services performed in all countries other than the United States and assets in all countries other than the United States may be aggregated.
For purposes of determining if a security or other investment is considered an emerging market security, revenues from goods sold or services performed in all emerging market countries and assets in all emerging market countries may be aggregated. Cyber Security. The Fund does not directly have any operational or security systems or infrastructure that are potentially subject to cyber security risks, but the Fund is exposed through its service providers including MFS, MFD, the custodian, the auditor, MFSC, financial intermediaries, and sub-adviser if applicable , to cyber security risks.
Cyber incidents can result from deliberate attacks or unintentional events. The Fund may incur incremental costs to prevent cyber incidents in the future which could negatively impact the Fund and its shareholders. While MFS has established business continuity plans and risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been adequately identified.
Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by service providers, or by issuers in which the Fund invests. Foreign Markets. Foreign investments and foreign currencies, as well as any securities issued by U. Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments, and may be affected by actions of U.
Such actions may include expropriation or nationalization of assets, confiscatory taxation, economic and trade sanctions, embargoes, restrictions on U. The debt instruments of foreign governments and their agencies and instrumentalities may or may not be supported by the full faith and credit of the foreign government. Additionally, governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated.
In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U. Foreign markets, while growing in volume and sophistication, may not be as developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of comparable U.
Foreign trading, settlement and custodial practices including those involving settlement where Fund assets may be released prior to receipt of payment may be less developed than those in U. In addition, the costs associated with foreign investments, including withholding or other taxes, brokerage commissions, and custodial costs, are generally higher than with U. Foreign markets may offer less protection to investors than U. Foreign issuers may not be bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.
Adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there may be less overall governmental supervision and regulation of securities exchanges, brokers, and listed companies than in the United States.
Over-the-counter markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have difficulty enforcing their legal rights in foreign countries. Some foreign investments impose restrictions on transfer within the United States or to U. Although investments subject to such transfer restrictions may be marketable abroad, they may be less liquid than foreign investments that are not subject to such restrictions.
Interfund Borrowing and Lending Program. Any loans under the program will be set at an interest rate that is the average of the highest rate available to a lending MFS Fund from an investment in overnight repurchase agreements and the approximate lowest rate at which bank short-term loans would be available to a borrowing MFS Fund. A borrowing MFS Fund may have to borrow from a bank at a higher rate if an interfund loan is called or not renewed. Any delay in repayment of an interfund borrowing to a lending MFS Fund could result in lost investment opportunities or borrowing costs.
Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market. In addition, at times, all or a large portion of segments of the market may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical and other conditions.
Without an active trading market where frequent and large purchase and sale transactions of a security occur without significantly affecting the price of that security, it may be difficult to value and not possible to sell these investments and the Fund may have to sell certain of these investments at a price or time that is not advantageous in order to meet redemptions or other cash needs.
Money Market Instruments. Money market instruments, or short-term debt instruments, consist of obligations such as commercial paper, bank obligations e. Money market instruments may be structured to be, or may employ a trust or other form so that they are, eligible investments for money market funds. For example, put features can be used to modify the maturity of a security or interest rate adjustment features can be used to enhance price stability.
If a structure fails to function as intended, adverse tax or investment consequences may result. Neither the Internal Revenue Service IRS nor any other regulatory authority has ruled definitively on certain legal issues presented by certain structured securities. Future tax or other regulatory determinations could adversely affect the value, liquidity, or tax treatment of the income received from these securities.
Commercial paper is a money market instrument issued by banks or companies to raise money for short-term purposes. Unlike some other debt obligations, commercial paper is typically unsecured. Commercial paper may be issued as an asset-backed security. Municipal Instruments. The tax-exempt nature of the interest on a municipal instrument is generally the subject of a bond counsel opinion delivered in connection with the issuance of the instrument. Issuers or other parties generally enter into covenants requiring continuing compliance with federal tax requirements to preserve the tax-free status of interest payments over the life of the municipal instrument.
If at any time the covenants are not complied with, or if the IRS otherwise determines that the issuer did not comply with relevant tax requirements, interest payments from a municipal instrument could become federally taxable, possibly retroactively to the date the municipal instrument was issued and an investor may need to file an amended income tax return.
Certain types of structured securities are designed so that tax exempt interest from municipal instruments held by the underlying entity will pass through to the holders of the structured security. There is no assurance that the IRS will agree that such interest is tax exempt. From time to time, proposals have been introduced before Congress and state legislatures to restrict or eliminate the federal and state income tax exemption for interest on municipal instruments.
Similar proposals may be introduced in the future. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. Municipal instruments generally trade in the over-the-counter market. Information about the financial condition of an issuer of municipal bonds may not be as extensive as that which is made available by corporations whose securities are publicly traded. Issuers of general obligation bonds include states, counties, cities, towns, and regional districts.
The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The rate of taxes that can be levied for the payment of debt service on these bonds may be limited. Additionally, there may be limits as to the rate or amount of special assessments or taxes that can be levied to meet these obligations. Debt service from these general obligation bonds is typically paid first from the specific revenue source and second, if the specific revenue source is insufficient, from the general taxing power.
Revenue bonds are issued to finance a wide variety of capital projects. Examples include electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals.
Industrial development bonds, a type of revenue bond, are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for a variety of purposes, including economic development, solid waste disposal, transportation, and pollution control. Although the principal security for revenue bonds is typically the revenues of the specific facility, project, company or system, many revenue bonds are secured by additional collateral in the form of a mortgage on the real estate comprising a specific facility, project or system, a lien on receivables and personal property, as well as the pledge of various reserve funds available to fund debt service, working capital, capital expenditures or other needs.
Net revenues and other security pledged may be insufficient to pay principal and interest due which will cause the price of the bonds to decline. In some cases, revenue bonds issued by an authority are backed by a revenue stream unrelated to the issuer, such as a hotel occupancy tax, a sales tax, or a special assessment.
In these cases, the ability of the authority to pay debt service is solely dependent on the revenue stream generated by the special tax. Furthermore, the taxes supporting such issues may be subject to legal limitations as to rate or amount. Municipal insurance policies typically insure, subject to the satisfaction of the policy conditions and certain other restrictions, timely and scheduled payment of all principal and interest due on the underlying municipal instruments.
Municipal insurance does not insure against market fluctuations which affect the price of a security. The value of a municipal insurance policy is dependent on the financial strength of the issuer providing such insurance. As a result of ratings downgrades and withdrawals from the municipal insurance business over the last credit cycle, many municipal insurance policies may have little or no value. Bonds issued to supply educational institutions with funding or to fund construction and other projects which benefit the educational institution are subject to many risks, including the risks of unanticipated revenue decline, primarily the result of decreasing student enrollment, decreasing state and federal funding, or a change in general economic conditions.
Additionally, higher than anticipated costs associated with salaries, utilities, insurance or other general expenses could impair the ability of a borrower to make annual debt service payments. Charter schools are subject to the additional risk that the contract or charter may be revoked for failure to meet academic or fiscal management standards, safety or health-related issues, or other reasons. Student loan revenue bonds are generally offered by state or substate authorities or commissions and are primarily backed by pools of student loans.
Underlying student loans may be guaranteed by state guarantee agencies and may be subject to reimbursement by the United States Department of Education through its guaranteed student loan program. Others may be private, uninsured loans made to parents or students which may be supported by reserves or other forms of credit enhancement.
Other risks associated with student loan revenue bonds include potential changes in federal legislation regarding student loan revenue bonds, state guarantee agency reimbursement, bankruptcy protection for student loan borrowers, and continued federal interest and other program subsidies currently in effect. Electric Utilities.
The electric utilities industry is highly regulated at both the state and federal level. There are generally two types of electric utilities: municipal owned and investor owned. Health Care. The health care industry includes providers such as hospitals, nursing homes, elderly retirement communities, and community health organizations.
It is subject to regulatory action by a number of governmental agencies, including federal, state, and local governmental agencies. A major source of revenues for the health care industry is payments from the Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. A second major source of revenues for the health care industry is payments from private insurance companies and health maintenance organizations.
As such, any changes to and reductions in reimbursement rates from these entities for services provided could be detrimental to the revenues of the providers. Numerous other factors may affect the industry, such as general and local economic conditions; the real estate market; demand for services; expenses including for example, labor, malpractice insurance premiums and pharmaceutical products ; and competition among health care providers. In the future, the following factors may adversely affect health care facility operations: national health reform legislation or proposed legislation; other state or local health care reform measures; medical and technological advances which dramatically alter the need for health services or the way in which such services are delivered; changes in medical coverage which alter the traditional fee-for-service revenue stream; and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services.
Housing revenue bonds typically are issued by a state, county, or local housing authority and are secured by mortgage loan repayments. The proceeds of these bonds may be used to make mortgage loans for single-family housing, multi-family housing, or a combination of the two. Because of the impossibility of precisely predicting demand for mortgages from the proceeds of such an issue, there is a risk that the proceeds of the issue will be in excess of demand, which would result in early retirement of the bonds by the issuer, during the origination period.
Moreover, such housing revenue bonds depend for their repayment upon the cash flow from the underlying mortgages, which cannot be precisely predicted when the bonds are issued, and is negatively impacted by an increase of the rate of mortgage defaults. Any difference in the actual cash flow from such mortgages from the assumed cash flow could have an adverse impact upon the ability of the issuer to make scheduled payments of principal and interest on the bonds, or could result in early retirement of the bonds.
Additionally, the scheduled payments of principal and interest depend in part upon reserve funds established from the proceeds of the bonds, assuming certain rates of return on investment of such reserve funds. If the assumed rates of return are not realized because of changes in interest rate levels or for other reasons, the actual cash flow for scheduled payments of principal and interest on the bonds may be inadequate.
Some authorities provide additional security for the bonds in the form of insurance, subsidies federal, state, or local , additional collateral, or state pledges without obligation to make up deficiencies. With respect to multi-family housing, additional risk factors include satisfactory completion of construction within cost constraints, the achievement and maintenance of a sufficient level of occupancy, sound management of the developments, timely and adequate increases in rents to cover increases in operating expenses, including taxes, utility rates and maintenance costs, changes in applicable laws and governmental regulations and social and economic trends.
With respect to single family housing, additional risk factors include the additional credit risk of first-time homebuyers with lower incomes and mortgages with little or no equity. Prepaid Gas Bonds. Payment of principal and interest on prepaid gas bonds are subject to the key risk that the gas supplier fails to provide the natural gas as agreed over the life of the contract between the gas supplier and the municipal utility. Additional risks include the willingness and ability of the municipal utilities to purchase the gas when delivered.
Failure to do so, among other things, could result in the bond being called. Tender Option Bonds. Tender option bonds are created when municipal instruments are transferred to a special purpose trust which issues two classes of certificates. The first class, commonly called floating rate certificates, pays an interest rate that is typically reset weekly based on a specified index.
The second class, commonly called inverse floaters, pays an interest rate based on the difference between the interest rate earned on the underlying municipal instruments and the interest rate paid on the floating rate certificates, after expenses. For example, as a result of the implementation of these rules, the municipal instrument market may experience reduced demand or liquidity and increased financing costs. Transportation debt may be issued to finance the construction of airports, toll roads, highways, or other transit facilities.
They may also be subject to competition from other airports and modes of transportation. Air traffic generally follows broader economic trends and may be affected by the price and availability of fuel as well as perceived global safety risks.
Toll road bonds are also affected by the cost and availability of fuel as well as toll levels, the presence of competing roads and the general economic health of an area. Fuel costs, transportation taxes and fees, and availability of fuel also affect other transportation-related securities, as do the presence of alternate forms of transportation, such as public transportation.
Tobacco Settlement Revenue Bonds. Annual payments on the bonds are dependent on the receipt by the issuer of future settlement payments under the MSA. These annual payments are subject to numerous adjustments. The actual amount of future settlement payments depends on annual domestic cigarette shipments, inflation, market share gains by non-participating cigarette manufacturers, the resolution of disputes between the states and participating tobacco companies regarding diligent enforcement of statutes requiring escrow payments from non-participating manufacturers and other factors.
MSA payment adjustments may cause bonds to be repaid faster or slower than originally projected. Tobacco bonds are subject to additional risks, including the risk that a tobacco company defaults on its obligation to make payments to the state or that the MSA or state legislation enacted pursuant to the MSA is void or unenforceable.
Cigarette shipments and therefore MSA payments will be negatively affected by increased government regulation such as a ban on menthol cigarettes , price increases above the rate of inflation. Water and Sewer. Water and sewer revenue bonds are generally secured by the fees charged to each user of the service. The issuers of water and sewer revenue bonds generally enjoy a monopoly status and latitude in their ability to raise rates.
However, lack of water supply due to insufficient rain, run-off, or snow pack can be a concern and has led to past defaults. Further, public resistance to rate increases, declining numbers of customers in a particular locale, costly environmental litigation, and Federal environmental mandates and the associated costs are challenges faced by issuers of water and sewer bonds. Also, water and sewer bonds issued by an enterprise of a municipality in financial distress may not be insulated from the financial insecurity of that municipality.
Municipal Lease Obligations. As a result of this structure, municipal lease obligations are generally not subject to state constitutional debt limitations or other statutory requirements that may apply to other municipal securities. If the municipality does not appropriate in its budget enough to cover the payments on the lease obligation, the lessor may have the right to repossess and relet the property to another party.
Depending on the property subject to the lease, the value of the property may not be sufficient to cover the debt. Furthermore, municipal lease obligations generally have the same risk characteristics as Municipal Instruments. Regulatory Risk.
Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation. Government regulation may change frequently and may have significant adverse consequences. Economic downturns can trigger economic, legal, budgetary, tax, and regulatory changes.
Repurchase Agreements. The buyer bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the buyer is delayed or prevented from exercising its rights to dispose of the collateral. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Restricted Securities. Restricted securities are securities that are subject to legal restrictions on their resale.
Difficulty in selling securities may result in a loss or be costly to an investor. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of , or in a registered public offering.
Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the holder might obtain a less favorable price than when it decided to seek registration of the security.
Reverse Repurchase Agreements. In a reverse repurchase agreement, an investor sells securities and receives cash proceeds, subject to its agreement to repurchase the securities at a later date for a fixed price reflecting a market rate of interest. There is a risk that the counterparty to a reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to the investor.
A reverse repurchase agreement can be viewed as a borrowing. If a Fund makes additional investments with the proceeds while a reverse repurchase agreement is outstanding, this may be considered a form of leverage. Variable and Floating Rate Securities.
Variable and floating rate securities are debt instruments that provide for periodic adjustments in the interest rate paid on the security. There is a risk that the current interest rate on variable and floating rate securities may not accurately reflect current market interest rates or adequately compensate the holder for the current creditworthiness of the issuer. As a result, variable or floating rate securities that include market-dependent liquidity features may lose value and the holders of such securities may be required to retain them for an extended period of time or until maturity.
When-issued, delayed-delivery, and forward-commitment transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security.
Typically, no interest accrues to the purchaser until the security is delivered. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the risks of price and yield fluctuations and the risk that the.
If a Fund makes additional investments while a delayed delivery purchase is outstanding, this may result in a form of leverage. Zero coupon and deferred interest bonds are debt instruments which are issued at a discount from face value. The discount approximates the total amount of interest the instruments will accrue and compound over the period until maturity or the first interest payment date at a rate of interest reflecting the market rate of the instrument at the time of issuance.
While zero coupon bonds do not require the periodic payment of interest, deferred interest bonds provide for a period of delay before the regular payment of interest begins. Payment-in-kind bonds are debt instruments which provide that the issuer may, at its option, pay interest on such instruments in cash or in the form of additional debt instruments. Such instruments may involve greater credit risks and may experience greater volatility than debt instruments which pay interest in cash currently.
The Fund has adopted the following fundamental investment restrictions which cannot be changed without the approval of a Majority Shareholder Vote. In addition, the Fund has adopted the following non-fundamental policy which may be changed without shareholder approval.
As fundamental investment restrictions, the Fund may not:. As a non-fundamental policy, the Fund will not:. Except for fundamental investment restriction no. For purposes of fundamental investment restriction no.
Government or its agencies or instrumentalities and tax-exempt obligations issued or guaranteed by a U. Brokerage Commissions. The following brokerage commissions were paid by the Fund during the specified time periods:. Barclays PLC. BMO Financial Group. Royal Bank of Canada. Transactions with Research Firms. The provision of Research was not necessarily a factor in the placement of this business with such Research Firms.
The amounts shown do not include transactions directed to electronic communications networks owned by the Research Firms for execution only services. Regional Vice President. Lead Technician. Operations Manager. Group Leader. Senior Sharepoint Developer. Investment Advisor. Team Leader. Investment Officer. Finance Analyst. Account Executive. Show More. Fidelity Investments 4. Eaton Vance 2.
Wellington Management 2. National Financial Services State Street Putnam Investments 8. John Hancock Life Insurance Company 7. The Hartford 6. Bank of America 6. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce.
We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance. Organization type Public. Average Salary. BNP Paribas. Neuberger Berman. Credit Suisse. Wellington Management. Eaton Vance. Bridgewater Associates. Fidelity Investments. MFS Investment Management has 1, employees.
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