Flyer showing MFS' annual rankings from Barron's since 2008. Index portfolios will tend to have values very close to 100. . In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Flyer showing MFS' annual rankings from Barron's since 2008. Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. He began his career in the financial services industry in 1995. Consider the fund's investment objectives, risks, charges, and expenses, and otherwise read these documents carefully before you invest. Excess returns are a portfolio's return minus the benchmark's annualized return. For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. All quotes are in local exchange time. Morningstar Overall Rating As of 02/28/23 Class B Shares. Employed in the investment area of MFS since 2015. If you check this box, anyone using the computer you are working from now will be able to enter your mfs.com homepage without having to know or enter your user name and password. For all securities other than those described below, ratings are assigned utilizing ratings from Moodys, Fitch, and Standard & Poors 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. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. There are currently no items in this Watchlist. The fund may not achieve its objective and/or you could lose money on your investment in the fund. Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. Higher turnover means higher trading fees. 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. 3.01%. 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. He holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.Our portfolio managers are supported by our entire team of investment professionals in nine worldwide offices. If you check this box, anyone using the computer you are working from now will be able to enter your mfs.com homepage without having to know or enter your user name and password. Intraday Data provided by FACTSET and subject to terms of use. Closed-end funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). ): Change (%) (since Shares of closed-end funds frequently trade at a discount or premium to their net asset value. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. The distribution rates are computed by annualizing the current distribution rate per share (excluding short-term capital gains), and dividing the result by the public offering price (for the distribution rate including sales charge) or net asset value (for the distribution rate not including sales charge) at the end of the business day. US Inflation Persists, Growth Revised Down, As of ($ The data depicted here showing a breakdown of fund characteristics as a percentage of assets are calculated based on the total gross assets of the fund. Gary A. Lasman, CFA, is an Investment Officer of MFS Investment Management and Portfolio Manager of the firm's municipal bond portfolios. Prior to joining the firm, he worked in institutional sales -- fixed income for Fidelity Capital Markets and Goldman Sachs. For Financial Advisors, RIAs, Analysts, Institutional Clients and Consultants only. ($ Please make the necessary corrections below: Access your MFS mutual fund, IRA, 529 savings plan accounts, quarterly statements, and sign up for eDelivery. Capital gains distributions, if any, are taxable. Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. As of 03/31/23, Explore resources to help educate on investing basics. He was named portfolio manager in 1993.Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. ): Change $ (since Copyright 2023 MarketWatch, Inc. All rights reserved. A variety of materials to help you prepare and file your taxes, including frequently asked questions, glossary of tax terms, tax preparation check list, phone numbers and contact information, instructions for ordering duplicate tax forms, and links to helpful Web sites. R squared is not a measure of performance. (*YTD Updated You also might decide against this option if you visit the MFS site from work and others have access to your computer. Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Change ($) (since High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments. 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. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Compares four national municipal funds across the credit quality and maturity spectrum to help make the selection process easier. Net Assets As of 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. Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. Visit Place St. Andr, the heart of the city's historic quarter. Information on the mandatory cost-basis requirements that are effective for mutual fund shares purchased after January 1, 2012. Your use of this website indicates that you agree with the intended purpose. This piece shows annual returns for broad-based asset classes ranked from best to worst, and includes the growth of $100,000 for each asset class over two separate decades. Essentially the yield-to-worst is a bond's yield-to-maturity under the least desirable bond repayment pattern under the assumption that bond market yields are unchanged. The Fund invests, under normal market conditions, at least 80% of its net assets in securities and other investments, the interest on which is exempt from federal income tax. 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. MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in municipal instruments. MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the fund's assets primarily in municipal instruments. Long-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. You also might decide against this option if you visit the MFS site from work and others have access to your computer. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. For investors subject to the alternative minimum tax, a small portion of dividend income may be taxable. Non-accruing securities are treated as having a coupon equal to zero. Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value. US Inflation Persists, Growth Revised Down, As of He also participates in the research process and strategy discussions. High Yield: Investments in below investment grade quality debt instruments can be more volatile and have greater risk of default, or already be in default, than higher-quality debt instruments. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Shares of the funds involve investment risk, including possible loss of principal. Intraday data delayed at least 15 minutes or per exchange requirements. The information provided on this page should be read in conjunction with the fund's prospectus or summary prospectus for the portfolio being offered, which are available onlinehere or by contacting MFS. The Record Date is the date on which a fund declares a distribution. 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. Full and Historical Holdings. Jason R. Kosty is an investment officer and fixed income portfolio manager of national municipal bond strategies at MFS Investment Management (MFS). Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. You also might decide against this option if you visit the MFS site from work and others have access to your computer. -0.75%. This site is intended for use by U.S. residents. 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. Therefore, the portfolio's value may decline during rising rates. Daily NAV is the Net Asset Value per share determined using the amortized cost of portfolio securities rounded to two decimal places and is the price at which fund shares are transacted. Gross assets consist of the total net assets of the fund plus the amounts borrowed to create leverage. To the extent that investments are purchased through the use of leverage, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. 03/31/23, 8.53% of total net assets | The Record Date is the date on which a fund declares a distribution. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. Dividends are generally subject to state and local taxes. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Historical and current end-of-day data provided by FACTSET. The information provided on this page should be read in conjunction with the fund's prospectus or summary prospectus for the portfolio being offered, which are available onlinehere or by contacting MFS. Earned the Fruits of Your Labor (Level 58) badge! Massachusetts Dev Finance Agency MA Ref-Ser A 4.000 JUL 01 44, City & County of Denver CO Etm-Ser C 6.125 NOV 15 25, Tennessee Energy Acquisition Corp TN Var-Ref-Gas Proj-Ser A-1 5.000 MAY 01 53, Downey Unified School District CA Election 2014-Ser B 4.000 AUG 01 41, Buckeye Tobacco Settlement Financing Auth OH Ref-Senior-Class 2-Ser B-2 5.000 JUN 01 55, Public Finance Authority WI Amt-Ref-Sr-Oblig Group 5.250 JUL 01 28, Main Street Natural Gas Inc GA Ser A 5.000 JUN 01 53, WA Health Care Facilities Authority Providence Hlth & Svcs-Ser A 5.000 OCT 01 33, City of Houston TX Airport System Revenue Amt-Ser B-1 5.000 JUL 15 30, CA State Public Works Board Ser A 5.000 SEP 01 33, Nomination and Compensation Committee Charter, Municipal Bond Funds: Computing Your State Tax, MFS Closed End Fund Portfolio Management Team Announcement. For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. The yield-to-worst is computed by using the lower of either yield-to-maturity or the yield-to-call on every possible call date. -6.84%. The SEC yield is higher than the distribution yield in part due to unusual market conditions. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. If you are not a U.S. resident, please visit Other MFS Sites. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Tagged Friends. MFS may invest 25% or more of the fund's total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance. Global Recent Activity. She also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. 04/27/23 Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. If you are working in a public space, such as a library, you would not want to select this option. 03/31/23. Please make the necessary corrections below: Access your MFS mutual fund, IRA, 529 savings plan accounts, quarterly statements, and sign up for eDelivery. Morningstar rankings do not take into account sales charges and are based on historical returns, which are not indicative of future results. Morningstar ratings are based on risk adjusted performance. It uses a standard deviation and excess return. These reductions will continue until at least05/31/24. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The team employs a proprietary investment process to build better insights for our clients. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). All results are historical and assume the reinvestment of dividends and capital gains. Morningstar ratings are based on 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. MFS High Income Municipal Trust (NYSE: CXE) $0.0130 $0.0000 $0.0130 MFS High Yield Municipal Trust (NYSE: CMU) $0.0110 $0.0000 $0.0110 MFS Intermediate High Income Fund (NYSE: CIF)^ . 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. Concentrated:The portfolio's performance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the portfolio invests and could be more volatile than the performance of more geographically diversified portfolios. If you check this box, anyone using the computer you are working from now will be able to enter your mfs.com homepage without having to know or enter your user name and password. Geoffrey L. Schechter, CFA, CPA, is an investment officer at MFS Investment Management (MFS) and a portfolio manager of the firm's government securities and municipal bond portfolios.Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. 03/31/23. If you are working in a public space, such as a library, you would not want to select this option. Performance data shown represents past performance and is no guarantee of future results. While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate exposure, or as alternatives to direct investments. PR Sales Tax Financing Corp Sales Tax Revenue PR Restructured-Ser A-1 5.000 JUL 01 58, Buckeye Tobacco Settlement Financing Auth OH Ref-Senior-Class 2-Ser B-2 5.000 JUN 01 55, Housing Development Corp NY 8 Spruce Street-Class F 4.500 FEB 15 48, NJ Transportation Trust Fund Authority NJ Cap Apprec-Transn Sys-Ser A 0.000 DEC 15 37, California Community Choice Financing Authority CA Variable-Green Bonds-Ser C 5.250 JAN 01 54, Golden State Tobacco Securitization Corp CA Txbl-Ref-Subordinate Bonds-Ser 3.850 JUN 01 50, City of Chicago IL Ref-Ser A 5.000 JAN 01 33, New York Liberty Development Corp NY Ref-Class 1-3 World Trade Ctr 5.000 NOV 15 44, Chicago Board of Education IL 6.000 APR 01 46, Public Finance Authority WI American Dream @ Meadowlands P 6.250 AUG 01 27, Statement of Additional Information (SAI), 20 Years of the Best and Worst: A Case for Diversification, 20 Years Best and Worst: A Tale of Two Decades, Research and Risk Management Setting MFS Municipal Bond Funds Apart, Fixed Income Investing in a Changing Market Environment: Brochure, MFS National Municipal Fixed Income Capabilities, MFS National Municipal Fixed Income Capabilities (four funds), Important Announcement: MFS Family of Funds - Class R1 and R2 share availability, Important Announcement: Modification of Expense Limitation Agreements and or Changes to Management Fees, Important Announcement: Purchase Thresholds and Sales Charge Update, Important Announcement: Expansion of MFS Fixed Income Leadership Team. 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. 8.53% of total net assets | Total Number of Holdings: 1939 Concentrated:The portfolio's performance could be closely tied to the economic, political, and other conditions in the state and other states and U.S. territories and possessions in which the portfolio invests and could be more volatile than the performance of more geographically diversified portfolios. The Payable Date is the date on which the distribution is paid to shareholders. Tracking error is the standard deviation of a portfolio's excess returns. Historical MP may not be available for all dates. Columbia California Columbia Connecticut (2) 2022 INCOME EARNED BY STATE INFORMATION 1For single state municipal bond funds, the state specific percentage shown includes the income earned from that state, as well as any income earned from U.S. territories. Before that, he served as vice president in the municipal group for Thomson Financial Services; and senior account manager for The Industrial Indemnity Financial Corporation. Seeks high current income exempt from federal income tax, but may also consider capital appreciation. As of 04/30/23 , subject to revision and not annualized.). trustees, certain officers and 10% shareholders of the Funds, and directors and certain officers of MFS): These forms contain information on the reporting person's relationship to the particular fund and on purchases and sales of such equity securities. Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. Closed-end funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Coupons are netted for securities with a payable and receivable leg. . Learn more about mutual funds at fidelity.com. Please consult your tax advisor for further information. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Ex-Dividend Date is the date on which a fund goes ex-dividend. Founded 2,000 years ago, Lyon's streets are a living museum, with beautiful historical buildings and interesting art galleries and museums. 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. The yield-to-worst is computed by using the lower of either yield-to-maturity or the yield-to-call on every possible call date. MFS may invest a significant percentage of the funds assets in issuers in a single state, territory, or possession, or a small number of states, territories, or possessions. This browser is no longer supported at MarketWatch. Excess returns are a portfolio's return minus the benchmark's annualized return. Find an overview of how mutual funds are taxed, details about the tax forms you receive from MFS, and instructions for using this information to complete your tax return. The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. These conditions may not be repeated in the future. ): Change (%) (since The portfolio is actively managed, and current holdings may be different. MFS Municipal High Income Fund Class I. ): Maximum data displayed is for the most recent 10 years. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Log in to see them here or sign up to get started. This website is a general communication and is provided for informational and/or educational purposes only. The distribution rates are computed by annualizing the current distribution rate per share (excluding short-term capital gains), and dividing the result by the public offering price (for the distribution rate including sales charge) or net asset value (for the distribution rate not including sales charge) at the end of the business day. The fund employs leverage which has been created through the issuance of variable rate municipal term preferred shares [or borrowing]. Derivatives include futures, forward contracts, options, inverse floating rate instruments, and swaps. 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. ): Change (%) (since Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Coupons are netted for securities with a payable and receivable leg. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds. 05/01/23. MFS registered investment products are offered through MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199-7632. Despite its mountain location, Grenoble is a low-lying city. Historical and current end-of-day data provided by FACTSET. Tracking error is the standard deviation of a portfolio's excess returns. (Source: Barron's Dictionary of Finance and Investment Terms), Updated Daily As of Actual after-tax returns depend on your tax situation and are not relevant if you hold shares through tax-deferred arrangements such as IRAs or 401 (k) plans.
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