INVESTMENT OBJECTIVE
Seeks total return with an emphasis on income exempt from federal income tax and California personal income tax, if any, but also considering capital appreciation.
INVESTMENT FOCUS
Performance sought from sector/security selection and yield curve analysis
Seeks to provide double tax free income for in-state residents (income that is exempt from federal and state taxes)
Fund Information
- Fund Commencement 06/18/1985
- Net Assets ($ M) As of 10/31/24 $675.73
- Fiscal Year End MARCH
-
Benchmark
Bloomberg Municipal Bond Index
Bloomberg Municipal Bond Index measures the municipal bond market.
Share Class Information
- Class Inception 06/18/1985
- Net Asset Value (NAV) As of 11/21/24 $5.61
- Most Recent NAV Change As of 11/21/24 $0.01 | 0.18%
- Fund Number 27
- Maximum Sales Charge 4.25%
-
Gross Expense Ratio
0.86%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.70%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 07/31/25
MANAGERS
Top 10 Holdings
- Oakland Unified School District/Alameda County CA Election Of 2020-Ser A 5.250 AUG 01 48
- Port of Los Angeles CA Amt-Ref-Private Activity-Ser A 5.000 AUG 01 25
- Department of Veterans Affairs Veteran's Farm & Home Purchase Program Ser A CA 4.300 DEC 01 54
- Mountain View-Whisman School District CA Ser B 4.250 SEP 01 45
- City of Oakland CA Measure Kk-Ser D 5.500 JUL 15 53
- San Fran City & Cnty Airport Comm-San Fran Intl Arprt CA Amt-Ref-Second Series-Ser C 5.750 MAY 01 48
- San Francisco Community College District CA Election Of 2020-Ser B 5.250 JUN 15 49
- San Luis Obispo Public Financing Authority CA Auth-Ref-Cultural Arts Distric 5.000 DEC 01 53
- PR Sales Tax Financing Corp Sales Tax Revenue PR Restructured-Ser A-1 5.000 JUL 01 58
- California Statewide Communities Dev Authority CA Enloe Medical Center-Ser A AGM 5.375 AUG 15 57
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
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.
Municipal Bond: Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal 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.
Please see the prospectus for further information on these and other risk considerations.
Michael Dawson
Portfolio Manager
Michael L. Dawson is an investment officer and fixed income portfolio manager of state municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 1998 and was named to his current role in 1999. Prior to joining the firm, he worked in institutional sales -- fixed income for Fidelity Capital Markets and Goldman Sachs. Before that, he was a research analyst in the municipal bond group at Franklin Templeton. Michael earned a Bachelor of Science degree in political science from Santa Clara University and a Master of Business Administration degree in finance from Babson College. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.
Performance
Average Annual Total Returns (%)
Important Performance Information
A small portion of income may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
Sales Charges
Class A shares ("A") results include the maximum sales charge.
Annual Rate of Return (%)
As of 12/31/23 | Benchmark: Bloomberg Municipal Bond Index| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| At NAV | 12.11 | 4.56 | 0.95 | 6.14 | 0.94 | 8.33 | 4.00 | 2.93 | -11.63 | 6.97 |
| With Sales Charge | 7.34 | 0.12 | -3.34 | 1.63 | -3.35 | 3.73 | -0.42 | -1.45 | -15.38 | 2.42 |
| Bloomberg Municipal Bond Index | 9.05 | 3.30 | 0.25 | 5.45 | 1.28 | 7.54 | 5.21 | 1.52 | -8.53 | 6.40 |
| At NAV | With Sales Charge | Bloomberg Municipal Bond Index | |
|---|---|---|---|
| 2023 | 6.97 | 2.42 | 6.4 |
| 2022 | -11.63 | -15.38 | -8.53 |
| 2021 | 2.93 | -1.45 | 1.52 |
| 2020 | 4.0 | -0.42 | 5.21 |
| 2019 | 8.33 | 3.73 | 7.54 |
| 2018 | 0.94 | -3.35 | 1.28 |
| 2017 | 6.14 | 1.63 | 5.45 |
| 2016 | 0.95 | -3.34 | 0.25 |
| 2015 | 4.56 | 0.12 | 3.3 |
| 2014 | 12.11 | 7.34 | 9.05 |
Pricing History
- NAV at Close of Trading on: 11/21/24
- Net Asset Value (NAV): $5.61
- Change ($) (since 11/20/24 ): 0.01
- Change (%) (since 11/20/24 ): 0.18
- Market Price (MP):
Historical NAV may not be available for all dates.
Historical MP may not be available for all dates.
Distribution Rates (%)
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 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.
As of 10/31/24
| Charges | Distribution Rate |
| Not Including Sales Charges | 3.52 |
| Including Sales Charges | 3.37 |
30-Day SEC Yield (%)
The fund's 30-day yield is based on the yield of a fund's investments over a 30-day period and not on the dividend paid by the fund, which may differ.
As of 10/31/24
| Wavier | Yield Value |
| Without Waiver | 3.01 |
| With Waiver | 3.17 |
Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain
The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax.
(Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain
For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.
(Source: Barron's Dictionary of Finance and Investment Terms)
The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 11/22/24
| Record Date | Ex-Date | Payable Date | Type of Earnings | Rate per Share (US$) | Reinvestment NAV (US$) |
|---|---|---|---|---|---|
| 10/31/24 | 10/31/24 | 11/01/24 | Dividend | 0.01670 | 5.59 |
| 09/30/24 | 09/30/24 | 10/01/24 | Dividend | 0.01576 | 5.68 |
| 08/30/24 | 08/30/24 | 09/03/24 | Dividend | 0.01605 | 5.63 |
| 07/31/24 | 07/31/24 | 08/01/24 | Dividend | 0.01592 | 5.61 |
| 06/28/24 | 06/28/24 | 07/01/24 | Dividend | 0.01529 | 5.58 |
| 05/31/24 | 05/31/24 | 06/03/24 | Dividend | 0.01583 | 5.49 |
| 04/30/24 | 04/30/24 | 05/01/24 | Dividend | 0.01515 | 5.50 |
| 03/28/24 | 03/28/24 | 04/01/24 | Dividend | 0.01604 | 5.58 |
| 02/29/24 | 02/29/24 | 03/01/24 | Dividend | 0.01561 | 5.58 |
| 01/31/24 | 01/31/24 | 02/01/24 | Dividend | 0.01659 | 5.59 |
| 12/29/23 | 12/29/23 | 12/29/23 | Dividend | 0.01652 | 5.61 |
| 11/30/23 | 11/30/23 | 12/01/23 | Dividend | 0.01588 | 5.47 |
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Overview
INVESTMENT OBJECTIVE
Seeks total return with an emphasis on income exempt from federal income tax and California personal income tax, if any, but also considering capital appreciation.
INVESTMENT FOCUS
Performance sought from sector/security selection and yield curve analysis
Seeks to provide double tax free income for in-state residents (income that is exempt from federal and state taxes)
Fund Information
- Fund Commencement 06/18/1985
- Net Assets ($ M) As of 10/31/24 $675.73
- Fiscal Year End MARCH
-
Benchmark
Bloomberg Municipal Bond Index
Bloomberg Municipal Bond Index measures the municipal bond market.
Share Class Information
- Class Inception 06/18/1985
- Net Asset Value (NAV) As of 11/21/24 $5.61
- Most Recent NAV Change As of 11/21/24 $0.01 | 0.18%
- Fund Number 27
- Maximum Sales Charge 4.25%
-
Gross Expense Ratio
0.86%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
-
Net Expense Ratio
0.70%
Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.
These reductions will continue until at least 07/31/25
MANAGERS
Top 10 Holdings
As of 10/31/24- Oakland Unified School District/Alameda County CA Election Of 2020-Ser A 5.250 AUG 01 48
- Port of Los Angeles CA Amt-Ref-Private Activity-Ser A 5.000 AUG 01 25
- Department of Veterans Affairs Veteran's Farm & Home Purchase Program Ser A CA 4.300 DEC 01 54
- Mountain View-Whisman School District CA Ser B 4.250 SEP 01 45
- City of Oakland CA Measure Kk-Ser D 5.500 JUL 15 53
- San Fran City & Cnty Airport Comm-San Fran Intl Arprt CA Amt-Ref-Second Series-Ser C 5.750 MAY 01 48
- San Francisco Community College District CA Election Of 2020-Ser B 5.250 JUN 15 49
- San Luis Obispo Public Financing Authority CA Auth-Ref-Cultural Arts Distric 5.000 DEC 01 53
- PR Sales Tax Financing Corp Sales Tax Revenue PR Restructured-Ser A-1 5.000 JUL 01 58
- California Statewide Communities Dev Authority CA Enloe Medical Center-Ser A AGM 5.375 AUG 15 57
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore, the portfolio's value may decline during rising rates. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.
Derivatives: Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk.
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.
Municipal Bond: Investments in municipal instruments can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, market and economic conditions, issuer, industry-specific (including the credit quality of municipal insurers), and other conditions. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal 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.
Please see the prospectus for further information on these and other risk considerations.
Michael Dawson
Portfolio Manager
35YEARS WITH INDUSTRY
26YEARS WITH PORTFOLIOMichael L. Dawson is an investment officer and fixed income portfolio manager of state municipal bond strategies at MFS Investment Management® (MFS®). In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. He also participates in the research process and strategy discussions. Michael joined MFS in 1998 and was named to his current role in 1999. Prior to joining the firm, he worked in institutional sales -- fixed income for Fidelity Capital Markets and Goldman Sachs. Before that, he was a research analyst in the municipal bond group at Franklin Templeton. Michael earned a Bachelor of Science degree in political science from Santa Clara University and a Master of Business Administration degree in finance from Babson College. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.
-
Performance
Performance
Average Annual Total ReturnsAverage Annual Total Returns (%)
These results represent the percent change in net asset value.Monthly | Quarterly As of 09/30/24 (*YTD Updated Daily, As of 11/21/24 , subject to revision and not annualized.)The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future.Performance data shown represents past performance and is no guarantee of future results. 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.Important Performance Information
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.A small portion of income may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
Sales Charges
Class A shares ("A") results include the maximum sales charge.
Annual Rate of ReturnAnnual Rate of Return (%)
As of 12/31/23 | Benchmark: Bloomberg Municipal Bond Indexannual rate of return table 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 At NAV 12.11 4.56 0.95 6.14 0.94 8.33 4.00 2.93 -11.63 6.97 With Sales Charge 7.34 0.12 -3.34 1.63 -3.35 3.73 -0.42 -1.45 -15.38 2.42 Bloomberg Municipal Bond Index 9.05 3.30 0.25 5.45 1.28 7.54 5.21 1.52 -8.53 6.40 At NAV With Sales Charge Bloomberg Municipal Bond Index 2023 6.97 2.42 6.4 2022 -11.63 -15.38 -8.53 2021 2.93 -1.45 1.52 2020 4.0 -0.42 5.21 2019 8.33 3.73 7.54 2018 0.94 -3.35 1.28 2017 6.14 1.63 5.45 2016 0.95 -3.34 0.25 2015 4.56 0.12 3.3 2014 12.11 7.34 9.05 Pricing & DistributionsPricing History
- NAV at Close of Trading on: 11/21/24
- Net Asset Value (NAV): $5.61
- Change ($) (since 11/20/24 ): 0.01
- Change (%) (since 11/20/24 ): 0.18
- Market Price (MP):
Maximum data displayed is for the most recent 10 yearsHistorical NAV LookupEnter date for which you wish to obtain a Historical NAV for this fundHistorical NAV may not be available for all dates.
Historical MP LookupEnter date for which you wish to obtain a Historical MP for this fundHistorical MP may not be available for all dates.
Distribution Rates (%)
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.
As of 10/31/24
Charges Distribution Rate Not Including Sales Charges 3.52 Including Sales Charges 3.37 30-Day SEC Yield (%)
The fund's 30-day yield is based on the yield of a fund's investments over a 30-day period and not on the dividend paid by the fund, which may differ.As of 10/31/24
Wavier Yield Value Without Waiver 3.01 With Waiver 3.17 Distributions
The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.The Payable Date is the date on which the distribution is paid to shareholders.
Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.
Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.
Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.
Long-term Capital Gain The gain on the sale of a capital asset where the holding period was more than 12 months and the profit was subject to the long-term capital gains tax. (Source: Barron's Dictionary of Finance and Investment Terms)
Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)
Updated Daily As of 11/22/24
Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$) Reinvestment NAV (US$) 10/31/24 10/31/24 11/01/24 Dividend 0.01670 5.59 09/30/24 09/30/24 10/01/24 Dividend 0.01576 5.68 08/30/24 08/30/24 09/03/24 Dividend 0.01605 5.63 07/31/24 07/31/24 08/01/24 Dividend 0.01592 5.61 06/28/24 06/28/24 07/01/24 Dividend 0.01529 5.58 05/31/24 05/31/24 06/03/24 Dividend 0.01583 5.49 04/30/24 04/30/24 05/01/24 Dividend 0.01515 5.50 03/28/24 03/28/24 04/01/24 Dividend 0.01604 5.58 02/29/24 02/29/24 03/01/24 Dividend 0.01561 5.58 01/31/24 01/31/24 02/01/24 Dividend 0.01659 5.59 12/29/23 12/29/23 12/29/23 Dividend 0.01652 5.61 11/30/23 11/30/23 12/01/23 Dividend 0.01588 5.47 Past performance is no guarantee of future results. Please consult your tax advisor for further information.