Seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.
INVESTMENT FOCUS
MFS has been investing in municipal bonds since the 1970's. The fund benefits from the experience, continuity and stability of the investment team, and utilizing our integrated global investment platform
Portfolio management-driven approach to risk budgeting; quantitative tools help analyze market risk, and an experienced analyst team focuses on idiosyncratic risk
Risk-aware approach with a focus on consistent long-term performance
Fund Information
Fund Commencement
12/05/2024
Net Assets
($
M)
As of 12/11/24
$25.60
Fiscal Year End
FEBRUARY
Benchmark
Bloomberg 1-15 Year Municipal Bond Index is a market capitalization-weighted index that measures the performance of the intermediate-term (1 to 15 years) tax-exempt bond market.
Bloomberg Municipal 1-15 Year Index
Net Asset Value (NAV)
As of 12/11/24
$24.97
Most Recent NAV Change
As of 12/11/24
$0.02
|
0.07%
Market Price (MP)
As of 12/11/24
$24.95
Most Recent Market Price Change
As of 12/11/24
$0.07
|
0.29%
Premium / Discount
As of 12/11/24
Premium/Discount indicates whether a fund is trading above (premium) or below (discount) its Net Asset Value (NAV).
-0.08%
30 Day Median Bid / Ask Spread
The median bid-ask spread is calculated by identifying national best bid and national best offer (NBBO) for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is the median bid-ask spread, which is identified and posted on each business day.
--
Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
Exchange-Traded Funds (ETFs) trade like stocks, are subject to investment risk, and will fluctuate in market value. Shares of ETFs are bought and sold at market price, not NAV, and are not individually redeemed from the fund. The market price at the time of sale may be higher or lower than the fund’s NAV, and any applicable brokerage commissions will reduce returns. There can be no guarantee that an active market for the funds will develop or be maintained.
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.
Please see the prospectus for further information on these and other risk considerations.
Jason Kosty
Portfolio Manager
29
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
29
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Jason R. Kosty is an investment officer and fixed income portfolio manager of national 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.
Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. Previously, he worked as a research associate and municipal bond analyst for Columbia Management Group. He began his career in the financial services industry in 1995.
Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum.
Megan Poplowski
Portfolio Manager
24
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
24
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Megan Poplowski is co-head of municipal research and a fixed income portolio manager with MFS Investment Management® (MFS®). As a member of the portolio management team, she is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. She also participates in the research process and strategy discussions. As co-head of municipal research, Megan works closely with a team of municipal research analysts tasked with developing and communicating impactful investment ideas for the municipal portfolios and across the MFS fixed income platform.
Megan joined MFS in 2015 as a fixed income analyst and was named director of research in 2017, adding portfolio management responsibilities in 2022. She previously worked for Eaton Vance Management for seven years. She also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. She began her career in municipal finance at the New York City budget office.
Megan earned a Bachelor of Arts degree from Holy Cross College and a Master of Public Administration degree from New York University. She is a member of the National Federation of Municipal Analysts and its Boston chapter.
Dan Streppa, CFA
Portfolio Manager
8
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
8
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Daniel Streppa is a fixed income research analyst at MFS Investment Management® (MFS®). In this role, he is responsible for making investment recommendations based on comprehensive fundamental and relative value analysis within an assigned universe. The research analyst collaborates with portfolio management teams to incorporate recommendations into a portfolio construction context.
Dan joined MFS in 2018 in his current role. Prior to this, he spent two years as an associate municipal analyst at Eaton Vance. He also has experience as a global income portfolio analyst at Eaton Vance and as a trading systems associate analyst at John Hancock.
He received his Bachelor of Science degree in business administration from Northeastern University. He is a member of the international business honor society, Beta Gamma Sigma.
Market price returns are calculated using the closing price reported by the exchange.
These results represent the percent change in net asset value.
(*YTD Updated
As of 01/01/24 , subject to revision and not annualized.)
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.
MORNINGSTAR RATING
Morningstar ratings are based on risk adjusted performance.
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 assume the reinvestment of dividends and capital gains.
Annual Rate of Return
Annual Rate of Return (%)
Market price returns are calculated using the closing price reported by the exchange.
No data currently available
annual rate of return table
Pricing & Distributions
Premium / Discount (%)
The line graph and table below display historical data regarding the differences between the daily closing market price of the fund - as determined by the fund’s listing exchange - and the fund’s NAV. The Vertical Axis displays the premium/discount as a percentage of NAV, while the Horizontal Axis displays the corresponding date.
The table below shows the number of trading days in which the ETF traded at a premium (greater than), discount (less than) or at its NAV.
Number of Days at a Premium / Discount
Calendar
Year 2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Premium
Premium: When the fund's market price is higher than its Net Asset Value.
-
0
0
0
4
NAV
-
0
0
0
0
Discount
Discount: When the fund's market price is lower than its Net Asset Value.
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
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.
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. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Weighted average yield-to-worst of all portfolio holdings excluding cash & derivatives. Yield-to-worst is the annual estimate of the portfolio yield considering factors such as call provisions, prepayments, and other features that may affect a bond's cash flow; and assumes no default. It is an estimated characteristic at a point in time and is not a measure of portfolio performance.
No data currently available
Top 10 Holdings
No data currently available
Exposures
Portfolio Structure (%)
No data currently available
Credit Quality (%)
For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s 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. 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. 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. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/ issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively. The index rating methodology may differ.
No data currently available
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Fees
0.34% Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
Detailed overview of philosophy, investment process and portfolio construction of the Fund.
This website is a general communication and is provided for informational and/or educational purposes only. 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. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.
This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199.
Seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.
INVESTMENT FOCUS
MFS has been investing in municipal bonds since the 1970's. The fund benefits from the experience, continuity and stability of the investment team, and utilizing our integrated global investment platform
Portfolio management-driven approach to risk budgeting; quantitative tools help analyze market risk, and an experienced analyst team focuses on idiosyncratic risk
Risk-aware approach with a focus on consistent long-term performance
Fund Information
Fund Commencement
12/05/2024
Net Assets
($
M)
As of 12/11/24
$25.60
Fiscal Year End
FEBRUARY
Benchmark
Bloomberg 1-15 Year Municipal Bond Index is a market capitalization-weighted index that measures the performance of the intermediate-term (1 to 15 years) tax-exempt bond market.
Bloomberg Municipal 1-15 Year Index
Net Asset Value (NAV)
As of 12/11/24
$24.97
Most Recent NAV Change
As of 12/11/24
$0.02
|
0.07%
Market Price (MP)
As of 12/11/24
$24.95
Most Recent Market Price Change
As of 12/11/24
$0.07
|
0.29%
Premium / Discount
As of 12/11/24
Premium/Discount indicates whether a fund is trading above (premium) or below (discount) its Net Asset Value (NAV).
-0.08%
30 Day Median Bid / Ask Spread
The median bid-ask spread is calculated by identifying national best bid and national best offer (NBBO) for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is the median bid-ask spread, which is identified and posted on each business day.
--
Expense Ratio
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
Exchange-Traded Funds (ETFs) trade like stocks, are subject to investment risk, and will fluctuate in market value. Shares of ETFs are bought and sold at market price, not NAV, and are not individually redeemed from the fund. The market price at the time of sale may be higher or lower than the fund’s NAV, and any applicable brokerage commissions will reduce returns. There can be no guarantee that an active market for the funds will develop or be maintained.
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.
Please see the prospectus for further information on these and other risk considerations.
Jason Kosty
Portfolio Manager
29
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
29
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Jason R. Kosty is an investment officer and fixed income portfolio manager of national 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.
Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. Previously, he worked as a research associate and municipal bond analyst for Columbia Management Group. He began his career in the financial services industry in 1995.
Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum.
Megan Poplowski
Portfolio Manager
24
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
24
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Megan Poplowski is co-head of municipal research and a fixed income portolio manager with MFS Investment Management® (MFS®). As a member of the portolio management team, she is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. She also participates in the research process and strategy discussions. As co-head of municipal research, Megan works closely with a team of municipal research analysts tasked with developing and communicating impactful investment ideas for the municipal portfolios and across the MFS fixed income platform.
Megan joined MFS in 2015 as a fixed income analyst and was named director of research in 2017, adding portfolio management responsibilities in 2022. She previously worked for Eaton Vance Management for seven years. She also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. She began her career in municipal finance at the New York City budget office.
Megan earned a Bachelor of Arts degree from Holy Cross College and a Master of Public Administration degree from New York University. She is a member of the National Federation of Municipal Analysts and its Boston chapter.
Dan Streppa, CFA
Portfolio Manager
8
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
8
YEARS WITH INDUSTRY
1
YEAR WITH PORTFOLIO
Daniel Streppa is a fixed income research analyst at MFS Investment Management® (MFS®). In this role, he is responsible for making investment recommendations based on comprehensive fundamental and relative value analysis within an assigned universe. The research analyst collaborates with portfolio management teams to incorporate recommendations into a portfolio construction context.
Dan joined MFS in 2018 in his current role. Prior to this, he spent two years as an associate municipal analyst at Eaton Vance. He also has experience as a global income portfolio analyst at Eaton Vance and as a trading systems associate analyst at John Hancock.
He received his Bachelor of Science degree in business administration from Northeastern University. He is a member of the international business honor society, Beta Gamma Sigma.
Market price returns are calculated using the closing price reported by the exchange.
These results represent the percent change in net asset value.
(*YTD Updated
As of 01/01/24 , subject to revision and not annualized.)
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.
MORNINGSTAR RATING
Morningstar ratings are based on risk adjusted performance.
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 assume the reinvestment of dividends and capital gains.
Annual Rate of Return
Annual Rate of Return (%)
Market price returns are calculated using the closing price reported by the exchange.
No data currently available
annual rate of return table
Pricing & Distributions
Premium / Discount (%)
The line graph and table below display historical data regarding the differences between the daily closing market price of the fund - as determined by the fund’s listing exchange - and the fund’s NAV. The Vertical Axis displays the premium/discount as a percentage of NAV, while the Horizontal Axis displays the corresponding date.
The table below shows the number of trading days in which the ETF traded at a premium (greater than), discount (less than) or at its NAV.
Number of Days at a Premium / Discount
Calendar
Year 2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Premium
Premium: When the fund's market price is higher than its Net Asset Value.
-
0
0
0
4
NAV
-
0
0
0
0
Discount
Discount: When the fund's market price is lower than its Net Asset Value.
Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.
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.
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. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.
Weighted average yield-to-worst of all portfolio holdings excluding cash & derivatives. Yield-to-worst is the annual estimate of the portfolio yield considering factors such as call provisions, prepayments, and other features that may affect a bond's cash flow; and assumes no default. It is an estimated characteristic at a point in time and is not a measure of portfolio performance.
No data currently available
Top 10 Holdings
No data currently available
Exposures
Portfolio Structure (%)
No data currently available
Credit Quality (%)
For all securities other than those described below, ratings are assigned utilizing ratings from Moody’s, Fitch, and Standard & Poor’s 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. 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. 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. Other Not Rated includes other fixed income securities not rated by any rating agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. The portfolio itself has not been rated by any rating agency. The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers are provided to indicate the credit-worthiness of such issues/ issuer and generally range from AAA, Aaa, or AAA (highest) to D, C, or D (lowest) for S&P, Moody’s, and Fitch respectively. The index rating methodology may differ.
No data currently available
Important Characteristics Information
The portfolio is actively managed, and current holdings may be different.
Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.
*Short positions, unlike long positions, lose value if the underlying asset gains value.
Detailed overview of philosophy, investment process and portfolio construction of the Fund.
This website is a general communication and is provided for informational and/or educational purposes only. 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. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.
This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online at MFS.com. Read it carefully.
MFS registered investment products are offered through MFS® Fund Distributors, Inc., Member SIPC, 111 Huntington Avenue, Boston, MA 02199.