Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. 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. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds. 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. MFS registered investment products are offered through MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. Change ($) (since Highlights the importance of diversification and striking the proper balance between stocks and bonds. 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. 03/31/23. Closed-end funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. Please consult your tax advisor for further information. Shares of the funds are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Rankings of other share classes may vary. 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. 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. Visit a quote page and your recently viewed tickers will be displayed here. 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)^ . ): Change (%) (since 04/28/23 As of 03/31/23 , subject to revision and not annualized.). Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. Capital gains distributions, if any, are taxable. 03/31/23, 8.53% of total net assets | 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. The team employs a proprietary investment process to build better insights for our clients. Non-accruing securities are treated as having a coupon equal to zero. Excess returns are a portfolio's return minus the benchmark's annualized return. Beta is a measure of the volatility of a portfolio relative to the overall market. Therefore, the portfolio's value may decline during rising rates. 2023 MFS Investment Management. 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 larger the portfolio's standard deviation, the greater the portfolio's volatility. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market. Information ratio is a measure of consistency in excess return. Effective after the close of business on September 29, 2023, Class R1 and R2 shares of applicable MFS funds will be closed to purchases from new eligible investors. 8.53% of total net assets | Total Number of Holdings: 1939 M). Quantitative screening tools that systematically evaluate instruments may also be considered. If you do NOT click this box, you will have to enter your user name and password each time you wish to view your mfs.com homepage. All results are historical and assume the reinvestment of dividends and capital gains. You also might decide against this option if you visit the MFS site from work and others have access to your computer. 8.53% of total net assets | Total Number of Holdings: 1939 In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). You also might decide against this option if you visit the MFS site from work and others have access to your computer. Ratings are shown in the S&P and Fitch scale (e.g., AAA). The interval between the announcement and the payment of the next dividend. 2023 MFS Investment Management. 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. R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market. You also might decide against this option if you visit the MFS site from work and others have access to your computer. If you do NOT click this box, you will have to enter your user name and password each time you wish to view your mfs.com homepage. 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. Ex-Dividend Date is the date on which a fund goes ex-dividend. shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Derivatives include futures, forward contracts, options, inverse floating rate instruments, and swaps. 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. Historical NAV may not be available for all dates. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. The core principles of our approach are integrated research, global collaboration and active risk management. Whether shareholders will realize gains or losses upon the sale of common shares of the fund will depend on the market price of common shares at the time of the sale, not on the fund's net asset value. 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. Specific tax form information and instructions for Form 1099-DIV, Form 1099-B, Form 1099-R, and Form 5498. Shares of the funds involve investment risk, including possible loss of principal. ): Change (%) (since 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. 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. Index portfolios will tend to have values very close to 100. Elimination of these reductions will result in higher expenses and lower performance. Morningstar rankings do not take into account sales charges and are based on historical returns, which are not indicative of future results. Intraday Data provided by FACTSET and subject to terms of use. The team employs a proprietary investment process to build better insights for our clients. Seeks total return with an emphasis on high income exempt from federal income tax, but also considering capital appreciation. Jason joined the firm in 2003 as a municipal bond research analyst and took on portfolio management responsibilities in 2014. 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. A high relative ranking does not always mean the fund achieved a positive return during the period. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. Seeks total return with an emphasis on high income exempt from federal income tax, but also considering capital appreciation. As of a day ago View Detailed Check-in. For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Create a list of the investments you want to track. Morningstar Overall Rating As of 02/28/23 Class I Shares, Net Assets Geoff joined MFS as an investment officer in 1993 after working as a municipal credit analyst with a major insurance company. R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Copyright 2023 MarketWatch, Inc. All rights reserved. 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. M). As of The Fund seeks total return with an emphasis on high income exempt from federal income tax, but also considering capital appreciation. Information on the mandatory cost-basis requirements that are effective for mutual fund shares purchased after January 1, 2012. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout. Standard Deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. Total Number of Holdings: The SEC yield is higher than the distribution yield in part due to unusual market conditions. Privacy Notice | As of 04/30/23 , subject to revision and not annualized.). Close tooltip. 04/28/23 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. Intraday data delayed at least 15 minutes or per exchange requirements. She began her career in municipal finance at the New York City budget office. MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in municipal instruments. He is a member of the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts. ($ Please make the necessary corrections below: Access your MFS mutual fund, IRA, 529 savings plan accounts, quarterly statements, and sign up for eDelivery. MMHCX - MFS Municipal High Income Fund Class C | Fidelity Investments Skip to Main Content. Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus. R squared is not a measure of performance. The core principles of our approach are integrated research, global collaboration and active risk management. Michael joined MFS in 1998 and was named to his current role in 1999. Intraday Data provided by FACTSET and subject to terms of use. Receive email updates about best performers, news, CE accredited webcasts and more. Long-term Capital Gain 3.01%. He is a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). 04/27/23 These conditions may not be repeated in the future. It uses a standard deviation and excess return. See the results of our collaborative approach for MFS' "All Star" portfolios. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The contents of this form are subject to the MutualFunds.com In structuring the fund, MFS also considers top-down factors. 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. MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Shareholders may request a printed version of an MFS Closed-End Fund's Annual or Semiannual report by calling (800) 637-2304 any business day between the hours of 9:00 am and 5:00 pm. She is a member of the National Federation of Municipal Analysts and its Boston chapter. Fact Sheets are available approximately 15 days after month end. The fund may at . 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. 05/01/23. 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. Historical NAV may not be available for all dates. See MMHBX pricing, performance snapshot, ratings, historical returns, risk considerations, and more. Elimination of these reductions will result in higher expenses and lower performance. MFS has been investing in municipal bonds since 1984. 04/28/23 He also participates in the research process and strategy discussions. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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. Closed-end funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). Morningstar ratings are based on risk adjusted performance. 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. The fund may not achieve its objective and/or you could lose money on your investment in the fund. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. MFS registered investment products are offered through MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199-7632. 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. 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. (*YTD Updated Information on U.S. Government obligations, tax-exempt income by state, foreign income, AMT, and more. 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. 1.62%. The portfolio is actively managed, and current holdings may be different. Jason R. Kosty is an investment officer and fixed income portfolio manager of national municipal bond strategies at MFS Investment Management (MFS). She co-manages several portfolios and leads a team of analysts focused on investing in US municipal debt. (Source: Barron's Dictionary of Finance and Investment Terms), Short-term Capital Gain Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value. Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. The Record Date is the date on which a fund declares a distribution. Purchased at Lyon Bire Festival #6 (2023) Taster. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. U.S. Government includes securities issued by the U.S. Department of the Treasury. Alpha is a measure of the portfolio's risk-adjusted performance. Downside capture ratio is calculated by taking the portfolio's return during the periods of negative benchmark performance and dividing it by the benchmark return for that period. Compares four national municipal funds across the credit quality and maturity spectrum to help make the selection process easier. 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. She began her career in municipal finance at the New York City budget office. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. 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. -6.84%. These reductions will continue until at least05/31/24. 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. For investors subject to the alternative minimum tax, a small portion of dividend income may be taxable. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. 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. Historical MP may not be available for all dates. Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. 04/28/23 14.38% of total net assets | Total Number of Holdings: 900 Investments are selected primarily based on fundamental analysis of individual instruments and their issuers. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. She also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. 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. MMHYX - MFS Municipal High Income A - Review the MMHYX stock price, growth, performance, sustainability and more to help you make the best investments. 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. 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. Excess returns are a portfolio's return minus the benchmark's annualized return. Please see the prospectus for further information on these and other risk considerations. Non-accruing securities are treated as having a coupon equal to zero. Please see the prospectus for further information on these and other risk considerations. 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. Employed in the investment area of MFS since 2015. If you are working in a public space, such as a library, you would not want to select this option. The market value of the holding may differ. Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. He began his career in the financial services industry in 1995. These reductions will continue until at least05/31/24. Visit Lyon. The following filings are periodically made with the SEC via EDGAR, an online submission and database website, by insiders of MFS' closed-end funds (i.e. 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. To receive the distribution, an investor must be a shareholder of record on that date. Previously, he worked as a research associate and municipal bond analyst for Columbia Management Group. 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. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. Information ratio is a measure of consistency in excess return. US Inflation Persists, Growth Revised Down, As of Megan joined MFS in 2015 as a fixed income analyst and was named director of research in 2017, adding portfolio management responsibilities in 2022. You also might decide against this option if you visit the MFS site from work and others have access to your computer. 03/31/23. This website is a general communication and is provided for informational and/or educational purposes only. Jason earned a Bachelor of Arts degree in economics from the University of Massachusetts and a Master of Business Administration degree from Duke University. Before that, he was a research analyst in the municipal bond group at Franklin Templeton. 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. MFS Municipal Income I Inst (MIMIX) Fund MIMIX Price as of: MAR 31, 05:00 PM EDT $8.11 + $0.01 + 0.12% Primary Theme Municipal Bond fund company MFS Snapshot Profile Performance Holdings Expenses Distributions Managers Vitals YTD Return 2.0% 1 yr return -5.0% 3 Yr Avg Return -1.2% 5 Yr Avg Return -1.2% Net Assets $5.54 B Holdings in Top 10 4.1% Closed-End Fund . For purposes of the funds 80% policy, net assets include the amount of any borrowings for investment purposes. Total Number of Holdings: Without such subsidies and waivers the fund's performance results would be less favorable. The Record Date is the date on which a fund declares a distribution. MFS has been investing in municipal bonds since 1984. Dividends are generally subject to state and local taxes. Compares four national municipal funds across the credit quality and maturity spectrum to help make the selection process easier. Historical MP may not be available for all dates. She previously worked for Eaton Vance Management for seven years. Subscriber Agreement & Terms of Use | US Inflation Persists, Growth Revised Down, As of These results represent the percent change in net asset 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. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. 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. The Payable Date is the date on which the distribution is paid to shareholders. This website is a general communication and is provided for informational and/or educational purposes only. The Payable Date is the date on which the distribution is paid to shareholders. Class I shares are available without a sales charge to eligible investors. 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. She also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. View Overall Morningstar Ratings Information. Monthly, 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. Ex-Dividend Date is the date on which a fund goes ex-dividend. The Payable Date is the date on which the distribution is paid to shareholders. The team employs a proprietary investment process to build better insights for our clients. View Overall Morningstar Ratings Information. The MFS MMHBX Municipal High Income Fund summary. Have Watchlists? *California and Minnesota have investment threshold requirements in order for funds to pass through exempt income from state obligations. Performance data shown represents past performance and is no guarantee of future results. Which type of investor describes you best? The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 02/28/23.
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