Subscriber Agreement & Terms of Use | 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. He began his career in the financial services industry in 1995. He also participates in the research process and strategy discussions. 05/01/23. The Clermont-Auvergne-Rhne-Alpes Centre brings together the units located in the Auvergne region, from Bourbonnais to Aurillac via Clermont-Ferrand, with 14 research units and 14 experimental facilities, representing 840 staff (permanent and contractual staff). Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. The Fund seeks total return with an emphasis on high income exempt from federal income tax, but also considering capital appreciation. Coupons are netted for securities with a payable and receivable leg. 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. Excess returns are a portfolio's return minus the benchmark's annualized return. 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. 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. 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, Moodys, and Fitch respectively. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Highlights the distinguishing characteristics of MFS municipal bonds. 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. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers. Coupons are netted for securities with a payable and receivable leg. MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily in municipal instruments. Historical and current end-of-day data provided by FACTSET. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. This version includes Municipal Intermediate Fund. He was named portfolio manager in 1993. The Fund seeks total return with an emphasis on high income exempt from federal income tax, but also considering capital appreciation. Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. MFS may invest 25% or more of the funds total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. ): Change (%) (since 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. -6.84%. 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. Shares of the funds involve investment risk, including possible loss of principal. He also participates in the research process and strategy discussions. The fund has benefitted from the experience, continuity and stability of the investment team and accessing 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 outperformance. 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. Megan earned a Bachelor of Arts degree from Holy Cross College and a Master of Public Administration degree from New York University. (Source: Barron's Dictionary of Finance and Investment Terms), Short-term Capital Gain The portfolio is actively managed, and current holdings may be different. To receive the distribution, an investor must be a shareholder of record on that date. The team employs a proprietary investment process to build better insights for our clients. 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. This browser is no longer supported at MarketWatch. These reductions will continue until at least05/31/24. These results represent the percent change in net asset value. 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 also spent five years with Financial Guaranty Insurance and two years at Moody's Investors Service. Portfolio characteristic data are based on unaudited net assets. Fact Sheets are available approximately 15 days after month end. If you are not a U.S. resident, please visitOther MFS Sites. The team employs a proprietary investment process to build better insights for our clients. 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. 8.53% of total net assets | Total Number of Holdings: 1939 Site navigation Fidelity.com Home Customer Service Profile . 03/31/23. The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 02/28/23. a day ago View Detailed Check-in. Despite its mountain location, Grenoble is a low-lying city. Concentrated: The portfolio's performance could be more volatile than the performance of more diversified portfolios. She previously worked for Eaton Vance Management for seven years. Total Number of Holdings: Derivatives include futures, forward contracts, options, inverse floating rate instruments, and swaps. Create a list of the investments you want to track. Elimination of these reductions will result in higher expenses and lower performance. 04/27/23 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. Total Number of Holdings: The weighted average yield-to-worst of all portfolio holdings. Intraday data delayed at least 15 minutes or per exchange requirements. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. The market value of the holding may differ. Historical NAV may not be available for all dates. 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. 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. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. Benchmark: Bloomberg Municipal Bond Index. Privacy Policy. ($ Full and Historical Holdings. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding. To the extent that investments are purchased with the issuance of preferred shares, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Fact Sheets are available approximately 15 days after month end. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. He was named portfolio manager in 1993.Geoff is a graduate of the University of Texas and has an MBA degree from Boston University. You also might decide against this option if you visit the MFS site from work and others have access to your computer. Beta is a measure of the volatility of a portfolio relative to the overall market. ($ . Flyer showing MFS' annual rankings from Barron's since 2008. 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. Intraday data delayed at least 15 minutes or per exchange requirements. Jason R. Kosty is an investment officer and fixed income portfolio manager of national municipal bond strategies at MFS Investment Management (MFS). Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Log in to see them here or sign up to get started. All results are historical and assume the reinvestment of dividends and capital gains. Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. *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. US Inflation Persists, Growth Revised Down, Explore resources to help educate on investing basics, New IRS Withholding Form for Retirement Plan Tax Withholding Elections (PDF), 2023 Dividend and Capital Gain Schedule (PDF). 03/31/23, 14.38% of total net assets | If you are working in a public space, such as a library, you would not want to select this option. Michael L. Dawson is an investment officer and fixed income portfolio manager of state municipal bond strategies at MFS Investment Management (MFS). 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. Daily, Receive email updates about best performers, news, CE accredited webcasts and more. 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. Specific tax form information and instructions for Form 1099-DIV, Form 1099-B, Form 1099-R, and Form 5498. 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. Highlights the distinguishing characteristics of MFS municipal bonds. Anais Favre is drinking a Betray'Ale by Brasserie Haarddrch. Copyright 2023 MarketWatch, Inc. All rights reserved. an hour ago View Detailed Check-in. Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price. Students are turning to ChatGPT for study help, and Chegg stock plummets more than 30%, Biden invites congressional leaders to discuss debt limit at White House on May 9, DeSantis-appointed board sues Disney in latest tug-of-war in Florida, IBM expects to pause hiring for thousands of jobs that can be done by AI: report, Vice may file for bankruptcy in the coming weeks: report, The number of gig workers murdered on the job hits highest level since 2017, report says, Lawmakers call on SEC to assess Sheins supply chain before allowing IPO, NXP Semiconductors stock rallies 5% as results, outlook top Wall Street view. U.S. Government includes securities issued by the U.S. Department of the Treasury. The Record Date is the date on which a fund declares a distribution. You also might decide against this option if you visit the MFS site from work and others have access to your computer. (Source: Barron's Dictionary of Finance and Investment Terms), Short-term Capital Gain Please make the necessary corrections below: Access your MFS mutual fund, IRA, 529 savings plan accounts, quarterly statements, and sign up for eDelivery. 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. MFS registered investment products are offered through MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA 02199-7632. 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. Excess returns are a portfolio's return minus the benchmark's annualized return. Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from contractual fee waivers and reimbursements. R squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Morningstar ratings are based on risk adjusted performance. (Source: Barron's Dictionary of Finance and Investment Terms), Updated Daily As of You can unsubscribe at any time. It uses a standard deviation and excess return. 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. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. Fact Sheets are available approximately 15 days after month end. 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. MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the fund's assets primarily in municipal instruments. Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value. Founded 2,000 years ago, Lyon's streets are a living museum, with beautiful historical buildings and interesting art galleries and museums. As of 04/30/23 , subject to revision and not annualized.). Long-term Capital Gain Form 5 - An annual statement of beneficial ownership of securities (to be filed, if necessary, on an annual basis). 14.38% of total net assets | Total Number of Holdings: 900 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. View Overall Morningstar Ratings Information. 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. See the results of our collaborative approach for MFS' "All Star" portfolios. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). An investor must own the fund before the ex-dividend date to be eligible for the dividend payout. Alpha is a measure of the portfolio's risk-adjusted performance. As of The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. As of 8.53% of total net assets | Total Number of Holdings: 1939 This site is intended for use by U.S. residents. All ratings are subject to change. 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. For Financial Advisors, RIAs, Analysts, Institutional Clients and Consultants only. Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. The Payable Date is the date on which the distribution is paid to shareholders. These results represent the percent change in net asset value. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. ): Maximum data displayed is for the most recent 10 years. Duration, representing the fund's sensitivity to shifts in interest rate, does take this leverage effect into account in its calculation; Average Effective Maturity does not. Ex-Dividend Date is the date on which a fund goes ex-dividend. M), (*YTD Updated There are currently no items in this Watchlist. See the results of our collaborative approach for MFS' "All Star" portfolios. 03/31/23, 8.53% of total net assets | Upside capture ratio for a portfolio is calculated by taking the portfolio's return during periods when the benchmark had a positive return and dividing it by the benchmark return during that same period. Regardless of what computer you are using, NOT clicking the box is the more secure choice for you to make. Michael joined MFS in 1998 and was named to his current role in 1999. 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. 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. Because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the portfolio and the overall municipal market. 04/27/23 The core principles of our approach are integrated research, global collaboration and active risk management. Congratulations on personalizing your experience. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management. 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. For Financial Advisors, RIAs, Analysts, Institutional Clients and Consultants only. The fund may not achieve its objective and/or you could lose money on your investment in the fund. Historical NAV may not be available for all dates. In this role, he is responsible for final buy and sell decisions, portfolio construction and risk and cash management.