Investment Objective
Seeks total return with an emphasis on income exempt from U.S. federal income tax, but also considering capital preservation.
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 09/10/2026
- Net Assets ($ M) As of 10/02/26 $19.75
- Fiscal Year End FEBRUARY
-
Benchmark
Bloomberg Municipal 1-5 Year Bond Index
Bloomberg 1-5 Year Municipal Bond Index is a market capitalization-weighted index that measures the performance of the short-term (1 to 5 years) tax-exempt bond market.
- Net Asset Value (NAV) As of 10/02/26 $24.69
- Most Recent NAV Change As of 10/02/26 $0.02 | 0.08%
- Market Price (MP) As of 10/02/26 $24.71
- Most Recent Market Price Change As of 10/02/26 $0.02 | 0.06%
-
Premium / Discount
As of 10/02/26
0.05%
Premium/Discount indicates whether a fund is trading above (premium) or below (discount) its Net Asset Value (NAV).
-
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
0.25%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
- Exchange NYSE Arca
Managers
Top 10 Holdings
No data currently available
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
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.
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.
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.
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.
Megan Poplowski
Portfolio Manager
Megan Poplowski is a fixed income portfolio manager with MFS Investment Management® (MFS®). As a member of the municipal bond 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. Megan joined MFS in 2015 as a fixed income analyst and was named director of municipal 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
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.
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Overview
Investment Objective
Seeks total return with an emphasis on income exempt from U.S. federal income tax, but also considering capital preservation.
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 09/10/2026
- Net Assets ($ M) As of 10/02/26 $19.75
- Fiscal Year End FEBRUARY
-
Benchmark
Bloomberg Municipal 1-5 Year Bond Index
Bloomberg 1-5 Year Municipal Bond Index is a market capitalization-weighted index that measures the performance of the short-term (1 to 5 years) tax-exempt bond market.
- Net Asset Value (NAV) As of 10/02/26 $24.69
- Most Recent NAV Change As of 10/02/26 $0.02 | 0.08%
- Market Price (MP) As of 10/02/26 $24.71
- Most Recent Market Price Change As of 10/02/26 $0.02 | 0.06%
-
Premium / Discount
As of 10/02/26
0.05%
Premium/Discount indicates whether a fund is trading above (premium) or below (discount) its Net Asset Value (NAV).
-
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
0.25%
Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.
- Exchange NYSE Arca
Managers
![Megan Poplowski]()
![Dan Streppa, CFA]()
Top 10 Holdings
No data currently available
Important Risk Considerations
The fund may not achieve its objective and/or you could lose money on your investment in the fund.
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.
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.
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.
Michael Dawson
Portfolio Manager
37YEARS WITH INDUSTRY
1YEAR 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.
Megan Poplowski
Portfolio Manager
26YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIOMegan Poplowski is a fixed income portfolio manager with MFS Investment Management® (MFS®). As a member of the municipal bond 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. Megan joined MFS in 2015 as a fixed income analyst and was named director of municipal 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
10YEARS WITH INDUSTRY
1YEAR WITH PORTFOLIODaniel 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.