MFS® South Carolina Municipal Bond Fund

Fund Overview


Seeks total return with an emphasis on income exempt from federal income tax and South Carolina personal income tax, if any, but also considering capital appreciation.

Key Differentiators

  • Seeks to provide double tax free income for in-state residents (income that is exempt from federal and state taxes)
  • Performance sought from sector/security selection and yield curve analysis


Fund Information

$12.40 DAILY NAV AS OF 5/27/16
$180 M NET ASSETS AS OF 4/30/16
Fund Commencement
Class Inception
Net Assets ($M)
As of 4/30/16
Maximum Sales Charge
Net Asset Value (NAV)
As of 5/27/16
NAV Change
$ 0.00  | 0.0%
Fiscal Year End
Fund Number
Average Effective Duration
As of 4/30/16
5.37 yrs
Average Effective Maturity
As of 4/30/16
13.14 yrs
Gross Expense ratio
0.90 %
Net Expense ratio
0.84 %

Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

Net Expense Ratio reflects the reduction of expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least July 31, 2017.

Top 10 Holdings Details

As of 4/30/16

Charleston Educational Excellence Finance Corp SC Ref-Charleston Cnty Sch 5.000 DEC 01 30
North Charleston Sewer District 5.000 JUL 01 39
Greenville Hospital System Board 6.000 MAY 01 20
Charleston Educational Excellence Finance Corp Charleston Cnty Sch Dist Pj 5.000 DEC 01 31
Greenwood Fifty Schools Facilities Inc SC Ref-Greenwood Sch Dist #50 Sc 5.000 DEC 01 28
Richland County School District No 1 SC Ser B 5.000 MAR 01 29
City of Columbia SC Ref Ser A 5.000 FEB 01 36
County of Florence SC Mcleod Regl Med Ctr-Ser A 5.000 NOV 01 37
Piedmont Municipal Power Agency Elec Rev Ref 6.250 JAN 01 21
SC Transportation Infrastructure Bank Ref-Ser A 5.000 OCT 01 23

20.57% of total net assets

Total number of holdings: 182

Full and Historical Holdings

The portfolio is actively managed, and current holdings may be different.

Average Annual Total Returns % Details

These results represent the percent change in net asset value.

As of 4/30/16 (YTD Updated Daily, as of 5/27/16) As of 3/31/16

*YTD Updated Daily as of 5/27/16, 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.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

Important Performance Information

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

A small portion of income may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.

Sales Charges

Class A shares ("A") results include the maximum sales charge.

Important Risk Considerations

  • The fund may not achieve its objective and/or you could lose money on your investment in the fund.

  • Investments in debt instruments may decline in value as the result 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 Fund's share price may decline during rising rates. Funds 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.

  • 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.

  • 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.

  • The fund’s performance could be closely tied to the economic, political, and other conditions in the states and U.S. territories and possessions in which the fund invests and could be more volatile than the performance of more geographically diversified funds.

  • Please see the prospectus for further information on these and other risk considerations.

Product Insights


Average Effective Duration: 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: 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.

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. Read it carefully.