6 9

High Income Municipal Trust

CXE
$ 4.19
As of 03/18/24
$131M
As of 02/29/24

High Income Municipal Trust

CXE
As of 03/18/24
As of 02/29/24
CXE
$ 4.19
As of 03/18/24
$131M
As of 02/29/24
  • Overview

    A high-yield national tax-exempt closed-end bond fund

    INVESTMENT OBJECTIVE

    Seeks high current income exempt from federal income tax, but may also consider capital appreciation.

    Fund Information

    • Fund Commencement 02/17/89
    • Net Assets ($ M) As of 02/29/24 $131.53
    • Fiscal Year End NOVEMBER
    • Net Asset Value (NAV) As of 03/18/24 $4.19
    • Most Recent NAV Change As of 03/18/24 0.00%
    • Market Price (MP) As of 03/18/24 $3.61
    • Recent Market Price Change As of 03/18/24 0.84%

    MANAGERS

    Top 10 Holdings

    • Massachusetts Dev Finance Agency MA Ref-Ser A 4.000 JUL 01 44
    • Buckeye Tobacco Settlement Financing Auth OH Ref-Senior-Class 2-Ser B-2 5.000 JUN 01 55
    • County of Jackson MO Ser-A 5.250 DEC 01 58
    • Tennessee Energy Acquisition Corp TN Var-Ref-Gas Proj-Ser A-1 5.000 MAY 01 53
    • Main Street Natural Gas Inc GA Ser A 5.000 JUN 01 53
    • Public Finance Authority WI Amt-Ref-Sr-Oblig Group 5.250 JUL 01 28
    • WA Health Care Facilities Authority Providence Hlth & Svcs-Ser A 5.000 OCT 01 33
    • New York Liberty Development Corp NY Ref-Class 1-3 World Trade Ctr 5.000 NOV 15 44
    • City of Houston TX Airport System Revenue Amt-Ser B-1 5.000 JUL 15 30
    • California Community Choice Financing Authority CA Variable-Green Bonds-Ser C 5.250 JAN 01 54

    Important Risk Considerations

    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.

    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.

    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.

    Market Price: The market price of common shares of the fund will be based on factors such as the supply and demand for common shares in the market and general market, economic, political or regulatory conditions. 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. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount or premium to their net asset value.

    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.

    Leverage: Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.

  • Performance

    Performance

    Average Annual Total Returns

    Average Annual Total Returns (%)

    As of 02/29/24 (*YTD Updated Monthly, As of 02/29/24 , subject to revision and not annualized.)

      Performance data shown represents past performance and is no guarantee of future results. At the time of sale, shares may have a market price that is above or below net asset value, and may be worth more or less than the original cost; current performance may be lower or higher than quoted. All results are historical and assume the reinvestment of dividends and capital gains.

      OVERALL
      Out Of Funds
      NA
      OVERALL MORNINGSTAR RATING
      NA
      THREE YEAR
      Out Of Funds
      NA
      FIVE YEAR
      Out Of Funds
      NA
      TEN YEAR
      Out Of Funds
      NA
      Annual Rate of Return

      Annual Rate of Return (%)

      As of 12/31/23
      annual rate of return table
      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
      At NAV 17.79 6.78 1.95 8.74 2.41 10.01 2.52 6.12 -20.87 7.96
      at MP 16.50 7.24 5.63 13.25 -6.37 21.95 -0.83 5.15 -27.89 6.39
      At NAV at MP
      2023 7.96 6.39
      2022 -20.87 -27.89
      2021 6.12 5.15
      2020 2.52 -0.83
      2019 10.01 21.95
      2018 2.41 -6.37
      2017 8.74 13.25
      2016 1.95 5.63
      2015 6.78 7.24
      2014 17.79 16.5
      Pricing & Distributions

      Pricing History

      • MP at Close of Trading on:  03/18/24
      • Market Price (MP):  $3.61
      • Change $ (since 03/15/24 ):  0.03
      • Change (%) (since 03/15/24 ):  0.84
      Maximum data displayed is for the most recent 10 years
      Historical MP Lookup
      Enter date for which you wish to obtain a Historical MP for this fund

      Historical MP may not be available for all dates.

      Historical MP Table
      MP at Close of Trading on Market Price (MP)
      No Data Available

      Distribution Rate (%)
      Distribution rates are based on the current distribution rate per share, annualized, divided by the NAV or Market Price.

      As of 02/29/24

      Performance Distribution Rate
      NAV 4.03
      MP 4.71

      Distributions
      The Record Date is the date on which a fund declares a distribution. To receive the distribution, an investor must be a shareholder of record on that date.

      The Payable Date is the date on which the distribution is paid to shareholders.

      Dividend Rate per Share is the amount of dividend that a shareholder will receive for each share held. It can be calculated by taking the total amount of dividends paid and dividing it by the total shares outstanding.

      Dividend Reinvestment at NAV is the automatic reinvestment of shareholder dividends in more shares at net asset value.

      Ex-Dividend Date is the date on which a fund goes ex-dividend. The interval between the announcement and the payment of the next dividend. An investor must own the fund before the ex-dividend date to be eligible for the dividend payout.

      Long-term Capital Gain 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. (Source: Barron's Dictionary of Finance and Investment Terms)

      Short-term Capital Gain For tax purposes the profit realized from the sale of securities or other capital assets held for less than 12 months. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses. (Source: Barron's Dictionary of Finance and Investment Terms)

      Updated Daily As of 03/18/24

      Record Date Ex-Date Payable Date Type of Earnings Rate per Share (US$)
      03/13/24 03/12/24 03/28/24 Dividend 0.01500
      02/14/24 02/13/24 02/29/24 Dividend 0.01400
      01/17/24 01/16/24 01/31/24 Dividend 0.01300
      12/20/23 12/19/23 12/29/23 Dividend 0.01250
      11/15/23 11/14/23 11/30/23 Dividend 0.01250
      10/18/23 10/17/23 10/31/23 Dividend 0.01250
      09/13/23 09/12/23 09/29/23 Dividend 0.01250
      08/16/23 08/15/23 08/31/23 Dividend 0.01250
      07/19/23 07/18/23 07/31/23 Dividend 0.01250
      06/14/23 06/13/23 06/30/23 Dividend 0.01300
      05/17/23 05/16/23 05/31/23 Dividend 0.01300
      04/19/23 04/18/23 04/28/23 Dividend 0.01300
      The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions could change.
    • Portfolio & Holdings Information

      Portfolio & Holdings Information
      Portfolio characteristic data are based on unaudited net assets.

      Sector, Holding & Characterstics

      Holding Characteristics

      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.

      As of 02/29/24
      Data table of holding characteristics
      characteristics Fixed Earning
      Number of Issues 800
      Number of Issuers 377
      Average Coupon 4.81
      Average Effective Duration 12.15 yrs
      Average Effective Maturity 20.83 yrs
      Yield To Worst 4.86%

      Top 10 Holdings

      As of 02/29/24
      • Massachusetts Dev Finance Agency MA Ref-Ser A 4.000 JUL 01 44
      • Buckeye Tobacco Settlement Financing Auth OH Ref-Senior-Class 2-Ser B-2 5.000 JUN 01 55
      • County of Jackson MO Ser-A 5.250 DEC 01 58
      • Tennessee Energy Acquisition Corp TN Var-Ref-Gas Proj-Ser A-1 5.000 MAY 01 53
      • Main Street Natural Gas Inc GA Ser A 5.000 JUN 01 53
      • Public Finance Authority WI Amt-Ref-Sr-Oblig Group 5.250 JUL 01 28
      • WA Health Care Facilities Authority Providence Hlth & Svcs-Ser A 5.000 OCT 01 33
      • New York Liberty Development Corp NY Ref-Class 1-3 World Trade Ctr 5.000 NOV 15 44
      • City of Houston TX Airport System Revenue Amt-Ser B-1 5.000 JUL 15 30
      • California Community Choice Financing Authority CA Variable-Green Bonds-Ser C 5.250 JAN 01 54
      Exposures

      Portfolio Structure (%)

      As of 02/29/24
      • Municipals
        159.61
      • High Yield Corporates
        0.15
      • Cash & Cash Equivalents
        -59.76

      Credit Quality (%)

      For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; 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.  Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency.

      As of 02/29/24
      • % of Total Net Assets
      • AAA
        2.17
      • AA
        23.27
      • A
        39.07
      • BBB
        34.53
      • BB
        20.46
      • B
        2.41
      • CCC
        1.57
      • CC
        0.03
      • C
        0.30
      • D
        0.31
      • Other Not Rated
        -24.12
      Important Characteristics Information

      The data depicted here showing a breakdown of fund characteristics as a percentage of assets are calculated based on the total gross assets of the fund. The fund employs leverage which has been created through the issuance of variable rate municipal term preferred shares [or borrowing]. Gross assets consist of the total net assets of the fund plus the amounts borrowed to create leverage. 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. 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.

      Portfolio information is subject to change due to active management.

      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.

    • Resources

      Resources

      Product Resources

      Fact Sheets are available approximately 15 days after month end.

      Product Literature

      Product Literature

      Important Announcement: Modification of Expense Limitation Agreements

      Effective August 1, 2023, MFS has agreed to lower total expense ratio caps on certain retail funds, variable insurance portfolios and closed-end funds.

      Please note: The Section 16 Filing links for each MFS Closed-End Fund listed above connect you to the EDGAR database for the specific fund; you will leave www.mfs.com.

      About Section 16 Insider Filings

      The MFS closed-end funds are subject to the provisions of Section 16 of the Securities Exchange Act of 1934 by virtue of Section 30(h) of the Investment Company Act of 1940. 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. trustees, certain officers and 10% shareholders of the Funds, and directors and certain officers of MFS):

      • Form 3 - An initial statement of beneficial ownership of securities (to be filed upon becoming an insider);
      • Form 4 - A statement of changes of beneficial ownership of securities (to be filed upon certain transactions of funds shares); and
      • Form 5 - An annual statement of beneficial ownership of securities (to be filed, if necessary, on an annual basis).

       These forms contain information on the reporting person's relationship to the particular fund and on purchases and sales of such equity securities.

      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.

      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.

      Closed-end funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). For more complete information about each closed-end fund, including risks, charges, and expenses, please see the fund's annual and semiannual shareholder report or contact your financial adviser.

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