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MFS® Municipal Income Fund

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Fact Sheet

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Symbol: MFIAX   CUSIP:  55273N574   Newspaper Abbreviation: MuInA   Fund number: 2  
Daily NAV:  $8.56  (as of 4/16/14)
    Characteristics Fund Profile Performance Portfolio Management Dividends and Capital Gains Price History Fund Reports/Prospectus Sales Tools

Fund Profile

An opportunistic national tax-exempt bond fund

Management seeks to drive performance through sector/security selection and quantitative analysis of the yield curve. The portfolio focuses on municipal securities rated investment grade ("BBB" or higher) by credit rating agencies, but may also invest in lower-rated bonds.


Seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.

Important Risk Considerations


  • Classification: Tax-Exempt Bond
  • Fiscal Year End:  MARCH
  • Fund Commencement: 12/29/86  
  • Class Inception: 9/7/93  
  • CUSIP:  55273N574  
  • Newspaper Abbreviation: MuInA  
  • Net Assets:  $2,054.80 million (as of 3/31/14)
  • Maximum Sales Charge:  4.75%

Portfolio Facts:

Portfolio characteristic data are based on unaudited net assets.

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

Portfolio Structure
(on 3/31/14)
Municipals 95.54%
Cash & Other1 4.46%
Portfolio Statistics
(on 3/31/14)
What's this?
Average Effective Maturity 16.09 yrs
Average Effective Duration 8.20 yrs
Top 10 Holdings
(on 3/31/14)  
What's this?
Full & Historical Holdings
Tobacco Settlement Financing Corp Ser 1A 4.500 JUN 01 23
State of Washington Motor Fuel Tax-Ser E 5.000 FEB 01 39
State of Washington Motor Fuel Tax-Ser E 5.000 FEB 01 38
State of Washington Motor Fuel Tax-Ser E 5.000 FEB 01 37
JP Morgan Chase Putters Drivers Trust FRB NOV 15 16
North Texas Tollway Authority TX Spl Projs Sys-Ser D 5.000 SEP 01 29
WA Health Care Facilities Authority Providence Hlth & Svcs-Ser A 5.000 OCT 01 27
CA State Department of Water Resources Ser N 5.000 MAY 01 20
Los Angeles Department of Water & Power CA Pwr Sys-Ser B 5.000 JUL 01 43
Salt River Project Agricultural Improvement & Power District AZ Ref-Ser A 5.000 DEC 01 28

8.81% of total net assets
Total number of holdings: 666
Credit Quality
(% of Total Net Assets on 3/31/14)
What's this?
AAA 6.22%
AA 30.32%
A 30.24%
BBB 17.34%
BB 3.53%
B 4.19%
CCC and Below 0.19%
Other Not Rated 3.52%

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.


1 Cash and other assets are less liabilities; this may include derivative offsets.


Morningstar RatingTM: As of 3/31/14

Morningstar Category: Muni National Long
3 yr
5 yr
10 yr
Number of funds in Muni National Long: 227 227 209 171

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The Overall Morningstar Rating™ is based on the weighted average of the number of stars assigned to the fund's applicable time periods. In cases where the fund has changed investment categories, its historical information is given less weight. If the fund has been in existence at least 10 years, the 10-year rating accounts for 50%, the 5-year for 30%, and the 3-year for 20%. If the fund has been in existence at least 5 years, but less than 10 years, the 5-year rating accounts for 60% and the 3-year for 40%. If the fund has been in existence for 3 years, but less than 5 years, the 3-year rating accounts for 100%. Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results.

Load-waived (LW) Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.


©2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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, 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 rate environments as the underlying debt instruments in the portfolio adjust to the rise in 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, result in 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 lower-quality debt instruments can be more volatile and have greater risk of default than higher-quality debt instruments.

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.

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

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.