Fund Evaluator:
MFS Municipal Limited Maturity I (MTLIX)
Follow This Fund
Best Performing in Muni National Short Over the Last Year
| 3.5% | PGIM Short Duration Muni Z (PDSZX) |
| 3.0% | BlackRock Short Duration Muni Inv A1 (MDLMX) |
| 3.0% | Vanguard Ultra Short-Term Tx-Ex Adm (VWSUX) |
| 2.9% | Vanguard Ultra Short-Term Tx-Ex (VWSTX) |
| 2.8% | Vanguard Ltd-Term Tx-Ex Adm (VMLUX) |
Fund Details
MFS Municipal Limited Maturity I Overview
MFS Municipal Limited Maturity I (MTLIX) is an actively managed Municipal Bond Muni National Short fund. MFS launched the fund in 2010.
The investment seeks total return with an emphasis on income exempt from federal income tax, but also considering capital preservation. The fund's investment adviser normally invests the fund’s assets primarily in municipal instruments. The fund invests, under normal market conditions, at least 80% of its net assets in securities and other investments, the interest on which is exempt from U.S. federal income tax. However, interest from the fund’s investments may be subject to the U.S. federal alternative minimum tax.
About MFS Municipal Limited Maturity I (MTLIX)
There are 3 members of the management team with an average tenure of 7.31 years: Jason Kosty (2014), Megan Poplowski (2022), Michael Dawson (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Muni 1-9 Yr TR USD index with a weighting of 100%. MFS Municipal Limited Maturity I has 1064 securities in its portfolio. The top 10 holdings constitute 6.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
MFS Municipal Limited Maturity I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. MFS Municipal Limited Maturity I has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.6% (97.2% domestic bond, 1.4% foreign bond and 0.0% convertible bond). MFS Municipal Limited Maturity I has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $633 million average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MTLIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MFS Municipal Limited Maturity I expense ratio is average compared to funds in the Muni National Short category. MFS Municipal Limited Maturity I has an expense ratio of 0.44%, which is 24% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MFS Municipal Limited Maturity I has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of July 2026, MFS Municipal Limited Maturity I returned -0.8%, which earned it a grade of D, as the Muni National Short category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
MFS Municipal Limited Maturity I has a trailing yield of 3.27%, which is above the 2.78% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
MFS Municipal Limited Maturity I Grades
Year to date, the fund has returned 0.5%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.2% over the past year (grade of A), 3.8% over the past three years (grade of A) and 1.4% per year over the past five years (grade of C) and 2.0% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about MFS Municipal Limited Maturity I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MTLIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MTLIX Return (NAV) | -0.8% | -0.1% | 3.2% | 3.8% | 1.4% | 2.0% |
| MTLIX Grade | D | D | A | A | C | A |
| +/- Category | -0.4% | -0.2% | 0.5% | 0.6% | -0.1% | 0.4% |
| Muni National Short Avg | -0.5% | 0.1% | 2.7% | 3.2% | 1.5% | 1.5% |
| MTLIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
MTLIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MTLIX Return (NAV) | 0.5% | 5.1% | 3.0% | 4.5% | -5.1% | 0.7% | 3.4% | 5.5% | 1.6% | 3.4% | 0.2% |
| MTLIX Grade | D | A | B | A | F | A | A | A | A | A | B |
| +/- Category | -0.3% | 1.1% | 0.4% | 0.7% | -1.9% | 0.3% | 1.0% | 2.1% | 0.4% | 1.5% | 0.3% |
| Muni National Short Avg | 0.8% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 1.35 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 0.46 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $3093 Mil |
| Fund Total Assets: | $1,147 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.2 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Kosty Jason (2014), Dawson Michael (2021), Poplowski Megan (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1064 |
| % in Top 10 Holdings: | 6.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.2% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | MFS |
| Phone Number: | 800-225-2606 |
| Website: | http://www.mfs.com |
| Status: | Open |
| Inception Date: | August 30, 2010 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | MFS Municipal Limited Maturity A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
