Industry description
The investment seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.
The fund invests, normally, at least 80% of its net assets in municipal instruments, the interest on which is exempt from federal income tax. MFS (Massachusetts Financial Services Company, the fund’s investment adviser) normally invests it’s assets primarily in municipal instruments. MFS primarily invests the fund’s assets in investment grade quality debt instruments, but may also invest in below investment grade quality debt instruments.