Industry description
The investment seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.
MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the fund’s assets primarily in municipal instruments. The fund invests normally at least 80% of its net assets in securities and other investments, the interest on which is exempt from U.S. federal income tax. It may invest 25% or more of its total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers.