MFS® Municipal High Income Fund

Tax-Advantaged FI | MMHYX
Without Waiver 2.89 %
With Waiver 2.92 %
$ 8.21
$0.0 As of 01/19/18
$4.3B
As of 12/31/17
Morningstar
View Overall Morningstar Ratings Information

MFS® Municipal High Income Fund

Tax-Advantaged FI
MMHYX
$0.0 As of 01/19/18
As of 12/31/17
Tax-Advantaged FI | MMHYX
$ 8.21
$0.0 As of 01/19/18
$4.3B
As of 12/31/17
Morningstar
View Overall Morningstar Ratings Information
INVESTMENT OBJECTIVE

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

INVESTMENT FOCUS

First high yield municipal fund

Relies on intense credit research process to identify issuers with improving credit fundamentals

Construct portfolio from the bottom up

Fund Information

Fund Commencement
02/24/84
Net Assets ($ M)
As of 12/31/17
$4398.12
Fiscal Year End
JANUARY
Benchmark

Bloomberg Barclays Municipal Bond Index measures the municipal bond market.

Bloomberg Barclays Municipal Bond Index

Top 10 Holdings

As of 12/31/17
  • Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 6.500 JUN 01 47
  • Tobacco Settlement Financing Corp Ser 1A 5.000 JUN 01 41
  • NY Liberty Development Corp Goldman Sachs Headquarters 5.250 OCT 01 35
  • Puerto Rico Highways & Transportation Authority PR Ref-Ser L AMBAC 5.250 JUL 01 38
  • Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 5.875 JUN 01 30
  • Tobacco Settlement Financing Corp NJ Ser 1A 4.750 JUN 01 34
  • Buckeye Tobacco Settlement Financing Authority Asset-Bkd-Sr-Turbo-Ser A-2 5.125 JUN 01 24
  • Palomar Health CA Ref-Palomar Health & Arch Heal AGM 5.000 NOV 01 47
  • Chicago Board of Education IL 6.000 APR 01 46
  • Commonwealth of Mass Transportation Fund Rev MA Rail Enhancement & Accelerated 5.000 JUN 01 42
MANAGERS

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, 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 Fund's share price may decline during rising 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. 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.

Investments in derivatives can be used to take both long and short positions, be highly volatile, involve 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 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.

The fund's performance could be more volatile than the performance of more diversified funds.

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.

The fund's performance could be closely tied to the economic, political, and other conditions in the statesand U.S. territories and possessions in which the fund invests and could be more volatile than the performance of more geographically diversified funds.

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

Performance

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Average Annual Total Returns %

Average Annual Total Returns %

These results represent the percent change in net asset value.
Monthly | Quarterly As of 12/31/17 (*YTD Updated Daily, As of 01/19/18 , subject to revision and not annualized.)

    Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

    MORNINGSTAR RATING
    Morningstar Overall Rating As of 12/31/17 Class A Shares

    Morningstar High Yield Muni

    Morningstar ratings are based on risk adjusted performance.

    OVERALL
    Out Of Funds
    NA
    OVERALL MORNINGSTAR RATING
    Morningstar Overall Rating As of 12/31/17 Class A Shares

    Morningstar High Yield Muni

    Morningstar ratings are based on risk adjusted performance.

    NA
    THREE YEAR
    Out Of Funds
    NA
    FIVE YEAR
    Out Of Funds
    NA
    TEN YEAR
    Out Of Funds
    NA

    Important Performance Information

    Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

    Dividends are generally subject to state and local taxes. For investors subject to the alternative minimum tax, a small portion of dividend income may be taxable. Capital gains distributions, if any, are taxable.

    Sales Charges

    Class A shares ("A") results include the maximum sales charge.

    Annual Rate of Return %
    Pricing & Distributions