Jan. 31, 2025 |
| MFS Municipal High Income Fund
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| MFS®
Municipal High Income Fund Summary
of Key Information
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| Investment Objective
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The fund’s
investment objective is to seek total return with an emphasis on high income exempt from federal income
tax, but also considering capital appreciation.
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| Fees and Expenses
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This
table describes the fees and expenses that you may pay when you buy, hold, and sell shares of the fund.
Investors may also pay commissions or other fees to their financial intermediaries
when they buy, hold, and sell shares of the fund, which are not reflected below. You may qualify for sales charge reductions if, with respect to Class A shares,
you and certain members of your family invest, or agree to invest in the future, at least $100,000 in
MFS funds. More information about these and other waivers and reductions is available from your financial
intermediary and in “Sales Charges and Waivers and Reductions” on page 11 and “Appendix A – Waivers
and Reductions of Sales Charges” on page A-1 of the fund’s prospectus.
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| Shareholder
Fees (fees paid directly from your investment):
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| Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment):
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| Example
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This example is intended to help you compare the cost of investing
in the fund with the cost of investing in other mutual funds. The example
assumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares
at the end of the time periods (unless otherwise indicated); your investment has a 5% return each year;
and the fund’s operating expenses remain the same.
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| Although
your actual costs will likely be higher or lower, under these assumptions your costs would be:
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Expense Example - MFS Municipal High Income Fund - USD ($)
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Class A |
Class B |
[1] |
Class C |
[1] |
Class I |
Class R6 |
| 1 Year |
$ 485
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$ 538
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$ 264
|
$ 62
|
$ 53
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| 3 Years |
631
|
803
|
527
|
215
|
188
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| 5 Years |
790
|
1,091
|
915
|
381
|
336
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| 10 Years |
$ 1,250
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$ 1,713
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$ 1,735
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$ 862
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$ 765
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Expense Example, No Redemption - MFS Municipal High Income Fund - USD ($)
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Class B |
Class C |
| 1 Year |
[1] |
$ 138
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$ 164
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| 3 Years |
[1] |
503
|
527
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| 5 Years |
[1] |
891
|
915
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| 10 Years |
[1] |
$ 1,713
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$ 1,735
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| Portfolio
Turnover
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The fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable
account. These transaction costs, which are not reflected in “Annual Fund Operating Expenses” or
in the “Example,” affect the fund’s performance. During the most recent fiscal year, the fund’s
portfolio turnover rate was 12% of the average value of its portfolio.
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| Principal
Investment Strategies
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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
federal income tax. Interest from the fund’s investments may be subject to the federal alternative
minimum tax. MFS (Massachusetts Financial Services Company, the fund's
investment adviser) normally invests the fund’s assets primarily in municipal instruments. MFS
may invest 25% or more of the fund’s total assets in municipal instruments that finance similar types
of projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. MFS may invest up to 100% of the fund’s assets in below investment grade quality
debt instruments. MFS may invest a significant percentage of
the fund's assets in issuers in a single state, territory, or possession, or a small number of states,
territories, or possessions. While MFS may use derivatives for any investment
purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or
decrease exposure to a particular market, segment of the market, or security, to increase or decrease
interest rate exposure, or as alternatives to direct investments. Derivatives include futures, forward
contracts, options, inverse floating rate instruments, and swaps. MFS uses
an active bottom-up investment approach to buying and selling investments for the fund. Investments are
selected primarily based on fundamental analysis of individual instruments and their issuers. Quantitative
screening tools that systematically evaluate instruments may also be considered. In structuring the fund,
MFS also considers top-down factors. For purposes of the fund's
80% policy, net assets include the amount of any borrowings for investment purposes.
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| Principal
Risks
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Risk Table - MFS Municipal High Income Fund
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Risk [Text Block] |
| Principal Risks |
Principal
Risks As with any mutual fund, the fund may not achieve its objective
and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency. The principal risks of investing in the fund are:
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| Risk Lose Money [Member] |
As with any mutual fund, the fund may not achieve its objective
and/or you could lose money on your investment in the fund.
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| Risk Not Insured [Member] |
An investment in the fund is not a bank deposit
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.
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| Investment Selection Risk |
Investment
Selection Risk: MFS' investment analysis and its selection of investments
may not produce the intended results and/or can lead to an investment focus that results in the fund
underperforming other funds with similar investment strategies and/or underperforming the markets in
which the fund invests. In addition, to the extent MFS considers quantitative tools in managing the
fund, such tools may not produce the intended results.
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| Debt Market Risk |
Debt Market
Risk: Debt markets can be volatile and can decline significantly in response to changes
in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical,
environmental, public health, and other conditions. These conditions can affect a single instrument,
issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets
or the debt markets generally. Certain events can have a dramatic adverse effect on debt markets and
may lead to periods of high volatility and reduced liquidity in a debt market or segment of a debt market.
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| Interest Rate Risk |
Interest Rate Risk: In general,
the price of a debt instrument falls when interest rates rise and rises when interest rates fall. Interest
rate risk is generally greater for instruments with longer maturities or durations, or that do not pay
current interest.
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| Credit Risk |
Credit Risk: The
price of a debt instrument depends, in part, on the credit quality of the issuer, borrower, counterparty,
or other entity responsible for payment, or underlying collateral or assets and the terms of the instrument.
The price of a debt instrument can decline in response to changes in, or perceptions of, the financial
condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets,
or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory,
geopolitical, environmental, public health, and other conditions. Debt instruments may be more susceptible
to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn
could negatively affect the market value and liquidity of a debt instrument. The
credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal
instrument depends on the credit quality of the entity supporting the municipal instrument, how essential
any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that
support the municipal instrument, and/or the willingness or ability of the appropriate government entity
to approve any appropriations necessary to support the municipal instrument. In addition, the price of
a municipal instrument also depends on its credit quality and ability to meet the credit support obligations
of any insurer or other entity providing credit support to a municipal instrument. Below
investment grade quality debt instruments (commonly referred to as “high yield securities” or “junk
bonds”) can involve a substantially greater risk of default or can already be in default, and their
values can decline significantly. Below investment grade quality debt instruments are regarded as having
predominantly speculative characteristics. Below investment grade quality debt instruments tend to be
more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality
debt instruments.
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| Municipal Risk |
Municipal Risk: The price of a municipal
instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative
or political changes, changes in specific or general market and economic conditions and developments,
and the financial condition of municipal issuers and insurers. Because many municipal instruments are
issued to finance similar projects, conditions in certain industries can significantly affect the fund
and the overall municipal market. Municipal instruments may be more susceptible to downgrades or defaults
during economic downturns or similar periods of economic stress, which in turn could affect the market
values and marketability of many or all municipal obligations of issuers in a state, U.S. territory,
or possession.
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| Focus Risk |
Focus Risk: The fund’s
performance will be closely tied to the issuer, market, economic, industry, political, regulatory, geopolitical,
environmental, public health, and other conditions in the states, territories, and possessions of the
United States in which the fund's assets are invested. If MFS invests a significant percentage of the
fund's assets in a single state, territory, or possession, or a small number of states, territories,
or possessions, these conditions will have a significant impact on the fund's performance and the fund's
performance may be more volatile than the performance of more geographically-diversified funds.
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| Prepayment/Extension Risk |
Prepayment/Extension
Risk: Instruments subject to prepayment and/or extension can reduce
the potential for gain for the instrument’s holders if the instrument is prepaid and increase the potential
for loss if the maturity of the instrument is extended.
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| Derivatives Risk |
Derivatives
Risk: Derivatives can be highly volatile and involve risks in addition
to the risks of the underlying indicator(s) on which the derivative is based. Gains or losses from derivatives
can be substantially greater than the derivatives’ original cost. Derivatives can involve leverage.
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| Leveraging Risk |
Leveraging
Risk: Leverage involves investment exposure in an amount exceeding
the initial investment. Leverage can cause increased volatility by magnifying gains or losses.
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| Counterparty and Third Party Risk |
Counterparty
and Third Party Risk: Transactions involving a
counterparty or third party other than the issuer of the instrument are subject to the credit risk of
the counterparty or third party, and to the counterparty’s or third party’s ability or willingness
to perform in accordance with the terms of the transaction.
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| Liquidity Risk |
Liquidity
Risk: It may be difficult to value, and it may not be possible to
sell, certain investments, types of investments, and/or investments in certain segments of the market,
and the fund may have to sell certain of these investments at prices or times that are not advantageous
in order to meet redemptions or other cash needs.
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| Large Shareholder Risk |
Large Shareholder
Risk: From time to time, shareholders of the fund (which may include institutional investors,
financial intermediaries, or other MFS funds) may make relatively large redemptions or purchases of fund
shares. These transactions may cause the fund to sell securities or invest additional cash, as the case
may be, at disadvantageous prices. Redemptions of a large number of shares also may increase transaction
and other costs or have adverse tax consequences for shareholders of the fund by requiring a sale of
portfolio securities. Purchases of a large number of shares may adversely affect the fund's performance
to the extent that it takes time to invest new cash and the fund maintains a larger cash position than
it ordinarily would.
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| Performance Information
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The bar
chart and performance table below are intended to provide some indication of the risks of investing in
the fund by showing changes in the fund’s performance over time and how the fund’s performance over
time compares with that of (i) a broad measure of market performance and (ii) the performance of an additional
index that the adviser believes more closely reflects the market segments in which the fund invests. The
fund’s past performance (before and after taxes) does not necessarily indicate how the fund will perform
in the future. Updated performance is available online at mfs.com or by
calling 1-800-225-2606.
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| The bar
chart does not take into account any sales charges (loads) that you may be required to pay upon purchase
or redemption of the fund’s shares. If these sales charges were included, they would reduce the returns
shown.
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| Class A Bar Chart.
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The total return for the three-month period ended March 31,
2025, was (0.01)%. During the period(s) shown in the bar chart, the highest quarterly return was 8.26%
(for the calendar quarter ended December 31, 2023) and the lowest quarterly return was (7.11)% (for the
calendar quarter ended March 31, 2022).
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| Performance Table.
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| Average Annual
Total Returns (For the Periods Ended December
31, 2024)
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As
of December 31, 2024, the MFS Municipal High Income Fund Blended Index (the Blended Index) consisted
of the following indices and weightings: 50% Bloomberg Municipal Bond Index and 50% Bloomberg Municipal
High Yield 2% Issuer Capped Index. The components and weightings of the Blended Index may have differed
during the periods and may differ in the future. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your
own tax situation, and may differ from those shown. The after-tax returns shown are not relevant to investors
who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement
accounts (IRAs). The after-tax returns are shown for only one of the fund’s classes of shares, and
after-tax returns for the fund’s other classes of shares will vary from the returns shown.
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