The investment seeks total return with an emphasis on income exempt from federal income tax and personal income tax, if any, of Massachusetts, but also considering capital appreciation. 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 and personal income tax, if any, of Massachusetts. Interest from the fund's investments may be subject to the federal alternative minimum tax. The adviser normally invests the fund's assets primarily in municipal instruments.