MFS Municipal Income R6 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4096

MFS MUNICIPAL SERIES TRUST

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: March 31

Date of reporting period: September 30, 2011

ITEM 1.

REPORTS TO STOCKHOLDERS.

LOGO

MFS® Municipal Series Trust

LOGO

For the states of:

Alabama, Arkansas, California, Florida,

Georgia, Maryland, and Massachusetts

SEMIANNUAL REPORT

September 30, 2011

MSTA-SEM

MFS® MUNICIPAL SERIES TRUST

For the states of: Alabama, Arkansas, California, Florida,

Georgia, Maryland, and Massachusetts


CONTENTS
Letter from the CEO			1
Portfolio composition			2
Expense tables			5
Portfolio of investments			8
Statements of assets and liabilities			38
Statements of operations			42
Statements of changes in net assets			44
Financial highlights			46
Notes to financial statements			61
Board review of investment advisory agreement			73
Proxy voting policies and information			77
Quarterly portfolio disclosure			77
Further information			77
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE

LETTER FROM THE CEO

LOGO

Dear Shareholders:

We are indeed living through some volatile times. Economic uncertainty is everywhere, as it seems no place in the world has been unmoved by crisis this year. We have seen a devastating earthquake

and tsunami that have led to disruptions in the Japanese markets and supply chains. Protests have changed the face of the Middle East and left in their wake lingering tensions and resultant higher oil prices. We have seen debt limits tested in Europe and the United States and policymakers grappling to craft often unpopular monetary and fiscal responses at a time when consumers and businesses struggle with what appears to be a slowing global economy. On top of all of that, we have seen long-term U.S. debt lose its Standard & Poor’s AAA rating.

When markets become volatile, managing risk becomes a top priority for investors and their advisors. At MFS® risk management is foremost in our minds in all market climates. Our analysts and portfolio managers keep risks firmly in mind when evaluating securities. Additionally, we have a team of quantitative analysts that measures and assesses the risk profiles of our portfolios and securities on an ongoing basis. The chief investment risk officer, who oversees the team, reports directly to the firm’s president and chief investment officer so the risk associated with each portfolio can be assessed objectively and independently of the portfolio management team.

As always, we continue to be mindful of the many economic challenges faced at the local, national, and international levels. It is in times such as these that we want to remind investors of the merits of maintaining a long-term view, adhering to basic investing principles such as asset allocation and diversification, and working closely with their advisors to research and identify appropriate investment opportunities.

Respectfully,

LOGO

Robert J. Manning

Chairman and Chief Executive Officer

MFS Investment Management®

November 15, 2011

The opinions expressed in this letter are subject to change, may not be relied upon for investment advice, and no forecasts can be guaranteed.

PORTFOLIO COMPOSITION

MFS Alabama Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			18.0%
Water & Sewer Utility Revenue			16.2%
Universities – Colleges			14.7%
General Obligations – Schools			10.4%
General Obligations – General Purpose			6.9%


Composition including fixed income credit quality (a)(i)
AAA			1.8%
AA			55.2%
A			12.1%
BBB			15.4%
BB			2.5%
B			0.5%
Not Rated			6.7%
Cash & Other			5.8%


Portfolio facts (i)
Average Duration (d)			8.8
Average Effective Maturity (m)			18.2 yrs.

MFS Arkansas Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Universities – Colleges			22.7%
General Obligations – Schools			13.9%
Healthcare Revenue – Hospitals			10.5%
Water & Sewer Utility Revenue			8.8%
General Obligations – General Purpose			8.7%


Composition including fixed income credit quality (a)(i)
AAA			3.5%
AA			54.4%
A			14.2%
BBB			19.6%
BB			0.5%
B			0.4%
Not Rated			3.3%
Cash & Other			4.1%


Portfolio facts (i)
Average Duration (d)			9.5
Average Effective Maturity (m)			18.3 yrs.

MFS California Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			16.1%
Universities – Colleges			10.6%
Utilities – Municipal Owned			9.1%
Water & Sewer Utility Revenue			7.9%
General Obligations – Schools			7.7%


Composition including fixed income credit quality (a)(i)
AAA			1.6%
AA			28.0%
A			37.2%
BBB			24.0%
BB			3.4%
B			0.5%
Not Rated			(0.6)%
Cash & Other			5.9%


Portfolio facts (i)
Average Duration (d)			9.4
Average Effective Maturity (m)			17.6 yrs.

(a)

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. Not Rated includes fixed income securities, including fixed income futures, which have not been rated by any rating agency. Cash & Other includes cash, other assets less liabilities, offsets to derivative positions, and short-term securities. The fund may not hold all of these instruments. The fund itself has not been rated.

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

For purposes of this presentation, the components include the market value of securities, and reflect the impact of the equivalent exposure of derivative positions, if applicable. These amounts may be negative from time to time. The bond component will include any accrued interest amounts. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than market value. Where the fund holds convertible bonds, these are treated as part of the equity portion of the portfolio.

(m)

In determining an instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

Portfolio Composition – continued

MFS Florida Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			24.1%
Water & Sewer Utility Revenue			17.0%
Universities – Colleges			9.8%
General Obligations – Schools			7.2%
Utilities – Municipal Owned			6.4%


Composition including fixed income credit quality (a)(i)
AAA			4.2%
AA			37.0%
A			31.3%
BBB			18.9%
BB			2.2%
B			0.7%
Not Rated			5.3%
Cash & Other			0.4%


Portfolio facts (i)
Average Duration (d)			8.8
Average Effective Maturity (m)			16.9 yrs.

MFS Georgia Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Universities – Colleges			19.8%
Healthcare Revenue – Hospitals			14.4%
Water & Sewer Utility Revenue			11.1%
General Obligations – General Purpose			8.8%
Utilities – Municipal Owned			5.3%


Composition including fixed income credit quality (a)(i)
AAA			11.4%
AA			43.7%
A			21.5%
BBB			17.2%
BB			1.5%
B			0.9%
Not Rated			(2.3)%
Cash & Other			6.1%


Portfolio facts (i)
Average Duration (d)			9.3
Average Effective Maturity (m)			18.4 yrs.

MFS Maryland Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			22.1%
General Obligations – General Purpose			14.3%
Universities – Colleges			12.6%
Water & Sewer Utility Revenue			7.5%
Multi-Family Housing Revenue			7.0%


Composition including fixed income credit quality (a)(i)
AAA			15.5%
AA			23.1%
A			25.3%
BBB			27.3%
BB			4.0%
B			0.6%
Not Rated			0.5%
Cash & Other			3.7%


Portfolio facts (i)
Average Duration (d)			9.0
Average Effective Maturity (m)			17.9 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

Portfolio Composition – continued

MFS Massachusetts Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Universities – Colleges			18.4%
Healthcare Revenue – Hospitals			14.0%
General Obligations – General Purpose			13.6%
Sales & Excise Tax Revenue			6.5%
Multi-Family Housing Revenue			6.0%


Composition including fixed income credit quality (a)(i)
AAA			5.5%
AA			42.6%
A			27.1%
BBB			18.6%
BB			1.4%
B			0.8%
Not Rated			(1.2)%
Cash & Other			5.2%


Portfolio facts (i)
Average Duration (d)			9.6
Average Effective Maturity (m)			18.0 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, April 1, 2011 through September 30, 2011

As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2011 through September 30, 2011.

Actual expenses

The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

MFS ALABAMA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.93%		$1,000.00		$1,078.75		$4.83
A	Hypothetical (h)		0.93%		$1,000.00		$1,020.35		$4.70
B	Actual		1.68%		$1,000.00		$1,074.75		$8.71
B	Hypothetical (h)		1.68%		$1,000.00		$1,016.60		$8.47

MFS ARKANSAS MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.72%		$1,000.00		$1,078.32		$3.74
A	Hypothetical (h)		0.72%		$1,000.00		$1,021.40		$3.64
B	Actual		1.52%		$1,000.00		$1,073.96		$7.88
B	Hypothetical (h)		1.52%		$1,000.00		$1,017.40		$7.67

(h)

5% class return per year before expenses.

(p)

Expenses paid is equal to each class’ annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year. Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

Expense Tables – continued

MFS CALIFORNIA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.72%		$1,000.00		$1,100.43		$3.78
A	Hypothetical (h)		0.72%		$1,000.00		$1,021.40		$3.64
B	Actual		1.50%		$1,000.00		$1,098.11		$7.87
B	Hypothetical (h)		1.50%		$1,000.00		$1,017.50		$7.57
C	Actual		1.62%		$1,000.00		$1,095.12		$8.49
C	Hypothetical (h)		1.62%		$1,000.00		$1,016.90		$8.17

MFS FLORIDA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		1.00%		$1,000.00		$1,071.06		$5.18
A	Hypothetical (h)		1.00%		$1,000.00		$1,020.00		$5.05
B	Actual		1.78%		$1,000.00		$1,066.92		$9.20
B	Hypothetical (h)		1.78%		$1,000.00		$1,016.10		$8.97

MFS GEORGIA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.95%		$1,000.00		$1,080.70		$4.94
A	Hypothetical (h)		0.95%		$1,000.00		$1,020.25		$4.80
B	Actual		1.70%		$1,000.00		$1,076.37		$8.82
B	Hypothetical (h)		1.70%		$1,000.00		$1,016.50		$8.57

MFS MARYLAND MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.95%		$1,000.00		$1,079.71		$4.94
A	Hypothetical (h)		0.95%		$1,000.00		$1,020.25		$4.80
B	Actual		1.70%		$1,000.00		$1,075.71		$8.82
B	Hypothetical (h)		1.70%		$1,000.00		$1,016.50		$8.57

(h)

5% class return per year before expenses.

(p)

Expense Tables – continued

MFS MASSACHUSETTS MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.85%		$1,000.00		$1,088.52		$4.44
A	Hypothetical (h)		0.85%		$1,000.00		$1,020.75		$4.29
B	Actual		1.60%		$1,000.00		$1,084.29		$8.34
B	Hypothetical (h)		1.60%		$1,000.00		$1,017.00		$8.07

(h)

5% class return per year before expenses.

(p)

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS ALABAMA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 95.9%

Issuer	Shares/Par		Value ($)

Airport Revenue - 1.5%
Birmingham, AL, Airport Authority Rev., N, 5.25%, 2030	$	1,000,000	$	1,052,150

General Obligations - General Purpose - 6.8%
Auburn, AL, Sewer Rev., “H”, 5.625%, 2033	$	1,000,000	$	1,116,000
Boaz, AL, School Warrants, “A”, SYNCORA, 5%, 2029		650,000		665,984
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		260,000		281,525
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		180,000		178,276
Commonwealth of Puerto Rico, “A”, 6%, 2038		305,000		314,845
Enterprise, AL, School Warrants, ASSD GTY, 5%, 2029		250,000		264,815
Madison, AL, Refunding Warrants, 5.15%, 2039		1,000,000		1,053,490
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		310,000		309,975
State of California, 6%, 2039		550,000		611,991
			$	4,796,901
General Obligations - Improvement - 4.1%
Birmingham, AL, “A”, AMBAC, 4.5%, 2032	$	890,000	$	896,061
Guam Government, “A”, 6.75%, 2029		260,000		270,834
Guam Government, “A”, 7%, 2039		60,000		62,707
Hoover, AL, Board of Education Capital Outlay Warrants, 5%, 2015		1,000,000		1,127,980
Montgomery, AL, Warrants, SYNCORA, 5%, 2028		500,000		540,465
			$	2,898,047
General Obligations - Schools - 10.3%
Bessemer, AL, School Warrants, AMBAC, 5.5%, 2020	$	2,015,000	$	2,020,541
Huntsville, AL, School Warrants, “B”, 5%, 2029		500,000		552,740
Jefferson County, AL, School Warrants, AGM, 5.5%, 2020		1,750,000		1,736,000
Lee County, AL, School Warrants, ASSD GTY, 4.75%, 2029		880,000		921,008
Madison County, AL, Board of Education, ASSD GTY, 5.125%, 2034		1,000,000		1,056,750
Sumter County, AL, School Warrants, 5.2%, 2039		1,000,000		1,017,580
			$	7,304,619
Healthcare Revenue - Hospitals - 17.7%
Alabama Healthcare Authority Rev. (Baptist Health), “A”, 6%, 2036 (b)	$	200,000	$	204,360
Alabama Special Care Facilities Financing Authority (Ascension Health Senior Credit), “C-2”, 5%, 2036		750,000		772,785
Alabama Special Care Facilities Financing Authority (Daughters of Charity), ETM, AMBAC, 5%, 2025 (c)		1,500,000		1,504,125




Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), BHAC, 5%, 2039	$	750,000	$	766,575
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036		500,000		451,520
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children’s Hospital), ASSD GTY, 6%, 2039		750,000		826,718
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 7%, 2036		300,000		279,504
East Alabama Health Care Authority, Health Care Facilities Rev., 5.25%, 2036 (b)		1,000,000		1,055,590
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		435,000		435,552
Health Care Authority for Baptist Health, AL, “D”, 5%, 2021		875,000		891,214
Huntsville, AL, Health Care Authority Rev., “A”, 5%, 2030		1,000,000		1,002,020
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		255,000		267,676
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		265,000		263,903
Marshall County, AL, Health Care Authority Rev., “A”, 5.75%, 2032		1,065,000		1,068,174
Mobile, AL, Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 5.25%, 2030		500,000		496,475
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		500,000		469,300
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		370,000		374,203
University of Alabama at Birmingham, AL, Hospital Rev., “A”, 5.25%, 2025		500,000		525,965
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		505,000		553,031
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		340,000		317,710
			$	12,526,400
Industrial Revenue - Other - 0.6%
Fairfield, AL, Environment Improvement Rev. (USX Corp.), 5.4%, 2016	$	400,000	$	407,164

Industrial Revenue - Paper - 2.5%
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028	$	200,000	$	197,226

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Industrial Revenue - Paper - continued
Camden, AL, Industrial Development Board Exempt Facilities Rev., “B” (Weyerhaeuser Co.), 6.375%, 2013 (c)	$	500,000	$	557,390
Phenix City, AL, Industrial Development Board Environmental Improvement Rev., “A” (Mead Westvaco Coated Board Project), 6.35%, 2035		750,000		750,023
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 6.25%, 2033		250,000		263,243
			$	1,767,882
Miscellaneous Revenue - Other - 0.7%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	35,000	$	37,742
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		315,000		336,414
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		370,000		121,767
			$	495,923
Multi-Family Housing Revenue - 2.5%
Alabama Housing Finance Authority, Multi-Family Residential Development Rev., FHA, 7.25%, 2023	$	800,000	$	794,896
Alabama Housing Finance Authority, Multi-Family Residential Development Rev., “K” (South Bay Apartments), FNMA, 5.875%, 2021		960,000		978,422
			$	1,773,318
Port Revenue - 0.8%
Alabama Port Authority Docks Facility, 6%, 2040	$	500,000	$	533,605

Sales & Excise Tax Revenue - 2.5%
Baldwin County, AL, Board of Education, Capital Outlay, School Warrants, AMBAC, 5%, 2029	$	1,000,000	$	1,030,760
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041		325,000		332,755
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057 (f)		400,000		403,360
			$	1,766,875
Single Family Housing - State - 1.0%
Alabama Housing Finance Authority, Collateral Home Mortgage Bond Program II, “B”, 5.15%, 2019	$	20,000	$	20,107
Alabama Housing Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.375%, 2033		625,000		648,000
Alabama Housing Finance Authority, Single Family Mortgage Rev., Collateral Home Mortgage Bond Program II, “B”, 5.15%, 2019		20,000		20,107
			$	688,214
State & Agency - Other - 0.6%
New York State Dormitory Authority Rev. (State University) , “B”, FGIC, 5.25%, 2019	$	365,000	$	418,184




Issuer	Shares/Par		Value ($)

State & Local Agencies - 6.5%
Alabama Incentives Financing Authority Special Obligations, “A”, 5%, 2029	$	1,000,000	$	1,069,270
Alabama Public School & College Authority Rev., “A”, 5%, 2019		1,000,000		1,201,260
Alabama Public School & College Authority Rev., “A”, 5%, 2019 (c)		1,000,000		1,231,130
Anniston, AL, Public Building Authority Rev. (Judicial Center Project), N, 5%, 2032		500,000		535,895
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, ASSD GTY, 5%, 2030		385,000		411,669
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		145,000		155,049
			$	4,604,273
Tax - Other - 1.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	95,000	$	97,483
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		30,000		30,756
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		65,000		64,316
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		65,000		66,069
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		400,000		395,788
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 6%, 2039		235,000		244,360
			$	898,772
Universities - Colleges - 14.5%
Alabama State University Board of Education Rev. (Chattahoochee Valley Community College), ASSD GTY, 5%, 2034	$	1,300,000	$	1,375,270
Alabama State University Rev., General Tuition & Fee, ASSD GTY, 5.75%, 2039		1,000,000		1,106,150
Auburn University, General Fee Rev., 5%, 2019		1,000,000		1,199,380
Auburn University, General Fee Rev., AMBAC, 5%, 2029		1,000,000		1,041,290
Auburn University, General Fee Rev., “A”, 5%, 2019		500,000		599,690
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		550,000		574,690
Jacksonville State University, Tuition & Fee Rev., ASSD GTY, 5.125%, 2038		1,000,000		1,049,040
University of Alabama, General Rev., NATL, 5%, 2034		1,000,000		1,032,460
University of Alabama, General Rev., “A”, NATL, 5%, 2029		1,000,000		1,052,980
University of South Alabama, University Rev., AMBAC, 5%, 2029		1,000,000		1,053,260
University of South Alabama, University Rev., BHAC, 5%, 2038		150,000		158,046
			$	10,242,256

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Secondary Schools - 0.3%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041	$	190,000	$	197,855

Utilities - Investor Owned - 0.1%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)	$	70,000	$	81,487

Utilities - Municipal Owned - 3.7%
Alabama Municipal Electric Power Authority, “A”, NATL, 5%, 2023	$	1,000,000	$	1,038,630
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), “A”, 5%, 2037		1,000,000		1,062,960
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		130,000		146,838
Tuskegee, AL, Utilities Board, AMBAC, 5.5%, 2022		400,000		401,016
			$	2,649,444
Utilities - Other - 1.9%
Foley, AL, Utilities Board Utilities Rev., AGM, 5%, 2025	$	1,000,000	$	1,072,925
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		295,000		296,310
			$	1,369,235
Water & Sewer Utility Revenue - 16.0%
Alabama Drinking Water Finance Authority, Revolving Fund Loan, “A”, AMBAC, 6%, 2021	$	725,000	$	726,929
Alabama Drinking Water Finance Authority, Revolving Fund Loan, “C”, AMBAC, 5.75%, 2018		1,000,000		1,002,850




Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Alabaster, AL, Sewer Rev., NATL, 5%, 2029	$	750,000	$	754,695
Bessemer, AL, Governmental Utilities Services Corp. Water Supply Rev., ASSD GTY, 5%, 2039		1,000,000		1,039,850
Birmingham, AL, Waterworks & Sewer Board Rev., “A”, AGM, 4.5%, 2035		400,000		402,584
Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 2034		750,000		789,045
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,073,700
Cullman, AL, Utilities Board Water Rev., N, 5%, 2026		500,000		543,775
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		185,000		220,781
Huntsville, AL, Water System Rev., N, 5%, 2017		1,425,000		1,696,106
Montgomery, AL, Waterworks & Sanitary Sewer Board Rev., AGM, 5%, 2024		1,000,000		1,066,940
Tuscumbia, AL, Water & Sewer Rev., AGM, 4.5%, 2040		1,000,000		1,026,650
			$	11,343,905
Total Municipal Bonds (Identified Cost, $64,776,948)			$	67,816,509

Money Market Funds (v) - 1.8%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		1,258,936	$	1,258,936
Total Investments (Identified Cost, $66,035,884)			$	69,075,445

Other Assets, Less Liabilities - 2.3%				1,648,684
Net Assets - 100.0%			$	70,724,129

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		10	$1,426,250		December - 2011		$(56,988	)
U.S. Treasury Note 10 yr (Short)		USD		5	650,469		December - 2011		(5,252	)

									$(62,240	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS ARKANSAS MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 94.6%

Issuer	Shares/Par		Value ($)

Airport Revenue - 0.4%
Little Rock, AR, Airport Rev., “A”, AGM, 5.25%, 2019	$	800,000	$	801,504

General Obligations - General Purpose - 8.6%
Arkansas College Savings, Capital Appreciation, “A”, ETM, 0%, 2017 (c)	$	1,840,000	$	1,688,991
Commonwealth of Puerto Rico, “A”, 5.5%, 2015		2,015,000		2,215,795
Commonwealth of Puerto Rico, “A”, 5.25%, 2027		920,000		933,395
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		335,000		331,791
Commonwealth of Puerto Rico, “A”, 6%, 2038		560,000		578,077
Commonwealth of Puerto Rico, Public Improvement, “A”, CIFG, 5%, 2034		395,000		384,505
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		2,000,000		2,153,160
Little Rock, AR, Library Construction & Improvement, 5%, 2027		500,000		553,695
Little Rock, AR, Library Construction & Improvement, 5%, 2028		500,000		550,250
Puerto Rico Public Buildings Authority Rev. (State Office Building), “F”, SYNCORA, 5.25%, 2025		2,000,000		2,079,400
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		385,000		434,992
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		420,000		479,048
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,255,000		1,275,720
State of California, 6%, 2039		1,160,000		1,290,744
State of Maryland, “C”, 5%, 2019		2,000,000		2,465,300
			$	17,414,863
General Obligations - Improvement - 0.4%
Guam Government, “A”, 6.75%, 2029	$	515,000	$	536,460
Guam Government, “A”, 5.25%, 2037		255,000		224,441
Guam Government, “A”, 7%, 2039		65,000		67,933
			$	828,834
General Obligations - Schools - 13.8%
Arkansas College Savings, Capital Appreciation, “B”, ETM, 0%, 2012 (c)	$	1,200,000	$	1,196,160
Arkansas College Savings, Capital Appreciation, “B”, ETM, 0%, 2013 (c)		1,000,000		990,460
Arkansas College Savings, Capital Appreciation, “B”, ETM, 0%, 2014 (c)		1,150,000		1,127,667
Arkansas College Savings, Capital Appreciation, “B”, ETM, 0%, 2015 (c)		1,100,000		1,063,700
Benton, AR, School District No. 8, 4.85%, 2040		1,895,000		1,921,265
Bentonville, AR, School District No. 6, “A”, 5%, 2024		3,185,000		3,550,797



Issuer	Shares/Par		Value ($)

General Obligations - Schools - continued
Bentonville, AR, School District No. 6, “A”, 4.5%, 2040	$	3,000,000	$	3,116,670
Cabot, AR, School District No. 4, Lonoke County, “A”, N, AMBAC, 4.7%, 2038		1,500,000		1,519,245
Crittenden County, AR, Community College District, 4.6%, 2035		285,000		290,483
Crittenden County, AR, Community College District, 4.7%, 2040		625,000		638,994
Lincoln, AR, School District No. 48, 4%, 2032		720,000		731,196
Little Rock, AR, School District, 4%, 2033		2,000,000		2,017,300
Northwest Arkansas Community College District, Capital Improvement, AMBAC, 5%, 2028		1,380,000		1,439,119
Pine Bluff, AR, School District No. 003, AGM, 4.125%, 2034		2,070,000		2,071,925
Pulaski, AR, Special School District Construction, 5%, 2035		2,000,000		2,046,860
Rogers, AR, School District Number 030, 4.75%, 2032		935,000		950,745
Springdale, AR, School District No. 050, “A”, 4.625%, 2037		2,000,000		2,074,920
Van Buren, AR, School District No. 42, 4.5%, 2031		375,000		380,438
Van Buren, AR, School District No. 42, 4.625%, 2033		745,000		755,899
			$	27,883,843
Healthcare Revenue - Hospitals - 10.4%
Arkansas Development Finance Authority, Health Refunding Rev. (Sister of Mercy), “A”, NATL, 5%, 2013	$	2,120,000	$	2,200,518
Batesville, AR, Medical District Rev. (White River Medical Center), 5.5%, 2024		750,000		761,963
Baxter County, AR, Hospital Rev. (Baxter Regional Hospital), 5%, 2026		1,000,000		1,006,000
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		420,000		420,533
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		170,000		176,309
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		510,000		535,352
Independence County, AR, Public Health Education & Housing Facilities Board Rev. (White River Health Systems), 5.75%, 2028		1,000,000		1,037,870
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 2032		1,085,000		1,141,257
Jefferson County, AR, Hospital Rev., Refunding & Improvement (Regional Medical Center), 5.8%, 2021		1,000,000		1,001,450
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, AGM, 5.25%, 2028		75,000		77,576

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040	$	545,000	$	570,566
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		395,000		415,489
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		470,000		468,054
Mena, AR, Hospital Rev., 4.25%, 2021		400,000		387,168
Mena, AR, Hospital Rev., 4.6%, 2024		615,000		593,573
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		110,000		114,384
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		355,000		359,033
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		490,000		485,139
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		910,000		843,725
North Little Rock, AR, Health Facilities Board Rev. (Baptist Health Facilities), 5.7%, 2022		500,000		501,495
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		685,000		723,730
Pulaski County, AR, Hospital Rev. (Arkansas Children’s Hospital Foundation), AGM, 4%, 2020		1,000,000		1,084,620
Pulaski, AR, Hospital Rev. (Arkansas Children’s Hospital), ASSD GTY, 5.5%, 2034		750,000		827,018
Pulaski, AR, Hospital Rev. (Arkansas Children’s Hospital), ASSD GTY, 5.5%, 2039		1,375,000		1,516,199
Sebastian County, AR, Health Facilities Board Hospital Rev., “A”, 5.25%, 2011 (c)		1,000,000		1,013,500
Washington County, AR, Hospital Rev. (Regional Medical Center), “A”, 5%, 2035		1,000,000		1,001,350
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		990,000		1,084,159
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		675,000		630,747
			$	20,978,777
Industrial Revenue - Other - 0.1%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	335,000	$	310,649

Industrial Revenue - Paper - 0.1%
Arkansas Development Finance Authority, Industrial Facilities Rev. (Potlatch Corp.), “A”, 7.75%, 2025	$	250,000	$	256,395



Issuer	Shares/Par		Value ($)

Miscellaneous Revenue - Other - 0.5%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	85,000	$	91,658
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		895,000		955,842
			$	1,047,500
Multi-Family Housing Revenue - 0.5%
Fort Smith, AR, Residential Housing Facilities Board Rev. (Gorman Towers), “A”, GNMA, 5.45%, 2037	$	1,000,000	$	1,004,460

Sales & Excise Tax Revenue - 5.9%
Bentonville, AR, Sales & Use Tax, N, AMBAC, 4.375%, 2025	$	1,000,000	$	1,036,940
Bentonville, AR, Sales & Use Tax, 4%, 2026		1,310,000		1,335,047
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041		760,000		778,134
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		1,000,000		1,223,780
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		765,000		824,119
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		1,010,000		1,018,484
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		1,730,000		1,803,490
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039		815,000		888,888
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		820,000		846,232
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2056		9,770,000		590,401
Springdale, AR, Sales & Use Tax Rev., 5%, 2015		1,420,000		1,526,102
			$	11,871,617
Single Family Housing Revenue - Local - 1.3%
Pulaski County, AR, Public Facilities Board Rev., Capital Appreciation, “C”, FNMA, 0%, 2014	$	2,750,000	$	2,544,355

Single Family Housing - State - 5.9%
Arkansas Development Finance Authority Home Ownership Rev., Mortgage Backed Securities Program, “A”, GNMA, 4.85%, 2027	$	2,000,000	$	2,070,660
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “B”, GNMA, 5%, 2029		125,000		123,993
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “C”, GNMA, 5.35%, 2027		1,560,000		1,560,733
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “C”, GNMA, 5.625%, 2035		795,000		840,800
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “E”, GNMA, 5.4%, 2034		640,000		641,920
Arkansas Development Finance Authority, Mortgage Rev., “B”, GNMA, 4.85%, 2031		785,000		782,967

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
Arkansas Development Finance Authority, Mortgage Rev., “B”, GNMA, 5.25%, 2035	$	1,350,000	$	1,357,722
Arkansas Development Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.125%, 2024		440,000		442,618
Arkansas Development Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.7%, 2028		2,915,000		3,037,692
Arkansas State University, Auxiliary Enterprises Rev., AGM, 4.65%, 2040		1,080,000		1,097,021
			$	11,956,126
State & Local Agencies - 3.5%
Arkansas Development Finance Authority Rev., “A”, AGM, 5%, 2014	$	435,000	$	484,290
Arkansas Development Finance Authority Rev., Correctional Facilities, “A”, 5.125%, 2034		500,000		520,580
Arkansas Development Finance Authority Rev., Environmental State Agency Facilities, “A”, AMBAC, 5%, 2040		2,500,000		2,591,800
Arkansas Development Finance Authority, Public Purpose Rev. (Arkansas Game & Fish Commission), AGM, 5%, 2027		3,205,000		3,408,838
			$	7,005,508
Tax - Other - 2.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	490,000	$	502,809
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		65,000		66,639
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 7.375%, 2015		1,980,000		2,139,113
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		135,000		133,578
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		150,000		141,801
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		135,000		137,221
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		940,000		930,102
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 6%, 2039		505,000		525,114
			$	4,576,377
Tobacco - 1.2%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AMBAC, 0%, 2026	$	2,000,000	$	1,153,340
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AMBAC, 0%, 2027		1,940,000		1,048,182
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, 5.5%, 2039		290,000		242,034
			$	2,443,556



Issuer	Shares/Par		Value ($)

Transportation - Special Tax - 0.9%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 2026	$	1,370,000	$	1,419,060
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2037		490,000		507,175
			$	1,926,235
Universities - Colleges - 22.4%
Arkansas State University, Auxiliary Enterprises Rev., AGM, 4.65%, 2035	$	1,000,000	$	1,016,080
Arkansas Technical University, Housing Systems Rev., AMBAC, 5.2%, 2026		500,000		552,710
Arkansas University Rev. (Student Fee), AMBAC, 5%, 2032		2,595,000		2,721,844
Conway, AR, Public Facilities Board, Capital Improvement Rev. (Hendrix College), “B”, 5%, 2035		1,000,000		1,004,780
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		750,000		783,668
Massachusetts Development Finance Agency Higher Education Rev. (Emerson College), “A”, 5%, 2023		1,070,000		1,128,850
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		1,605,000		1,721,411
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), AGM, 4%, 2024		1,000,000		993,200
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 2021		1,310,000		1,633,033
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 2026		1,000,000		1,152,060
University of Arkansas Rev. (Fort Smith Campus), 5%, 2028		860,000		943,515
University of Arkansas Rev. (Student Fee-Phillips), 5.1%, 2034		750,000		795,225
University of Arkansas Rev., “A”, 5%, 2033		1,000,000		1,073,780
University of Arkansas, Administration Building Rev., “A”, 5%, 2038		1,000,000		1,071,860
University of Arkansas, University Construction Rev. (Monticello), AMBAC, 5%, 2025		1,525,000		1,603,812
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2026		1,405,000		1,491,098
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2027		2,180,000		2,304,369
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2034		3,200,000		3,339,520
University of Arkansas, University Facilities Rev. (Fayetteville Campus), FGIC, 5%, 2027		3,155,000		3,226,366
University of Arkansas, University Facilities Rev. (Pine Bluff Campus), “A”, AMBAC, 5%, 2030		1,000,000		1,051,570
University of Arkansas, University Facilities Rev. (UAMS Campus), FGIC, 5%, 2028		2,000,000		2,130,680
University of Arkansas, University Rev. (Fayetteville Campus), FGIC, 5%, 2032		2,500,000		2,543,425
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 2016		750,000		852,540

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 2017	$	725,000	$	828,284
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 2018		795,000		914,290
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 2019		320,000		368,659
University of Arkansas, University Rev., Var Fac-Fayetteville Campus, AMBAC, 5%, 2036		2,500,000		2,634,800
University of California Rev., “J”, AGM, 4.5%, 2035		1,275,000		1,276,517
University of Central Arkansas Rev., “C”, ASSD GTY, 4.25%, 2040		3,000,000		3,075,990
University of Puerto Rico Rev., “Q”, 5%, 2036		1,145,000		1,100,998
			$	45,334,934
Utilities - Investor Owned - 1.6%
Delaware Economic Development Authority Rev. (Indian River Power LLC), 5.375%, 2045	$	865,000	$	783,508
Farmington, NM, Pollution Control Rev. (Arizona Public Service Co.), “A”, 4.7%, 2024		710,000		713,621
Independence County, AR, Pollution Control Rev., N, AMBAC, 4.9%, 2022		1,000,000		1,016,670
Jefferson County, AR, Pollution Control Rev. (Entergy Arkansas, Inc., Project), 4.6%, 2017		750,000		750,863
			$	3,264,662
Utilities - Municipal Owned - 5.9%
Benton, AR, Public Utility Revenue, AMBAC, 5%, 2031	$	1,500,000	$	1,567,020
Benton, AR, Utilities Rev., AMBAC, 5%, 2030		470,000		474,959
Benton, AR, Utilities Rev., AMBAC, 5%, 2036		1,000,000		1,037,800
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020		805,000		956,670
Guam Power Authority Rev., “A”, 5.5%, 2030		450,000		447,899
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		245,000		276,732
North Little Rock, AR, Electric Rev., “A”, NATL, 6.5%, 2015		4,945,000		5,329,622
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 2030		1,000,000		1,041,260
Puerto Rico Electric Power Authority, “TT”, 5%, 2027		470,000		479,118
Puerto Rico Electric Power Authority, Power Rev., “XX”, 5.25%, 2040		435,000		441,051
			$	12,052,131



Issuer	Shares/Par		Value ($)

Utilities - Other - 0.2%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021	$	300,000	$	299,298
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		155,000		153,977
			$	453,275
Water & Sewer Utility Revenue - 8.7%
Central Arkansas Water Rev., “B”, 4%, 2014	$	880,000	$	963,274
Central Arkansas Water Rev., “B”, 4%, 2016		795,000		895,496
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,073,700
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		375,000		447,529
Fort Smith, AR, Water & Sewer Rev., AGM, 5%, 2032		2,000,000		2,174,220
Fort Smith, AR, Water & Sewer Rev., “C”, AGM, 5.25%, 2020		1,315,000		1,350,492
Hot Springs, AR, Wastewater Rev., ASSD GTY, 4.625%, 2037		1,260,000		1,325,029
Little Rock, AR, Sewer Rev., 5.5%, 2030		750,000		828,098
Little Rock, AR, Sewer Rev., 5.75%, 2038		1,000,000		1,127,193
Little Rock, AR, Sewer Rev., “A”, AGM, 4.375%, 2033		750,000		758,768
Little Rock, AR, Sewer Rev., “C”, AGM, 5%, 2037		3,000,000		3,151,830
Rogers, AR Sewer Rev., Improvement, AMBAC, 5%, 2037		1,000,000		1,051,860
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		1,325,000		1,385,380
			$	17,532,869
Total Municipal Bonds (Identified Cost, $184,095,011)			$	191,488,470

Money Market Funds (v) - 4.2%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		8,441,145	$	8,441,145
Total Investments (Identified Cost, $192,536,156)			$	199,929,615

Other Assets, Less Liabilities - 1.2%				2,458,207
Net Assets - 100.0%			$	202,387,822

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS CALIFORNIA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 96.5%

Issuer	Shares/Par		Value ($)

Airport Revenue - 5.6%
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035	$	780,000	$	859,310
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 2029		3,000,000		3,234,750
Orange County, CA, Airport Rev., “A”, 5%, 2031		1,310,000		1,382,089
Sacramento County, CA, Airport Systems Rev., 5%, 2040		1,020,000		1,031,444
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 2021		1,500,000		1,690,935
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 2040		2,000,000		2,026,700
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 2025		2,000,000		2,174,280
San Jose, CA, Airport Rev., “A”, BHAC, 5.5%, 2023		2,345,000		2,489,804
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034		2,560,000		2,599,757
			$	17,489,069
General Obligations - General Purpose - 7.1%
Commonwealth of Puerto Rico, “A”, 5.5%, 2018	$	2,150,000	$	2,351,992
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		2,535,000		2,744,873
Los Angeles, CA, “A”, 4%, 2019		2,175,000		2,434,173
State of California, 5%, 2019		1,700,000		1,974,006
State of California, 5%, 2034		2,200,000		2,248,312
State of California, 6%, 2039		3,000,000		3,338,130
State of California, 5.5%, 2040		3,670,000		3,937,616
State of California, 5.25%, 2040		2,775,000		2,917,968
			$	21,947,070
General Obligations - Improvement - 0.3%
Guam Government, “A”, 6.75%, 2029	$	85,000	$	88,542
Guam Government, “A”, 5.25%, 2037		815,000		717,330
Guam Government, “A”, 7%, 2039		95,000		99,286
			$	905,158
General Obligations - Schools - 7.7%
Antelope Valley, CA (Union High School), “A”, NATL, 5%, 2027	$	1,400,000	$	1,428,686
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2029		4,335,000		1,724,376
Cabrillo, CA, Community College District, Capital Appreciation, “A”, NATL, 0%, 2028		1,000,000		369,310
Capistrano, CA, Union High School District, “A”, FGIC, 5.875%, 2020		1,185,000		1,188,247
Chabot-Las Positas, CA, Community College (Election of 2004), “B”, AMBAC, 5%, 2030		1,090,000		1,118,068



Issuer	Shares/Par		Value ($)

General Obligations - Schools - continued
Colton, CA, Joint Union School District (Election of 2001), Capital Appreciation, “C”, FGIC, 0%, 2032	$	1,000,000	$	279,520
Colton, CA, Joint Union School District (Election of 2001), Capital Appreciation, “C”, FGIC, 0%, 2033		3,000,000		774,720
Coronado, CA, Union School District, “A”, 5.7%, 2020		1,285,000		1,289,587
Foothill-De Anza, CA, Community College District (Election of 1999), Capital Appreciation, “B”, FGIC, 0%, 2025		1,500,000		775,530
Glendale, CA, Community College District (Election 2002), “D”, NATL, 5%, 2031		1,710,000		1,775,031
Lake Tahoe, CA, Unified School District (Election of 2008), Capital Appreciation, AGM, 0%, 2045		3,485,000		995,351
Los Angeles, CA, Unified School District (Election of 2005), “E”, AGM, 5%, 2015		1,000,000		1,146,020
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 2033		500,000		137,625
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 2028		1,440,000		524,045
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 2029		3,385,000		1,260,574
Natomas Union School District (Election of 2002), “B”, FGIC, 5%, 2028		1,430,000		1,430,701
San Joaquin, CA, Delta Community College District (Election of 2004), “B”, Capital Appreciation, AGM, 0%, 2018		2,350,000		1,839,815
San Mateo County, CA, Community College District (Election of 2001), Capital Appreciation, “A”, NATL, 0%, 2021		4,300,000		2,868,186
San Ysidro, CA, School District, AMBAC, 6.125%, 2021		960,000		1,001,194
Santa Monica, CA, Community College District (Election of 2002), Capital Appreciation, “C”, NATL, 0%, 2027		2,000,000		860,780
Walnut Valley, CA, Union School District (Election of 2000), Capital Appreciation, “E”, AGM, 0%, 2028		1,535,000		577,160
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, ASSD GTY, 0%, 2029		1,690,000		568,246
			$	23,932,772
Healthcare Revenue - Hospitals - 15.9%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (San Diego Hospital), “C”, 5.375%, 2020	$	2,000,000	$	2,062,860

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
California Health Facilities Financing Authority Rev. (Catholic Healthcare West), “A”, 6%, 2029	$	1,500,000	$	1,627,185
California Health Facilities Financing Authority Rev. (Catholic Healthcare West), “G”, 5.25%, 2023		2,000,000		2,132,600
California Health Facilities Financing Authority Rev. (Cedars Sinai Medical Center), 5%, 2027		1,000,000		1,011,050
California Health Facilities Financing Authority Rev. (Children’s Hospital of Orange County), 6.25%, 2029		2,000,000		2,138,260
California Health Facilities Financing Authority Rev. (Providence Health & Services), “B”, 5.5%, 2039		1,000,000		1,054,810
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 2018 (c)		30,000		40,011
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 2033		1,500,000		1,699,320
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 2038		1,720,000		1,945,217
California Health Facilities Financing Authority Rev., Health Facilities (Adventist Health Systems), “A”, 5%, 2033		1,750,000		1,734,023
California Municipal Finance Authority, COP (Community Hospitals, Central California), 5.25%, 2037		2,000,000		1,744,880
California Statewide Communities Development Authority Rev. (Community Hospital of the Monterey Peninsula), 6%, 2033		1,250,000		1,312,475
California Statewide Communities Development Authority Rev. (Daughters of Charity Health), “A”, 5.25%, 2024		1,000,000		932,920
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 6.25%, 2033		2,000,000		2,161,620
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 2023		1,000,000		1,092,940
California Statewide Communities Development Authority Rev. (John Muir Health), 5.125%, 2039		1,000,000		986,080
California Statewide Communities Development Authority Rev. (Los Angeles Children’s Hospital), 5.125%, 2019		4,000,000		4,000,920
California Statewide Communities Development Authority Rev. (Santa Ynez Valley Cottage Hospital), 5.25%, 2030		1,740,000		1,784,109
California Statewide Communities Development Authority Rev. (Sutter Health), “B”, AMBAC, 5%, 2038		3,000,000		2,969,070
California Statewide Communities Development Authority Rev., Health Facilities (Memorial Health Services), “A”, 6%, 2023		1,500,000		1,573,560



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Madera County, CA, COP (Children’s Hospital Central California), 5.375%, 2036	$	3,000,000	$	2,997,870
Northern Inyo County, CA, Local Hospital District Rev., 6.375%, 2025		835,000		853,195
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		1,805,000		1,863,735
San Buenaventura, CA, Community Memorial Health System, 7.5%, 2041		1,000,000		1,021,210
Santa Clara County, CA, Financing Authority Rev. (El Camino Hospital), AMBAC, 5.125%, 2041		2,600,000		2,536,248
Sierra View, CA, Local Health Care District Rev., 5.25%, 2037		1,000,000		994,330
Torrance, CA, Rev. (Torrance Memorial Medical Center), “A”, 5%, 2040		2,000,000		1,969,840
Washington Township, CA, Health Care District Rev., “A”, 6.25%, 2039		1,000,000		1,053,730
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029		2,000,000		2,059,680
			$	49,353,748
Healthcare Revenue - Long Term Care - 1.8%
California Health Facilities Financing Authority Rev. (Paradise Valley Estates), CALHF, 5.125%, 2022	$	1,000,000	$	1,015,950
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 2039		1,500,000		1,499,985
California Statewide Communities Development Authority Rev. (Senior Living Presbyterian Homes), 4.875%, 2036		1,000,000		856,080
Eden Township, CA, Healthcare District, COP, 6.125%, 2034		1,090,000		1,090,251
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025		1,000,000		1,008,100
			$	5,470,366
Industrial Revenue - Other - 0.6%
California Enterprise Development Authority Sewer Facilities Rev. (Anheuser-Busch), 5.3%, 2047	$	1,000,000	$	1,000,650
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		960,000		890,218
			$	1,890,868
Miscellaneous Revenue - Entertainment & Tourism - 0.2%
Agua Caliente Band of Cahuilla Indians, CA, Rev., 6%, 2018 (n)	$	750,000	$	742,163

Miscellaneous Revenue - Other - 2.1%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Jackson Lab), 5.75%, 2037	$	4,115,000	$	4,197,053
California Infrastructure & Economic Development Bank Rev. (Walt Disney Family Museum), 5.25%, 2033		1,340,000		1,387,222
San Diego County, CA, COP (Burnham Institute for Medical Research), 5%, 2034		1,000,000		868,470
			$	6,452,745

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Parking - 0.3%
San Francisco, CA, Union Square, NATL, 6%, 2020	$	1,000,000	$	1,022,910

Sales & Excise Tax Revenue - 1.7%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028	$	115,000	$	125,352
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2032		1,605,000		1,413,235
Santa Clara Valley, CA, Transportation Authority, Sales Tax Rev., “B”, 5%, 2020		3,270,000		3,902,810
			$	5,441,397
Single Family Housing - Local - 0.0%
California Rural Home Mortgage Finance Authority Rev., GNMA, 7.3%, 2031	$	5,000	$	5,245
California Rural Home Mortgage Finance Authority Rev., Mortgage Backed Securities Program, “B4”, FHA, 6.35%, 2029		5,000		5,145
			$	10,390
Single Family Housing - State - 3.8%
California Housing Finance Agency Rev. (Home Mortgage), “E”, 4.75%, 2030	$	1,760,000	$	1,549,187
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023		1,675,000		1,607,732
California Housing Finance Agency Rev. (Home Mortgage), “K”, 4.55%, 2021		3,900,000		3,731,676
California Housing Finance Agency Rev. (Home Mortgage), “L”, 5.45%, 2033		3,240,000		3,084,934
California Housing Finance Agency Rev. (Home Mortgage), “L”, FNMA, 5.5%, 2038		1,000,000		936,170
California Housing Finance Agency Rev. (Home Mortgage), Capital Appreciation, NATL, 0%, 2028		2,115,000		866,579
			$	11,776,278
State & Agency - Other - 0.7%
Pasadena, CA, COP, (Old Pasadena Parking Facilities Project), 6.25%, 2018	$	2,005,000	$	2,276,156

State & Local Agencies - 7.1%
Banning, CA, COP, Water Systems Improvement Project, ETM, AMBAC, 8%, 2019 (c)	$	665,000	$	832,673
California Public Works Board Lease Rev., 6.25%, 2034		1,500,000		1,604,325
California Public Works Board Lease Rev., Department of Education (Riverside Campus), 6%, 2026		2,000,000		2,229,260
California Public Works Board Lease Rev., Department of Justice, “D”, 5.25%, 2020		1,565,000		1,568,474
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037		2,320,000		1,479,812
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., FGIC, 5%, 2035		1,745,000		1,709,315



Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, AGM, 4.55%, 2022	$	3,000,000	$	3,041,130
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 2045		3,500,000		3,438,225
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035		2,000,000		2,001,180
Los Angeles, CA, COP, Real Property Program, AMBAC, 5.3%, 2027		3,000,000		3,025,920
San Diego, CA, Public Facilities Financing Authority Lease Rev. (Master Refunding Project), “A”, 5.25%, 2040		1,000,000		1,014,150
			$	21,944,464
Tax - Other - 0.2%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	445,000	$	456,632
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		145,000		148,655
			$	605,287
Tax Assessment - 5.9%
Bay Area Governments Association, Tax Allocation, “A”, AMBAC, 5%, 2033	$	3,700,000	$	3,090,203
Fontana, CA, Redevelopment Agency Tax Allocation (Jurupa Hills Redevelopment Project), “A”, 5.5%, 2027		3,350,000		3,236,000
Glendale, CA, Redevelopment Agency, Tax Allocation Rev. (Central Glendale Redevelopment Project), 5.5%, 2024		1,750,000		1,767,430
Orange County, CA, Community Facilities District, Special Tax (Rancho Santa Margarita), “A”, 5.55%, 2017		1,000,000		1,001,610
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, XLCA, 5%, 2037		1,900,000		1,653,703
San Diego, CA, Redevelopment Agency, Tax Allocation (Centre City), “B”, AMBAC, 5.3%, 2020		1,250,000		1,256,775
San Diego, CA, Redevelopment Agency, Tax Allocation Rev. (Centre City), “A”, AMBAC, 5.25%, 2025		2,360,000		2,443,332
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation (Mission Bay North Redevelopment), “C”, 6.375%, 2032		1,000,000		1,073,970
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation (Mission Bay North Redevelopment), “C”, 6.5%, 2039		1,000,000		1,075,270
Santa Fe Springs, CA, Community Development Commission, Tax Allocation, Capital Appreciation, NATL, 0%, 2026		4,720,000		1,869,262
			$	18,467,555

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Tobacco - 3.3%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.75%, 2013 (c)(f)	$	2,645,000	$	2,918,123
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)		1,840,000		1,980,318
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		3,730,000		2,624,689
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		1,800,000		1,865,214
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, Capital Appreciation, “C-1”, 0%, 2036		5,000,000		460,550
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2036		5,000,000		487,300
			$	10,336,194
Toll Roads - 0.2%
Foothill/Eastern Corridor Agency, CA, Toll Road Rev., NATL, 5.125%, 2019	$	500,000	$	496,815

Transportation - Special Tax - 0.5%
Commonwealth of Puerto Rico Highway & Transportation Authority, Highway Rev., “K”, 5%, 2014	$	1,360,000	$	1,452,766

Universities - Colleges - 10.4%
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 6%, 2033	$	1,500,000	$	1,599,030
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 5%, 2042		1,000,000		1,006,540
California Educational Facilities Authority Rev. (Dominican University of California), 5%, 2025		800,000		799,944
California Educational Facilities Authority Rev. (Dominican University), 5%, 2036		1,150,000		1,035,955
California Educational Facilities Authority Rev. (Lutheran University), “C”, 5%, 2029		2,500,000		2,479,500
California Educational Facilities Authority Rev. (Pitzer College), 6%, 2040		3,000,000		3,283,590
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2017		685,000		699,385
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2026		1,315,000		1,180,357
California Educational Facilities Authority Rev. (University of La Verne), “A”, 5%, 2029		1,500,000		1,412,610
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 2030		1,760,000		1,944,800
California Educational Facilities Authority Rev. (University of The Pacific), 5.25%, 2029		1,265,000		1,333,829
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028		2,000,000		2,076,500
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.125%, 2030		1,500,000		1,572,165



Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040	$	1,500,000	$	1,548,375
California Public Works Board Lease Rev. (Regents University), 5%, 2034		1,500,000		1,535,730
California State University Rev., “A”, 5%, 2024		2,130,000		2,401,106
California Statewide Communities, Notre Dame de Namur University, 6.625%, 2033		1,000,000		959,300
Oakland, CA, Joint Powers Financing Authority Rev., “A-1”, ASSD GTY, 5.25%, 2017		1,375,000		1,537,319
University of California Rev., “U”, 5%, 2017		3,430,000		4,055,426
			$	32,461,461
Universities - Dormitories - 1.2%
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033	$	2,000,000	$	1,787,320
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 2040		2,000,000		1,978,280
			$	3,765,600
Universities - Secondary Schools - 0.4%
California Statewide Communities Development Authority Rev. (Aspire Public Schools), 6.125%, 2046	$	1,300,000	$	1,271,504

Utilities - Investor Owned - 0.6%
California Pollution Control Financing Authority, Water Facilities Rev. (American Water Capital Corp. Project), 5.25%, 2040	$	2,000,000	$	1,956,240

Utilities - Municipal Owned - 9.0%
California Department of Water Resources, Power Supply Rev., “L”, 5%, 2019	$	6,695,000	$	7,949,643
California Department of Water Resources, Power Supply Rev., “M”, 4%, 2019		3,000,000		3,368,040
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020		1,175,000		1,396,382
California Infrastructure & Economic Development Bank Rev. (California Independent System Corp.), “A”, 6%, 2030		3,755,000		4,009,101
Imperial, CA, Irrigation District Electric Rev., “B”, 5%, 2025		1,015,000		1,119,169
Imperial, CA, Irrigation District Electric Rev., “B”, 5%, 2026		1,245,000		1,361,706
Los Angeles, CA, Department of Water & Power Rev., “A”, 5%, 2019		3,410,000		4,102,060
Puerto Rico Electric Power Authority, Power Rev., “XX”, 5.25%, 2040		1,740,000		1,764,203
Tuolumne Wind Project Authority Rev. (Tuolomne Co.), “A”, 5.625%, 2029		2,000,000		2,191,860
Virgin Islands Water & Power Authority Rev., 5.5%, 2017		800,000		801,256
			$	28,063,420

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Utilities - Other - 2.1%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	1,750,000	$	2,027,462
Long Beach, CA, Bond Financing Authority Natural Gas Purchase Rev., “A”, 5.25%, 2022		2,210,000		2,224,674
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 2033		2,565,000		2,414,614
			$	6,666,750
Water & Sewer Utility Revenue - 7.8%
California Department of Water Resources, Center Valley Project Rev., 7%, 2012	$	1,070,000	$	1,152,497
California Department of Water Resources, Center Valley Project Rev., FGIC, 5%, 2012 (c)		20,000		21,086
California Department of Water Resources, Center Valley Project Rev., ETM, 7%, 2012 (c)		20,000		21,523
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		525,000		506,483
Los Angeles County, CA, Sanitation Districts Financing Authority Rev. (Capital Projects), “A”, 5%, 2020		2,000,000		2,429,000
Lower Tule River, CA, Irrigation District Rev., COP, “A”, 4.75%, 2030		1,625,000		1,552,801
Madera, CA, Irrigation Financing Authority Rev., 6.5%, 2040		2,560,000		2,762,675
Ontario, CA, COP, Water Systems Improvement Project, NATL, 5%, 2034		2,000,000		2,027,420



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Placerville, CA, Public Financing Authority Rev. (Wastewater Systems Refining & Improvement Project), XLCA, 5%, 2034	$	2,000,000	$	1,741,400
Sacramento, CA, Municipal Utility District, “X”, 5%, 2025		2,130,000		2,364,385
San Diego, CA, Public Facilities Financing Authority Sewer Rev., “A”, 5%, 2028		350,000		377,279
San Diego, CA, Public Facilities Financing Authority Sewer Rev., “B”, 5%, 2022		1,175,000		1,330,394
San Francisco, CA, City & County Public Utilities Commission Water Rev., “A”, 5%, 2023		2,555,000		2,993,898
San Francisco, CA, City & County Public Utilities Commission, “A”, 5%, 2024		2,550,000		2,952,007
Southern California Metropolitan Water District Rev., “A”, 5%, 2028		1,875,000		2,063,456
			$	24,296,304
Total Municipal Bonds (Identified Cost, $295,487,494)			$	300,495,450

Money Market Funds (v) - 3.3%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		10,126,966	$	10,126,966
Total Investments (Identified Cost, $305,614,460)			$	310,622,416

Other Assets, Less Liabilities - 0.2%				755,492
Net Assets - 100.0%			$	311,377,908

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value		Expiration Date	Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		49		$6,988,625	December - 2011		$(279,242	)
U.S. Treasury Note 10 yr (Short)		USD		35		4,553,281	December - 2011		(36,763	)

									$(316,005	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS FLORIDA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 97.7%

Issuer	Shares/Par		Value ($)

Airport Revenue - 3.7%
Greater Orlando Aviation Authority, Airport Facilities Rev., “A”, 5%, 2039	$	500,000	$	516,441
Miami-Dade County, FL, Aviation Rev. (Miami International Airport), “B”, AGM, 5%, 2041		1,000,000		1,017,090
			$	1,533,531
General Obligations - General Purpose - 4.0%
Cape Coral, FL, Special Obligation Rev., NATL, 5%, 2030	$	500,000	$	524,020
Palm Beach County, FL, Public Improvement Rev. “2”, 5.375%, 2028		1,000,000		1,117,210
			$	1,641,230
General Obligations - Schools - 7.0%
Florida Board of Education, Capital Outlay, 9.125%, 2014	$	1,010,000	$	1,098,870
Florida Board of Education, Capital Outlay, “E”, 5%, 2023		250,000		293,260
Florida Board of Education, Capital Outlay, ETM, 9.125%, 2014 (c)		400,000		475,176
Florida Board of Education, Public Education, “J”, 5%, 2033		1,000,000		1,027,940
			$	2,895,246
Healthcare Revenue - Hospitals - 23.7%
Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023	$	370,000	$	340,026
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		105,000		99,656
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), NATL, 6.5%, 2019 (c)		1,000,000		1,246,780
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), “A”, 5.625%, 2018 (c)		300,000		377,937
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		120,000		120,994
Jacksonville, FL, Health Facilities Rev. (Ascension Health), “A”, 5.25%, 2032		1,000,000		1,020,550
Jacksonville, FL, Health Facilities Rev. (Brooks Health Systems), 5.25%, 2038		500,000		491,465
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		305,000		303,737
Marshall County, AL, Health Care Authority Rev., “A”, 6.25%, 2022		500,000		506,865
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		250,000		252,860




Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029	$	30,000	$	31,196
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		225,000		227,556
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2024		500,000		505,730
Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Regional Healthcare), “C”, 5.25%, 2035		1,000,000		987,900
Palm Beach County, FL, Health Facilities Authority Rev. (Bethesda Memorial Hospital), “A”, AGM, 5.25%, 2040		500,000		521,305
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		500,000		525,785
South Broward, FL, Hospital District Rev., 5%, 2036		500,000		514,070
South Dakota Health & Educational Facilities Authority Rev. (Prairie Lakes Health Care System, Inc.), 5.625%, 2013 (c)		500,000		539,525
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		300,000		300,315
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Regional Medical Center), NATL, 6.625%, 2013		485,000		487,047
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		320,000		350,435
			$	9,751,734
Healthcare Revenue - Long Term Care - 0.3%
St. John’s County, FL, Industrial Development Authority (Bayview Project), “A”, 5.2%, 2027	$	150,000	$	115,734

Human Services - 0.7%
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.875%, 2021	$	300,000	$	300,951

Industrial Revenue - Chemicals - 1.7%
Brazos River, TX, Brazoria County Environmental Rev. (Dow Chemical, Co.), “A-7”, 6.625%, 2033	$	500,000	$	507,890
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		200,000		195,986
			$	703,876
Industrial Revenue - Other - 1.6%
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)	$	160,000	$	167,336

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Industrial Revenue - Other - continued
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026	$	500,000	$	503,500
			$	670,836
Miscellaneous Revenue - Other - 3.6%
Citizens Property Insurance Corp., “A-1”, 5.25%, 2017	$	750,000	$	827,708
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “A”, NATL, 0%, 2032		2,000,000		507,700
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		170,000		146,083
			$	1,481,491
Multi-Family Housing Revenue - 2.9%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), AGM, 5%, 2035	$	500,000	$	485,710
Florida Housing Finance Corp., Housing Rev. (Crossing at University Apartments), “Q-1”, AMBAC, 5.1%, 2018		710,000		711,065
			$	1,196,775
Sales & Excise Tax Revenue - 2.3%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033	$	490,000	$	128,189
Volusia County, FL, Tourist Development Tax Rev., AGM, 5%, 2034		815,000		826,573
			$	954,762
Single Family Housing - State - 1.4%
Florida Housing Finance Corp. Rev. (Homeowner Mortgage), “1”, GNMA, 4.8%, 2031	$	575,000	$	575,932

Solid Waste Revenue - 1.3%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	200,000	$	200,026
Palm Beach County, FL, Solid Waste Authority Rev. Improvement, BHAC, 5%, 2027		295,000		327,777
			$	527,803
State & Local Agencies - 3.8%
Florida Municipal Loan Council Rev., “C”, NATL, 5.25%, 2022	$	1,000,000	$	1,031,080
Miami-Dade County, FL, School Board, COP, “B”, ASSD GTY, 5%, 2033		500,000		511,500
			$	1,542,580
Tax - Other - 0.3%
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024	$	130,000	$	132,226

Tax Assessment - 2.1%
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014	$	165,000	$	128,245




Issuer	Shares/Par		Value ($)

Tax Assessment - continued
Concord Station Community Development District, FL, Special Assessment, 5%, 2015	$	95,000	$	91,598
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009 (a)(d)		85,000		38,250
Middle Village Community Development District, FL, Special Assessment, “A”, 5.8%, 2022		75,000		69,299
New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012 (a)(d)		200,000		64,000
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		75,000		70,761
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		65,000		56,152
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 2010 (d)		60,000		43,800
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		220,000		192,300
Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 2017		95,000		87,433
			$	841,838

Tobacco - 0.9%
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.875%, 2039	$	250,000	$	250,005
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		155,000		99,836
			$	349,841
Toll Roads - 2.5%
Orlando & Orange County, FL, Expressway Authority Rev., “A”, 5%, 2040	$	1,000,000	$	1,046,770

Universities - Colleges - 9.6%
Florida Board Regents, Housing Rev., NATL, 5.3%, 2020	$	610,000	$	610,531
Florida Board Regents, Housing Rev. (University of Central Florida), FGIC, 5.25%, 2020		1,185,000		1,187,489
Florida Higher Educational Facilities, Financial Authority Rev. (Rollins College), 5%, 2037		500,000		520,465
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		500,000		581,905
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 2028		1,000,000		1,048,640
			$	3,949,030
Utilities - Investor Owned - 1.4%
Hillsborough County, FL, Industrial Development Authority, Pollution Control Rev. (Tempa Electric Co.), “A”, 5.65%, 2018	$	500,000	$	563,880

Utilities - Municipal Owned - 6.3%
Florida Municipal Power Agency Rev., All Requirements, “A”, 6.25%, 2031	$	400,000	$	450,536

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Utilities - Municipal Owned - continued
Florida Power Agency Rev., “A”, 5%, 2031	$	1,000,000	$	1,038,810
JEA, FL, Electric System Rev., “3-D-2”, 5%, 2038		480,000		514,262
Lakeland, FL, Energy System Rev., “B”, 5.25%, 2036		500,000		567,325
			$	2,570,933
Water & Sewer Utility Revenue - 16.6%
Clearwater, FL, Water & Sewer Rev., “A”, 5.25%, 2039	$	500,000	$	543,100
Miami-Dade County, FL, Water & Sewer Rev., AGM, 5%, 2039		1,000,000		1,043,390
Pinellas County, FL, Sewer Rev., AGM, 5%, 2032		1,500,000		1,528,110
Polk County, FL, Utility Systems Rev., “A”, FGIC, 5%, 2030		1,000,000		1,030,460
Seminole County, FL, Water & Sewer Rev., Unrefunded Balance, NATL, 6%, 2019		940,000		1,046,314




Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
St. Lucie West, FL, Utility Rev., NATL, 5.25%, 2034	$	720,000	$	712,411
Tampa Bay Water, FL, Regional Water Supply Authority, Utility System Rev., FGIC, 4.75%, 2033		885,000		911,922
			$	6,815,707
Total Municipal Bonds (Identified Cost, $39,026,590)			$	40,162,706

Money Market Funds (v) - 0.5%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		204,637	$	204,637
Total Investments (Identified Cost, $39,231,227)			$	40,367,343

Other Assets, Less Liabilities - 1.8%				752,016
Net Assets - 100.0%			$	41,119,359

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS GEORGIA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 95.5%

Issuer	Shares/Par		Value ($)

Airport Revenue - 4.5%
Atlanta, GA, Airport Passenger Facilities Rev., “J”, AGM, 5%, 2029	$	750,000	$	772,065
Atlanta, GA, Airport Passenger Facilities Rev., “J”, AGM, 5%, 2034		750,000		760,680
Atlanta, GA, Airport Rev., “B”, AGM, 5.25%, 2033		1,000,000		1,020,860
Augusta, GA, Airport Rev., “B”, 5.35%, 2028		350,000		317,121
			$	2,870,726
General Obligations - General Purpose - 8.7%
Atlanta & Fulton County, GA, Park Improvement, “A”, NATL, 5%, 2030	$	500,000	$	524,015
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		230,000		249,042
Gilmer County, GA, Building Authority Rev. (Courthouse Project), “A”, SYNCORA, 5%, 2029		500,000		516,295
Gwinnett County, GA, Development Authority Rev. (Civic & Cultural Center), 4%, 2021		510,000		570,731
Lagrange-Troup County, GA, Hospital Authority Rev., 5.5%, 2038		500,000		525,195
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		245,000		244,980
State of California, 6%, 2039		420,000		467,338
State of Georgia, “C”, 5%, 2022		1,000,000		1,232,380
State of Georgia, “E”, 5%, 2016		1,000,000		1,184,670
			$	5,514,646
General Obligations - Improvement - 0.5%
Guam Government, “A”, 6.75%, 2029	$	185,000	$	192,709
Guam Government, “A”, 5.25%, 2037		100,000		88,016
Guam Government, “A”, 7%, 2039		25,000		26,128
			$	306,853
General Obligations - Schools - 4.8%
Commerce, GA, School District, 5%, 2022	$	500,000	$	570,365
Forsyth County, GA, School District, 5%, 2018		610,000		733,007
Gwinnett County, GA, School District, 5%, 2029		1,000,000		1,177,280
Jefferson, GA, School District, “A”, 5.25%, 2029		500,000		558,520
			$	3,039,172
Healthcare Revenue - Hospitals - 14.2%
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034	$	750,000	$	770,648
Chatham County, GA, Hospital Authority Rev., Hospital Improvement (Memorial Health University), “A”, 5.375%, 2026		200,000		165,462
Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc.), “B”, AMBAC, 6.25%, 2034		500,000		551,895
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		500,000		507,325



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
DeKalb County, GA, Private Hospital Authority Rev. Anticipation Certificates (Children’s Healthcare), 5.25%, 2039	$	750,000	$	776,490
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		350,000		350,445
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare), “A”, 5.25%, 2037		700,000		723,653
Gainesville & Hall County, GA, Hospital Authority Rev. (Northeast Georgia Healthcare), “A”, 5.25%, 2034		500,000		499,315
Georgia Medical Center Hospital Authority Rev. (Columbus Regional Healthcare System, Inc.), ASSD GTY, 6.5%, 2038		300,000		332,844
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		65,000		67,412
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		200,000		209,942
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		200,000		209,382
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		135,000		142,002
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		45,000		47,160
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		40,000		41,594
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		130,000		131,477
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		180,000		178,214
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		300,000		278,151
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5.25%, 2029		355,000		376,506
Richmond County, GA, Hospital Authority Rev. Anticipation Certificates (University Health Services, Inc. Project), 5.5%, 2036		750,000		759,750
Thomasville, GA, Hospital Authority Rev. Anticipation Certificates (John D. Archbold), 5.375%, 2040		500,000		505,165
Valdosta & Lowndes County, GA, Hospital Authority Rev. (Southern Georgia Medical Center Project), AMBAC, 5.25%, 2027		500,000		506,675
Valdosta & Lowndes County, GA, Hospital Authority Rev. (Southern Georgia Medical Center Project), 5%, 2033		240,000		239,364

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039	$	385,000	$	421,617
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		260,000		242,954
			$	9,035,442
Healthcare Revenue - Long Term Care - 0.8%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034	$	150,000	$	135,260
Gainesville & Hall County, GA, Development Authority Retirement Community Rev. (ACTS Retirement), 6.625%, 2039		200,000		208,440
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037		200,000		161,720
			$	505,420
Industrial Revenue - Environmental Services - 0.9%
Savannah, GA, Economic Development Authority, Solid Waste Disposal Rev. (Georgia Waste Management Project), “A”, 5.5%, 2016	$	500,000	$	563,285

Industrial Revenue - Other - 1.4%
Cartersville, GA, Development Authority Waste & Water Facilities Rev. (Anheuser-Busch Project), 5.95%, 2032	$	750,000	$	751,800
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		160,000		148,370
			$	900,170
Industrial Revenue - Paper - 1.5%
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018	$	150,000	$	150,020
Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031		100,000		100,319
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		150,000		149,172
Savannah, GA, Economic Development Pollution (Union Camp Corp.), 6.15%, 2017		500,000		567,090
			$	966,601
Miscellaneous Revenue - Other - 0.7%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	30,000	$	32,350
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		285,000		304,374
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		295,000		97,085
			$	433,809



Issuer	Shares/Par		Value ($)

Multi-Family Housing Revenue - 1.2%
Hinesville, GA, Leased Housing Corp., “A”, FHA, 6.7%, 2017	$	795,000	$	795,525

Sales & Excise Tax Revenue - 3.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030	$	265,000	$	282,848
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., “B”, AGM, 5%, 2037 (f)		250,000		257,263
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		295,000		317,798
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		280,000		282,352
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039		285,000		310,838
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		285,000		294,117
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		650,000		170,047
			$	1,915,263
Single Family Housing Revenue - Local - 0.8%
Atlanta, GA, Urban Residential Financing Authority, Multifamily Housing Rev. (Ginnie Mae Collateralized - Amal Heights), GNMA, 4.9%, 2040	$	500,000	$	507,280

Single Family Housing - State - 3.3%
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 5.375%, 2039	$	825,000	$	852,530
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C-2”, 5.1%, 2022		750,000		754,800
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “D-2”, 5.2%, 2032		500,000		509,025
			$	2,116,355
State & Agency - Other - 4.6%
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 2040	$	500,000	$	510,615
New York State Dormitory Authority Rev. (State University) , “B”, FGIC, 5.25%, 2019		310,000		355,170
Tift County, GA, Hospital Authority Rev., Anticipation Certificates, AMBAC, 5%, 2022		2,000,000		2,048,900
			$	2,914,685
State & Local Agencies - 1.9%
Georgia Municipal Association, Inc. (Riverdale Public Purpose Project), ASSD GTY, 5.5%, 2038	$	1,000,000	$	1,076,820
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		115,000		122,970
			$	1,199,790
Tax - Other - 0.9%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	75,000	$	76,961
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		25,000		25,630

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Tax - Other - continued
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029	$	50,000	$	49,474
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		50,000		50,823
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		190,000		187,999
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 6%, 2039		180,000		187,169
			$	578,056
Tax Assessment - 0.4%
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030	$	150,000	$	148,296
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		125,000		120,534
			$	268,830
Tobacco - 0.7%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	90,000	$	68,387
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		235,000		243,514
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		230,000		148,143
			$	460,044
Transportation - Special Tax - 0.9%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 2028	$	185,000	$	203,591
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020		305,000		369,788
			$	573,379
Universities - Colleges - 19.5%
Athens, GA, Housing Authority Rev. (University of Georgia East Campus Funding), 5.25%, 2035	$	500,000	$	537,925
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., Capital Appreciation, 0%, 2024		250,000		247,410
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., Capital Appreciation, 0%, 2031		250,000		236,121
Atkinson-Coffee County, GA, Joint Development Authority Rev. (SGC Real Estate Foundation LLC), ASSD GTY, 5.25%, 2034		500,000		545,315
Atkinson-Coffee County, GA, Joint Development Authority Rev. (SGC Real Estate Foundation LLC), AGM, 4.75%, 2035		600,000		620,010
Atlanta, GA, Development Authority Educational Facilities Rev. (Panther Place), ASSD GTY, 4.75%, 2032		500,000		507,735
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC), 5%, 2032		500,000		531,495
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC), 5%, 2039		500,000		513,760



Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Bleckley-Dodge County, GA, Student Housing Facilities Rev. (Middle Georgia College), 5.25%, 2038	$	500,000	$	519,495
Cobb County, GA, Development Authority, Dining Hall Lease Rev. (KSU Dining Hall), ASSD GTY, 5.75%, 2039		1,000,000		1,121,840
Cobb County, GA, Development Authority, Sports & Recreation Facilities Lease Rev. (Kennesaw State University Foundation), AGM, 5%, 2035		750,000		772,507
Dahlonega, GA, Downtown Development Authority Rev. (North Georgia MBA LLC), ASSD GTY, 4.75%, 2040		500,000		511,820
Dahlonega, GA, Downtown Development Authority Rev. (North Georgia PHD LLC), ASSD GTY, 5.25%, 2034		500,000		530,615
Dekalb Newton & Gwinnett Counties, GA, Joint Development Authority Rev. (GGC Foundation LLC), 6%, 2034		500,000		545,105
Fulton County, GA, Development Authority Rev. (Georgia Tech Foundation Funding), SYNCORA, 5%, 2032		500,000		525,060
Fulton County, GA, Development Authority Rev. (Molecular Science Building), NATL, 5%, 2034		1,000,000		1,021,730
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 2032		250,000		255,665
Georgia Higher Education Facilities Authority Rev. (Real Estate Foundation), 6%, 2034		300,000		322,689
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		430,000		449,303
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2030		100,000		99,882
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		275,000		319,198
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 2041		65,000		64,286
Private Colleges & Universities, GA, Authority Rev. (Agnes Scott College), 5%, 2024		500,000		557,425
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 2039		500,000		528,210
Savannah, GA, Economic Development Authority Rev. (SSU Community Development I LLC Project), ASSD GTY, 5.5%, 2035		500,000		537,475
			$	12,422,076
Universities - Dormitories - 1.3%
Georgia Private College & University Authority Rev. (Mercer Housing Corp.), “A”, 6%, 2021	$	450,000	$	451,764
Savannah, GA, Economic Development Authority Rev., “C”, ETM, 0%, 2021 (c)		500,000		383,085
			$	834,849
Utilities - Investor Owned - 0.3%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)	$	160,000	$	186,256

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Utilities - Municipal Owned - 5.2%
Georgia Municipal Electric Authority Power Rev., “A”, NATL, 6.5%, 2020	$	1,250,000	$	1,465,463
Guam Power Authority Rev., “A”, 5.5%, 2030		160,000		159,253
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		100,000		112,952
Monroe County, GA, Pollution Control Rev. (Oglethorpe Power Corp.), “A”, 6.8%, 2012		1,000,000		1,013,630
Puerto Rico Electric Power Authority, Power Rev., “XX”, 5.25%, 2040		190,000		192,643
Summerville, GA, Public Utility Rev., 5.75%, 2012 (c)		350,000		358,099
			$	3,302,040
Utilities - Other - 2.6%
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 2022	$	910,000	$	945,253
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, 5%, 2019		250,000		249,838
Tennessee Energy Acquisition Corp. Gas Rev., “A”, 5.25%, 2020		250,000		250,693
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		225,000		225,999
			$	1,671,783
Water & Sewer Utility Revenue - 10.9%
Athens-Clarke County, GA, Unified Government Water & Sewer Rev., 5.625%, 2033	$	500,000	$	550,265



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Augusta, GA, Water & Sewer Rev., AGM, 5.25%, 2034	$	1,000,000	$	1,052,150
Cherokee County, GA, Water & Sewer Authority Rev., 5%, 2021		385,000		468,351
Cherokee County, GA, Water & Sewer Authority Rev., 5%, 2028		800,000		900,720
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,036,850
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		145,000		173,044
Fulton County, GA, Water & Sewer Rev., ETM, FGIC, 6.375%, 2014 (c)		1,410,000		1,506,204
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		60,000		57,884
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2027		1,000,000		1,214,110
			$	6,959,578
Total Municipal Bonds (Identified Cost, $58,156,070)			$	60,841,913

Money Market Funds (v) - 3.8%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		2,408,523	$	2,408,523
Total Investments (Identified Cost, $60,564,593)			$	63,250,436

Other Assets, Less Liabilities - 0.7%				425,150
Net Assets - 100.0%			$	63,675,586

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		7	$998,375		December - 2011		$(39,892	)
U.S. Treasury Note 10 yr (Short)		USD		7	910,656		December - 2011		(7,352	)

									$(47,244	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS MARYLAND MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 98.2%

Issuer	Shares/Par		Value ($)

Airport Revenue - 0.7%
Metropolitan Washington, DC, Airport Authority Rev., “A”, 5%, 2039	$	750,000	$	794,535

General Obligations - General Purpose - 14.1%
Anne Arundel County, MD, General Improvements, 5%, 2016	$	1,000,000	$	1,174,190
Baltimore, MD, Public Improvement, “A”, AGM, 5%, 2027		1,050,000		1,195,719
Calvert County, MD, Public Improvements, 5%, 2020		1,475,000		1,810,238
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		260,000		257,509
Commonwealth of Puerto Rico, “A”, 6%, 2038		415,000		428,396
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		1,500,000		1,614,870
State of California, 6%, 2039		720,000		801,151
State of Maryland, 5%, 2020		3,500,000		4,112,150
State of Maryland, “B”, 5%, 2017		1,000,000		1,207,430
State of Maryland, “C”, 5%, 2019 (f)		2,000,000		2,465,300
			$	15,066,953
General Obligations - Improvement - 0.1%
Guam Government, “A”, 6.75%, 2029	$	70,000	$	72,917
Guam Government, “A”, 7%, 2039		80,000		83,610
			$	156,527
Healthcare Revenue - Hospitals - 21.8%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036	$	590,000	$	590,749
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		345,000		362,150
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		370,000		387,357
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		575,000		604,825
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		640,000		637,350
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.75%, 2025		500,000		504,015
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 2039		1,000,000		1,132,310
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), 5%, 2040		1,000,000		1,006,300
Maryland Health & Higher Educational Facilities Authority Rev. (Calvert Health Systems), 5.5%, 2039		1,000,000		1,021,800



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Maryland Health & Higher Educational Facilities Authority Rev. (Carroll County General Hospital), 6%, 2037	$	1,000,000	$	1,006,280
Maryland Health & Higher Educational Facilities Authority Rev. (Catholic Health), “A”, 6%, 2020		245,000		245,657
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 2029		750,000		651,000
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Memorial Hospital), 5.125%, 2035		1,000,000		941,700
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Hospital), 5%, 2021		750,000		751,155
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), “A”, 5%, 2037		750,000		772,155
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), ASSD GTY, 4.75%, 2038		965,000		973,617
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), 4.75%, 2039		590,000		548,735
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), “A”, AGM, 5.25%, 2038		1,000,000		1,111,160
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033		635,000		648,926
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042		750,000		721,980
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Medical Center), 5%, 2036		1,000,000		1,007,470
Maryland Health & Higher Educational Facilities Authority Rev. (Suburban Hospital), “A”, 5.5%, 2016		1,000,000		1,094,480
Maryland Health & Higher Educational Facilities Authority Rev. (Union Hospital of Cecil County Issue), 5.625%, 2032		1,000,000		1,005,470
Maryland Health & Higher Educational Facilities Authority Rev. (Union Hospital of Cecil County Issue), 5%, 2035		500,000		503,010
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), AMBAC, 5%, 2031		1,000,000		1,017,080
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), “A”, 5%, 2041		500,000		505,425
Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 5.75%, 2038		500,000		499,950

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Maryland Industrial Development Authority, Economic Development Rev., RIBS, FRN, AGM, 11.172%, 2022 (p)	$	1,200,000	$	1,514,184
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		65,000		67,590
Montgomery County, MD, Economic Development Rev. (Trinity Healthcare Group), 5.125%, 2022		500,000		501,310
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		480,000		485,453
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 2029		415,000		447,677
			$	23,268,320
Healthcare Revenue - Long Term Care - 1.8%
Gaithersburg, MD, Economic Development Rev. (Asbury Maryland Obligations Group), “A”, 5.125%, 2036	$	400,000	$	353,228
Howard County, MD, Retirement Rev. (Vantage House Facilities), “B”, 5.25%, 2037		300,000		216,897
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041		750,000		779,228
Maryland Health & Higher Educational Facilities Authority Rev. (King Farm Presbyterian Community), “A”, 5.3%, 2037		300,000		223,605
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Ridge), “A”, 6%, 2013 (c)		150,000		163,830
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		55,000		58,485
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		85,000		88,889
			$	1,884,162
Healthcare Revenue - Other - 0.7%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 2019	$	210,000	$	215,019
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 2029		565,000		539,490
			$	754,509
Industrial Revenue - Environmental Services - 0.6%
Northeast Maryland Waste Disposal Authority Resources Recovery Rev. (Baltimore Resco Retrofit Project), 5%, 2012	$	690,000	$	696,217
Industrial Revenue - Other - 0.8%
Maryland Economic Development Corp., Pollution Control Rev. (CNX Marine Terminals, Inc.), 5.75%, 2025	$	500,000	$	499,020



Issuer	Shares/Par		Value ($)

Industrial Revenue - Other - continued
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	375,000	$	347,741
			$	846,761
Miscellaneous Revenue - Other - 1.5%
Harford County, MD, Economic Development Rev. (Battelle Memorial Institute Project), 5.25%, 2034	$	1,600,000	$	1,614,080

Multi-Family Housing Revenue - 6.9%
Maryland Community Development Administration (Waters Landing II Apartments), Department of Housing & Community Development, “A”, FRN, GNMA, 5.875%, 2033 (b)	$	1,500,000	$	1,516,230
Maryland Community Development Administration, Department of Housing & Community Development, “A”, 5.05%, 2047		1,000,000		961,570
Maryland Community Development Administration, Department of Housing & Community Development, “B”, FNMA, 5%, 2039		500,000		491,200
Maryland Community Development Administration, Department of Housing & Community Development, “B”, FHA, 4.45%, 2040		2,500,000		2,390,450
Maryland Community Development Administration, Department of Housing & Community Development, “D”, 5%, 2032		1,000,000		988,470
Montgomery County, MD, Housing Opportunities Commission, Multifamily Rev., 5.125%, 2037		1,000,000		1,033,360
			$	7,381,280
Parking - 2.2%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AMBAC, 5%, 2034	$	1,385,000	$	1,290,543
Maryland Transportation Authority Rev. (Baltimore/Washington International Airport), “A”, AMBAC, 5%, 2027		1,000,000		1,013,230
			$	2,303,773
Port Revenue - 0.5%
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035	$	550,000	$	549,246

Sales & Excise Tax Revenue - 3.1%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041	$	435,000	$	445,379
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		510,000		549,413
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		335,000		337,814

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Sales & Excise Tax Revenue - continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028	$	520,000	$	566,810
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		1,060,000		1,105,029
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		1,100,000		287,771
			$	3,292,216
Single Family Housing Revenue - Local - 0.0%
Prince George’s County, MD, Housing Single Family Collateral, “A”, GNMA, 5.6%, 2034	$	20,000	$	20,199

Single Family Housing - State - 3.9%
Maryland Community Development Administration, Department of Housing & Community Development, 5%, 2034	$	1,500,000	$	1,513,005
Maryland Community Development Administration, Department of Housing & Community Development, 5.65%, 2048		270,000		279,172
Maryland Community Development Administration, Department of Housing & Community Development , “B”, 4.75%, 2019		225,000		225,718
Maryland Community Development Administration, Department of Housing & Community Development, “A”, 5.875%, 2016		450,000		450,279
Maryland Community Development Administration, Department of Housing & Community Development, “I”, 6%, 2041		495,000		531,397
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), “B”, 4.55%, 2026		1,000,000		968,600
Puerto Rico Housing Finance Authority, Home Mortgage Rev., Mortgage Backed Securities, “A”, 4.75%, 2023		145,000		145,564
			$	4,113,735
State & Agency - Other - 3.1%
Howard County, MD, COP, 8%, 2019	$	680,000	$	976,630
Howard County, MD, COP, 8%, 2019		385,000		552,945
Howard County, MD, COP, 8%, 2019		805,000		1,156,157
Howard County, MD, COP, “B”, 8.15%, 2021		450,000		665,762
			$	3,351,494
State & Local Agencies - 2.3%
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034	$	370,000	$	397,184
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		180,000		192,474
Maryland Department of Transportation, Port Administration Facilities Project, AMBAC, 5.25%, 2020		1,690,000		1,853,727
			$	2,443,385
Tax - Other - 1.1%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	325,000	$	333,496



Issuer	Shares/Par		Value ($)

Tax - Other - continued
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029	$	45,000	$	46,134
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		520,000		514,524
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 6%, 2039		285,000		296,352
			$	1,190,506
Tax Assessment - 4.0%
Anne Arundel County, MD, Special Obligation (Arundel Mills Project), 5.125%, 2029	$	1,000,000	$	1,069,310
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040		350,000		347,148
Anne Arundel County, MD, Special Obligation (VLG South Waugh Chapel Project), 6.25%, 2040		300,000		298,773
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 7%, 2038		400,000		403,660
Brunswick, MD, Special Obligation (Brunswick Crossing Special Taxing), 5.5%, 2036		244,000		181,795
Frederick County, MD, Special Obligation (Urbana Community Development Authority), “A”, 5%, 2040		1,500,000		1,492,860
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		500,000		453,195
			$	4,246,741
Tobacco - 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	160,000	$	121,578
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		215,000		222,789
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		525,000		338,152
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		145,000		135,824
			$	818,343
Transportation - Special Tax - 2.4%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 5.25%, 2033	$	1,365,000	$	1,433,987
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.25%, 2029		515,000		566,443
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.125%, 2032		485,000		523,325
			$	2,523,755
Universities - Colleges - 12.4%
Annapolis, MD, Economic Development Rev. (St. John’s College), 5.5%, 2018	$	150,000	$	150,513
Anne Arundel County, MD, Economic Development (Community College Project), 5.25%, 2028		1,600,000		1,651,328
Frederick County, MD, Educational Facilities Rev. (Mount St. Mary’s College), 5%, 2030		1,000,000		869,420

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), 5.375%, 2025	$	500,000	$	520,930
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins University), “A”, 5%, 2032		2,000,000		2,020,720
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College), “A”, 5.125%, 2045		1,600,000		1,642,000
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5%, 2030		750,000		746,347
Maryland Health & Higher Educational Facilities Authority Rev. (Notre Dame College), 5%, 2035		1,000,000		1,033,640
Massachusetts Development Finance Agency Higher Education Rev. (Emerson College), “A”, 5%, 2023		580,000		611,900
Morgan State University, MD, Academic, NATL, 6.05%, 2015		1,235,000		1,363,181
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		480,000		557,146
Westminster, MD, Educational Facilities Rev. (McDaniel College, Inc.), 5.5%, 2012 (c)		1,000,000		1,051,410
Westminster, MD, Educational Facilities Rev. (McDaniel College, Inc.), 5%, 2031		1,000,000		951,300
			$	13,169,835
Universities - Dormitories - 1.8%
Maryland Economic Development Corp., Collegiate Housing Rev. (Salisbury University), “A”, 6%, 2019	$	900,000	$	901,341
Maryland Economic Development Corp., Collegiate Housing Rev. (Towson University), “A”, 5.75%, 2029		1,000,000		990,080
			$	1,891,421
Universities - Secondary Schools - 0.8%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041	$	265,000	$	275,955
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (a)(d)		500,000		200,000
Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035		400,000		402,016
			$	877,971



Issuer	Shares/Par		Value ($)

Utilities - Investor Owned - 0.9%
Maryland Economic Development Corp., Pollution Control Rev. (Potomac Electric Power Co.), 6.2%, 2022	$	500,000	$	593,835
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		275,000		320,128
			$	913,963
Utilities - Municipal Owned - 1.5%
Guam Power Authority Rev., AMBAC, 5.25%, 2015	$	1,360,000	$	1,361,850
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		185,000		208,961
			$	1,570,811
Utilities - Other - 1.0%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	400,000	$	401,776
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		195,000		194,544
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		100,000		99,340
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		140,000		138,771
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		235,000		233,085
			$	1,067,516
Water & Sewer Utility Revenue - 7.4%
Baltimore, MD, Rev., LEVRRS, FRN, NATL, 10.63%, 2020 (p)	$	3,000,000	$	4,164,780
Baltimore, MD, Wastewater Rev. Project, “A”, NATL, 5.65%, 2020		2,000,000		2,388,260
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,036,850
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		240,000		286,418
			$	7,876,308
Total Municipal Bonds (Identified Cost, $100,245,215)			$	104,684,562

Money Market Funds (v) - 0.6%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		626,612	$	626,612
Total Investments (Identified Cost, $100,871,827)			$	105,311,174

Other Assets, Less Liabilities - 1.2%				1,274,252
Net Assets - 100.0%			$	106,585,426

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		15	$2,139,375		December - 2011		$(85,482	)
U.S. Treasury Note 10 yr (Short)		USD		11	1,431,031		December - 2011		(11,554	)

									$(97,036	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS MASSACHUSETTS MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 96.5%

Issuer	Shares/Par		Value ($)

General Obligations - General Purpose - 13.5%
Boston, MA, “B”, 4%, 2019	$	2,000,000	$	2,294,900
Boston, MA, “B”, 4%, 2021		1,870,000		2,143,039
Cambridge, MA, Municipal Purpose Loan, 4%, 2019		2,710,000		3,143,573
Commonwealth of Massachusetts, “A”, 5%, 2022		3,000,000		3,618,810
Commonwealth of Massachusetts, “B”, AGM, 5.25%, 2022		3,000,000		3,753,870
Commonwealth of Massachusetts, “B”, 5.25%, 2023		1,000,000		1,248,530
Commonwealth of Massachusetts, “B”, 5.25%, 2028		2,225,000		2,710,406
Commonwealth of Massachusetts, “C”, NATL, 5.5%, 2019		4,000,000		5,010,960
Commonwealth of Massachusetts, “C”, N ASSD GTY, 5.25%, 2024		2,300,000		2,640,653
Commonwealth of Massachusetts, “C”, AMBAC, 5%, 2032		4,815,000		5,181,710
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		1,035,000		1,120,688
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		1,650,000		1,776,357
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		925,000		924,926
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		605,000		683,559
State of California, 6%, 2039		1,555,000		1,730,264
			$	37,982,245
General Obligations - Improvement - 0.4%
Guam Government, “A”, 6.75%, 2029	$	685,000	$	713,544
Guam Government, “A”, 5.25%, 2037		395,000		347,663
Guam Government, “A”, 7%, 2039		75,000		78,384
			$	1,139,591
Healthcare Revenue - Hospitals - 13.8%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036	$	1,315,000	$	1,316,670
Illinois Finance Authority Rev. (Little Company of Mary Hospital and Health Care Centers), 5.375%, 2040		410,000		406,704
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		745,000		779,948
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		520,000		546,972
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,180,000		1,175,115



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 2032	$	1,000,000	$	1,100,210
Massachusetts Development Finance Agency Rev. (UMass Memorial Medical Center, Inc.), “H”, 5.5%, 2031		1,000,000		1,012,700
Massachusetts Health & Educational Facilities Authority Rev., 6.5%, 2012 (c)		15,000		15,374
Massachusetts Health & Educational Facilities Authority Rev. (Bay State Medical Center), “I”, 5.75%, 2036		500,000		509,635
Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031		730,000		732,416
Massachusetts Health & Educational Facilities Authority Rev. (Boston Medical Center), 5.25%, 2038		1,000,000		878,970
Massachusetts Health & Educational Facilities Authority Rev. (Caregroup, Inc.), 5.125%, 2038		2,000,000		2,000,400
Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “B”, 6.25%, 2022 (c)		20,000		21,079
Massachusetts Health & Educational Facilities Authority Rev. (Catholic Health East Issue), 5.5%, 2012 (c)		1,575,000		1,666,870
Massachusetts Health & Educational Facilities Authority Rev. (Children’s Hospital), “M”, 5.25%, 2039		1,500,000		1,573,905
Massachusetts Health & Educational Facilities Authority Rev. (Children’s Hospital), “M”, 5.5%, 2039		1,000,000		1,068,280
Massachusetts Health & Educational Facilities Authority Rev. (Healthcare Systems), 6.5%, 2017		60,000		61,029
Massachusetts Health & Educational Facilities Authority Rev. (Healthcare Systems), 6%, 2031		790,000		799,085
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018		1,330,000		1,318,509
Massachusetts Health & Educational Facilities Authority Rev. (Lahey Clinic), “D”, 5.25%, 2037		1,550,000		1,557,657
Massachusetts Health & Educational Facilities Authority Rev. (Lowell General Hospital), “C”, 5.125%, 2035		1,600,000		1,427,568
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Eye & Ear Infirmary), “C”, 5.375%, 2035		1,500,000		1,477,125
Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Hospital), “C”, 5.25%, 2018		1,500,000		1,464,735
Massachusetts Health & Educational Facilities Authority Rev. (New England Medical Center Hospital), “H”, FGIC, 5.375%, 2012 (c)		815,000		840,281

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Massachusetts Health & Educational Facilities Authority Rev. (New England), “H”, FGIC, 5%, 2012 (c)	$	45,000	$	46,293
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare Systems), “G”, 5%, 2032		2,000,000		2,065,260
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare), “J-1”, 5%, 2039		2,000,000		2,055,400
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare), “J1”, 5%, 2034		1,375,000		1,423,056
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038 (d)(q)		1,000,000		785,970
Massachusetts Health & Educational Facilities Authority Rev. (South Shore), 5.625%, 2019		740,000		740,599
Massachusetts Health & Educational Facilities Authority Rev. (Southcoast Health Obligation), “D”, 5%, 2029		1,000,000		1,010,150
Massachusetts Health & Educational Facilities Authority Rev. (Southcoast Health Obligation), “D”, 5%, 2039		1,000,000		995,460
Massachusetts Health & Educational Facilities Authority Rev. (Winchester Hospital), 5.25%, 2038		2,000,000		1,890,140
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		430,000		450,644
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		655,000		648,502
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		35,000		35,807
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		165,000		172,240
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		395,000		411,926
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		1,355,000		1,483,874
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		915,000		855,013
			$	38,821,571
Healthcare Revenue - Long Term Care - 0.9%
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037	$	500,000	$	469,245
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5.625%, 2030		525,000		528,197
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 2039		352,582		264,348
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 2046		18,820		12,272



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Long Term Care - continued
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 2056	$	93,608	$	927
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 6.9%, 2032		530,000		537,425
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039		500,000		514,715
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		20,000		21,275
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		130,000		137,389
			$	2,485,793
Healthcare Revenue - Other - 0.7%
Massachusetts Health & Educational Facilities Authority Rev. (Dana Faber Cancer Institute), “K”, 5%, 2037	$	2,000,000	$	2,056,780

Human Services - 0.4%
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5.5%, 2035	$	1,200,000	$	1,102,692

Industrial Revenue - Airlines - 0.7%
Massachusetts Port Authority Rev., Special Facilities (U.S. Airways), NATL, 5.875%, 2016	$	1,900,000	$	1,863,121

Industrial Revenue - Environmental Services - 0.3%
Massachusetts Development Finance Agency Rev. (Waste Management, Inc.), FRN, 5.5%, 2027 (b)	$	750,000	$	808,620

Industrial Revenue - Other - 1.5%
Massachusetts Development Finance Agency Rev., Resource Recovery (Fluor Corp.), 5.625%, 2019	$	1,675,000	$	1,677,228
Massachusetts Industrial Finance Agency Rev. (Welch Foods, Inc.), 5.6%, 2017		2,100,000		2,105,586
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		595,000		551,749
			$	4,334,563
Miscellaneous Revenue - Other - 5.3%
Martha’s Vineyard, MA, Land Bank Rev., AMBAC, 5%, 2029	$	785,000	$	802,827
Massachusetts Development Finance Agency Rev., 5.5%, 2020		1,205,000		1,432,938
Massachusetts Health & Educational Facilities Authority Rev., 5.5%, 2034		1,500,000		1,622,055
Massachusetts Health & Educational Facilities Authority Rev. (The Sterling & Francine Clark Art Institute), “B”, 5%, 2030		3,500,000		3,847,865
Massachusetts Health & Educational Facilities Authority Rev. (The Sterling & Francine Clark Art Institute), “B”, 5%, 2040		1,700,000		1,832,039

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Miscellaneous Revenue - Other - continued
Massachusetts Port Authority Facilities Rev. (Boston Fuel Project), FGIC, 5%, 2024	$	2,000,000	$	2,055,040
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041		3,000,000		3,124,680
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		1,100,000		362,010
			$	15,079,454
Multi-Family Housing Revenue - 5.9%
Massachusetts Development Finance Agency Rev. (Credit Housing-Chelsea Homes), “I-A”, LOC, 5%, 2024	$	1,185,000	$	1,192,560
Massachusetts Development Finance Agency Rev. (Morville House Apartments), “A”, LOC, 4.95%, 2023		2,500,000		2,520,500
Massachusetts Housing Finance Agency Rev., “A”, 5.25%, 2035		1,000,000		1,027,220
Massachusetts Housing Finance Agency Rev., “A”, AMBAC, 5.5%, 2040		1,565,000		1,397,498
Massachusetts Housing Finance Agency Rev., “A”, 5.25%, 2048		1,000,000		1,000,580
Massachusetts Housing Finance Agency Rev., “C”, 5.35%, 2049		1,680,000		1,696,783
Massachusetts Housing Finance Agency Rev., “F”, 5.125%, 2034		720,000		709,870
Massachusetts Housing Finance Agency Rev., “P”, 5%, 2023		1,240,000		1,246,758
Massachusetts Housing Finance Agency Rev., “P”, 5.2%, 2045		1,445,000		1,408,846
Massachusetts Housing Finance Agency Rev., Rental Mortgage, “A”, AMBAC, 5.7%, 2020		70,000		70,010
Massachusetts Housing Finance Agency, “B”, 5.25%, 2030		1,700,000		1,703,400
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, 4.75%, 2030		1,425,000		1,447,772
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, 4.875%, 2032		1,190,000		1,216,144
			$	16,637,941
Parking - 1.1%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036	$	3,000,000	$	3,202,470

Port Revenue - 1.3%
Massachusetts Port Authority Rev., “A”, NATL, 5%, 2033	$	1,265,000	$	1,286,391
Massachusetts Port Authority Rev., “B”, 5%, 2040		2,000,000		2,129,460
Massachusetts Port Authority Rev., ETM, 13%, 2013 (c)		235,000		270,889
			$	3,686,740
Sales & Excise Tax Revenue - 6.5%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041	$	985,000	$	1,008,502



Issuer	Shares/Par		Value ($)

Sales & Excise Tax Revenue - continued
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024	$	1,590,000	$	1,939,641
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		1,850,000		2,263,993
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2032		1,945,000		2,343,939
Massachusetts Bay Transportation Authority, Sales Tax Rev., Capital Appreciation, 0%, 2034		4,000,000		1,360,360
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 2032		2,000,000		2,076,540
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “A”, AMBAC, 4.5%, 2035		950,000		973,057
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,050,000		1,131,144
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,050,000		1,144,521
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		705,000		734,948
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039		1,070,000		1,167,006
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		1,060,000		1,093,909
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2032		1,175,000		1,034,611
			$	18,272,171
Single Family Housing - State - 2.2%
Massachusetts Housing Finance Agency, Single Family Housing Rev., “102”, 5%, 2029	$	1,500,000	$	1,480,860
Massachusetts Housing Finance Agency, Single Family Housing Rev., “122”, 4.85%, 2031		1,625,000		1,626,511
Massachusetts Housing Finance Agency, Single Family Housing Rev., “128”, AGM, 4.875%, 2038		1,110,000		1,109,101
Massachusetts Housing Finance Agency, Single Family Housing Rev., “138”, 5.35%, 2033		2,000,000		2,069,960
			$	6,286,432
Solid Waste Revenue - 0.8%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014	$	190,000	$	190,230
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		1,925,000		1,929,582
			$	2,119,812
State & Agency - Other - 0.5%
Massachusetts Development Finance Agency Rev. (Visual & Performing Arts Project), 6%, 2015	$	1,235,000	$	1,440,665

State & Local Agencies - 3.7%
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037	$	1,370,000	$	873,855

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
Massachusetts College Building Authority Project Rev., “A”, SYNCORA, 5%, 2043	$	2,110,000	$	2,145,638
Massachusetts College Building Authority Project Rev., Capital Appreciation, “A”, SYNCORA, 0%, 2022		8,310,000		5,669,248
Massachusetts State College, Building Authority Project Rev., “A”, 5.5%, 2049		1,680,000		1,797,852
			$	10,486,593
Student Loan Revenue – 4.7%
Massachusetts Educational Financing Authority, “J”, 5.625%, 2029	$	2,000,000	$	1,961,340
Massachusetts Educational Financing Authority, Education Loan Rev., “E”, AMBAC, 5%, 2015		90,000		90,466
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		2,035,000		2,112,045
Massachusetts Educational Financing Authority, Education Loan Rev., “I”, 6%, 2028		1,370,000		1,468,147
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 2022		3,000,000		3,243,000
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.15%, 2026		1,910,000		1,962,754
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.2%, 2027		910,000		931,967
Massachusetts Educational Financing Authority, Education Loan Rev., “Issue E”, AMBAC, 5.3%, 2016		1,360,000		1,362,516
			$	13,132,235
Tax - Other - 1.0%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	260,000	$	266,796
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		85,000		87,143
Massachusetts Special Obligation Dedicated Tax Rev., NATL, 5.5%, 2023		1,585,000		1,861,250
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		600,000		645,570
			$	2,860,759
Tobacco - 1.0%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	315,000	$	239,356
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, 5.5%, 2039		400,000		333,840
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		440,000		309,615
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		1,335,000		1,383,367
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		960,000		618,336
			$	2,884,514



Issuer	Shares/Par		Value ($)

Toll Roads - 1.6%
Massachusetts Department of Transportation, Metropolitan Highway System Rev., “B”, 5%, 2015	$	1,500,000	$	1,665,345
Massachusetts Department of Transportation, Metropolitan Highway System Rev., “B”, 5%, 2032		2,600,000		2,723,136
			$	4,388,481
Transportation - Special Tax - 2.1%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “C”, 5.5%, 2016 (c)	$	200,000	$	241,654
Massachusetts Bay Transportation Authority, Sales Tax Rev., “C”, 5.5%, 2016		4,825,000		5,787,732
			$	6,029,386
Universities - Colleges - 18.0%
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029	$	2,005,000	$	2,089,310
Massachusetts Development Finance Agency Higher Education Rev. (Emerson College), “A”, 5%, 2023		1,750,000		1,846,250
Massachusetts Development Finance Agency Rev. (Boston College), “R-1”, 5%, 2024		3,950,000		4,517,260
Massachusetts Development Finance Agency Rev. (Boston University), “V-1”, 5%, 2029		2,165,000		2,307,219
Massachusetts Development Finance Agency Rev. (Curry College), “A”, ACA, 5%, 2036		2,000,000		1,838,780
Massachusetts Development Finance Agency Rev. (Hampshire College), 5.7%, 2034		1,000,000		992,400
Massachusetts Development Finance Agency Rev. (New England Conservatory of Music), 5.25%, 2038		2,000,000		1,982,800
Massachusetts Development Finance Agency Rev. (Pharmacy & Allied Health Sciences), 5.75%, 2013 (c)		1,000,000		1,103,840
Massachusetts Development Finance Agency Rev. (Simmons College), SYNCORA, 5.25%, 2026		2,250,000		2,299,275
Massachusetts Development Finance Agency Rev. (Suffolk University), 5.125%, 2040		1,000,000		969,940
Massachusetts Development Finance Agency Rev. (The Broad Institute, Inc.), “A”, 5.25%, 2037		2,000,000		2,099,040
Massachusetts Development Finance Agency Rev. (Western New England College), 6.125%, 2012 (c)		1,115,000		1,195,001
Massachusetts Development Finance Agency Rev. (Wheelock College), “C”, 5.25%, 2037		1,500,000		1,454,505
Massachusetts Health & Educational Facilities Authority Rev., 5%, 2037		2,000,000		2,051,980
Massachusetts Health & Educational Facilities Authority Rev. (Berklee College of Music), “A”, 5%, 2027		905,000		948,838
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 2027		1,735,000		2,196,250

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), 5.5%, 2036	$	1,500,000	$	1,711,680
Massachusetts Health & Educational Facilities Authority Rev. (Lesley University), “A”, ASSD GTY, 5.25%, 2039		1,000,000		1,051,820
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “A”, 5%, 2038		750,000		818,588
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028 (f)		1,000,000		1,258,980
Massachusetts Health & Educational Facilities Authority Rev. (Northeastern University), “A”, 5%, 2015		1,130,000		1,283,047
Massachusetts Health & Educational Facilities Authority Rev. (Northeastern University), “A”, 5%, 2035		1,500,000		1,562,820
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		500,000		565,975
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 4.75%, 2026		750,000		768,990
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), MSQLF, 4.875%, 2027		250,000		257,040
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 2028		640,000		664,064
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 2029		300,000		315,699
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		2,000,000		2,154,640
Massachusetts Health & Educational Facilities Authority Rev. (UMass Worcester) ,”B”, FGIC, 5.125%, 2019		1,005,000		1,007,201
Massachusetts Health & Educational Facilities Authority Rev. (Wheaton College), “F”, 5%, 2041		500,000		518,410
Massachusetts Health & Higher Educational Facilities Authority Rev. (Williams College), “H”, 5%, 2028		1,000,000		1,038,080
Massachusetts Industrial Finance Agency Rev. (Brandeis University), Capital Appreciation, “C”, NATL, 0%, 2011		500,000		500,000
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 2041		295,000		291,761
University of Massachusetts Building Authority Project Rev., 5%, 2034		1,000,000		1,068,110
University of Massachusetts Building Authority Project Rev., “1”, 5%, 2019		3,000,000		3,627,990
Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 2035		250,000		251,895
Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 2039		250,000		250,890
			$	50,860,368



Issuer	Shares/Par		Value ($)

Universities - Secondary Schools - 3.0%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041	$	665,000	$	692,491
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.375%, 2031		1,080,000		1,079,244
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.5%, 2036		1,000,000		988,150
Massachusetts Development Finance Agency Rev. (Dexter School), 4.75%, 2032		1,130,000		1,142,645
Massachusetts Development Finance Agency Rev. (Dexter School), 5%, 2037		2,000,000		2,044,780
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “A”, 6.375%, 2030		1,000,000		1,016,270
Massachusetts Development Finance Agency Rev. (Middlesex School), 5.125%, 2023		500,000		511,955
Massachusetts Development Finance Agency Rev. (Milton Academy), “A”, 5%, 2028		1,000,000		1,109,850
			$	8,585,385
Utilities - Investor Owned - 0.4%
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)	$	1,000,000	$	1,098,930

Utilities - Municipal Owned - 0.9%
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020	$	1,105,000	$	1,313,193
Guam Power Authority Rev., “A”, 5.5%, 2030		590,000		587,245
Massachusetts Development Finance Agency Rev. (Devens Electric Systems), 5.625%, 2016		725,000		734,244
			$	2,634,682
Utilities - Other - 0.7%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	805,000	$	808,574
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		405,000		404,052
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		210,000		208,614
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		480,000		476,088
			$	1,897,328
Water & Sewer Utility Revenue - 3.6%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038	$	2,000,000	$	2,073,700
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		305,000		294,243
Massachusetts Water Pollution Abatement Trust, 5.25%, 2027		1,280,000		1,607,373
Massachusetts Water Pollution Abatement Trust, 5.25%, 2033		2,000,000		2,471,560
Massachusetts Water Pollution Abatement Trust Rev., Unrefunded Balance, “5”, 5.75%, 2017		25,000		25,086
Massachusetts Water Pollution Abatement Trust, “10”, 5%, 2029		160,000		167,926

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Massachusetts Water Pollution Abatement Trust, “10”, 5%, 2034	$	145,000	$	150,710
Massachusetts Water Pollution Abatement Trust, “A”, 5%, 2032		75,000		75,956
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 2031		1,625,000		1,966,234
Massachusetts Water Resources Authority, General Rev., “B”, 5%, 2034		655,000		707,721
Massachusetts Water Resources Authority, General Rev., “J”, AGM, 5%, 2023		500,000		514,320
			$	10,054,829
Total Municipal Bonds (Identified Cost, $257,554,805)			$	272,234,151


Money Market Funds (v) - 2.4%
Issuer	Shares/Par		Value ($)

MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		6,727,805	$	6,727,805
Total Investments (Identified Cost, $264,282,610)			$	278,961,956

Other Assets, Less Liabilities - 1.1%				3,007,028
Net Assets - 100.0%			$	281,968,984

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		38	$5,419,750		December - 2011		$(216,554	)
U.S. Treasury Note 10 yr (Short)		USD		25	3,252,344		December - 2011		(26,259	)

									$(242,813	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

Portfolio Footnotes:

(a)	Non-income producing security.

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(n)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $742,163, representing 0.24% of net assets for the California Fund and $167,336, representing 0.41% of net assets for the Florida Fund.

(p)	Primary inverse floater.

(q)	Interest received was less than stated coupon rate.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP	Certificate of Participation
ETM	Escrowed to Maturity
FRN	Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC	Letter of Credit
Insurers		Inverse Floaters
ACA	ACA Financial Guaranty Corp.	LEVRRS	Leveraged Reverse Rate Security
AGM	Assured Guaranty Municipal	RIBS	Residual Interest Bonds
AMBAC	AMBAC Indemnity Corp.
ASSD GTY	Assured Guaranty Insurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
CALHF	California Health Construction Loan Insurance
CIFG	CDC IXIS Financial Guaranty
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
MSQLF	Michigan Student Qualified Loan Fund
NATL	National Public Finance Guarantee Corp.
SYNCORA	Syncora Guarantee Inc.
XLCA	XL Capital Insurance Co.

See Notes to Financial Statements

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 9/30/11 (unaudited)

These statements represent each fund’s balance sheet, which details the assets and liabilities comprising the total value of each fund.


	Alabama Fund			Arkansas Fund			California Fund			Florida Fund
Assets
Investments –
Non-affiliated issuers, at identified cost		$64,776,948			$184,095,011			$295,487,494			$39,026,590
Underlying affiliated funds, at cost and net asset value		1,258,936			8,441,145			10,126,966			204,637
Total investments, at identified cost		$66,035,884			$192,536,156			$305,614,460			$39,231,227
Unrealized appreciation (depreciation)		3,039,561			7,393,459			5,007,956			1,136,116
Total investments, at value		$69,075,445			$199,929,615			$310,622,416			$40,367,343
Receivables for
Investments sold		1,025,000			—			—			92,357
Fund shares sold		40,473			446,406			37,905			—
Interest		916,638			2,551,276			4,074,936			804,811
Receivable from investment adviser		3,246			—			—			—
Other assets		140			284			459			85
Total assets		$71,060,942			$202,927,581			$314,735,716			$41,264,596

Liabilities
Payables for
Distributions		$84,207			$214,172			$427,244			$61,417
Daily variation margin on open futures contracts		5,859			—			29,860			—
Investments purchased		—			—			2,368,155			—
Fund shares reacquired		188,338			247,245			387,027			19,074
Payable to affiliates
Investment adviser		—			5,206			7,986			1,110
Shareholder servicing costs		18,703			22,589			66,706			10,023
Distribution and service fees		1,063			4,832			6,130			318
Payable for independent Trustees’ compensation		5,819			5,616			13,314			5,601
Accrued expenses and other liabilities		32,824			40,099			51,386			47,694
Total liabilities		$336,813			$539,759			$3,357,808			$145,237
Net assets		$70,724,129			$202,387,822			$311,377,908			$41,119,359

Net assets consist of
Paid-in capital		$68,736,113			$195,138,771			$315,036,332			$41,102,920
Unrealized appreciation (depreciation) on investments		2,977,321			7,393,459			4,691,951			1,136,116
Accumulated net realized gain (loss) on investments		(1,044,635	)		(231,192	)		(8,570,870	)		(1,151,860	)
Undistributed net investment income		55,330			86,784			220,495			32,183
Net assets		$70,724,129			$202,387,822			$311,377,908			$41,119,359

Statements of Assets and Liabilities (unaudited) – continued


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund
Net assets
Class A		$68,441,453		$194,287,469		$273,355,009		$39,232,706
Class B		2,282,676		8,100,353		5,818,107		1,886,653
Class C		—		—		32,204,792		—
Total net assets		$70,724,129		$202,387,822		$311,377,908		$41,119,359

Shares of beneficial interest outstanding
Class A		6,655,490		19,369,213		48,511,972		4,043,198
Class B		221,964		806,807		1,032,336		194,411
Class C		—		—		5,695,922		—
Total shares of beneficial interest outstanding		6,877,454		20,176,020		55,240,230		4,237,609

Class A shares
Net asset value per share
(net assets/shares of beneficial interest outstanding)		$10.28		$10.03		$5.63		$9.70
Offering price per share (100 / 95.25 X net asset value per share)		$10.79		$10.53		$5.91		$10.18

Class B shares
Net asset value and offering price per share
(net assets/shares of beneficial interest outstanding)		$10.28		$10.04		$5.64		$9.70

Class C shares
Net asset value and offering price per share
(net assets/shares of beneficial interest outstanding)		$—		$—		$5.65		$—

On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.

See Notes to Financial Statements

Statements of Assets and Liabilities (unaudited) – continued


At 9/30/11	Georgia Fund			Maryland Fund			Massachusetts Fund
Assets
Investments –
Non-affiliated issuers, at identified cost		$58,156,070			$100,245,215			$257,554,805
Underlying affiliated funds, at cost and net asset value		2,408,523			626,612			6,727,805
Total investments, at identified cost		$60,564,593			$100,871,827			$264,282,610
Unrealized appreciation (depreciation)		2,685,843			4,439,347			14,679,346
Total investments, at value		$63,250,436			$105,311,174			$278,961,956
Receivables for
Investments sold		204,607			15,000			—
Fund shares sold		48,970			16,510			99,949
Interest		838,254			1,473,935			3,756,938
Receivable from investment adviser		4,323			—			—
Other assets		121			181			369
Total assets		$64,346,711			$106,816,800			$282,819,212

Liabilities
Payables for
Distributions		$84,877			$138,852			$462,942
Daily variation margin on open futures contracts		4,484			9,172			22,922
Investments purchased		386,525			—			—
Fund shares reacquired		139,509			14,377			268,982
Payable to affiliates
Investment adviser		—			1,638			7,244
Shareholder servicing costs		15,001			23,213			29,749
Distribution and service fees		953			1,599			4,105
Payable for independent Trustees’ compensation		6,534			9,251			9,212
Accrued expenses and other liabilities		33,242			33,272			45,072
Total liabilities		$671,125			$231,374			$850,228
Net assets		$63,675,586			$106,585,426			$281,968,984

Net assets consist of
Paid-in capital		$61,635,348			$103,060,788			$269,027,136
Unrealized appreciation (depreciation) on investments		2,638,599			4,342,311			14,436,533
Accumulated net realized gain (loss) on investments		(665,554	)		(964,548	)		(1,769,710	)
Undistributed net investment income		67,193			146,875			275,025
Net assets		$63,675,586			$106,585,426			$281,968,984

Statements of Assets and Liabilities (unaudited) – continued


	Georgia Fund		Maryland Fund		Massachusetts Fund
Net assets
Class A		$61,744,479		$103,172,139		$276,181,303
Class B		1,931,107		3,413,287		5,787,681
Total net assets		$63,675,586		$106,585,426		$281,968,984

Shares of beneficial interest outstanding
Class A		5,783,715		9,336,268		24,829,730
Class B		180,223		308,997		519,432
Total shares of beneficial interest outstanding		5,963,938		9,645,265		25,349,162

Class A shares
Net asset value per share
(net assets/shares of beneficial interest outstanding)		$10.68		$11.05		$11.12
Offering price per share (100 / 95.25 x net asset value per share)		$11.21		$11.60		$11.67

Class B shares
Net asset value and offering price per share
(net assets/shares of beneficial interest outstanding)		$10.72		$11.05		$11.14

On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class B shares.

See Notes to Financial Statements

Financial Statements

STATEMENTS OF OPERATIONS

Six months ended 9/30/11 (unaudited)

These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.


	Alabama Fund			Arkansas Fund			California Fund			Florida Fund
Net investment income
Interest		$1,767,004			$4,671,278			$7,908,820			$1,087,993
Dividends from underlying affiliated funds		826			3,959			6,028			272
Total investment income		$1,767,830			$4,675,237			$7,914,848			$1,088,265
Expenses
Management fee		$160,400			$437,784			$692,670			$92,822
Distribution and service fees		99,651			272,975			526,005			59,280
Shareholder servicing costs		27,452			49,812			106,332			16,018
Administrative services fee		10,304			19,223			27,416			8,775
Independent Trustees’ compensation		2,324			3,804			7,165			1,253
Custodian fee		12,415			21,032			29,943			9,849
Shareholder communications		4,145			6,751			10,184			22,476
Auditing fees		22,164			22,164			22,164			8,644
Legal fees		2,548			2,301			5,615			20,003
Registration fees		14,716			16,461			22,964			13,775
Miscellaneous		13,427			18,966			25,997			12,172
Total expenses		$369,546			$871,273			$1,476,455			$265,067
Reduction of expenses by investment adviser		(28,025	)		(144,483	)		(207,214	)		(51,338	)
Net expenses		$341,521			$726,790			$1,269,241			$213,729
Net investment income		$1,426,309			$3,948,447			$6,645,607			$874,536

Realized and unrealized gain (loss) on investments
Realized gain (loss) (identified cost basis)
Investment transactions		$(86,611	)		$(129,442	)		$(2,160,910	)		$(106,626	)
Futures contracts		(363,934	)		(387,496	)		(1,679,719	)		(65,378	)
Net realized gain (loss) on investments		$(450,545	)		$(516,938	)		$(3,840,629	)		$(172,004	)
Change in unrealized appreciation (depreciation)
Investments		$4,509,103			$11,186,695			$27,104,988			$2,081,814
Futures contracts		(57,038	)		6,708			(291,532	)		1,228
Net unrealized gain (loss) on investments		$4,452,065			$11,193,403			$26,813,456			$2,083,042
Net realized and unrealized gain (loss) on investments		$4,001,520			$10,676,465			$22,972,827			$1,911,038
Change in net assets from operations		$5,427,829			$14,624,912			$29,618,434			$2,785,574

See Notes to Financial Statements

Statements of Operations (unaudited) – continued


Six months ended 9/30/11	Georgia Fund			Maryland Fund			Massachusetts Fund
Net investment income
Interest		$1,545,666			$2,763,969			$6,811,307
Dividends from underlying affiliated funds		1,071			753			3,665
Total investment income		$1,546,737			$2,764,722			$6,814,972
Expenses
Management fee		$139,750			$238,370			$627,129
Distribution and service fees		85,427			145,892			373,417
Shareholder servicing costs		24,441			42,005			74,906
Administrative services fee		9,641			12,811			25,309
Independent Trustees’ compensation		2,273			3,754			7,103
Custodian fee		13,462			15,587			26,315
Shareholder communications		4,103			5,777			8,572
Auditing fees		22,164			22,164			22,164
Legal fees		5,091			3,572			2,360
Registration fees		14,051			15,392			16,120
Miscellaneous		14,410			15,655			22,334
Total expenses		$334,813			$520,979			$1,205,729
Reduction of expenses by investment adviser		(32,462	)		(5,091	)		(737	)
Net expenses		$302,351			$515,888			$1,204,992
Net investment income		$1,244,386			$2,248,834			$5,609,980

Realized and unrealized gain (loss) on investments
Realized gain (loss) (identified cost basis)
Investment transactions		$(11,474	)		$(65,365	)		$(209,100	)
Futures contracts		(280,359	)		(510,371	)		(1,304,630	)
Net realized gain (loss) on investments		$(291,833	)		$(575,736	)		$(1,513,730	)
Change in unrealized appreciation (depreciation)
Investments		$3,825,947			$6,510,046			$19,675,580
Futures contracts		(42,994	)		(89,962	)		(224,017	)
Net unrealized gain (loss) on investments		$3,782,953			$6,420,084			$19,451,563
Net realized and unrealized gain (loss) on investments		$3,491,120			$5,844,348			$17,937,833
Change in net assets from operations		$4,735,506			$8,093,182			$23,547,813

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


Six months ended 9/30/11 (unaudited)	Alabama Fund			Arkansas Fund			California Fund			Florida Fund
Change in net assets

From operations
Net investment income		$1,426,309			$3,948,447			$6,645,607			$874,536
Net realized gain (loss) on investments		(450,545	)		(516,938	)		(3,840,629	)		(172,004	)
Net unrealized gain (loss) on investments		4,452,065			11,193,403			26,813,456			2,083,042
Change in net assets from operations		$5,427,829			$14,624,912			$29,618,434			$2,785,574

Distributions declared to shareholders
From net investment income		$(1,404,405	)		$(3,873,689	)		$(6,623,502	)		$(868,114	)
Change in net assets from fund share transactions		$(7,060,333	)		$5,135,377			$(12,086,342	)		$(2,101,114	)
Total change in net assets		$(3,036,909	)		$15,886,600			$10,908,590			$(183,654	)

Net assets
At beginning of period		73,761,038			186,501,222			300,469,318			41,303,013
At end of period		$70,724,129			$202,387,822			$311,377,908			$41,119,359
Undistributed net investment income included in net assets at end of period		$55,330			$86,784			$220,495			$32,183

Six months ended 9/30/11 (unaudited)				Georgia Fund			Maryland Fund			Massachusetts Fund
Change in net assets

From operations
Net investment income					$1,244,386			$2,248,834			$5,609,980
Net realized gain (loss) on investments					(291,833	)		(575,736	)		(1,513,730	)
Net unrealized gain (loss) on investments					3,782,953			6,420,084			19,451,563
Change in net assets from operations					$4,735,506			$8,093,182			$23,547,813

Distributions declared to shareholders
From net investment income					$(1,222,396	)		$(2,200,364	)		$(5,504,196	)
Change in net assets from fund share transactions					$(100,553	)		$(3,403,046	)		$(10,008,011	)
Total change in net assets					$3,412,557			$2,489,772			$8,035,606

Net assets
At beginning of period					60,263,029			104,095,654			273,933,378
At end of period					$63,675,586			$106,585,426			$281,968,984
Undistributed net investment income included in net assets at end of period					$67,193			$146,875			$275,025

See Notes to Financial Statements

Statements of Changes in Net Assets – continued


Year ended 3/31/11	Alabama Fund			Arkansas Fund			California Fund			Florida Fund
Change in net assets

From operations
Net investment income		$3,389,191			$8,211,469			$16,701,223			$2,078,024
Net realized gain (loss) on investments		(626,944	)		(637,643	)		(5,086,579	)		(797,909	)
Net unrealized gain (loss) on investments		(3,715,948	)		(9,273,526	)		(17,172,178	)		(689,225	)
Change in net assets from operations		$(953,701	)		$(1,699,700	)		$(5,557,534	)		$590,890

Distributions declared to shareholders
From net investment income		$(3,341,980	)		$(8,007,779	)		$(15,936,768	)		$(2,042,300	)
From net realized gain on investments		(25,761	)		(28,028	)		—			—
Total distributions declared to shareholders		$(3,367,741	)		$(8,035,807	)		$(15,936,768	)		$(2,042,300	)
Change in net assets from fund share transactions		$(6,236,394	)		$9,013,521			$(53,805,646	)		$(7,809,101	)
Total change in net assets		$(10,557,836	)		$(721,986	)		$(75,299,948	)		$(9,260,511	)

Net assets
At beginning of period		84,318,874			187,223,208			375,769,266			50,563,524
At end of period		$73,761,038			$186,501,222			$300,469,318			$41,303,013
Undistributed net investment income included in net assets at end of period		$33,426			$12,026			$198,390			$25,761

Year ended 3/31/11				Georgia Fund			Maryland Fund			Massachusetts Fund
Change in net assets

From operations
Net investment income					$2,808,808			$4,695,339			$11,057,435
Net realized gain (loss) on investments					(390,828	)		(533,496	)		(1,172,893	)
Net unrealized gain (loss) on investments					(3,110,291	)		(4,486,443	)		(13,649,888	)
Change in net assets from operations					$(692,311	)		$(324,600	)		$(3,765,346	)

Distributions declared to shareholders
From net investment income					$(2,761,469	)		$(4,604,113	)		$(10,716,180	)
From net realized gain on investments					—			(23,295	)		(910,438	)
Total distributions declared to shareholders					$(2,761,469	)		$(4,627,408	)		$(11,626,618	)
Change in net assets from fund share transactions					$(3,458,660	)		$(4,384,555	)		$38,797,567
Total change in net assets					$(6,912,440	)		$(9,336,563	)		$23,405,603

Net assets
At beginning of period					67,175,469			113,432,217			250,527,775
At end of period					$60,263,029			$104,095,654			$273,933,378
Undistributed net investment income included in net assets at end of period					$45,203			$98,405			$169,241

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS

MFS ALABAMA MUNICIPAL BOND FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$9.72			$10.25			$9.60			$10.17			$10.45			$10.47

Income (loss) from investment operations
Net investment income (d)		$0.20			$0.42			$0.44			$0.43			$0.48			$ 0.49	(z)
Net realized and unrealized gain (loss) on investments		0.56			(0.54	)		0.72			(0.50	)		(0.28	)		(0.01	)(z)
Total from investment operations		$0.76			$(0.12	)		$1.16			$(0.07	)		$0.20			$0.48

Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.41	)		$(0.42	)		$(0.44	)		$(0.46	)		$(0.45	)
From net realized gain on investments		—			(0.00	)(w)		(0.09	)		(0.06	)		(0.02	)		(0.05	)
Total distributions declared to shareholders		$(0.20	)		$(0.41	)		$(0.51	)		$(0.50	)		$(0.48	)		$(0.50	)
Net asset value, end of period		$10.28			$9.72			$10.25			$9.60			$10.17			$10.45
Total return (%) (r)(s)(t)(x)		7.88	(n)		(1.21	)		12.25			(0.59	)		2.03			4.66

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.01	(a)		0.97			0.97			1.01			1.34			1.40
Expenses after expense reductions (f)		0.93	(a)		0.93			0.93			0.84			1.09			1.15
Net investment income		4.04	(a)		4.12			4.33			4.36			4.67			4.70	(z)
Portfolio turnover		9			20			27			35			17			9
Net assets at end of period (000 omitted)		$68,441			$70,582			$78,842			$68,320			$71,315			$73,560

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.80			0.82			0.86

See Notes to Financial Statements

Financial Highlights – continued

MFS ALABAMA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$9.72			$10.24			$9.60			$10.17			$10.45			$10.47

Income (loss) from investment operations
Net investment income (d)		$0.17			$0.34			$0.36			$0.36			$0.40			$ 0.41	(z)
Net realized and unrealized gain (loss) on investments		0.55			(0.52	)		0.72			(0.50	)		(0.27	)		(0.01	)(z)
Total from investment operations		$0.72			$(0.18	)		$1.08			$(0.14	)		$0.13			$0.40

Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.34	)		$(0.35	)		$(0.37	)		$(0.39	)		$(0.37	)
From net realized gain on investments		—			(0.00	)(w)		(0.09	)		(0.06	)		(0.02	)		(0.05	)
Total distributions declared to shareholders		$(0.16	)		$(0.34	)		$(0.44	)		$(0.43	)		$(0.41	)		$(0.42	)
Net asset value, end of period		$10.28			$9.72			$10.24			$9.60			$10.17			$10.45
Total return (%) (r)(s)(t)(x)		7.47	(n)		(1.84	)		11.31			(1.34	)		1.27			3.88

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.76	(a)		1.72			1.72			1.76			2.09			2.15
Expenses after expense reductions (f)		1.68	(a)		1.68			1.68			1.58			1.84			1.90
Net investment income		3.30	(a)		3.37			3.60			3.62			3.92			3.93	(z)
Portfolio turnover		9			20			27			35			17			9
Net assets at end of period (000 omitted)		$2,283			$3,179			$5,477			$6,884			$8,555			$10,421

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.55			1.57			1.61

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.02 per share to net investment income, a decrease of $0.02 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.21% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS ARKANSAS MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$9.49			$9.95			$9.43			$9.80			$10.08			$10.04

Income (loss) from investment operations
Net investment income (d)		$0.20			$0.41			$0.42			$0.43			$0.46			$ 0.50	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.47	)		0.53			(0.29	)		(0.25	)		(0.01	)(z)
Total from investment operations		$0.74			$(0.06	)		$0.95			$0.14			$0.21			$0.49

Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.40	)		$(0.41	)		$(0.43	)		$(0.47	)		$(0.45	)
From net realized gain on investments		—			(0.00	)(w)		(0.02	)		(0.08	)		(0.02	)		—
Total distributions declared to shareholders		$(0.20	)		$(0.40	)		$(0.43	)		$(0.51	)		$(0.49	)		$(0.45	)
Net asset value, end of period		$10.03			$9.49			$9.95			$9.43			$9.80			$10.08
Total return (%) (r)(s)(t)(x)		7.83	(n)		(0.62	)		10.17			1.61			2.07			5.02

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.87	(a)		0.87			0.84			0.83			1.06			1.14
Expenses after expense reductions (f)		0.72	(a)		0.72			0.74			0.66			0.81			0.89
Net investment income		4.10	(a)		4.20			4.32			4.48			4.60			4.98	(z)
Portfolio turnover		8			20			9			23			9			10
Net assets at end of period (000 omitted)		$194,287			$178,685			$179,094			$141,100			$138,938			$127,477

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.60			0.60			0.66

See Notes to Financial Statements

Financial Highlights – continued

MFS ARKANSAS MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$9.50			$9.96			$9.44			$9.81			$10.09			$10.05

Income (loss) from investment operations
Net investment income (d)		$0.16			$0.33			$0.35			$0.35			$0.38			$ 0.43	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.47	)		0.52			(0.28	)		(0.25	)		(0.01	)(z)
Total from investment operations		$0.70			$(0.14	)		$0.87			$0.07			$0.13			$0.42

Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.32	)		$(0.33	)		$(0.36	)		$(0.39	)		$(0.38	)
From net realized gain on investments		—			(0.00	)(w)		(0.02	)		(0.08	)		(0.02	)		—
Total distributions declared to shareholders		$(0.16	)		$(0.32	)		$(0.35	)		$(0.44	)		$(0.41	)		$(0.38	)
Net asset value, end of period		$10.04			$9.50			$9.96			$9.44			$9.81			$10.09
Total return (%) (r)(s)(t)(x)		7.40	(n)		(1.43	)		9.30			0.85			1.30			4.21

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.62	(a)		1.62			1.59			1.59			1.81			1.91
Expenses after expense reductions (f)		1.52	(a)		1.53			1.52			1.42			1.56			1.66
Net investment income		3.30	(a)		3.37			3.53			3.71			3.86			4.21	(z)
Portfolio turnover		8			20			9			23			9			10
Net assets at end of period (000 omitted)		$8,100			$7,816			$8,129			$6,111			$6,727			$8,992

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.35			1.36			1.43

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.03 per share to net investment income, a decrease of $0.03 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.30% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS CALIFORNIA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$5.23			$5.56			$5.15			$5.56			$5.88			$5.84

Income (loss) from investment operations
Net investment income (d)		$0.12			$0.26			$0.26			$0.27			$0.26			$ 0.27	(z)
Net realized and unrealized gain (loss) on investments		0.40			(0.34	)		0.41			(0.42	)		(0.32	)		0.03	(z)
Total from investment operations		$0.52			$(0.08	)		$0.67			$(0.15	)		$(0.06	)		$0.30

Less distributions declared to shareholders
From net investment income		$(0.12	)		$(0.25	)		$(0.26	)		$(0.26	)		$(0.26	)		$(0.26	)
Net asset value, end of period		$5.63			$5.23			$5.56			$5.15			$5.56			$5.88
Total return (%) (r)(s)(t)(x)		10.04	(n)		(1.53	)		13.11			(2.66	)		(1.05	)		5.30

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.87	(a)		0.85			0.81			0.81			0.99			1.11
Expenses after expense reductions (f)		0.72	(a)		0.70			0.71			0.63			0.74			0.86
Net investment income		4.44	(a)		4.79			4.78			5.05			4.46			4.66	(z)
Portfolio turnover		26			24			31			27			30			16
Net assets at end of period (000 omitted)		$273,355			$263,306			$324,093			$291,509			$339,099			$366,861

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.56			0.55			0.60

See Notes to Financial Statements

Financial Highlights – continued

MFS CALIFORNIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$5.23			$5.57			$5.15			$5.56			$5.88			$5.84

Income (loss) from investment operations
Net investment income (d)		$0.10			$0.22			$0.22			$0.23			$0.21			$ 0.23	(z)
Net realized and unrealized gain (loss) on investments		0.41			(0.35	)		0.41			(0.42	)		(0.31	)		0.03	(z)
Total from investment operations		$0.51			$(0.13	)		$0.63			$(0.19	)		$(0.10	)		$0.26

Less distributions declared to shareholders
From net investment income		$(0.10	)		$(0.21	)		$(0.21	)		$(0.22	)		$(0.22	)		$(0.22	)
Net asset value, end of period		$5.64			$5.23			$5.57			$5.15			$5.56			$5.88
Total return (%) (r)(s)(t)(x)		9.81	(n)		(2.46	)		12.47			(3.39	)		(1.80	)		4.51

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.62	(a)		1.60			1.56			1.57			1.75			1.88
Expenses after expense reductions (f)		1.50	(a)		1.47			1.47			1.39			1.50			1.62
Net investment income		3.66	(a)		4.01			4.03			4.29			3.70			3.91	(z)
Portfolio turnover		26			24			31			27			30			16
Net assets at end of period (000 omitted)		$5,818			$6,769			$13,866			$19,477			$31,239			$47,127

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.32			1.31			1.37

See Notes to Financial Statements

Financial Highlights – continued

MFS CALIFORNIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class C
Net asset value, beginning of period		$5.25			$5.58			$5.16			$5.58			$5.90			$5.86

Income (loss) from investment operations
Net investment income (d)		$0.10			$0.21			$0.21			$0.22			$0.20			$ 0.22	(z)
Net realized and unrealized gain (loss) on investments		0.40			(0.34	)		0.42			(0.42	)		(0.31	)		0.03	(z)
Total from investment operations		$0.50			$(0.13	)		$0.63			$(0.20	)		$(0.11	)		$0.25

Less distributions declared to shareholders
From net investment income		$(0.10	)		$(0.20	)		$(0.21	)		$(0.22	)		$(0.21	)		$(0.21	)
Net asset value, end of period		$5.65			$5.25			$5.58			$5.16			$5.58			$5.90
Total return (%) (r)(s)(t)(x)		9.51	(n)		(2.41	)		12.27			(3.70	)		(1.93	)		4.36

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.62	(a)		1.60			1.60			1.70			1.89			2.01
Expenses after expense reductions (f)		1.62	(a)		1.60			1.60			1.53			1.64			1.76
Net investment income		3.52	(a)		3.87			3.85			4.14			3.55			3.77	(z)
Portfolio turnover		26			24			31			27			30			16
Net assets at end of period (000 omitted)		$32,205			$30,393			$37,810			$29,480			$27,862			$30,492

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.46			1.45			1.50

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities in the current year that resulted in an increase of less than $0.01 per share to net investment income, a decrease of less than $0.01 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.06% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS FLORIDA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$9.26			$9.58			$8.91			$9.64			$10.09			$10.05

Income (loss) from investment operations
Net investment income (d)		$0.20			$0.43			$0.44			$0.44			$0.46			$0.46	(z)
Net realized and unrealized gain (loss) on investments		0.44			(0.32	)		0.66			(0.71	)		(0.47	)		0.02	(z)
Total from investment operations		$0.64			$0.11			$1.10			$(0.27	)		$(0.01	)		$0.48

Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.43	)		$(0.43	)		$(0.44	)		$(0.44	)		$(0.44	)
From net realized gain on investments		—			—			—			(0.02	)		—			—
Total distributions declared to shareholders		$(0.20	)		$(0.43	)		$(0.43	)		$(0.46	)		$(0.44	)		$(0.44	)
Net asset value, end of period		$9.70			$9.26			$9.58			$8.91			$9.64			$10.09
Total return (%) (r)(s)(t)(x)		7.00	(n)		1.07			12.58			(2.84	)		(0.08	)		4.92

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.25	(a)		1.09			1.00			0.80			1.16			1.19
Expenses after expense reductions (f)		1.00	(a)		0.84			0.83			0.63			0.91			0.94
Net investment income		4.29	(a)		4.55			4.67			4.82			4.60			4.53	(z)
Portfolio turnover		0	(b)		22			5			34			7			9
Net assets at end of period (000 omitted)		$39,233			$39,070			$46,440			$43,401			$51,504			$63,590

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			N/A			0.61			0.64

See Notes to Financial Statements

Financial Highlights – continued

MFS FLORIDA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$9.26			$9.58			$8.92			$9.65			$10.09			$10.05

Income (loss) from investment operations
Net investment income (d)		$0.17			$0.36			$0.37			$0.37			$0.38			$0.38	(z)
Net realized and unrealized gain (loss) on investments		0.44			(0.33	)		0.65			(0.71	)		(0.45	)		0.03	(z)
Total from investment operations		$0.61			$0.03			$1.02			$(0.34	)		$(0.07	)		$0.41

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.35	)		$(0.36	)		$(0.37	)		$(0.37	)		$(0.37	)
From net realized gain on investments		—			—			—			(0.02	)		—			—
Total distributions declared to shareholders		$(0.17	)		$(0.35	)		$(0.36	)		$(0.39	)		$(0.37	)		$(0.37	)
Net asset value, end of period		$9.70			$9.26			$9.58			$8.92			$9.65			$10.09
Total return (%) (r)(s)(t)(x)		6.58	(n)		0.28			11.60			(3.59	)		(0.73	)		4.12

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		2.00	(a)		1.84			1.75			1.57			1.92			1.96
Expenses after expense reductions (f)		1.78	(a)		1.63			1.60			1.39			1.67			1.71
Net investment income		3.52	(a)		3.76			3.90			4.03			3.85			3.77	(z)
Portfolio turnover		0	(b)		22			5			34			7			9
Net assets at end of period (000 omitted)		$1,887			$2,233			$4,124			$4,981			$7,497			$10,906

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			N/A			1.37			1.40

(a)	Annualized.

(b)	Less than 0.5%

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.01 per share to net investment income, a decrease of $0.01 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.06% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS GEORGIA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.08			$10.59			$9.99			$10.64			$10.83			$10.80

Income (loss) from investment operations
Net investment income (d)		$0.21			$0.44			$0.45			$0.47			$0.46			$0.47	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.52	)		0.62			(0.48	)		(0.20	)		0.01	(z)
Total from investment operations		$0.81			$(0.08	)		$1.07			$(0.01	)		$0.26			$0.48

Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.43	)		$(0.44	)		$(0.44	)		$(0.45	)		$(0.45	)
From net realized gain on investments		—			—			(0.03	)		(0.20	)		—			—
Total distributions declared to shareholders		$(0.21	)		$(0.43	)		$(0.47	)		$(0.64	)		$(0.45	)		$(0.45	)
Net asset value, end of period		$10.68			$10.08			$10.59			$9.99			$10.64			$10.83
Total return (%) (r)(s)(t)(x)		8.07	(n)		(0.84	)		10.84			0.04			2.43			4.55

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.06	(a)		1.02			1.03			1.06			1.41			1.47
Expenses after expense reductions (f)		0.95	(a)		0.98			1.00			0.89			1.16			1.22
Net investment income		4.04	(a)		4.16			4.26			4.55			4.29			4.37	(z)
Portfolio turnover		10			22			16			26			26			6
Net assets at end of period (000 omitted)		$61,744			$57,878			$63,964			$53,156			$49,477			$51,015

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.87			0.88			0.93

See Notes to Financial Statements

Financial Highlights – continued

MFS GEORGIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.12			$10.63			$10.02			$10.68			$10.87			$10.84

Income (loss) from investment operations
Net investment income (d)		$0.17			$0.36			$0.37			$0.39			$0.38			$0.40	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.52	)		0.63			(0.49	)		(0.20	)		0.00	(w)(z)
Total from investment operations		$0.77			$(0.16	)		$1.00			$(0.10	)		$0.18			$0.40

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.35	)		$(0.36	)		$(0.36	)		$(0.37	)		$(0.37	)
From net realized gain on investments		—			—			(0.03	)		(0.20	)		—			—
Total distributions declared to shareholders		$(0.17	)		$(0.35	)		$(0.39	)		$(0.56	)		$(0.37	)		$(0.37	)
Net asset value, end of period		$10.72			$10.12			$10.63			$10.02			$10.68			$10.87
Total return (%) (r)(s)(t)(x)		7.64	(n)		(1.58	)		10.08			(0.79	)		1.67			3.77

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.81	(a)		1.77			1.78			1.80			2.16			2.22
Expenses after expense reductions (f)		1.70	(a)		1.72			1.75			1.62			1.91			1.97
Net investment income		3.29	(a)		3.39			3.51			3.78			3.54			3.63	(z)
Portfolio turnover		10			22			16			26			26			6
Net assets at end of period (000 omitted)		$1,931			$2,385			$3,212			$4,344			$6,780			$8,175

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.61			1.63			1.68

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.01 per share to net investment income, a decrease of $0.01 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.12% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS MARYLAND MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.45			$10.93			$10.15			$10.83			$11.30			$11.27

Income (loss) from investment operations
Net investment income (d)		$0.23			$0.46			$0.48			$0.48			$0.50			$ 0.50	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.49	)		0.77			(0.65	)		(0.48	)		0.04	(z)
Total from investment operations		$0.83			$(0.03	)		$1.25			$(0.17	)		$0.02			$0.54

Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.45	)		$(0.47	)		$(0.47	)		$(0.47	)		$(0.48	)
From net realized gain on investments		—			(0.00	)(w)		(0.00	)(w)		(0.04	)		(0.02	)		(0.03	)
Total distributions declared to shareholders		$(0.23	)		$(0.45	)		$(0.47	)		$(0.51	)		$(0.49	)		$(0.51	)
Net asset value, end of period		$11.05			$10.45			$10.93			$10.15			$10.83			$11.30
Total return (%) (r)(s)(t)(x)		7.97	(n)		(0.35	)		12.49			(1.57	)		0.15			4.88

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.96	(a)		0.94			0.95			1.11			1.26			1.29
Expenses after expense reductions (f)		0.95	(a)		0.94			0.95			0.94			1.01			1.04
Net investment income		4.28	(a)		4.20			4.47			4.67			4.46			4.48	(z)
Portfolio turnover		4			14			24			24			7			16
Net assets at end of period (000 omitted)		$103,172			$100,324			$107,182			$93,075			$103,894			$117,598

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.89			0.88			0.91

See Notes to Financial Statements

Financial Highlights – continued

MFS MARYLAND MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.45			$10.93			$10.14			$10.83			$11.29			$11.26

Income (loss) from investment operations
Net investment income (d)		$0.19			$0.38			$0.40			$0.42			$0.42			$0.43	(z)
Net realized and unrealized gain (loss) on investments		0.59			(0.49	)		0.78			(0.67	)		(0.46	)		0.03	(z)
Total from investment operations		$0.78			$(0.11	)		$1.18			$(0.25	)		$(0.04	)		$0.46

Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.37	)		$(0.39	)		$(0.40	)		$(0.40	)		$(0.40	)
From net realized gain on investments		—			(0.00	)(w)		(0.00	)(w)		(0.04	)		(0.02	)		(0.03	)
Total distributions declared to shareholders		$(0.18	)		$(0.37	)		$(0.39	)		$(0.44	)		$(0.42	)		$(0.43	)
Net asset value, end of period		$11.05			$10.45			$10.93			$10.14			$10.83			$11.29
Total return (%) (r)(s)(t)(x)		7.57	(n)		(1.09	)		11.77			(2.31	)		(0.41	)		4.21

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.71	(a)		1.69			1.70			1.77			1.91			1.95
Expenses after expense reductions (f)		1.70	(a)		1.69			1.70			1.59			1.66			1.70
Net investment income		3.54	(a)		3.44			3.75			4.01			3.81			3.83	(z)
Portfolio turnover		4			14			24			24			7			16
Net assets at end of period (000 omitted)		$3,413			$3,772			$6,251			$8,385			$12,153			$16,515

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.55			1.53			1.56

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.01 per share to net investment income, a decrease of $0.01 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.12% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS MASSACHUSETTS MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.42			$11.07			$10.35			$10.91			$11.25			$11.22

Income (loss) from investment operations
Net investment income (d)		$0.22			$0.47			$0.48			$0.49			$0.44			$ 0.51	(z)
Net realized and unrealized gain (loss) on investments		0.70			(0.63	)		0.77			(0.52	)		(0.26	)		0.02	(z)
Total from investment operations		$0.92			$(0.16	)		$1.25			$(0.03	)		$0.18			$0.53

Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.45	)		$(0.47	)		$(0.48	)		$(0.47	)		$(0.47	)
From net realized gain on investments		—			(0.04	)		(0.06	)		(0.05	)		(0.05	)		(0.03	)
Total distributions declared to shareholders		$(0.22	)		$(0.49	)		$(0.53	)		$(0.53	)		$(0.52	)		$(0.50	)
Net asset value, end of period		$11.12			$10.42			$11.07			$10.35			$10.91			$11.25
Total return (%) (r)(s)(t)(x)		8.85	(n)		(1.57	)		12.31			(0.21	)		1.69			4.80

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.85	(a)		0.86			0.87			1.04			1.35			1.39
Expenses after expense reductions (f)		0.85	(a)		0.86			0.87			0.87			1.10			1.14
Net investment income		4.05	(a)		4.25			4.44			4.69			4.00			4.57	(z)
Portfolio turnover		17			25			21			40			20			5
Net assets at end of period (000 omitted)		$276,181			$266,600			$236,724			$185,105			$189,804			$189,049

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.83			0.82			0.87

See Notes to Financial Statements

Financial Highlights – continued

MFS MASSACHUSETTS MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.44			$11.09			$10.37			$10.93			$11.27			$11.24

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.39			$0.40			$0.42			$0.37			$0.44	(z)
Net realized and unrealized gain (loss) on investments		0.69			(0.63	)		0.77			(0.52	)		(0.26	)		0.02	(z)
Total from investment operations		$0.87			$(0.24	)		$1.17			$(0.10	)		$0.11			$0.46

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.37	)		$(0.39	)		$(0.41	)		$(0.40	)		$(0.40	)
From net realized gain on investments		—			(0.04	)		(0.06	)		(0.05	)		(0.05	)		(0.03	)
Total distributions declared to shareholders		$(0.17	)		$(0.41	)		$(0.45	)		$(0.46	)		$(0.45	)		$(0.43	)
Net asset value, end of period		$11.14			$10.44			$11.09			$10.37			$10.93			$11.27
Total return (%) (r)(s)(t)(x)		8.43	(n)		(2.30	)		11.45			(0.86	)		1.04			4.12

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.60	(a)		1.60			1.62			1.70			2.00			2.04
Expenses after expense reductions (f)		1.60	(a)		1.60			1.62			1.53			1.75			1.79
Net investment income		3.31	(a)		3.50			3.70			4.01			3.35			3.92	(z)
Portfolio turnover		17			25			21			40			20			5
Net assets at end of period (000 omitted)		$5,788			$7,333			$13,804			$17,166			$24,353			$31,415

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.48			1.48			1.52

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.02 per share to net investment income, a decrease of $0.02 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.20% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1)

Business and Organization

MFS Alabama Municipal Bond Fund (Alabama Fund), MFS Arkansas Municipal Bond Fund (Arkansas Fund), MFS California Municipal Bond Fund (California Fund), MFS Florida Municipal Bond Fund (Florida Fund), MFS Georgia Municipal Bond Fund (Georgia Fund), MFS Maryland Municipal Bond Fund (Maryland Fund), and MFS Massachusetts Municipal Bond Fund (Massachusetts Fund) are each a series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

(2)

Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of municipal instruments can be affected by, among other things, the financial condition of the issuer or guarantor, the issuer’s future borrowing plans and sources of revenue, the economic feasibility of the revenue bond project or general borrowing purpose, political or economic developments in the region or state where the instrument is issued and the liquidity of the security. Municipal instruments generally trade in the over-the-counter market. Municipal instruments backed by current and anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the projects or assets or the inability to collect revenues for the project or from the assets. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, the security could decline in value, interest from the security could become taxable and the funds may be required to issue Forms 1099-DIV.

Investment Valuations – Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under each fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of each fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating each fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Notes to Financial Statements (unaudited) – continued

Various inputs are used in determining the value of each fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures. The following is a summary of the levels used as of September 30, 2011 in valuing each fund’s assets or liabilities:


	Level 1			Level 2		Level 3		Total
Alabama Fund
Investments at Value
Municipal Bonds		$—			$67,816,509		$—		$67,816,509
Mutual Funds		1,258,936			—		—		1,258,936
Total Investments		$1,258,936			$67,816,509		$—		$69,075,445

Other Financial Instruments
Futures		$(62,240	)		$—		$—		$(62,240	)

Arkansas Fund
Investments at Value
Municipal Bonds		$—			$191,488,470		$—		$191,488,470
Mutual Funds		8,441,145			—		—		8,441,145
Total Investments		$8,441,145			$191,488,470		$—		$199,929,615

California Fund
Investments at Value
Municipal Bonds		$—			$300,495,450		$—		$300,495,450
Mutual Funds		10,126,966			—		—		10,126,966
Total Investments		$10,126,966			$300,495,450		$—		$310,622,416

Other Financial Instruments
Futures		$(316,005	)		$—		$—		$(316,005	)

Florida Fund
Investments at Value
Municipal Bonds		$—			$40,162,706		$—		$40,162,706
Mutual Funds		204,637			—		—		204,637
Total Investments		$204,637			$40,162,706		$—		$40,367,343

Georgia Fund
Investments at Value
Municipal Bonds		$—			$60,841,913		$—		$60,841,913
Mutual Funds		2,408,523			—		—		2,408,523
Total Investments		$2,408,523			$60,841,913		$—		$63,250,436

Other Financial Instruments
Futures		$(47,244	)		$—		$—		$(47,244	)

Maryland Fund
Investments at Value
Municipal Bonds		$—			$104,684,562		$—		$104,684,562
Mutual Funds		626,612			—		—		626,612
Total Investments		$626,612			$104,684,562		$—		$105,311,174

Other Financial Instruments
Futures		$(97,036	)		$—		$—		$(97,036	)

Notes to Financial Statements (unaudited) – continued


	Level 1			Level 2		Level 3		Total
Massachusetts Fund
Investments at Value
Municipal Bonds		$—			$272,234,151		$—		$272,234,151
Mutual Funds		6,727,805			—		—		6,727,805
Total Investments		$6,727,805			$272,234,151		$—		$278,961,956

Other Financial Instruments
Futures		$(242,813	)		$—		$—		$(242,813	)

For further information regarding security characteristics, see the Portfolios of Investments.

Derivatives – Each fund uses derivatives for different purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of each fund, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When each fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

The derivative instruments used by each fund were futures contracts. Each fund’s period end derivatives, as presented in the Portfolios of Investments and the associated Derivative Contract Tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by each fund at September 30, 2011 as reported in the Statements of Assets and Liabilities:


				Fair Value (a)
Fund	Risk	Derivative Contracts		Liability Derivatives
Alabama Fund	Interest Rate		Interest Rate Futures		$(62,240	)
Arkansas Fund	Interest Rate		Interest Rate Futures		—
California Fund	Interest Rate		Interest Rate Futures		(316,005	)
Florida Fund	Interest Rate		Interest Rate Futures		—
Georgia Fund	Interest Rate		Interest Rate Futures		(47,244	)
Maryland Fund	Interest Rate		Interest Rate Futures		(97,036	)
Massachusetts Fund	Interest Rate		Interest Rate Futures		(242,813	)

(a)	The value of futures contracts outstanding includes cumulative appreciation (depreciation) as reported in each fund’s Portfolio of Investments. Only the current day variation margin for futures contracts is separately reported within each fund’s Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by each fund for the six months ended September 30, 2011 as reported in the Statements of Operations:


Fund	Risk	Futures Contracts
Alabama Fund	Interest Rate	$(363,934)
Arkansas Fund	Interest Rate	(387,496)
California Fund	Interest Rate	(1,679,719)
Florida Fund	Interest Rate	(65,378)
Georgia Fund	Interest Rate	(280,359)
Maryland Fund	Interest Rate	(510,371)
Massachusetts Fund	Interest Rate	(1,304,630)

The following table presents, by major type of derivative contract, the change in unrealized appreciation (depreciation) on derivatives held by each fund for the six months ended September 30, 2011 as reported in the Statements of Operations:


Fund	Risk	Futures Contracts
Alabama Fund	Interest Rate	$(57,038)
Arkansas Fund	Interest Rate	6,708
California Fund	Interest Rate	(291,532)
Florida Fund	Interest Rate	1,228
Georgia Fund	Interest Rate	(42,994)
Maryland Fund	Interest Rate	(89,962)
Massachusetts Fund	Interest Rate	(224,017)

Notes to Financial Statements (unaudited) – continued

Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives each fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of each fund’s credit risk to such counterparty equal to any amounts payable by each fund under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (i.e., futures and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forward foreign currency exchange contracts, swaps and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that has been pledged to cover obligations of each fund under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities collateral pledged for the same purpose, if any, is noted in the Portfolios of Investments.

Futures Contracts – Each fund entered into futures contracts which may be used to hedge against or obtain broad market, interest rate or currency exposure. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, each fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by each fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures is realized.

Each fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, each fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures may present less counterparty risk to each fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. Each fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by each fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Indemnifications – Under each fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.

Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

Each fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.

Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.

Notes to Financial Statements (unaudited) – continued

Fees Paid Indirectly – Each fund’s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by each fund. For the six months ended September 30, 2011, custody fees were not reduced.

Tax Matters and Distributions – Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.

Book/tax differences primarily relate to amortization and accretion of debt securities.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:


Year ended 3/31/11	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Ordinary income (including any short-term capital gains)		$25,761		$70,595		$—		$—		$—		$23,295		$613,864
Tax-exempt income		3,341,980		7,965,212		15,936,768		2,042,300		2,761,469		4,604,113		10,716,180
Long-term capital gain		—		—		—		—		—		—		296,574
Total distributions		$3,367,741		$8,035,807		$15,936,768		$2,042,300		$2,761,469		$4,627,408		$11,626,618

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 9/30/11	Alabama Fund			Arkansas Fund			California Fund			Florida Fund			Georgia Fund			Maryland Fund			Massachusetts Fund
Cost of investments		$65,914,906			$191,594,545			$305,039,132			$39,231,227			$60,415,929			$100,558,320			$263,616,223
Gross appreciation		$3,278,656			$9,041,741			$11,625,876			$1,709,868			$3,003,787			$6,197,812			$16,500,955
Gross depreciation		(118,117	)		(706,671	)		(6,042,592	)		(573,752	)		(169,280	)		(1,444,958	)		(1,155,222	)
Net unrealized appreciation (depreciation)		$3,160,539			$8,335,070			$5,583,284			$1,136,116			$2,834,507			$4,752,854			$15,345,733

As of 3/31/11
Undistributed tax-exempt income		300,226			667,895			1,420,093			194,846			273,623			510,674			1,153,051
Capital loss carryforwards		(674,377	)		(535,106	)		(3,908,045	)		(601,064	)		(420,127	)		(674,376	)		(1,080,647	)
Post-October capital loss deferral		(38,515	)		(88,243	)		(1,621,134	)		(483,466	)		(84,755	)		—			—
Other temporary differences		(266,800	)		(655,869	)		(1,221,703	)		(169,085	)		(228,420	)		(412,269	)		(983,810	)
Net unrealized appreciation (depreciation)		(1,355,942	)		(2,890,849	)		(21,322,567	)		(842,252	)		(1,013,193	)		(1,792,209	)		(4,190,363	)

As of March 31, 2011, certain funds had capital loss carryforwards available to offset future realized gains. Such losses expire as follows:


	Alabama Fund			Arkansas Fund			California Fund			Florida Fund			Georgia Fund			Maryland Fund			Massachusetts Fund
3/31/16		$—			$—			$(40,368	)		$—			$—			$—			$—
3/31/17		—			—			(1,063,041	)		(53,158	)		—			—			—
3/31/18		—			—			—			(229,162	)		(153,718	)		—			—
3/31/19		(674,377	)		(535,106	)		(2,804,636	)		(318,744	)		(266,409	)		(674,376	)		(1,080,647	)
Total		$(674,377	)		$(535,106	)		$(3,908,045	)		$(601,064	)		$(420,127	)		$(674,376	)		$(1,080,647	)

Multiple Classes of Shares of Beneficial Interest – Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each fund’s income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. Each fund’s realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B shares will convert to Class A shares approximately eight years

Notes to Financial Statements (unaudited) – continued

after purchase. Each fund’s distributions declared to shareholders as reported on the Statements of Changes in Net Assets are presented by class as follows:

Distributions declared to shareholders:

From net investment income


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$1,359,009	$3,195,106	$3,745,912	$7,734,568	$5,961,311	$14,196,403	$832,294	$1,922,965
Class B	45,396	146,874	127,777	273,211	114,393	388,399	35,820	119,335
Class C	—	—	—	—	547,798	1,351,966	—	—
Total	$1,404,405	$3,341,980	$3,873,689	$8,007,779	$6,623,502	$15,936,768	$868,114	$2,042,300

	Georgia Fund		Maryland Fund		Massachusetts Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$1,189,013	$2,663,194	$2,138,627	$4,429,266	$5,396,676	$10,346,551
Class B	33,383	98,275	61,737	174,847	107,520	369,629
Class C	—	—	—	—	—	—
Total	$1,222,396	$2,761,469	$2,200,364	$4,604,113	$5,504,196	$10,716,180

From net realized gain on investments


	Alabama Fund		Arkansas Fund		Maryland Fund		Massachusetts Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$—	$24,558	$—	$26,822	$—	$22,326	$—	$876,152
Class B	—	1,203	—	1,206	—	969	—	34,286
Class C	—	—	—	—	—	—	—	—
Total	$—	$25,761	$—	$28,028	$—	$23,295	$—	$910,438

(3)

Transactions with Affiliates

Investment Adviser – Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to each fund. The management fee is computed daily and paid monthly at an annual rate of 0.45% of each fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the following funds’ total annual operating expenses, exclusive of interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses (including interest expenses and fees associated with investments in inverse floating rate instruments), such that total annual fund operating expenses do not exceed the following rates annually of certain funds’ average daily net assets:


	Alabama Fund		Georgia Fund		Maryland Fund
Class A		0.93%		0.95%		0.95%
Class B		1.68%		1.70%		1.70%

For the Alabama Fund and the Maryland Fund, these written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until July 31, 2012. For the Georgia Fund, this written agreement will continue until at least July 31, 2012, after which MFS, under certain conditions, may increase such expense limitation to 1.00% of the fund’s average daily net assets annually for Class A shares and 1.75% of the fund’s average daily net assets annually for Class B shares without a vote of the fund’s Board of Trustees. Any increase above 1.00% and 1.75% of the fund’s average daily net assets annually for Class A and Class B shares, respectively, would require a vote of the fund’s Board of Trustees. For the six months ended September 30, 2011, these reductions amounted to the following for each fund and are reflected as a reduction of total expenses in the Statements of Operations:


Alabama Fund		Georgia Fund		Maryland Fund
	$27,834		$32,298		$4,810

Notes to Financial Statements (unaudited) – continued

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended September 30, 2011, as its portion of the initial sales charge on sales of Class A shares of each fund:

Alabama

Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$11,710

$45,827

$21,111

$3,111

$9,901

$9,510

$13,173

The Board of Trustees has adopted a distribution plan for certain class shares pursuant to Rule 12b-1 of the Investment Company Act of 1940.

Each fund’s distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

Distribution Plan Fee Table:


	CLASS A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Alabama Fund		—		0.25%		0.25%		0.25%		$85,597
Arkansas Fund		—		0.25%		0.25%		0.10%		233,283
California Fund		—		0.25%		0.25%		0.10%		337,745
Florida Fund		—		0.25%		0.25%		0.00%		48,994
Georgia Fund		—		0.25%		0.25%		0.25%		75,043
Maryland Fund		—		0.25%		0.25%		0.25%		127,939
Massachusetts Fund		—		0.25%		0.25%		0.25%		340,066

	CLASS B
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Alabama Fund		0.75%		0.25%		1.00%		1.00%		$14,054
Arkansas Fund		0.75%		0.25%		1.00%		0.90%		39,692
California Fund		0.75%		0.25%		1.00%		0.88%		31,420
Florida Fund		0.75%		0.25%		1.00%		0.78%		10,286
Georgia Fund		0.75%		0.25%		1.00%		1.00%		10,384
Maryland Fund		0.75%		0.25%		1.00%		1.00%		17,953
Massachusetts Fund		0.75%		0.25%		1.00%		1.00%		33,351

	CLASS C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
California Fund		0.75%		0.25%		1.00%		1.00%		$ 156,840


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Total Distribution and Service Fees		$99,651		$272,975		$526,005		$59,280		$85,427		$145,892		$373,417

(d)

In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’ average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.

(e)	The annual effective rates represent actual fees incurred under the distribution plan for the six months ended September 30, 2011, based on each class’ average daily net assets.

Arkansas Fund: MFD has agreed in writing to reduce the Class A service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $139,970 which is shown as a reduction of total expenses in the Statements of Operations. The service fee rate attributable to Class B shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B shares has been reduced by MFD to 0.10% under a written agreement that will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $4,001 which is shown as a reduction of total expenses in the Statements of Operations.

California Fund: MFD has agreed in writing to reduce the Class A service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $202,648 which is shown as a reduction of total expenses in the Statements of Operations. The service fee rate attributable to Class B shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B shares has been reduced by MFD to 0.10% under a written agreement that will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $3,753 which is shown as a reduction of total expenses in the Statements of Operations.

Notes to Financial Statements (unaudited) – continued

Florida Fund: MFD has agreed in writing to reduce the Class A service fee to 0.00%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $48,994 which is shown as a reduction of total expenses in the Statements of Operations. The service fee rate attributable to Class B shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B shares has been reduced by MFD to 0.00% under a written agreement that will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $2,234 which is shown as a reduction of total expenses in the Statements of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 24 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended September 30, 2011, were as follows:


CDSC imposed	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Class A		$27		$8,737		$1,541		$—		$—		$—		$9,091
Class B		—		14,782		3,146		1,017		1,978		2,003		4,756
Class C		N/A		N/A		2,702		N/A		N/A		N/A		N/A

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the six months ended September 30, 2011, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Expenses paid		$6,365		$17,136		$30,357		$4,373		$5,927		$15,002		$33,338
Percentage of average daily net assets		0.0179%		0.0177%		0.0198%		0.0213%		0.0191%		0.0284%		0.0240%

MFSC also receives payment from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. For the six months ended September 30, 2011, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

Alabama

Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$21,087

$32,676

$75,975

$11,645

$18,514

$27,003

$41,568

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund partially reimburses MFS the costs incurred to provide these services. Each fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended September 30, 2011 was equivalent to an annual effective rate of each fund’s average daily net assets as follows:


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Percentage of average daily net assets		0.0290%		0.0198%		0.0179%		0.0426%		0.0311%		0.0242%		0.0182%

Trustees’ and Officers’ Compensation – Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Each fund does not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration for their services to each fund from MFS. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.

Prior to December 31, 2001, each fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense for each fund. These amounts are included in independent Trustees’ compensation on the Statements of Operations and were as follows:

Alabama
Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$370

$393

$620

$393

$348

$580

$587

The liability for deferred retirement benefits payable to certain independent Trustees under the DB plan amounted to the following at September 30, 2011, and is included in payable for independent Trustees’ compensation on the Statements of Assets and Liabilities:

Alabama
Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$5,797

$5,587

$13,304

$5,583

$6,518

$9,240

$9,199

Notes to Financial Statements (unaudited) – continued

Other – These funds and certain other funds managed by MFS (the funds) have entered into services agreements (the Agreements) which provide for payment of fees by the funds to Tarantino LLC and Griffin Compliance LLC in return for the provision of services of an Independent Chief Compliance Officer (ICCO) and Assistant ICCO, respectively, for the funds. The ICCO and Assistant ICCO are officers of the funds and the sole members of Tarantino LLC and Griffin Compliance LLC, respectively. The funds can terminate the Agreements with Tarantino LLC and Griffin Compliance LLC at any time under the terms of the Agreements. For the six months ended September 30, 2011, the aggregate fees paid by each fund to Tarantino LLC and Griffin Compliance LLC amounted to the following and are included in miscellaneous expense on the Statements of Operations:

Alabama
Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$251

$675

$1,071

$145

$216

$369

$971

MFS has agreed to reimburse the funds for a portion of the payments made by each fund in the following amounts, which are shown as a reduction of total expenses in the Statements of Operations. Additionally, MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ICCO and Assistant ICCO:

Alabama
Fund

Arkansas

Fund

California

Fund

Florida

Fund

Georgia

Fund

Maryland

Fund

Massachusetts

Fund

$191

$512

$813

$110

$164

$281

$737

Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks a high level of current income consistent with preservation of capital and liquidity. Income earned on this investment is included in dividends from underlying affiliated funds on the Statements of Operations. This money market fund does not pay a management fee to MFS.

(4)

Portfolio Securities

Purchases and sales of investments, other than U.S. Government securities, purchased option transactions, and short-term obligations, were as follows:


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Purchases		$6,342,598		$19,614,557		$74,913,103		$57,357		$5,903,795		$4,255,421		$44,763,554
Sales		$11,017,079		$14,955,786		$83,105,550		$2,098,107		$6,764,277		$5,889,334		$55,853,033

(5)

Shares of Beneficial Interest

Each fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Alabama Fund												Arkansas Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		332,016			$3,354,137			1,040,680			$10,614,157			1,112,415			$10,937,957			3,735,750			$37,071,078
Class B		5,698			57,662			12,772			129,124			59,165			582,221			278,642			2,785,934
		337,714			$3,411,799			1,053,452			$10,743,281			1,171,580			$11,520,178			4,014,392			$39,857,012

Shares issued to shareholders in reinvestment of distributions
Class A		84,271			$849,415			191,827			$1,944,353			242,826			$2,382,892			486,012			$4,789,135
Class B		3,016			30,375			9,356			94,962			9,468			92,958			18,894			186,052
		87,287			$879,790			201,183			$2,039,315			252,294			$2,475,850			504,906			$4,975,187

Shares reacquired
Class A		(1,019,646	)		$(10,207,468	)		(1,669,154	)		$(16,685,730	)		(820,079	)		$(8,032,147	)		(3,393,992	)		$(32,958,576	)
Class B		(113,666	)		(1,144,454	)		(229,845	)		(2,333,260	)		(84,888	)		(828,504	)		(291,037	)		(2,860,102	)
		(1,133,312	)		$(11,351,922	)		(1,898,999	)		$(19,018,990	)		(904,967	)		$(8,860,651	)		(3,685,029	)		$(35,818,678	)

Net change
Class A		(603,359	)		$(6,003,916	)		(436,647	)		$(4,127,220	)		535,162			$5,288,702			827,770			$8,901,637
Class B		(104,952	)		(1,056,417	)		(207,717	)		(2,109,174	)		(16,255	)		(153,325	)		6,499			111,884
		(708,311	)		$(7,060,333	)		(644,364	)		$(6,236,394	)		518,907			$5,135,377			834,269			$9,013,521

Notes to Financial Statements (unaudited) – continued


	California Fund												Florida Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		1,760,639			$9,546,919			5,578,940			$31,159,101			113,274			$1,078,367			305,802			$2,920,760
Class B		59,963			331,043			128,221			710,120			11,262			109,109			24,973			240,999
Class C		324,390			1,789,343			832,733			4,658,846			—			—			—			—
		2,144,992			$11,667,305			6,539,894			$36,528,067			124,536			$1,187,476			330,775			$3,161,759

Shares issued to shareholders in reinvestment of distributions
Class A		606,730			$3,316,098			1,332,290			$7,356,875			43,891			$418,402			96,722			$922,752
Class B		12,546			68,475			43,239			239,872			2,179			20,767			6,646			63,530
Class C		49,928			273,807			120,368			667,131			—			—			—			—
		669,204			$3,658,380			1,495,897			$8,263,878			46,070			$439,169			103,368			$986,282

Shares reacquired
Class A		(4,225,666	)		$(22,996,262	)		(14,791,810	)		$(80,515,250	)		(332,071	)		$(3,154,132	)		(1,034,437	)		$(9,848,846	)
Class B		(334,765	)		(1,827,553	)		(1,368,343	)		(7,609,388	)		(60,076	)		(573,627	)		(221,185	)		(2,108,296	)
Class C		(472,852	)		(2,588,212	)		(1,931,121	)		(10,472,953	)		—			—			—			—
		(5,033,283	)		$(27,412,027	)		(18,091,274	)		$(98,597,591	)		(392,147	)		$(3,727,759	)		(1,255,622	)		$(11,957,142	)

Net change
Class A		(1,858,297	)		$(10,133,245	)		(7,880,580	)		$(41,999,274	)		(174,906	)		$(1,657,363	)		(631,913	)		$(6,005,334	)
Class B		(262,256	)		(1,428,035	)		(1,196,883	)		(6,659,396	)		(46,635	)		(443,751	)		(189,566	)		(1,803,767	)
Class C		(98,534	)		(525,062	)		(978,020	)		(5,146,976	)		—			—			—			—
		(2,219,087	)		$(12,086,342	)		(10,055,483	)		$(53,805,646	)		(221,541	)		$(2,101,114	)		(821,479	)		$(7,809,101	)

	Georgia Fund												Maryland Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		421,715			$4,393,309			1,107,466			$11,697,065			279,990			$3,024,527			1,545,579			$16,749,639
Class B		7,434			78,292			34,681			369,953			1,816			19,594			44,464			491,989
		429,149			$4,471,601			1,142,147			$12,067,018			281,806			$3,044,121			1,590,043			$17,241,628

Shares issued to shareholders in reinvestment of distributions
Class A		63,625			$664,773			148,168			$1,555,821			117,605			$1,272,308			241,204			$2,631,533
Class B		2,374			24,884			6,070			63,862			3,919			42,369			10,354			113,035
		65,999			$689,657			154,238			$1,619,683			121,524			$1,314,677			251,558			$2,744,568

Shares reacquired
Class A		(441,372	)		$(4,583,816	)		(1,556,873	)		$(16,031,298	)		(661,111	)		$(7,139,665	)		(1,990,959	)		$(21,472,837	)
Class B		(65,270	)		(677,995	)		(107,285	)		(1,114,063	)		(57,764	)		(622,179	)		(265,775	)		(2,897,914	)
		(506,642	)		$(5,261,811	)		(1,664,158	)		$(17,145,361	)		(718,875	)		$(7,761,844	)		(2,256,734	)		$(24,370,751	)

Net change
Class A		43,968			$474,266			(301,239	)		$(2,778,412	)		(263,516	)		$(2,842,830	)		(204,176	)		$(2,091,665	)
Class B		(55,462	)		(574,819	)		(66,534	)		(680,248	)		(52,029	)		(560,216	)		(210,957	)		(2,292,890	)
		(11,494	)		$(100,553	)		(367,773	)		$(3,458,660	)		(315,545	)		$(3,403,046	)		(415,133	)		$(4,384,555	)

Notes to Financial Statements (unaudited) – continued


	Massachusetts Fund
	Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount
Shares sold
Class A		787,922			$8,518,896			10,846,460			$115,921,470
Class B		17,594			190,738			72,536			801,230
		805,516			$8,709,634			10,918,996			$116,722,700

Shares issued to shareholders in reinvestment of distributions
Class A		221,623			$2,405,344			540,866			$5,924,619
Class B		5,872			63,767			20,753			228,544
		227,495			$2,469,111			561,619			$6,153,163

Shares reacquired
Class A		(1,759,069	)		$(18,944,018	)		(7,189,623	)		$(77,110,492	)
Class B		(206,408	)		(2,242,738	)		(635,559	)		(6,967,804	)
		(1,965,477	)		$(21,186,756	)		(7,825,182	)		$(84,078,296	)

Net change
Class A		(749,524	)		$(8,019,778	)		4,197,703			$44,735,597
Class B		(182,942	)		(1,988,233	)		(542,270	)		(5,938,030	)
		(932,466	)		$(10,008,011	)		3,655,433			$38,797,567

(6)

Line of Credit

Each fund and certain other funds managed by MFS participate in a $1.1 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the higher of the Federal Reserve funds rate or one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the end of each calendar quarter. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Reserve funds rate plus an agreed upon spread. For the six months ended September 30, 2011, each fund’s commitment fee and interest expense were as follows, and are included in miscellaneous expense on the Statements of Operations:


	Alabama Fund		Arkansas Fund		California Fund		Florida Fund		Georgia Fund		Maryland Fund		Massachusetts Fund
Commitment Fee		$319		$803		$1,337		$155		$268		$453		$1,153
Interest Expense		—		—		—		—		—		—		—

(7)

Transactions in Underlying Affiliated Funds - Affiliated Issuers

An affiliated issuer may be considered one in which each fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, each fund assumes the MFS Institutional Money Market Portfolio to be an affiliated issuer. Each of the fund’s transactions in the MFS Institutional Money Market Portfolio for the six months ended September 30, 2011, are as follows:


	Underlying Affiliated Funds – MFS Institutional Money Market Portfolio
	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
Alabama Fund		2,096,050		10,268,753		(11,105,867)		1,258,936
Arkansas Fund		9,480,352		23,446,875		(24,486,082)		8,441,145
California Fund		12,043,079		70,135,228		(72,051,341)		10,126,966
Florida Fund		370,075		2,942,693		(3,108,131)		204,637
Georgia Fund		788,392		10,189,116		(8,568,985)		2,408,523
Maryland Fund		2,428,246		8,669,392		(10,471,026)		626,612
Massachusetts Fund		5,111,557		53,624,280		(52,008,032)		6,727,805

Notes to Financial Statements (unaudited) – continued


	Underlying Affiliated Funds – MFS Institutional Money Market Portfolio – continued
	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income		Ending Value
Alabama Fund		$—		$—		$826		$1,258,936
Arkansas Fund		—		—		3,959		8,441,145
California Fund		—		—		6,028		10,126,966
Florida Fund		—		—		272		204,637
Georgia Fund		—		—		1,071		2,408,523
Maryland Fund		—		—		753		626,612
Massachusetts Fund		—		—		3,665		6,727,805

(8)

Subsequent Event

On July 20, 2011, the Board of Trustees of the funds approved the proposed Plan of Reorganization, whereby the Florida Fund would be reorganized into the MFS Municipal Income Fund. The Plan of Reorganization was subject to the approval of the shareholders of the Florida Fund. The proposed Plan of Reorganization provides for the transfer of the assets of the Florida Fund to the MFS Municipal Income Fund and the assumption by the MFS Municipal Income Fund of the liabilities of the Florida Fund in exchange solely for shares of beneficial interest in the MFS Municipal Income Fund. Immediately following the transfer, the MFS Municipal Income Fund shares received by the Florida Fund were distributed to shareholders, pro rata, and the Florida Fund was liquidated and terminated. The reorganization occured on November 4, 2011.

BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of each Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2011 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreements for the Funds and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Chief Compliance Officer, a full-time senior officer appointed by and reporting to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreements and other arrangements with the Funds.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Lipper Inc., an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2010 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Lipper performance universe”), (ii) information provided by Lipper Inc. on the Funds’ advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Lipper Inc. (the “Lipper expense group”), (iii) information provided by MFS on the advisory fees of comparable portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Funds, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and other MFS Funds. The comparative performance, fee and expense information prepared and provided by Lipper Inc. was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees’ conclusion as to the continuation of the investment advisory agreements with the Funds was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Lipper Inc., the Trustees reviewed each Fund’s total return investment performance as well as the performance of peer groups of funds over various time periods. The Trustees placed particular emphasis on the total return performance of each Fund’s Class A shares in comparison to the performance of funds in its respective Lipper performance universe over the three-year period ended December 31, 2010, which the Trustees believed was a long enough period to reflect differing market conditions. See below for a description of the performance information considered by the Trustees.

In assessing the reasonableness of each Fund’s advisory fee, the Trustees considered, among other information, each Fund’s advisory fee and the total expense ratio of each Fund’s Class A shares as a percentage of average daily net assets and the advisory fee and total expense ratios of peer groups of funds based on information provided by Lipper Inc. The Trustees considered whether the Funds were subject to any fee waivers or reductions or expense limitations. See below for a description of the fee information considered by the Trustees.

Board Review of Investment Advisory Agreement – continued

comparison to institutional accounts, the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds, and the impact on MFS and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional accounts.

The Trustees also considered whether each Fund is likely to benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund. They noted that each Fund’s advisory fee rate schedule is not subject to any breakpoints. Taking into account the information noted below, the Trustees determined not to recommend any advisory fee breakpoints for the Funds at this time.

The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to each Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreements, that the advisory fees charged to each Fund represent reasonable compensation in light of the services being provided by MFS to the Funds.

In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreements, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc. (“MFD”), an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds’ behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.

The Trustees also considered benefits to MFS from the use of the Funds’ portfolio brokerage commissions, if applicable, to pay for investment research and various other factors. Additionally, the Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the Funds.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including a majority of the independent Trustees, concluded that each Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2011.

MFS Alabama Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 5th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Lipper expense group median, and the Fund’s total expense ratio was higher than the Lipper expense group median.

Board Review of Investment Advisory Agreement – continued

MFS Arkansas Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 5th quintile for the one-year period and the 1st quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFD currently observes a Class A 12b-1 fee waiver, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Lipper expense group median.

MFS California Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 5th quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFD currently observes a Class A 12b-1 fee waiver, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Lipper expense group median, and the Fund’s total expense ratio was lower than the Lipper expense group median.

MFS Florida Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 1st quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

MFS Georgia Municipal Bond Fund

Board Review of Investment Advisory Agreement – continued

performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 1st quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

MFS Maryland Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for each of the one- and five-year periods ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

MFS Massachusetts Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Lipper expense group median.

Access to Disclosures on MFS Website

A discussion regarding the Board’s most recent review and renewal of each fund’s Investment Advisory Agreement with MFS is available by clicking on the fund’s name under “Mutual Funds” in the “Products and Performance” section of the MFS Web site (mfs.com).

PROXY VOTING POLICIES AND INFORMATION

A general description of the MFS funds’ proxy voting policies and procedures is available without charge, upon request, by calling 1-800-225-2606, by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

Each fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q may be reviewed and copied at the:

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. Each fund’s Form N-Q is available on the EDGAR database on the Commission’s Internet Web site at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov or by writing the Public Reference Section at the above address.

A shareholder can also obtain the quarterly portfolio holdings report at mfs.com.

FURTHER INFORMATION

From time to time, MFS may post important information about each fund or the MFS funds on the MFS web site (mfs.com). This information is available by visiting the “News & Commentary” section of mfs.com or by clicking on the fund’s name under “Mutual Funds” in the “Products and Performance” section of mfs.com.

Save paper with eDelivery.

MFS® will send you prospectuses, reports, and proxies directly via e-mailso you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.

LOGO

Web site

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

Account service and literature

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

Mailing address

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

Overnight mail

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

LOGO

MFS® Municipal Series Trust

LOGO

For the states of:

Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia

SEMIANNUAL REPORT

September 30, 2011

MSTB-SEM

MFS® MUNICIPAL SERIES TRUST

For the states of: Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia


CONTENTS
Letter from the CEO			1
Portfolio composition			2
Expense tables			5
Portfolio of investments			8
Statements of assets and liabilities			47
Statements of operations			51
Statements of changes in net assets			53
Financial highlights			55
Notes to financial statements			73
Board review of investment advisory agreement			87
Proxy voting policies and information			92
Quarterly portfolio disclosure			92
Further information			92
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE

LETTER FROM THE CEO

LOGO

Dear Shareholders:

We are indeed living through some volatile times. Economic uncertainty is everywhere, as it seems no place in the world has been unmoved by crisis this year. We have seen a devastating earthquake

Respectfully,

LOGO

Robert J. Manning

Chairman and Chief Executive Officer

MFS Investment Management®

November 15, 2011

The opinions expressed in this letter are subject to change, may not be relied upon for investment advice, and no forecasts can be guaranteed.

PORTFOLIO COMPOSITION

MFS Mississippi Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
State & Local Agencies			18.5%
Universities – Colleges			16.0%
Healthcare Revenue – Hospitals			12.6%
General Obligations – General Purpose			12.2%
Water & Sewer Utility Revenue			11.7%



Composition including fixed income credit quality (a)(i)
AAA			5.6%
AA			45.0%
A			22.3%
BBB			20.2%
BB			1.7%
B			1.5%
Not Rated			3.1%
Cash & Other			0.6%


Portfolio facts (i)
Average Duration (d)			9.3
Average Effective Maturity (m)			16.7 yrs.

MFS New York Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Universities – Colleges			17.2%
State & Local Agencies			14.5%
Tax – Other			12.7%
Healthcare Revenue – Hospitals			7.1%
Transportation Special Tax			5.4%



Composition including fixed income credit quality (a)(i)
AAA			2.7%
AA			44.3%
A			23.6%
BBB			21.4%
BB			3.1%
B			0.8%
Not Rated			(0.3)%
Cash & Other			4.4%


Portfolio facts (i)
Average Duration (d)			8.8
Average Effective Maturity (m)			17.4 yrs.

MFS North Carolina Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			20.5%
Universities – Colleges			12.2%
Utilities – Municipal Owned			10.7%
State & Local Agencies			8.2%
Water & Sewer Utility Revenue			7.8%



Composition including fixed income credit quality (a)(i)
AAA			15.7%
AA			47.5%
A			16.9%
BBB			15.3%
BB			1.1%
B			0.5%
Not Rated			1.3%
Cash & Other			1.7%


Portfolio facts (i)
Average Duration (d)			9.1
Average Effective Maturity (m)			16.8 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

Portfolio Composition – continued

MFS Pennsylvania Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			18.7%
Universities – Colleges			18.3%
General Obligations – Schools			9.0%
General Obligations – General Purpose			8.1%
Water & Sewer Utility Revenue			6.6%



Composition including fixed income credit quality (a)(i)
AAA			1.8%
AA			35.2%
A			22.6%
BBB			29.2%
BB			3.8%
B			0.8%
Not Rated			1.1%
Cash & Other			5.5%


Portfolio facts (i)
Average Duration (d)			9.3
Average Effective Maturity (m)			18.6 yrs.

MFS South Carolina Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			18.1%
Water & Sewer Utility Revenue			13.2%
Utilities – Municipal Owned			11.4%
Universities – Colleges			9.4%
General Obligations – Schools			8.4%



Composition including fixed income credit quality (a)(i)
AAA			4.7%
AA			51.2%
A			24.9%
BBB			13.2%
BB			1.7%
B			1.1%
Not Rated			(0.7)%
Cash & Other			3.9%


Portfolio facts (i)
Average Duration (d)			9.0
Average Effective Maturity (m)			18.5 yrs.

MFS Tennessee Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			22.6%
State & Local Agencies			11.8%
General Obligations – General Purpose			11.3%
Utilities – Municipal Owned			10.6%
Water & Sewer Utility Revenue			9.4%



Composition including fixed income credit quality (a)(i)
AAA			1.8%
AA			60.7%
A			10.6%
BBB			20.7%
BB			1.7%
B			0.5%
Not Rated			1.2%
Cash & Other			2.8%


Portfolio facts (i)
Average Duration (d)			9.4
Average Effective Maturity (m)			17.4 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

Portfolio Composition – continued

MFS Virginia Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			17.1%
Water & Sewer Utility Revenue			16.0%
State & Local Agencies			13.5%
Universities – Colleges			6.4%
General Obligation Improvement			5.4%



Composition including fixed income credit quality (a)(i)
AAA			19.0%
AA			38.0%
A			19.7%
BBB			18.0%
BB			2.3%
B			0.8%
Not Rated			0.5%
Cash & Other			1.7%


Portfolio facts (i)
Average Duration (d)			9.5
Average Effective Maturity (m)			18.6 yrs.

MFS West Virginia Municipal Bond Fund

Portfolio structure (i)

LOGO


Top five industries (i)
State & Local Agencies			18.4%
Universities – Colleges			14.1%
Water & Sewer Utility Revenue			12.8%
Healthcare Revenue – Hospitals			12.6%
General Obligations – General Purpose			12.3%



Composition including fixed income credit quality (a)(i)
AAA			1.2%
AA			28.1%
A			38.3%
BBB			17.3%
BB			2.0%
B			0.6%
Not Rated			8.6%
Cash & Other			3.9%


Portfolio facts (i)
Average Duration (d)			8.4
Average Effective Maturity (m)			16.8 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, April 1, 2011 through September 30, 2011

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2011 through September 30, 2011.

Actual expenses

Hypothetical example for comparison purposes

MFS MISSISSIPPI MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.78%		$1,000.00		$1,079.12		$4.05
A	Hypothetical (h)		0.78%		$1,000.00		$1,021.10		$3.94
B	Actual		1.47%		$1,000.00		$1,075.37		$7.63
B	Hypothetical (h)		1.47%		$1,000.00		$1,017.65		$7.41

MFS NEW YORK MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.89%		$1,000.00		$1,078.39		$4.62
A	Hypothetical (h)		0.89%		$1,000.00		$1,020.55		$4.50
B	Actual		1.65%		$1,000.00		$1,074.60		$8.56
B	Hypothetical (h)		1.65%		$1,000.00		$1,016.75		$8.32
C	Actual		1.65%		$1,000.00		$1,074.44		$8.56
C	Hypothetical (h)		1.65%		$1,000.00		$1,016.75		$8.32

(h)

5% class return per year before expenses.

(p)

Expense Tables – continued

MFS NORTH CAROLINA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.86%		$1,000.00		$1,079.55		$4.47
A	Hypothetical (h)		0.86%		$1,000.00		$1,020.70		$4.34
B	Actual		1.61%		$1,000.00		$1,075.61		$8.35
B	Hypothetical (h)		1.61%		$1,000.00		$1,016.95		$8.12
C	Actual		1.61%		$1,000.00		$1,075.58		$8.35
C	Hypothetical (h)		1.61%		$1,000.00		$1,016.95		$8.12

Expenses Impacting Table

Expense ratios include 0.01% of investment related expenses from inverse floaters that are outside of the expense cap arrangement (See Note 3 of the Notes to Financial Statements).

MFS PENNSYLVANIA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.80%		$1,000.00		$1,079.32		$4.16
A	Hypothetical (h)		0.80%		$1,000.00		$1,021.00		$4.04
B	Actual		1.59%		$1,000.00		$1,075.95		$8.25
B	Hypothetical (h)		1.59%		$1,000.00		$1,017.05		$8.02

Expenses Impacting Table

Expense ratios include 0.01% of investment related expenses from inverse floaters that are outside of the expense cap arrangement (See Note 3 of the Notes to Financial Statements).

MFS SOUTH CAROLINA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.89%		$1,000.00		$1,074.32		$4.62
A	Hypothetical (h)		0.89%		$1,000.00		$1,020.55		$4.50
B	Actual		1.64%		$1,000.00		$1,071.25		$8.49
B	Hypothetical (h)		1.64%		$1,000.00		$1,016.80		$8.27

(h)

5% class return per year before expenses.

(p)

Expense Tables – continued

MFS TENNESSEE MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.92%		$1,000.00		$1,075.88		$4.77
A	Hypothetical (h)		0.92%		$1,000.00		$1,020.40		$4.65
B	Actual		1.67%		$1,000.00		$1,070.85		$8.65
B	Hypothetical (h)		1.67%		$1,000.00		$1,016.65		$8.42

MFS VIRGINIA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.86%		$1,000.00		$1,078.59		$4.47
A	Hypothetical (h)		0.86%		$1,000.00		$1,020.70		$4.34
B	Actual		1.61%		$1,000.00		$1,074.64		$8.35
B	Hypothetical (h)		1.61%		$1,000.00		$1,016.95		$8.12
C	Actual		1.61%		$1,000.00		$1,074.56		$8.35
C	Hypothetical (h)		1.61%		$1,000.00		$1,016.95		$8.12

Expenses Impacting Table

Expense ratios include 0.01% of investment related expenses from inverse floaters that are outside of the expense cap arrangement (See Note 3 of the Notes to Financial Statements).

MFS WEST VIRGINIA MUNICIPAL BOND FUND


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.89%		$1,000.00		$1,078.61		$4.62
A	Hypothetical (h)		0.89%		$1,000.00		$1,020.55		$4.50
B	Actual		1.65%		$1,000.00		$1,073.63		$8.55
B	Hypothetical (h)		1.65%		$1,000.00		$1,016.75		$8.32

(h)

5% class return per year before expenses.

(p)

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS MISSISSIPPI MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 98.1%

Issuer	Shares/Par		Value ($)

Airport Revenue - 1.4%
Jackson, MS, Municipal Airport Authority, Airport Rev., “A”, AMBAC, 5%, 2031	$	1,510,000	$	1,544,466

General Obligations - General Purpose - 12.0%
Canton, MS, Mississippi Development Bank Special Obligation, “A”, AGM, 5.75%, 2031	$	625,000	$	685,719
Commonwealth of Puerto Rico, “A”, 5.25%, 2027		455,000		461,625
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		220,000		217,892
Commonwealth of Puerto Rico, “A”, 6%, 2038		365,000		376,782
Commonwealth of Puerto Rico, Public Improvement, FGIC, 5.5%, 2016		3,220,000		3,556,490
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		1,250,000		1,345,725
Jackson County, MS, Development Bank Special Obligations, AGM, 5.25%, 2020		620,000		737,651
Jackson County, MS, Development Bank Special Obligations, ASSD GTY, 5.625%, 2039		1,000,000		1,084,310
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		410,000		409,967
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		335,000		378,500
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		370,000		422,018
State of California, 6%, 2039		700,000		778,897
State of Mississippi, “A”, 5%, 2016		1,500,000		1,777,620
State of Mississippi, “A”, 5.5%, 2019		1,000,000		1,251,040
			$	13,484,236
General Obligations - Improvement - 1.4%
Guam Government, “A”, 6.75%, 2029	$	35,000	$	36,458
Guam Government, “A”, 5.25%, 2037		155,000		136,425
Guam Government, “A”, 7%, 2039		40,000		41,805
Mississippi Development Bank Special Obligation (Greenville, MS Project), 5%, 2027		225,000		189,630
State of Mississippi, “A”, 5%, 2018		1,000,000		1,213,650
			$	1,617,968
General Obligations - Schools - 0.5%
Jackson, MS, Public School District, Capital Appreciation, “B”, AMBAC, 0%, 2023	$	1,000,000	$	538,170

Healthcare Revenue - Hospitals - 12.4%
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), NATL, 6.125%, 2015	$	1,850,000	$	1,857,215
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), NATL, 6.2%, 2018		1,000,000		1,003,940
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031		500,000		500,135
Hinds County, MS, Rev. (Methodist Hospital & Rehabilitation), AMBAC, 5.6%, 2012		385,000		389,859



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025	$	105,000	$	108,897
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		325,000		341,156
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		380,000		397,826
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		320,000		318,675
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		80,000		83,841
Mississippi Development Bank Special Obligation (Magnolia Regional Health Center Project), “A”, 6.75%, 2036		500,000		515,330
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “B-1”, 5%, 2024		1,000,000		1,028,520
Mississippi Hospital Equipment & Facilities Authority Rev. (Clay County Medical Corp.), 5%, 2039		2,000,000		2,052,420
Mississippi Hospital Equipment & Facilities Authority Rev. (Delta Regional Medical Center), FHA, 5%, 2035		1,000,000		999,930
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital), 5.25%, 2029		1,000,000		1,014,610
Mississippi Hospital Equipment & Facilities Authority Rev. Refunding & Improvement, Hospital South Central, 5.25%, 2031		500,000		469,215
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, Southwest Regional Medical Center, 5.5%, 2019		250,000		254,293
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, Southwest Regional Medical Center, 5.75%, 2023		250,000		251,088
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		215,000		217,442
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		550,000		544,544
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		135,000		147,793
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		75,000		78,291
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		185,000		192,927
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		640,000		700,870

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031	$	430,000	$	401,809
			$	13,870,626
Industrial Revenue - Other - 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	210,000	$	194,735

Industrial Revenue - Paper - 1.4%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022	$	750,000	$	810,150
Warren County, MS, Environmental Improvement Rev. (International Paper Co.), “A”, 4.4%, 2015		750,000		781,020
			$	1,591,170
Miscellaneous Revenue - Other - 0.5%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	50,000	$	53,917
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		500,000		533,990
			$	587,907
Multi-Family Housing Revenue - 0.9%
Mississippi Home Corp. Rev. (Kirkwood Apartments Project), 6.8%, 2037 (d)(q)	$	150,000	$	83,706
Mississippi Home Corp., Multifamily Rev. (Providence Place of Sanitobia LLC), GNMA, 5.35%, 2048		1,000,000		951,860
			$	1,035,566
Sales & Excise Tax Revenue - 2.4%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041	$	450,000	$	460,737
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		750,000		917,835
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		720,000		726,048
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		315,000		328,381
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		1,085,000		283,847
			$	2,716,848
Single Family Housing - Other - 1.3%
Mississippi Business Finance Corp., Rev. (Statesman Housing LLC Project), “A”, 4.75%, 2039	$	1,500,000	$	1,506,600

Single Family Housing - State - 4.5%
Mississippi Home Corp. Rev., Single Family Mortgage Rev., “A-2 “, GNMA, 5.3%, 2034	$	210,000	$	218,215
Mississippi Home Corp. Rev., Single Family Rev., “A-2 “, GNMA, 5.625%, 2039		290,000		301,754



Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
Mississippi Home Corp. Rev., Single Family Rev., “A-2”, GNMA, 5.3%, 2023	$	350,000	$	351,803
Mississippi Home Corp. Rev., Single Family Rev., “B”, GNMA, 5.3%, 2035		335,000		336,327
Mississippi Home Corp. Rev., Single Family Rev., “B-2”, GNMA, 6.375%, 2032		170,000		179,539
Mississippi Home Corp. Rev., Single Family Rev., “B-2”, GNMA, 6.45%, 2033		195,000		204,128
Mississippi Home Corp. Rev., Single Family Rev., “C”, GNMA, 4.95%, 2025		390,000		392,668
Mississippi Home Corp., Homeownership Mortgage Rev., “A”, 4.55%, 2031		2,000,000		2,022,740
Mississippi Home Corp., Single Family Rev., “A-2”, GNMA, 6.5%, 2032		95,000		100,989
Mississippi Housing Finance Corp., Single Family Mortgage Rev., Capital Appreciation, ETM, 0%, 2015 (c)		1,000,000		956,200
			$	5,064,363
State & Agency - Other - 1.5%
Mississippi Development Bank Special Obligations, Harrison County Mississippi Highway Construction, “N”, FGIC, 5%, 2026	$	1,000,000	$	1,073,240
New York State Dormitory Authority Rev. (State University) , “B”, FGIC, 5.25%, 2019		535,000		612,955
			$	1,686,195
State & Local Agencies - 18.3%
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039	$	190,000	$	203,167
Mississippi Development Bank (Harrison County Coliseum), “A”, 5.25%, 2034		1,000,000		1,121,610
Mississippi Development Bank Special Obligation (Capital Project & Equipment Prepayment), AGM, 5%, 2028		1,320,000		1,388,389
Mississippi Development Bank Special Obligation (Department of Corrections), “C”, 5.25%, 2027		1,000,000		1,092,090
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), N, 5%, 2023		345,000		392,876
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), AGM, 5%, 2024		360,000		404,536
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), AGM, 5%, 2025		380,000		424,350
Mississippi Development Bank Special Obligation (Forrest County Public Improvement Project), 5%, 2029		1,000,000		1,066,250
Mississippi Development Bank Special Obligation (Harrison County), “D”, ASSD GTY, 4.75%, 2028		1,120,000		1,207,114
Mississippi Development Bank Special Obligation (Jackson County), ASSD GTY, 5%, 2022		500,000		538,300
Mississippi Development Bank Special Obligation (Jackson County), ASSD GTY, 5.375%, 2036		500,000		515,835

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
Mississippi Development Bank Special Obligation (Jackson Public School District), AGM, 5.375%, 2028	$	1,000,000	$	1,090,420
Mississippi Development Bank Special Obligation (Mississippi Highway Construction), AMBAC, 4.75%, 2035		1,000,000		1,031,510
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 2036		500,000		516,320
Mississippi Development Bank Special Obligation (Southaven Water & Sewer System), ASSD GTY, 5%, 2029		750,000		812,123
Mississippi Development Bank Special Obligation (Washington County Regional Correctional Facility), ASSD GTY, 4.75%, 2031		1,200,000		1,272,084
Mississippi Development Bank Special Obligations (City of Jackson, MS), AMBAC, 4.375%, 2031		1,400,000		1,426,642
Mississippi Development Bank Special Obligations (Correctional Facilities), “A”, AMBAC, 5.125%, 2025		1,000,000		1,010,750
Mississippi Development Bank Special Obligations (DeSoto County Regional Utility Authority), 5.25%, 2031		905,000		939,870
Mississippi Development Bank Special Obligations (Mississippi, Ltd. Tax Hospital Rev.), 5.1%, 2020		1,000,000		1,038,900
Mississippi Development Bank Special Obligations (Natchez Mississippi Convention Center), AMBAC, 6%, 2013 (c)		750,000		826,950
Mississippi Development Bank Special Obligations (Tunica County Building Project), AMBAC, 5%, 2026		1,695,000		1,720,578
Mississippi Development Bank Special Obligations, Madison County (Highway Construction), FGIC, 5%, 2027		500,000		536,075
			$	20,576,739
Tax - Other - 1.5%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	125,000	$	128,268
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		40,000		41,008
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		110,000		118,571
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		135,000		137,311
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		790,000		781,681
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		95,000		89,807
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		85,000		86,398
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 6%, 2039		295,000		306,750
			$	1,689,794



Issuer	Shares/Par		Value ($)

Tobacco - 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	150,000	$	113,979
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		420,000		435,217
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		530,000		341,373
			$	890,569
Transportation - Special Tax - 2.2%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 5.25%, 2033	$	1,135,000	$	1,192,363
Mississippi Development Bank Special Obligations, Madison County (Road & Bridge), AMBAC, 5.1%, 2013 (c)		1,175,000		1,263,384
			$	2,455,747
Universities - Colleges - 15.8%
Alcorn State University, MS, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.125%, 2034	$	1,000,000	$	1,059,570
Alcorn State University, MS, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.25%, 2039		920,000		985,016
Jackson State University, Educational Building Corp. Rev. (Campus Facilities), “A”, FGIC, 5%, 2014 (c)		3,100,000		3,381,573
Jackson State University, Educational Building Corp. Rev. (Student Recreation Center), AMBAC, 5.125%, 2012 (c)		750,000		771,158
Jackson State University, Educational Building Corp. Rev., “A-1”, 5%, 2034		1,500,000		1,592,925	��
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028		920,000		1,158,262
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), “B”, AMBAC, 5.5%, 2023		1,000,000		1,115,370
Mississippi Valley State University, Educational Building Corp. Rev., AMBAC, 4.5%, 2037		2,000,000		2,031,580
University of California Rev., “J”, AGM, 4.5%, 2035		985,000		986,172
University of Mississippi, Educational Building Corp. Rev. (Residential College Project), “A”, 5%, 2033		1,500,000		1,582,245
University of Mississippi, Educational Building Corp. Rev. (Residential College Project), “C”, 4.75%, 2034		715,000		737,708
University of Southern Mississippi, COP (Package Facilities Project), ASSD GTY, 5.125%, 2039		500,000		520,665
University of Southern Mississippi, Educational Building Corp. Rev. (Athletics Facilities Improvement Project), AGM, 5%, 2034		750,000		783,510
University of Southern Mississippi, Educational Building Corp. Rev., “B”, AGM, 5%, 2032		1,000,000		1,045,330
			$	17,751,084

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Dormitories - 1.0%
Mississippi State University, Educational Building Corp., 5%, 2036	$	1,000,000	$	1,062,130

Utilities - Investor Owned - 1.4%
Delaware Economic Development Authority Rev. (Indian River Power LLC), 5.375%, 2045	$	505,000	$	457,424
Farmington, NM, Pollution Control Rev. (Arizona Public Service Co.), “A”, 4.7%, 2024		410,000		412,091
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 2020		370,000		434,828
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		265,000		308,487
			$	1,612,830
Utilities - Municipal Owned - 4.5%
Guam Power Authority Rev., “A”, AMBAC, 5.25%, 2013	$	1,000,000	$	1,001,410
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		155,000		175,076
Mississippi Business Finance Corp., Gulf Opportunity Zone Rev., “A”, 5%, 2037		1,000,000		1,032,400
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.7%, 2027		155,000		164,911
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.75%, 2028		100,000		106,106
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.85%, 2029		485,000		514,832
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), “A”, SYNCORA, 5%, 2026		1,000,000		981,840
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 2025		1,000,000		1,045,480
			$	5,022,055
Utilities - Other - 0.6%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	375,000	$	376,665
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		185,000		184,567
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		95,000		94,373
			$	655,605



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - 11.6%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044	$	2,000,000	$	2,073,700
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		240,000		286,418
Grenada, MS, Development Bank Special Obligations (Water & Sewer Systems Project), “N”, AGM, 5%, 2030		1,000,000		1,026,330
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		285,000		274,948
Mississippi Development Bank Special Obligations (Combined Water Sewer & Solid Waste Management), AGM, 5.25%, 2021		1,270,000		1,346,886
Mississippi Development Bank Special Obligations (Combined Water Sewer & Solid Waste Management), AGM, 5.05%, 2027		1,610,000		1,678,280
Mississippi Development Bank Special Obligations (Gulfport Water & Sewer Project), AGM, 5.625%, 2012 (c)		500,000		529,845
Mississippi Development Bank Special Obligations (Gulfport Water & Sewer Project), “A”, FGIC, 5.25%, 2012 (c)		2,000,000		2,073,920
Mississippi Development Bank Special Obligations (Jackson Water & Sewer System Project), AGM, 5%, 2029		2,000,000		2,069,820
Mississippi Development Bank Special Obligations (Jackson Water & Sewer System Project), FGIC, 5%, 2032 (c)		250,000		260,758
Mississippi Development Bank Special Obligations (Jackson Water & Sewer System Project), “A”, AGM, 5%, 2023		1,220,000		1,359,056
			$	12,979,961
Total Municipal Bonds (Identified Cost, $105,973,543)			$	110,135,364

Money Market Funds (v) - 0.7%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		736,045	$	736,045
Total Investments (Identified Cost, $106,709,588)			$	110,871,409

Other Assets, Less Liabilities - 1.2%				1,385,038
Net Assets - 100.0%			$	112,256,447

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS NEW YORK MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 97.2%

Issuer	Shares/Par		Value ($)

Airport Revenue - 1.8%
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035	$	555,000	$	611,431
New York, NY, City Industrial Development Agency, Special Facilities Rev. (Terminal One Group), 5.5%, 2024		1,000,000		1,040,470
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042		1,160,000		1,194,452
Port Authority NY & NJ, Special Obligation Rev. (JFK International), NATL, 6.25%, 2015		1,000,000		1,105,850
			$	3,952,203
General Obligations - General Purpose - 4.5%
Commonwealth of Puerto Rico, “A”, 5.5%, 2018	$	1,480,000	$	1,619,046
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		495,000		490,258
Commonwealth of Puerto Rico, “A”, 6%, 2038		845,000		872,277
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		1,600,000		1,722,528
New York, NY, “B”, 5%, 2018		3,000,000		3,571,200
New York, NY, “E-1”, 6.25%, 2028		1,000,000		1,172,050
New York, NY, “J”, FGIC, 5.5%, 2026		5,000		5,015
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		340,000		384,149
			$	9,836,523
General Obligations - Improvement - 0.2%
Guam Government, “A”, 5.25%, 2037	$	290,000	$	255,246
Guam Government, “A”, 7%, 2039		105,000		109,738
			$	364,984
General Obligations - Schools - 1.9%
Genesee Valley, NY, Central School District (Angelica Belmont), FGIC, 5.25%, 2028	$	1,720,000	$	1,755,501
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2012 (c)		500,000		524,825
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2013 (c)		500,000		560,135
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2014 (c)		500,000		593,105
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2015 (c)		500,000		623,620
			$	4,057,186
Healthcare Revenue - Hospitals - 7.1%
Chautauqua County, NY, Capital Resource Corp., Rev. (Women’s Christian Assn.), “A”, 8%, 2030	$	550,000	$	576,109
Genesee County, NY, Industrial Development Agency, Civic Facilities Rev. (United Medical Center Project), 5%, 2032		500,000		411,405



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Illinois Finance Authority Rev. (Little Company of Mary Hospital and Health Care Centers), 5.375%, 2040	$	365,000	$	362,065
Madison County, NY, Industrial Development Agency, Civic Facilities Rev. (Oneida), 5.25%, 2027		1,425,000		1,314,719
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		165,000		172,922
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		145,000		150,778
Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland Hospital of Rochester), 5%, 2025		995,000		1,010,830
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		35,000		35,807
New York Dormitory Authority Rev., Non-State Supported Debt, 6.25%, 2037		750,000		743,250
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035		1,495,000		1,638,670
New York Dormitory Authority Rev., Non-State Supported Debt (Hospital Special Surgery), FHA, 6.25%, 2034		2,000,000		2,305,220
New York Dormitory Authority Rev., Non-State Supported Debt (Mount Sinai Hospital), “A”, 5%, 2026		2,000,000		2,081,720
New York Dormitory Authority Rev., Non-State Supported Debt (NYU Hospitals Center), “A”, 5.5%, 2025		750,000		814,365
New York, NY, Health & Hospital Corp. Rev., “A”, 5.5%, 2023		1,000,000		1,114,330
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		165,000		172,240
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		395,000		411,926
Westchester County, NY, Health Care Corp. Rev.,”B”, 6%, 2030		1,000,000		1,069,170
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		945,000		883,046
			$	15,268,572
Healthcare Revenue - Long Term Care - 1.6%
East Rochester, NY, Housing Authority Rev. (Woodland Village Project), 5.5%, 2033	$	400,000	$	337,664
Nassau County, NY, Industrial Development Agency Continuing Care (Amsterdam at Harborside), 6.7%, 2043		550,000		519,162

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Long Term Care - continued
Suffolk County, NY, Economic Development Corp. Rev. (Peconic Landing at Southhold, Inc.), 6%, 2040	$	1,000,000	$	1,023,230
Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Gurwin Jewish Phase II), 6.7%, 2039		385,000		382,578
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		120,000		127,604
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		180,000		188,235
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037		500,000		361,040
Westchester County, NY, Industrial Development Agency, Civic Facilities Rev., Continuing Care Retirement (Kendal on Hudson), “A”, 6.5%, 2013 (c)		300,000		322,785
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		20,000		21,275
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		130,000		137,389
			$	3,420,962
Human Services - 0.9%
Nassau County, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facility), “B-1”, 6.5%, 2017	$	205,000	$	197,745
New York Dormitory Authority Rev. (Jewish Board of Families & Children), AMBAC, 5%, 2023		695,000		705,585
New York Dormitory Authority Rev., Non-State Supported Debt (Nysarc, Inc.), “A”, 6%, 2032		705,000		782,642
New York, NY, Industrial Development Agency (PSCH, Inc.), 6.375%, 2033		215,000		203,048
			$	1,889,020
Industrial Revenue - Airlines - 0.2%
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025	$	350,000	$	346,854
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		125,000		123,733
			$	470,587
Industrial Revenue - Other - 2.4%
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 2035	$	3,180,000	$	3,236,699
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		500,000		441,125
Onondaga County, NY, Industrial Development Agency, Sewer Facilities Rev. (Bristol-Meyers Squibb Co.), 5.75%, 2024		1,000,000		1,123,880



Issuer	Shares/Par		Value ($)

Industrial Revenue - Other - continued
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	430,000	$	398,743
			$	5,200,447
Industrial Revenue - Paper - 0.5%
Essex County, NY, Industrial Development Agency, Pollution Control Rev. (International Paper Corp.), 6.15%, 2021	$	470,000	$	470,343
Essex County, NY, Industrial Development Agency, Pollution Control Rev. (International Paper Corp.), 6.45%, 2023		700,000		700,707
			$	1,171,050
Miscellaneous Revenue - Entertainment & Tourism - 0.8%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040	$	1,750,000	$	1,827,875
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (a)(d)		439,999		4
			$	1,827,879
Miscellaneous Revenue - Other - 2.1%
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049	$	2,500,000	$	2,664,150
New York, NY, Industrial Development Agency, Civic Facilities Rev. (United Jewish Appeal), “A”, 5%, 2027		1,000,000		1,040,660
Onondaga County, NY, Industrial Development Authority Rev. (Air Cargo), 6.125%, 2032		1,045,000		881,175
			$	4,585,985
Multi-Family Housing Revenue - 3.2%
New York Housing Finance Agency Rev. (Affordable Housing), “D”, 5%, 2040	$	1,520,000	$	1,542,906
New York Housing Finance Agency Rev., “A”, 5.1%, 2041		790,000		761,797
New York Housing Finance Agency Rev., “A”, 5.25%, 2041		1,000,000		1,015,690
New York, NY, City Housing Development Corp., 5.5%, 2034		2,000,000		2,003,000
New York, NY, City Housing Development Corp., “C”, 5%, 2026		500,000		502,540
New York, NY, City Housing Development Corp., Multifamily Housing Rev., 4.8%, 2035		1,000,000		1,004,110
			$	6,830,043
Sales & Excise Tax Revenue - 3.2%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034	$	1,000,000	$	1,029,430
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		1,000,000		1,008,400
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,070,000		1,166,321
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		630,000		656,762

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Sales & Excise Tax Revenue - continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039	$	930,000	$	1,014,314
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		930,000		959,751
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2056		11,315,000		683,765
Schenectady, NY, Metroplex Development Authority Rev., “A”, NATL, 5.375%, 2021		475,000		488,794
			$	7,007,537
Single Family Housing - State - 1.9%
New York Mortgage Agency Rev., 5.1%, 2024	$	315,000	$	316,166
New York Mortgage Agency Rev., “130”, 4.65%, 2027		1,680,000		1,679,983
New York Mortgage Agency Rev., “130”, 4.75%, 2030		500,000		498,140
New York Mortgage Agency Rev., “156”, 5.35%, 2033		1,490,000		1,539,945
			$	4,034,234
Solid Waste Revenue - 0.4%
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (American Ref-fuel), “C”, 5.625%, 2024 (b)	$	850,000	$	859,903

State & Agency - Other - 1.3%
New York Dormitory Authority (City University), AMBAC, 5.75%, 2018	$	800,000	$	928,800
New York Municipal Bond Bank Agency, Special Program Rev., “A”, AMBAC, 5.25%, 2015		715,000		716,809
New York State Dormitory Authority Rev. (State University), “B”, FGIC, 5.25%, 2019		1,040,000		1,191,538
			$	2,837,147
State & Local Agencies - 14.3%
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037	$	1,405,000	$	896,179
New York City Educational Construction Fund Rev., “A”, 5.75%, 2033		1,860,000		2,099,233
New York Dormitory Authority (City University), “A”, 5.625%, 2016		2,450,000		2,791,677
New York Dormitory Authority (State University), 5.875%, 2017		1,130,000		1,331,897
New York Dormitory Authority Rev. (School Program), 6.25%, 2020		1,690,000		1,696,422
New York Dormitory Authority Rev., Mental Health Services, Unrefunded, “B”, NATL, 5.25%, 2031		725,000		726,015
New York Dormitory Authority Rev., Non-State Supported Debt, 5%, 2032		2,000,000		2,070,620
New York Dormitory Authority Rev., State Supported Debt, AGM, 5.25%, 2030		25,000		25,047
New York Municipal Bond Bank Agency, Special School Purpose Rev., 5.25%, 2022		1,000,000		1,062,600
New York Thruway Authority, Personal Income Tax Rev., “A”, 5%, 2018		1,710,000		2,039,243
New York Tobacco Settlement Financing Corp., “A-1”, 5.5%, 2012 (c)		1,475,000		1,525,283



Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
New York Tobacco Settlement Financing Corp., “A-1”, 5.5%, 2018	$	525,000	$	541,627
New York Tobacco Settlement Financing Corp., “B”, 5%, 2018		2,000,000		2,344,900
New York Urban Development Corp. (State Facilities), AMBAC, 5.6%, 2015		2,750,000		2,992,578
New York Urban Development Corp. Rev., “D”, 5.625%, 2028		2,000,000		2,226,300
New York Urban Development Corp. Rev., Personal Income Tax, “C”, 5%, 2018		3,000,000		3,615,810
New York Urban Development Corp. Rev., Service Contract, “A-2”, 5%, 2020		2,000,000		2,315,280
United Nations Development Corp., “A”, 5%, 2026		500,000		543,370
			$	30,844,081
Tax - Other - 12.6%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	270,000	$	277,058
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		90,000		92,269
New York Dormitory Authority, State Personal Income Tax Rev., “C”, 5%, 2023		3,000,000		3,547,080
New York Dormitory Authority, State Personal Income Tax Rev., “E”, 5%, 2018		3,000,000		3,572,520
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-2A”, 5%, 2040		2,000,000		2,148,680
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039		2,000,000		2,139,440
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-5”, GNMA, 5%, 2026		3,000,000		3,282,720
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-5”, 5%, 2032		1,000,000		1,062,540
New York, NY, City Transitional Finance Authority Rev., “B”, 5%, 2021		2,000,000		2,417,120
New York, NY, City Transitional Finance Authority Rev., “D”, 5%, 2027		3,000,000		3,401,100
New York, NY, City Transitional Finance Authority Rev., “E”, 5%, 2017		2,000,000		2,408,660
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		605,000		650,950
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		1,250,000		1,181,675
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		1,080,000		1,068,628
			$	27,250,440
Tobacco - 2.2%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	320,000	$	243,155
Buckeye, OH, Tobacco Settlement Financing Authority, Capital Appreciation, “A-3”, 0% to 2012, 6.25% to 2037		765,000		530,397
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,595,000		1,122,354

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Tobacco - continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “A-2”, 0% to 2012, 5.3% to 2037	$	1,235,000	$	786,954
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		355,000		367,862
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		1,040,000		669,864
New York County Tobacco Trust II, 5.625%, 2035		800,000		641,664
Westchester, NY, Tobacco Asset Securitization Corp., 5.125%, 2045		500,000		331,435
			$	4,693,685
Toll Roads - 1.3%
Triborough Bridge & Tunnel Authority Rev., NY, “A-2”, 5%, 2029	$	2,000,000	$	2,171,600
Triborough Bridge & Tunnel Authority Rev., NY, ETM, 6%, 2012 (c)		300,000		304,161
Triborough Bridge & Tunnel Authority Rev., NY, Unrefunded, “A”, NATL, 5%, 2032		310,000		312,344
			$	2,788,105
Transportation - Special Tax - 5.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 2026	$	1,530,000	$	1,584,789
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2035		2,000,000		2,060,760
Metropolitan Transportation Authority Rev., NY, “C”, 6.5%, 2028		2,000,000		2,371,960
Metropolitan Transportation Authority Rev., NY, ETM, AMBAC, 5.75%, 2013 (c)		275,000		287,727
New York Thruway Authority, “B”, 5%, 2015		2,620,000		2,997,856
New York Thruway Authority, General Rev., Highway & Bridges, “A-1”, 5%, 2020		1,750,000		2,091,618
			$	11,394,710
Universities - Colleges - 16.9%
Albany, NY, Capital Resource Corp. Rev. (The College Saint Rose), “A”, 5.625%, 2031	$	1,000,000	$	1,030,520
Albany, NY, Industrial Development Agency Rev. (Albany Law School), 5%, 2031		1,000,000		1,002,400
Hempstead, NY, Industrial Development Agency Civic Rev. (Adelphi University), 5%, 2030		1,515,000		1,557,965
Hempstead, NY, Local Development Corp. Rev. (Adelphi University), “B”, 5.25%, 2039		500,000		517,465
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		1,945,000		2,026,787
Madison County, NY, Industrial Development Agency Civic Facilities Rev. (Colgate University), “A”, AMBAC, 5%, 2035		1,585,000		1,629,459
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), ”B”, 5.25%, 2029		1,325,000		1,421,089
Monroe County, NY, Industrial Development Corp. Rev., “A”, 5%, 2023		500,000		571,175



Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Monroe County, NY, Industrial Development Corp. Rev., “A”, 5%, 2024	$	1,000,000	$	1,128,120
Monroe County, NY, Industrial Development Corp. Rev., “A”, 5%, 2025		1,000,000		1,117,580
Nassau County, NY, Industrial Development Agency Rev. (New York Institute of Technology), “A”, 4.75%, 2026		1,000,000		1,017,300
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		985,000		1,143,309
New York Dormitory Authority Rev. (New York University), “A”, FGIC, 5%, 2029		1,000,000		1,034,300
New York Dormitory Authority Rev. (St. John’s University), “A”, NATL, 5%, 2017		300,000		303,567
New York Dormitory Authority Rev., Non-State Supported Debt (Brooklyn Law School), 5.75%, 2033		600,000		646,476
New York Dormitory Authority Rev., Non-State Supported Debt (Cornell University), “A”, 5%, 2031		2,000,000		2,112,840
New York Dormitory Authority Rev., Non-State Supported Debt (Manhattan Marymount), 5.125%, 2039		2,000,000		2,061,000
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		1,955,000		2,096,796
New York Dormitory Authority Rev., Non-State Supported Debt (St. Josephs College), 5.25%, 2035		2,000,000		2,050,540
New York Dormitory Authority Rev., Non-State Supported Debt (The Convent of the Sacred Heart), AGM, 5.625%, 2035		1,250,000		1,348,263
New York Dormitory Authority Rev., Non-State Supported Debt, “A”, 5%, 2020		2,000,000		2,289,380
Onondaga, NY, Civic Development Corp. Rev. (Le Moyne College Project), 5.375%, 2040		2,000,000		2,019,960
Schenectady, NY, New York Dormitory Authority Rev. (Cornell University), “A”, AMBAC, 5%, 2032		2,000,000		2,036,520
Seneca County, NY, Industrial Development Agency, Civic Facilities Rev. (New York Chiropractic), 5%, 2027		500,000		506,965
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), 5%, 2031		2,225,000		2,298,737
Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute) “A”, 5.125%, 2040		1,000,000		1,012,430
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (Sarah Lawrence College Project), “A”, 6%, 2041		595,000		623,167
			$	36,604,110
Universities - Dormitories - 1.0%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 2041	$	2,000,000	$	2,105,520

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Secondary Schools - 0.3%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041	$	535,000	$	557,117

Utilities - Investor Owned - 1.6%
Chautauqua County, NY, Industrial Development Agency, Exempt Facilities Rev. (Dunkirk Power), 5.875%, 2042	$	1,000,000	$	985,340
New York Environmental Facilities Corp., Water Facilities Rev., 6%, 2031		1,005,000		1,022,196
New York Environmental Facilities Corp., Water Facilities Rev. (Spring Valley Water Co.), “B”, AMBAC, 6.15%, 2024		1,500,000		1,504,440
			$	3,511,976
Utilities - Municipal Owned - 2.7%
Guam Power Authority Rev., “A”, 5.5%, 2030	$	515,000	$	512,595
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 5%, 2021		1,500,000		1,737,150
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6.25%, 2033		1,000,000		1,144,360
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		2,000,000		2,259,040
Virgin Islands Water & Power Authority Rev., 5.5%, 2017		200,000		200,314
			$	5,853,459
Utilities - Other - 0.5%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038	$	1,085,000	$	1,130,299



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - 4.5%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038	$	1,240,000	$	1,285,694
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		315,000		303,890
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		2,140,000		2,296,948
New York, NY, Municipal Water & Sewer Finance Authority Rev., 4.75%, 2030 (f)		1,245,000		1,310,201
New York, NY, Municipal Water & Sewer Finance Authority Rev., “FF-1”, 5%, 2016		2,500,000		2,928,600
New York, NY, Municipal Water & Sewer Finance Authority Rev., ETM, AMBAC, 6.75%, 2014 (c)		665,000		724,863
Suffolk County, NY, Water Authority Rev., ETM, NATL, 5.1%, 2012 (c)		895,000		923,175
			$	9,773,371
Total Municipal Bonds (Identified Cost, $201,511,817)			$	210,121,135

Money Market Funds (v) - 0.8%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		1,847,326	$	1,847,326
Total Investments (Identified Cost, $203,359,143)			$	211,968,461

Other Assets, Less Liabilities - 2.0%				4,237,052
Net Assets - 100.0%			$	216,205,513

Derivatives Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		27	$3,850,875		December - 2011		$(153,868	)
U.S. Treasury Note 10 yr (Short)		USD		20	2,601,875		December - 2011		(21,007	)

									$(174,875	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS NORTH CAROLINA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 98.2%

Issuer	Shares/Par		Value ($)

Airport Revenue - 3.4%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), AMBAC, 5%, 2023	$	1,430,000	$	1,549,076
Charlotte, NC, Airport Rev., “A”, 4.75%, 2028		1,250,000		1,315,663
Charlotte, NC, Airport Rev., “A”, NATL, 5%, 2029		2,000,000		2,047,100
Charlotte, NC, Airport Rev., “A”, NATL, 5%, 2034		4,485,000		4,555,728
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035		1,055,000		1,162,272
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 2036		3,440,000		3,679,734
			$	14,309,573
General Obligations - General Purpose - 4.1%
Cary, NC, Public Improvement, “B”, 4%, 2017	$	3,305,000	$	3,801,675
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		3,750,000		4,060,463
Mecklenburg County, NC, “A”, 5%, 2018		5,100,000		6,238,524
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		905,000		1,022,514
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,705,000		1,733,150
			$	16,856,326
General Obligations - Improvement - 5.3%
Guam Government, “A”, 6.75%, 2029	$	240,000	$	250,001
Guam Government, “A”, 7%, 2039		265,000		276,957
Nash County, NC, Limited Obligation, ASSD GTY, 5%, 2030		2,000,000		2,177,640
New Hanover County, NC, Public Improvement, “A”, 5%, 2030		2,000,000		2,259,940
North Carolina Capital Improvement Obligation, “A”, 5%, 2026		1,450,000		1,618,055
State of North Carolina, “B”, 5%, 2017		4,700,000		5,640,423
State of North Carolina, “B”, 5%, 2018		3,000,000		3,656,280
State of North Carolina, “C”, 5%, 2019		5,000,000		6,123,850
			$	22,003,146
General Obligations - Schools - 4.9%
Folsom Cordova, CA, Unified School District, School Facilities Improvement District No. 4 (Election 2006), Capital Appreciation, “A”, NATL, 0%, 2026	$	3,920,000	$	1,603,045
Johnston County, NC, “B”, 5%, 2018		1,425,000		1,706,666
New Hanover County, NC, Public Improvement, 5%, 2012 (c)		1,435,000		1,479,715
Wake County, NC, “C”, 5%, 2020		3,000,000		3,680,070
Wake County, NC, “C”, 5%, 2021 (f)		6,500,000		8,038,550
Wake County, NC, “C”, 5%, 2024		3,000,000		3,716,040
			$	20,224,086




Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - 20.2%
Albemarle, NC, Hospital Authority Health Care Facilities Rev., 5.25%, 2038	$	2,000,000	$	1,608,680
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5%, 2031		1,000,000		1,028,390
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5.25%, 2034		4,000,000		4,164,000
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5%, 2047		1,000,000		1,009,040
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. Unrefunded (Carolina Health Care System), “A”, 5%, 2031		2,695,000		2,700,956
Illinois Finance Authority Rev. (Little Company of Mary Hospital and Health Care Centers), 5.375%, 2040		725,000		719,171
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		380,000		394,102
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		1,140,000		1,196,669
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,820,000		1,812,465
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		310,000		324,883
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		245,000		254,763
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		1,450,000		1,487,671
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		790,000		798,974
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		1,110,000		1,098,989
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		55,000		56,269
North Carolina Hospital Authority Mortgage Rev. (Johnston Memorial), AGM, 5.25%, 2036		3,500,000		3,688,545
North Carolina Medical Care Commission, Health Care Facilities Rev. (Appalachian Regional Healthcare System), “A”, 6.375%, 2026		2,000,000		2,073,880
North Carolina Medical Care Commission, Health Care Facilities Rev. (Appalachian Regional Healthcare System), “A”, 6.5%, 2031		1,000,000		1,044,600
North Carolina Medical Care Commission, Health Care Facilities Rev. (Cleveland County Healthcare System), 5.75%, 2035		800,000		831,288

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
North Carolina Medical Care Commission, Health Care Facilities Rev. (Cleveland County Healthcare), “A”, AMBAC, 5%, 2035	$	1,155,000	$	1,122,083
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 2035		1,620,000		1,677,445
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 2042		3,500,000		3,618,930
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 2042		2,000,000		2,068,020
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligation Group), 5%, 2039		1,945,000		1,927,534
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligation Group), “A”, 5.25%, 2040		3,000,000		3,030,060
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 2030		5,250,000		5,369,018
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wakemed), AMBAC, 5%, 2021		2,045,000		2,067,066
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wakemed), “A”, ASSD GTY, 5.625%, 2038		500,000		522,100
North Carolina Medical Care Commission, Health System Rev. (Mission Health System, Inc.), 5%, 2025		1,600,000		1,695,824
North Carolina Medical Care Commission, Health System Rev. (Mission Health System, Inc.), 4.75%, 2035		2,000,000		1,988,660
North Carolina Medical Care Commission, Hospital Rev. (Southeastern Regional Medical Center), 5.375%, 2032		3,330,000		3,333,130
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5.25%, 2029		2,215,000		2,349,185
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5%, 2034		3,000,000		3,033,420
North Carolina Medical Care Commission, Hospital Rev. (Wilson Memorial Hospital), Capital Appreciation, AMBAC, 0%, 2013		1,000,000		941,500
North Carolina Medical Care Commission, Hospital Rev. (Wilson Memorial Hospital), Capital Appreciation, AMBAC, 0%, 2015		1,140,000		986,225
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., RADIAN, 5.5%, 2019		820,000		820,246
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., 6.25%, 2038		1,000,000		1,018,630
Onslow County, NC, Hospital Authority (Onslow Memorial Hospital Project), NATL, 5%, 2026		1,155,000		1,206,236



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Pitt County, NC, Rev., Pitt County Memorial Hospital, ETM, 5.25%, 2021 (c)	$	10,135,000	$	11,334,984
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		2,040,000		2,423,010
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		470,000		514,537
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		270,000		281,848
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		635,000		662,210
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		2,195,000		2,403,766
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		1,495,000		1,396,988
			$	84,085,990
Healthcare Revenue - Long Term Care - 1.0%
North Carolina Medical Care Commission, Health Care Facilities Rev. (Arbor Acres Community), 6.375%, 2012 (c)	$	1,000,000	$	1,034,630
North Carolina Medical Care Commission, Health Care Facilities Rev. (Givens Estates), 6.5%, 2013 (c)		800,000		892,720
North Carolina Medical Care Commission, Retirement Facilities Rev. (Galloway Ridge Project), “A”, 5.875%, 2031		480,000		464,126
North Carolina Medical Care Commission, Retirement Facilities Rev. (Galloway Ridge Project), “A”, 6%, 2039		1,520,000		1,462,711
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		35,000		37,231
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		220,000		232,505
			$	4,123,923
Industrial Revenue - Other - 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	860,000	$	797,487

Industrial Revenue - Paper - 0.2%
Columbus County, NC, Industrial Facilities & Pollution Control, Financing Authority Rev. (International Paper Co.), 5.7%, 2034	$	1,000,000	$	1,012,110

Miscellaneous Revenue - Other - 1.0%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	185,000	$	199,491
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		1,870,000		1,997,123

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Miscellaneous Revenue - Other - continued
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2025	$	1,000,000	$	1,186,770
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		1,890,000		621,999
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		100,000		102,263
			$	4,107,646
Multi-Family Housing Revenue - 1.7%
Charlotte, NC, Housing Authority Rev., GNMA, 4.8%, 2048	$	2,000,000	$	1,929,580
Charlotte, NC, Housing Authority Rev., Mortgage Rocky Branch II, GNMA, 4.65%, 2035		2,000,000		1,999,960
Elizabeth City, NC, Multi-Family Housing Rev. (Walker Landing), “A”, GNMA, 5.125%, 2049		1,500,000		1,294,620
Mecklenburg County, NC (Little Rock Apartments), FNMA, 5.15%, 2022		1,000,000		994,500
North Carolina Medical Care Commission, Health Care Facilities Rev., “A” (ARC Projects), 5.8%, 2034		1,000,000		1,003,510
			$	7,222,170
Port Revenue - 0.2%
North Carolina Ports Authority Facilities Rev., “A”, 5.25%, 2040	$	1,000,000	$	1,015,420

Sales & Excise Tax Revenue - 3.3%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030	$	1,675,000	$	1,787,811
Massachusetts Bay Transportation Authority Sales Tax Rev., “A-1”, 5.25%, 2032		2,865,000		3,452,640
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,740,000		1,874,467
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,740,000		1,896,635
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		840,000		866,872
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2034		4,540,000		1,111,982
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2032		1,970,000		1,734,624
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		4,135,000		1,081,757
			$	13,806,788
Single Family Housing - State - 3.9%
North Carolina Housing Finance Agency Rev., “12-C”, 5.35%, 2033	$	500,000	$	500,240
North Carolina Housing Finance Agency Rev., “15-A”, AGM, 4.95%, 2032		395,000		393,471
North Carolina Housing Finance Agency Rev., “19-A”, 5.1%, 2030		2,265,000		2,269,553



Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
North Carolina Housing Finance Agency Rev., “23-A”, 4.8%, 2037	$	1,915,000	$	1,810,441
North Carolina Housing Finance Agency Rev., “24-A”, 4.75%, 2026		1,895,000		1,871,142
North Carolina Housing Finance Agency Rev., “25-A”, 5.75%, 2037		945,000		970,874
North Carolina Housing Finance Agency Rev., “29-A”, 4.85%, 2038		1,905,000		1,849,298
North Carolina Housing Finance Agency Rev., “31-A”, 5.25%, 2038		1,965,000		1,973,430
North Carolina Housing Finance Agency Rev., “5-A”, 5.55%, 2019		1,530,000		1,530,214
North Carolina Housing Finance Agency Rev., “7-A”, 6.15%, 2020		325,000		325,335
North Carolina Housing Finance Agency Rev., “A”, 5.25%, 2020		995,000		995,348
North Carolina Housing Finance Agency Rev., “A”, 5.375%, 2023		190,000		191,421
North Carolina Housing Finance Agency Rev., “PP”, FHA, 6.15%, 2017		600,000		600,162
North Carolina Housing Finance Agency Rev., “RR”, 5.85%, 2028		1,115,000		1,115,446
			$	16,396,375
State & Agency - Other - 2.3%
Charlotte, NC, COP (Transit Projects), 5%, 2033	$	3,000,000	$	3,152,160
Charlotte, NC, COP (Transit Projects), “E”, 5%, 2035		1,990,000		2,043,312
Charlotte, NC, COP, “E”, 5%, 2026		760,000		830,080
Charlotte, NC, COP, “E”, 5%, 2034		2,000,000		2,105,060
Harnett County, NC, COP, AGM, 5.25%, 2015		1,020,000		1,086,014
Rockingham, NC, COP, AMBAC, 5.125%, 2024		350,000		361,932
			$	9,578,558
State & Local Agencies - 8.1%
Charlotte, NC, COP (NASCAR Hall of Fame), “C”, 5%, 2039	$	5,130,000	$	5,385,731
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037		2,260,000		1,441,541
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, ASSD GTY, 5%, 2045		1,355,000		1,331,084
Harnett County, NC, COP, ASSD GTY, 5%, 2029		400,000		432,712
Iredell County, NC, Public Facilities (School Projects), AGM, 5.125%, 2027		3,230,000		3,527,063
Mecklenburg County, NC, COP, “A”, 5%, 2028		350,000		380,807
Mooresville, NC, COP, 5%, 2032		3,120,000		3,224,489
Orange County, NC, Public Facilities Co., Limited Obligation, 5%, 2024		750,000		850,913
Pitt County, NC, Limited Obligation, “A”, 5%, 2035		2,000,000		2,151,700
Rutherford County, NC, COP (Rutherford County School), AMBAC, 5%, 2023		840,000		903,697
Salisbury, NC, COP, ASSD GTY, 5.625%, 2026		1,000,000		1,126,420

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
Wake County, NC, 5%, 2033	$	6,000,000	$	6,666,240
Wake County, NC, Annual Appropriation Ltd., Obligation Bonds, “2009”, 5%, 2032		3,000,000		3,323,160
Wilmington, NC, COP, “A”, 5%, 2038		2,650,000		2,822,488
			$	33,568,045
Tax - Other - 1.1%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	420,000	$	430,979
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		145,000		148,655
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		1,005,000		1,081,330
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		305,000		301,788
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		350,000		330,869
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		305,000		310,017
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		2,090,000		2,067,992
			$	4,671,630
Tobacco - 1.2%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	515,000	$	391,328
Buckeye, OH, Tobacco Settlement Financing Authority, Capital Appreciation, “A-3”, 0% to 2012, 6.25% to 2037		1,295,000		897,862
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		680,000		478,496
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		1,975,000		2,046,554
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		1,480,000		953,268
			$	4,767,508
Transportation - Special Tax - 4.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 6%, 2018	$	10,850,000	$	12,374,317
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 2028		1,715,000		1,887,340
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020		1,985,000		2,406,654
			$	16,668,311
Universities - Colleges - 12.0%
Appalachian State University, NC, Rev., 4%, 2019	$	1,080,000	$	1,206,608
Appalachian State University, NC, Rev., “C”, NATL, 5%, 2030		1,000,000		1,040,370
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		1,000,000		1,163,810
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		2,000,000		2,084,100



Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017	$	1,545,000	$	1,793,312
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (High Point University Project), 5.25%, 2033		1,000,000		1,027,590
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2028		980,000		1,074,550
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2029		865,000		943,827
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2031		2,000,000		2,159,720
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2038		1,000,000		1,070,690
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5.25%, 2012 (c)		2,000,000		2,098,900
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5%, 2038		2,500,000		2,692,250
North Carolina Capital Facilities, Finance Agency Rev. (Johnson & Wales University), “A”, SYNCORA, 5.25%, 2022		1,870,000		1,891,318
North Carolina Capital Facilities, Finance Agency Rev. (Meredith College), 6%, 2031		3,240,000		3,323,560
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 2041		450,000		445,059
Puerto Rico Industrial Tourist Authority (University Plaza), “A”, NATL, 5%, 2020		2,180,000		2,186,453
University of North Carolina, Chapel Hill, 5%, 2028		2,000,000		2,077,720
University of North Carolina, Chapel Hill, 5%, 2031		3,250,000		3,519,588
University of North Carolina, Chapel Hill, “A”, ASSD GTY, 5%, 2034		200,000		214,974
University of North Carolina, Greensboro, 5%, 2026		3,000,000		3,314,730
University of North Carolina, Systems Pool Rev. (General Trust Indenture), “C”, 5.5%, 2034		1,890,000		2,018,255
University of North Carolina, Systems Pool Rev., “B”, NATL, 5%, 2033		1,180,000		1,232,345
University of North Carolina, Systems Pool Rev., “B”, 5.125%, 2034		2,000,000		2,146,900
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 2024		1,615,000		1,865,890
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 2025		1,705,000		1,952,123
University of North Carolina, Systems Pool Rev., “C”, AMBAC, 5%, 2029		2,000,000		2,066,080
University of North Carolina, Wilmington Rev., “A”, AMBAC, 5%, 2019		1,375,000		1,404,521
University of North Carolina, Wilmington, COP (Student Housing Project), FGIC, 5%, 2028		1,825,000		1,891,521
			$	49,906,764

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Utilities - Investor Owned - 0.6%
Wake County, NC, Industrial Facilities & Pollution Control Rev. (Carolina Power & Light Co.), 5.375%, 2017	$	2,500,000	$	2,555,000

Utilities - Municipal Owned - 10.6%
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020	$	1,630,000	$	1,937,108
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		520,000		587,350
North Carolina Eastern Municipal Power Agency, AMBAC, 6%, 2018		14,245,000		17,254,541
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2019 (u)		10,000,000		10,452,000
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2020 (u)		6,000,000		6,252,300
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, 5%, 2030		2,500,000		2,657,250
Raleigh, NC, “A”, 5%, 2020		4,000,000		4,918,000
			$	44,058,549
Utilities - Other - 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	1,695,000	$	1,858,381
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		1,055,000		1,059,684
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,290,000		1,266,406
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		805,000		798,439
			$	4,982,910
Water & Sewer Utility Revenue - 7.7%
Asheville, NC, Water & Sewer Systems Rev., NATL, 5%, 2032	$	1,000,000	$	1,072,900
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 2035		3,000,000		3,214,410
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 2036		4,410,000		4,825,069



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Charlotte, NC, Storm Water Fee Rev., 5%, 2034	$	3,675,000	$	3,803,074
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		805,000		960,695
Durham County, NC, Enterprise Systems Rev., NATL, 5%, 2023		1,675,000		1,753,022
Durham County, NC, Enterprise Systems Rev., 5%, 2029		1,590,000		1,807,655
Fayetteville, NC, Public Works Commission Rev., “B”, 5%, 2035		1,750,000		1,903,230
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., “A”, AGM, 5%, 2033		2,400,000		2,548,008
Harnett County, NC, Water & Sewer Systems Rev., AMBAC, 5%, 2028		700,000		729,988
High Point, NC, Combined Enterprise System Rev., AGM, 5%, 2033		2,000,000		2,147,560
Kannapolis, NC, Water & Sewer Rev., “B”, AGM, 5.25%, 2021		1,000,000		1,011,890
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.625%, 2030		500,000		553,535
Oak Island, NC, Enterprise System Rev., ASSD GTY, 6%, 2034		1,000,000		1,108,450
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.75%, 2036		800,000		889,488
Winston-Salem, NC, Water & Sewer Systems Rev., 5%, 2033		1,600,000		1,687,232
Winston-Salem, NC, Water & Sewer Systems Rev., 5%, 2034		2,000,000		2,209,760
			$	32,225,966
Total Municipal Bonds (Identified Cost, $391,783,318)			$	408,944,281

Money Market Funds (v) - 3.1%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		12,675,765	$	12,675,765
Total Investments (Identified Cost, $404,459,083)			$	421,620,046

Other Assets, Less Liabilities - (1.3)%				(5,281,022)
Net Assets - 100.0%			$	416,339,024

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11

Description

Currency

Contracts

Value

Expiration Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

$5,203,750

December - 2011

$(42,015

)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS PENNSYLVANIA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 95.9%

Issuer	Shares/Par		Value ($)

Airport Revenue - 3.0%
Allegheny County, PA, Airport Rev. (Pittsburgh International Airport), NATL, 5.75%, 2014	$	1,000,000	$	1,071,866
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035		335,000		369,063
Philadelphia, PA, Airport Rev., “A”, AGM, 5%, 2040		2,000,000		2,049,460
Sacramento County, CA, Airport Systems Rev., 5%, 2040		470,000		475,273
			$	3,965,662
General Obligations - General Purpose - 8.0%
Berks County, PA, 5%, 2022	$	1,700,000	$	1,974,057
Commonwealth of Pennsylvania, 5%, 2015		1,515,000		1,736,463
Commonwealth of Pennsylvania, 5%, 2019		1,000,000		1,211,790
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		250,000		247,605
Commonwealth of Puerto Rico, “A”, 6%, 2038		425,000		438,719
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)(u)		1,860,000		2,191,154
Luzerne County, PA, NATL, 5.25%, 2012 (c)		500,000		527,490
Luzerne County, PA, AGM, 6.75%, 2023		500,000		576,520
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		450,000		508,433
State of Maryland, “C”, 5%, 2019 (f)		1,000,000		1,232,650
			$	10,644,881
General Obligations - Improvement - 0.1%
Guam Government, “A”, 6.75%, 2029	$	75,000	$	78,125
Guam Government, “A”, 7%, 2039		90,000		94,061
			$	172,186
General Obligations - Schools - 8.9%
Allegheny Valley, PA, School District, “A”, NATL, 5%, 2028	$	1,000,000	$	1,043,010
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 2031		1,150,000		462,484
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 2033		760,000		273,760
Daniel Boone, PA, School District, 5%, 2032		500,000		528,490
Deer Lakes, PA, School District, ASSD GTY, 5.375%, 2034		1,275,000		1,395,245
Garnet Valley, PA, School District, FGIC, 5.5%, 2015		750,000		766,568
Gateway, PA, Allegheny School District, FGIC, 5.2%, 2023		1,000,000		1,043,560
North Allegheny, PA, School District, FGIC, 5.05%, 2022		590,000		591,062
Palmyra, PA, School District, FGIC, 5.375%, 2012 (c)		820,000		844,305
Pennridge, PA, School District, NATL, 5%, 2013 (c)		50,000		53,154
Reading, PA, School District, “A”, 5%, 2018		1,000,000		1,114,630



Issuer	Shares/Par		Value ($)

General Obligations - Schools - continued
Reading, PA, School District, “A”, 5%, 2020	$	665,000	$	734,626
Scranton, PA, School District, “A”, AGM, 5%, 2027		1,340,000		1,446,852
State Public School Building Authority, PA School (Colonial Intermediate Unit 20), FGIC, 5%, 2030		500,000		515,620
Whitehall-Coplay, PA, School District, “A”, AGM, 5.375%, 2034		1,000,000		1,081,910
			$	11,895,276
Healthcare Revenue - Hospitals - 18.4%
Allegheny County, PA, Hospital Development Authority Rev. (Jefferson Regional Medical Center), “A”, 4.75%, 2025	$	850,000	$	760,274
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 2029		1,000,000		1,056,660
Allegheny County, PA, Hospital Development Authority Rev. (UPMC Health Systems), 5%, 2018		500,000		579,850
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		500,000		425,035
Blair County, PA, Hospital Authority Rev. (Altoona Regional Health System), 6%, 2039		750,000		760,132
Butler County, PA, Hospital Development Authority Rev. (Butler Health System, Inc.), 7.25%, 2039		500,000		561,855
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), ASSD GTY, 5.875%, 2029		500,000		521,050
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 6.25%, 2041		500,000		529,150
Chester County, PA, Health & Educational Facilities Authority Rev. (Chester County Junior High School), “A”, 5%, 2040		1,000,000		1,026,700
Coweta County, GA, Development Authority Rev. (Piedmont Healthcare Project), 4.5%, 2042		860,000		805,631
Dauphin County, PA, General Authority Health Systems Rev. (Pinnacle Health System), “A”, 5.75%, 2020		750,000		812,625
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		305,000		309,468
Delaware County, PA, Authority Hospital Rev. (Crozer Keystone Obligations Group), “A”, 5%, 2031		500,000		426,260
Erie County, PA, Hospital Authority Rev. (Hamot Health Foundation), AMBAC, 5.25%, 2012 (c)		675,000		709,688
Erie County, PA, Hospital Authority Rev. (St. Vincent’s Health), “A”, 7%, 2027		500,000		512,720
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		705,000		705,895

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Geisinger Authority, PA, Health System Rev., “A”, 5.125%, 2034	$	1,000,000	$	1,048,620
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 2028		500,000		511,735
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		390,000		408,295
Lancaster County, PA, Hospital Authority Rev., 5.5%, 2013 (c)		500,000		548,005
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 5%, 2018		200,000		198,692
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 6%, 2035		850,000		792,676
Lehigh County, PA, General Purpose Authority (Good Shepherd Group), “A”, 5.625%, 2034		350,000		352,286
Lehigh County, PA, General Purpose Authority (Lehigh Valley Hospital), NATL, 7%, 2016		190,000		211,590
Lehigh County, PA, General Purpose Authority (Lehigh Valley Hospital), 5.25%, 2032		600,000		606,846
Lehigh County, PA, General Purpose Authority (St. Luke’s Bethlehem Hospital), 5.375%, 2013 (c)		600,000		656,112
Lehigh County, PA, Hospital Rev. (Lehigh Valley Hospital), AGM, 5.25%, 2019		500,000		505,855
Lycoming County, PA, Health Authority Rev. (Susquehanna Health System), “A”, 5.75%, 2039		750,000		746,835
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		105,000		110,041
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		75,000		77,989
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 6%, 2014 (c)		750,000		839,745
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 5%, 2027		250,000		246,313
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 5.125%, 2037		250,000		245,638
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		400,000		401,872
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		20,000		20,461
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke’s Hospital), “A”, 5.5%, 2040		500,000		492,145
Philadelphia, PA, Hospitals & Higher Education Facilities Authority (Temple University Health System), 5.5%, 2026		1,000,000		965,650
Sayre, PA, Health Care Facilities Authority Rev. (Guthrie Health), “A”, 5.875%, 2011 (c)		385,000		392,250
South Central, PA, General Authority Rev. (Wellspan Health Properties, Inc.), “A”, 6%, 2025		750,000		835,455
St. Mary Hospital Authority, PA, Health System Rev. (Catholic Health East), “A”, 5%, 2033		500,000		505,445
St. Mary Hospital Authority, PA, Health System Rev. (Catholic Health East), “A”, 5%, 2040		500,000		499,210
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		155,000		169,688



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.25%, 2032	$	350,000	$	350,133
Westmoreland County, PA, Industrial Development Authority Rev. (Excela Health Project), 5.125%, 2030		1,000,000		992,190
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		485,000		453,203
			$	24,687,968
Healthcare Revenue - Long Term Care - 2.7%
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025	$	250,000	$	246,743
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		300,000		244,047
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		250,000		238,883
Cumberland County, PA, Municipal Authority Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		40,000		43,728
Cumberland County, PA, Municipal Authority Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		110,000		120,251
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 2040		500,000		465,365
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.375%, 2039		500,000		510,235
Cumberland County, PA, Municipal Authority Rev. (Presbyterian Homes), “A”, 5.45%, 2021		500,000		503,165
Lancaster County, PA, Hospital Authority Rev. (Willow Valley Retirement Project), 5.875%, 2031		500,000		500,085
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (Lanier Village Estates, Inc.), “A-1”, 6.25%, 2029		250,000		259,800
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		250,000		213,598
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		65,000		69,119
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		105,000		109,804
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		10,000		10,638
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		70,000		73,979
			$	3,609,440

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Human Services - 0.1%
Montgomery County, PA, Industrial Development Authority (Wordsworth Academy), 8%, 2024	$	150,000	$	147,854

Industrial Revenue - Other - 1.4%
Bucks County, PA, Industrial Development Authority Rev. (USX Corp.), 5.4%, 2017 (b)	$	300,000	$	305,550
Pennsylvania Economic Development Financing Authority Rev. (Amtrak), 6.125%, 2021		150,000		151,722
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 2031		1,000,000		1,112,410
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		270,000		250,374
			$	1,820,056
Miscellaneous Revenue - Other - 0.9%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	60,000	$	64,700
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		610,000		651,468
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Air Cargo), 6.65%, 2025		520,000		474,687
			$	1,190,855
Sales & Excise Tax Revenue - 2.4%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030	$	580,000	$	619,063
Massachusetts Bay Transportation Authority Sales Tax Rev., “A-1”, 5.25%, 2032		920,000		1,108,701
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039		570,000		621,676
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		570,000		588,234
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		1,300,000		340,093
			$	3,277,767
Single Family Housing - Local - 0.8%
Allegheny County, PA, Residential Financing Authority, Single Family Mortgage Rev., “RR”, GNMA, 4.75%, 2025	$	330,000	$	331,386
Allegheny County, PA, Residential Financing Authority, Single Family Mortgage Rev., “VV”, GNMA, 4.95%, 2037		790,000		777,352
			$	1,108,738
Single Family Housing - State - 5.9%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5.1%, 2020	$	1,085,000	$	1,089,036
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.75%, 2028		1,000,000		1,005,940
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5.25%, 2033		50,000		49,996



Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “100-A”, 5.35%, 2033	$	400,000	$	402,072
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “105-C”, 4.875%, 2034		500,000		501,085
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “91-A”, 4.875%, 2026		370,000		370,174
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “92-A”, 4.75%, 2031		1,080,000		1,049,242
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “93-A”, 5.75%, 2037		300,000		307,455
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “94-A”, 5.1%, 2031		500,000		502,270
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “95-A”, 4.875%, 2031		1,000,000		998,090
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “96-A”, 4.7%, 2037		730,000		690,215
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “97-A”, 4.5%, 2022		1,000,000		994,000
			$	7,959,575
Solid Waste Revenue - 0.6%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	300,000	$	300,039
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		500,000		525,200
			$	825,239
State & Agency - Other - 0.6%
New York State Dormitory Authority Rev. (State University) , “B”, FGIC, 5.25%, 2019	$	675,000	$	773,354

State & Local Agencies - 2.6%
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 2018	$	715,000	$	799,241
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037		730,000		465,631
Delaware Valley, PA, Regional Finance Authority, RITES, FRN, AMBAC, 10.142%, 2018 (p)		50,000		61,782
Philadelphia, PA, Industrial Development Authority, 5.5%, 2023		500,000		557,315
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		500,000		521,320
State Public School Building Authority, PA, Jefferson County (Dubois Technical School), FGIC, 5%, 2026		1,000,000		1,029,880
			$	3,435,169
Student Loan Revenue - 1.1%
Pennsylvania Higher Education, Capital Acquisition Rev., NATL, 5%, 2026	$	1,500,000	$	1,418,880

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Tax - Other - 0.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	140,000	$	143,660
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		45,000		46,134
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		125,000		134,740
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		135,000		137,311
			$	461,845
Tax Assessment - 0.2%
Washington County, PA, Redevelopment Authority (Victory Centre Project), “A”, 5.45%, 2035	$	240,000	$	209,698

Tobacco - 1.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	160,000	$	121,578
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		895,000		629,785
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “A-2”, 0% to 2012, 5.30% to 2037		665,000		423,745
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		755,000		782,354
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		500,000		322,050
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		90,000		84,305
			$	2,363,817
Toll Roads - 0.8%
Pennsylvania Turnpike Commission, “A-1”, ASSD GTY, 5%, 2033	$	1,000,000	$	1,034,820

Transportation - Special Tax - 2.0%
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020	$	655,000	$	794,135
Pennsylvania Turnpike Commission, NATL, 5%, 2024		1,775,000		1,862,153
			$	2,656,288
Universities - Colleges - 18.0%
Adams County, PA, Industrial Development Authority Rev. (Gettysburg College), “A”, 5.875%, 2021	$	250,000	$	262,860
Allegheny County, PA (Chatham College), 5.95%, 2032		335,000		335,342
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), 5%, 2033		1,250,000		1,292,125
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, SYNCORA, 5%, 2024		1,000,000		1,056,950
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 6%, 2038		250,000		254,723



Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 5.75%, 2040	$	500,000	$	501,385
Crawford County, PA, Industrial Development Authority, College Rev., “A”, 6%, 2031		250,000		275,008
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), 5%, 2026		1,000,000		1,056,080
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), “HH1”, 5%, 2039		300,000		311,283
Delaware County, PA, Authority University Rev. (Neumann University), 5.25%, 2031		565,000		557,429
Delaware County, PA, Authority University Rev. (Neumann University), 6.125%, 2034		750,000		778,650
Delaware County, PA, Authority University Rev. (Villanova University), 5.25%, 2031		350,000		380,678
Erie, PA, Higher Education Building Authority Rev. (Gannon University), “A”, 5.5%, 2040		1,000,000		961,020
Erie, PA, Higher Education Building Authority Rev. (Mercyhurst College), 5.5%, 2038		500,000		505,440
Erie, PA, Higher Education Building Authority Rev. (Mercyhurst College), “B”, 5%, 2023		500,000		506,405
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		1,050,000		1,094,153
Lancaster, PA, Higher Education Authority College Rev. (Franklin & Marshall College), 5%, 2037		500,000		524,660
Lycoming County, PA (College of Technology), AMBAC, 5.25%, 2032		750,000		741,600
Montgomery County, PA, Higher Education & Health Authority Rev. (Acadia University), 5.25%, 2030		1,100,000		1,108,987
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		505,000		586,164
Northampton County, PA, General Purpose Authority Rev. (Lafayette College), 5%, 2034		250,000		265,103
Northampton County, PA, General Purpose Authority Rev. (Lehigh University), 5.5%, 2033		500,000		553,610
Pennsylvania Higher Educational Facilities Authority Rev. (Allegheny College), 4.75%, 2031		500,000		509,650
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), 5.2%, 2032		500,000		505,750
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), NATL, 5%, 2037		630,000		645,542
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		500,000		503,335
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5%, 2037		500,000		451,300
Pennsylvania Higher Educational Facilities Authority Rev. (Philadelphia University), 5.5%, 2020		500,000		520,120

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Josephs University), “A”, 5%, 2040	$	1,500,000	$	1,550,790
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), 5.375%, 2029		300,000		302,172
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), 5%, 2031		300,000		299,976
Snyder County, PA, Higher Education Authority Rev. (Susquehanna University), 5%, 2038		1,000,000		1,041,700
Union County, PA, Higher Educational Facilities Financing Authority, University Rev. (Bucknell University), 5.25%, 2021		1,000,000		1,040,390
Washington County, PA, Industrial Development Authority College Rev. (Washington Jefferson College), 5.25%, 2030		1,000,000		1,063,060
Wilkes-Barre, PA, Finance Authority Rev. (The University of Scranton), 5%, 2035		1,000,000		1,046,740
Wilkes-Barre, PA, Finance Authority Rev. (Wilkes University), 5%, 2037		750,000		696,060
			$	24,086,240
Universities - Dormitories - 1.6%
Pennsylvania Higher Education Facilities Authority Rev. (East Stroudsburg University), 5%, 2042	$	750,000	$	652,770
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043		1,000,000		1,003,260
Pennsylvania Higher Education Facilities Authority Rev. (Shippensburg University), 6.25%, 2043		500,000		515,725
			$	2,171,755
Universities - Secondary Schools - 1.6%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041	$	345,000	$	359,262
Pennsylvania Economic Development Financing Authority Rev. (Germantown Friends School Project), 5.35%, 2031		600,000		600,696
Philadelphia, PA, Authority for Industrial Development Rev. (Global Leadership Academy Charter School), 6.375%, 2040		500,000		460,175
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School), 6%, 2035		665,000		682,789
			$	2,102,922
Utilities - Cogeneration - 0.8%
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015	$	50,000	$	48,964
Pennsylvania Economic Development Financing Authority Rev., Water Facilities Rev. (Aqua Pennsylvania, Inc.), “B”, 5%, 2043		1,000,000		1,057,120
			$	1,106,084



Issuer	Shares/Par		Value ($)

Utilities - Investor Owned - 2.5%
Clarion County, PA, Industrial Development Authority, Water Facility Rev. (Pennsylvania American Water Co.), 5.5%, 2039	$	1,000,000	$	1,075,340
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 2020		415,000		487,712
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		110,000		128,051
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		600,000		656,262
Pennsylvania Economic Development Financing Authority, Water Facility Rev. (Aqua Pennsylvania, Inc.), “A”, 5%, 2039		1,000,000		1,054,510
			$	3,401,875
Utilities - Municipal Owned - 1.0%
Guam Power Authority Rev., “A”, 5.5%, 2030	$	315,000	$	313,529
Philadelphia, PA, Gas Works Rev., 5.25%, 2040		1,000,000		998,450
			$	1,311,979
Utilities - Other - 1.3%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	545,000	$	597,533
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		280,000		291,690
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		420,000		421,865
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		235,000		233,449
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		255,000		252,922
			$	1,797,459
Water & Sewer Utility Revenue - 6.5%
Allegheny County, PA, Sanitation Authority Sewer Rev., AGM, 5%, 2040	$	1,000,000	$	1,053,240
Bucks County, PA (Suburban Water Co.), FGIC, 5.55%, 2032		1,000,000		1,005,740
Cambridge, PA, Area Joint Authority Guaranteed Sewer Rev., 6%, 2037		500,000		512,335
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,036,850
Erie, PA, Water Authority Rev., AGM, 5%, 2043		1,000,000		1,046,430
Fairview Township, PA, Sewer Rev., FGIC, 5.05%, 2018		750,000		752,633
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		260,000		250,830
Harrisburg, PA, Water Authority Rev., 5.25%, 2031		1,000,000		840,330
Lancaster County, PA, Water & Sewer Authority Rev., NATL, 5%, 2028		440,000		454,854
Philadelphia, PA, Water & Wastewater Rev., “A”, 5.25%, 2032		1,000,000		1,055,940
St. Mary’s, PA, Water Authority Rev., 5.15%, 2030		750,000		760,080
			$	8,769,262
Total Municipal Bonds (Identified Cost, $124,770,626)			$	128,406,944

Portfolio of Investments (unaudited) – continued


Money Market Funds (v) - 1.5%

Issuer	Shares/Par		Value ($)

MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		1,959,110	$	1,959,110
Total Investments (Identified Cost, $126,729,736)			$	130,366,054

Other Assets, Less Liabilities - 2.6%				3,512,781
Net Assets - 100.0%			$	133,878,835

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		16	$2,282,000		December - 2011		$(91,181	)
U.S. Treasury Note 10 yr (Short)		USD		13	1,691,219		December - 2011		(13,655	)

									$(104,836	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS SOUTH CAROLINA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 97.0%

Issuer	Shares/Par		Value ($)

Airport Revenue - 2.1%
Horry County, SC, Airport Rev. (Myrtle Beach International Airport),”A”, 5%, 2040	$	2,250,000	$	2,297,757
Richland Lexington, SC, Airport Rev. (Columbia Airport), AGM, 5.125%, 2025		1,500,000		1,536,495
			$	3,834,252
General Obligations - General Purpose - 3.2%
Clinton, SC, Laurens County School District, ASSD GTY, 6.125%, 2033	$	1,000,000	$	1,136,370
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020		655,000		709,227
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		345,000		341,695
Commonwealth of Puerto Rico, “A”, 6%, 2038		560,000		578,077
Hilton Head Island, SC, Rev., NATL, 5.125%, 2022 (c)		1,000,000		1,025,530
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		630,000		629,950
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,235,000		1,255,390
			$	5,676,239
General Obligations - Improvement - 3.6%
Guam Government, “A”, 5.25%, 2037	$	280,000	$	246,445
Guam Government, “A”, 7%, 2039		50,000		52,256
South Carolina, State Highway, “A”, 5%, 2018 (f)		5,150,000		6,269,353
			$	6,568,054
General Obligations - Schools - 8.4%
Chesterfield County, SC, School District, AGM, 5%, 2023	$	3,000,000	$	3,058,470
Orangeburg County, SC, Consolidated School District, 4%, 2019		1,315,000		1,465,107
Orangeburg County, SC, Consolidated School District, AGM, 5.25%, 2020		1,065,000		1,086,833
Orangeburg County, SC, Consolidated School District, AGM, 5.375%, 2022		2,050,000		2,195,817
Richland County, SC, School District No.1, “A”, 5%, 2025		2,000,000		2,338,660
Richland County, SC, School District No.1, “A”, 5%, 2029		2,000,000		2,263,560
Richland County, SC, School District, “A”, 5%, 2016		975,000		1,135,514
York County, SC, School District, 5%, 2030		1,570,000		1,629,707
			$	15,173,668
Healthcare Revenue - Hospitals - 17.8%
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040	$	400,000	$	405,860
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		925,000		926,175



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, AGM, 5.25%, 2034	$	1,050,000	$	1,075,043
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, 5%, 2037		3,000,000		3,041,400
Greenville, SC, Hospital Systems, Hospital Facilities Rev., 6%, 2020		3,400,000		3,963,312
Greenwood County, SC, Hospital Facilities Rev. (Self Memorial Hospital), 5.5%, 2021		1,000,000		1,001,110
Greenwood County, SC, Hospital Rev. (Self Regional Healthcare), 5.375%, 2039		1,000,000		1,020,480
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		1,055,000		1,067,249
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 2028		550,000		562,909
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		155,000		160,752
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		480,000		503,861
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		605,000		633,381
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		865,000		909,868
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5.5%, 2014 (c)		250,000		281,838
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5.5%, 2014 (c)		250,000		281,838
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 2032		1,500,000		1,501,500
Lexington County, SC, Health Services District, Inc., Hospital Rev., Refunding & Improvement, 5.5%, 2013 (c)		1,000,000		1,105,580
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		465,000		463,075
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		400,000		404,544
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 2039		445,000		440,586
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		830,000		769,551
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 2029		585,000		631,063
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		915,000		1,086,791
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2012 (c)		260,000		274,924

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030	$	990,000	$	990,297
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Anmed Health), “B”, ASSD GTY, 5.5%, 2038		1,500,000		1,550,040
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		750,000		760,073
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health), AGM, 5%, 2035		650,000		665,152
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Tuomey Health), CIFG, 5%, 2030		375,000		316,163
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), 5.75%, 2039		275,000		276,177
Spartanburg County, SC, Health Services District, Inc., Hospital Rev., AGM, 5.25%, 2012 (c)		1,425,000		1,463,019
Spartanburg County, SC, Health Services District, Inc., Hospital Rev., AGM, 5.25%, 2032		825,000		827,541
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		105,000		109,607
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		255,000		265,927
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5.6%, 2029		685,000		686,096
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		945,000		1,034,879
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		640,000		598,042
			$	32,055,703
Healthcare Revenue - Long Term Care - 0.7%
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.625%, 2042	$	400,000	$	328,420
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042 (a)		500,000		248,555
South Carolina Jobs & Economic Development Authority, Health & Facilities Rev., First Mortgage (Wesley Commons), 5.125%, 2026		400,000		333,992
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home), “A”, 6.375%, 2032		400,000		375,796
			$	1,286,763
Human Services - 0.4%
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015	$	790,000	$	797,086



Issuer	Shares/Par		Value ($)

Industrial Revenue - Chemicals - 0.5%
York County, SC, Industrial Rev. (Hoechst Celanese), 5.7%, 2024	$	1,000,000	$	921,170

Industrial Revenue - Other - 0.9%
Calhoun County, SC, Solid Waste Disposal Facilities Rev. (Carolina Eastman Co.), ETM, 6.75%, 2017 (c)	$	1,000,000	$	1,269,820
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		385,000		357,014
			$	1,626,834
Industrial Revenue - Paper - 0.6%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 6.1%, 2023	$	1,000,000	$	1,016,090

Miscellaneous Revenue - Other - 1.7%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	80,000	$	86,266
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		810,000		865,064
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		775,000		255,053
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2018		570,000		570,428
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2019		595,000		595,333
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2020		630,000		630,265
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		45,000		46,018
			$	3,048,427
Multi-Family Housing Revenue - 1.2%
North Charleston SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5%, 2038	$	1,000,000	$	1,001,500
North Charleston SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.1%, 2041		1,210,000		1,193,484
			$	2,194,984
Port Revenue - 0.2%
South Carolina Ports Authority, Ports Rev., 5.25%, 2040	$	250,000	$	267,508

Sales & Excise Tax Revenue - 3.5%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041	$	725,000	$	742,299
Massachusetts Bay Transportation Authority Sales Tax Rev., “A-1”, 5.25%, 2032		1,235,000		1,488,311
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		735,000		741,174

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Sales & Excise Tax Revenue - continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039	$	745,000	$	812,542
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		1,500,000		1,547,985
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2034		1,840,000		450,671
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		1,690,000		442,121
			$	6,225,103
Single Family Housing - State - 3.4%
South Carolina Housing, Finance & Development Authority Mortgage Rev., “A-2”, AGM, 5.5%, 2034	$	135,000	$	137,520
South Carolina Housing, Finance & Development Authority Mortgage Rev., “A-2”, AGM, 5.2%, 2035		880,000		870,566
South Carolina Housing, Finance & Development Authority Rev., 5.55%, 2038		975,000		983,960
South Carolina Housing, Finance & Development Authority Rev., “A-2”, AGM, 6%, 2020		260,000		264,545
South Carolina Housing, Finance & Development Authority Rev., “A-2”, AGM, 5.35%, 2024		1,490,000		1,502,903
South Carolina Housing, Finance & Development Authority Rev., “A-2”, AMBAC, 5.15%, 2037		995,000		994,493
South Carolina Housing, Finance & Development Authority Rev., “C-2”, AGM, 4.6%, 2032		1,500,000		1,453,110
			$	6,207,097
Solid Waste Revenue - 0.6%
Three Rivers, SC, Solid Waste Authority Rev., 5%, 2028	$	1,000,000	$	1,044,120

State & Local Agencies - 3.4%
Charleston,SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), 5%, 2031	$	3,720,000	$	3,863,443
Greenville County, SC, School District Installment Purchase Rev., 5%, 2027		500,000		534,345
Greenville County, SC, School District Installment Purchase Rev., AGM, 5%, 2028		680,000		724,071
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		290,000		310,097
Spartanburg, SC, Public Facilities Corp. (Renaissance Park), AMBAC, 5.125%, 2025		685,000		689,247
			$	6,121,203
Tax - Other - 2.1%
Greenville County, SC, Hospitality Tax Rev., AGM, 5%, 2022	$	1,025,000	$	1,167,762
Greenville County, SC, Tourism Public Facilities Corp., Hospitality Tax, 4.75%, 2029		750,000		767,355
Greenville County, SC, Tourism Public Facilities Corp., Hospitality Tax, 4.75%, 2030		500,000		510,150
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		180,000		184,705



Issuer	Shares/Par		Value ($)

Tax - Other - continued
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029	$	60,000	$	61,513
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047		665,000		655,191
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		160,000		172,467
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		180,000		183,082
			$	3,702,225
Tax Assessment - 0.2%
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037	$	440,000	$	356,849

Tobacco - 1.6%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	225,000	$	170,969
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,130,000		795,147
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “A-2”, 0% to 2012, 5.30% to 2037		840,000		535,256
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		850,000		880,796
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		845,000		544,265
			$	2,926,433
Transportation - Special Tax - 4.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 2026	$	1,250,000	$	1,294,763
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020		860,000		1,042,681
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2023		500,000		500,725
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2027		2,000,000		2,062,980
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2033		1,500,000		1,513,965
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2033		1,645,000		1,689,497
			$	8,104,611
Universities - Colleges - 9.2%
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, SYNCORA, 5%, 2024	$	800,000	$	830,104
College of Charleston, SC, Higher Education Facility Rev., “A”, FGIC, 5.25%, 2028		2,435,000		2,452,970
Educational Facilities Authority Private Non-Profit Institutions of Higher Learning (Wofford College), “A”, 5%, 2036		1,000,000		1,029,950
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		1,055,000		1,102,359
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 2041		200,000		197,804

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - continued
South Carolina Educational Facilities Authority (Wofford College), 5.25%, 2032	$	1,000,000	$	1,032,190
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 2035		1,000,000		1,073,440
University of South Carolina, Athletic Facilities Rev., “A”, 5.5%, 2038		1,000,000		1,098,630
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 2040		2,000,000		2,151,400
University of South Carolina, Higher Education Rev., “A”, 5%, 2035		2,555,000		2,759,656
University of South Carolina, Higher Education Rev., “A”, 5%, 2039		1,000,000		1,065,090
University of South Carolina, University Rev., “A”, AMBAC, 5%, 2034		1,815,000		1,848,432
			$	16,642,025
Utilities - Investor Owned - 1.7%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 2020	$	800,000	$	940,168
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		150,000		174,615
Orangeburg County, SC, Solid Waste Disposal Facilities Rev., Electric & Gas, AMBAC, 5.7%, 2024		2,000,000		2,003,720
			$	3,118,503
Utilities - Municipal Owned - 11.3%
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020	$	700,000	$	831,887
Easley, SC, Utility Rev., AGM, 5%, 2012 (c)		1,000,000		1,053,090
Easley, SC, Utility Rev., AGM, 5.25%, 2031		2,500,000		2,692,650
Easley, SC, Utility Rev., ASSD GTY, 5%, 2034		2,325,000		2,527,461
Greenwood, SC, Combined Public Utility, Refunding & Improvement Systems, NATL, 5%, 2021		175,000		186,018
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 2021		2,700,000		3,376,107
Piedmont, SC, Municipal Power Agency, “C”, AGM, 5%, 2030		1,000,000		1,058,420
Puerto Rico Electric Power Authority, “TT”, 5%, 2027		530,000		540,282
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5%, 2033		1,000,000		1,084,600
South Carolina Public Service Authority Rev. (Santee Cooper), “E”, 5%, 2040		2,000,000		2,146,340
South Carolina Public Service Authority Rev., “A”, 5.5%, 2038		2,500,000		2,736,800
South Carolina Public Service Authority, “A”, AMBAC, 5%, 2034		2,000,000		2,044,880
			$	20,278,535
Utilities - Other - 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	685,000	$	751,027
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 2028		130,000		133,156



Issuer	Shares/Par		Value ($)

Utilities - Other - continued
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021	$	270,000	$	269,368
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		140,000		139,076
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		570,000		559,575
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		330,000		327,311
			$	2,179,513
Water & Sewer Utility Revenue - 13.0%
Anderson County, SC, Water & Sewer Systems Rev., FGIC, 5.125%, 2032	$	2,000,000	$	2,037,720
Charleston, SC, Waterworks & Sewer Rev., Capital Improvement, 5%, 2035		1,000,000		1,109,150
Charleston, SC, Waterworks & Sewer Rev., Capital Improvement, “B”, 5%, 2013 (c)		1,000,000		1,058,720
Columbia, SC, Waterworks & Sewer Systems Rev., AGM, 5%, 2029		1,020,000		1,079,038
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,073,700
Dorchester County, SC, Waterworks & Sewer Systems Rev., ASSD GTY, 5%, 2029		1,000,000		1,076,300
Greenville, SC, Renewable Water Resource Sewer Systems Rev., “A”, 5%, 2024		1,000,000		1,128,640
Greenwood, SC, Sewer Systems Rev., AGM, 5%, 2030		1,000,000		1,072,410
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		315,000		303,890
Lexington, SC, Waterworks & Sewer Systems Rev., ASSD GTY, 5%, 2039		2,000,000		2,167,940
Myrtle Beach, SC, Water & Sewer Authority Rev., AGM, 4.5%, 2028		1,770,000		1,841,844
Rock Hill, SC, Utility Systems Rev., Refunding & Improvement, “A”, AGM, 5.375%, 2023		500,000		517,845
Spartanburg, SC, Water & Sewer Authority Rev., “B”, NATL, 5.25%, 2030		1,250,000		1,290,375
Spartanburg, SC, Waterworks Rev., ASSD GTY, 5%, 2039		2,000,000		2,177,440
Spartanburg, SC, Waterworks Rev., “A”, AGM, 5%, 2017		2,040,000		2,423,296
Sumter, SC, Waterworks & Sewer Systems Rev., SYNCORA, 5%, 2025		540,000		577,692
York County, SC, Water & Sewer Rev., Refunding & Capital Improvement, NATL, 5%, 2027		1,490,000		1,507,999
			$	23,443,999
Total Municipal Bonds (Identified Cost, $168,454,752)			$	174,816,994

Money Market Funds (v) - 2.3%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		4,148,961	$	4,148,961
Total Investments (Identified Cost, $172,603,713)			$	178,965,955

Other Assets, Less Liabilities - 0.7%				1,345,410
Net Assets - 100.0%			$	180,311,365

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		13	$1,854,125		December - 2011		$(74,085	)
U.S. Treasury Note 10 yr (Short)		USD		17	2,211,594		December - 2011		(17,856	)

									$(91,941	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS TENNESSEE MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 97.4%

Issuer	Shares/Par		Value ($)

Airport Revenue - 1.9%
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “A”, ASSD GTY, 5%, 2039	$	1,000,000	$	1,049,740
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “D”, 5%, 2025		1,000,000		1,078,270
			$	2,128,010
General Obligations - General Purpose - 11.2%
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020	$	930,000	$	1,006,995
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		270,000		267,413
Commonwealth of Puerto Rico, “A”, 6%, 2038		455,000		469,687
Johnson City, TN, 5%, 2031		1,000,000		1,085,240
Metropolitan Government of Nashville & Davidson County, TN, 5%, 2021		2,000,000		2,402,420
Metropolitan Government of Nashville & Davidson County, TN, 5%, 2028		2,000,000		2,203,240
Pigeon Forge, TN, Industrial Development Board, Public Facilities, 5%, 2034		1,000,000		1,067,820
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, 5.25%, 2033		480,000		479,962
Puerto Rico Public Buildings Authority Rev., Guaranteed, “L”, 5.5%, 2021		1,000,000		1,074,000
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		480,000		542,328
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		525,000		598,810
Sumner County, TN, 5%, 2021		1,300,000		1,589,718
			$	12,787,633
General Obligations - Improvement - 1.2%
Guam Government, “A”, 5.25%, 2037	$	215,000	$	189,234
Williamson County, TN, School District, “A”, 4%, 2019		1,015,000		1,163,099
			$	1,352,333
General Obligations - Schools - 2.1%
Rutherford County, TN, School & Public Improvement, 5%, 2022	$	1,510,000	$	1,551,510
Williamson County, TN, School District, 5%, 2026		740,000		907,973
			$	2,459,483
Healthcare Revenue - Hospitals - 22.3%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “D”, 6.25%, 2033	$	1,000,000	$	1,110,270
Coweta County, GA, Development Authority Rev. (Piedmont Healthcare Project), 4.5%, 2042		715,000		669,798
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		295,000		299,322



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036	$	680,000	$	680,864
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		125,000		129,639
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		405,000		425,133
Jackson, TN, Hospital Rev. (Jackson-Madison Project), 5.625%, 2038		1,000,000		1,054,070
Johnson City, TN, Health & Education Financing Authority Rev. (Johnson City Medical Center Hospital), ETM, NATL, 5%, 2018 (c)		1,165,000		1,167,575
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2031		400,000		403,444
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036		600,000		595,134
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		790,000		827,059
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045		265,000		278,746
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031		300,000		307,257
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Catholic Healthcare Partners), 5.25%, 2030		1,000,000		1,005,440
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), Capital Appreciation, “A”, 0%, 2036		4,000,000		986,400
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Fort Sanders), NATL, 5.75%, 2014		3,250,000		3,464,532
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (University Health Systems, Inc.), 5.25%, 2036		1,000,000		929,780
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev., “A”, AGM, 5%, 2013 (c)		545,000		576,299
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev., “A”, AGM, 5%, 2022		455,000		460,970
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		675,000		672,206
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children’s Hospital), “A”, 6%, 2030		85,000		89,081

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027	$	510,000	$	515,794
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		535,000		496,036
Rutherford County, TN, Health & Educational Facilities Board Rev. (Ascension Health Senior Group), “C”, 5%, 2040		1,500,000		1,580,640
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 6.5%, 2012 (c)		625,000		659,187
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 5%, 2031		500,000		520,045
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 5%, 2036		1,250,000		1,302,300
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), “B”, AGM, 5.25%, 2027		1,500,000		1,588,455
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), ETM, 6.5%, 2021 (c)		375,000		395,512
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		170,000		186,109
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		635,000		567,779
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)(d)		1,000,000		85,000
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		785,000		859,661
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		535,000		499,925
			$	25,389,462
Healthcare Revenue - Long Term Care - 0.6%
Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5.125%, 2023	$	500,000	$	449,820
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		250,000		237,893
			$	687,713
Industrial Revenue - Other - 0.3%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	320,000	$	296,739

Miscellaneous Revenue - Entertainment & Tourism - 2.4%
Memphis-Shelby County, TN, Sports Authority, Inc. Rev., “B”, 5.375%, 2029	$	2,500,000	$	2,724,275



Issuer	Shares/Par		Value ($)

Miscellaneous Revenue - Other - 2.4%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Jackson Lab), 5.75%, 2037	$	1,000,000	$	1,019,940
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017		610,000		610,848
Metropolitan Nashville Airport Authority, Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 2026		1,000,000		962,070
Miami-Dade County, FL, Special Obligation, Capital Appreciation, “C”, NATL, 0%, 2028		570,000		187,587
			$	2,780,445
Multi-Family Housing Revenue - 1.8%
Knoxville, TN, Community Development Corp., 5%, 2024	$	1,000,000	$	1,063,290
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023		485,000		487,692
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Herman Street), FHA, 7.25%, 2032		485,000		458,577
			$	2,009,559
Sales & Excise Tax Revenue - 2.7%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030	$	480,000	$	512,328
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		525,000		529,410
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		1,220,000		1,271,826
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2056		7,755,000		468,635
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		1,265,000		330,937
			$	3,113,136
Single Family Housing - State - 7.2%
Tennessee Housing Development Agency Rev., Homeownership Program, 5%, 2026	$	1,570,000	$	1,574,631
Tennessee Housing Development Agency Rev., Homeownership Program, 5.05%, 2027		590,000		590,124
Tennessee Housing Development Agency Rev., Homeownership Program, 5%, 2029		975,000		998,449
Tennessee Housing Development Agency Rev., Homeownership Program, AGM, 5.4%, 2032		495,000		495,054
Tennessee Housing Development Agency Rev., Homeownership Program, 5.25%, 2034		290,000		297,111
Tennessee Housing Development Agency Rev., Homeownership Program, 5.45%, 2038		1,620,000		1,671,419
Tennessee Housing Development Agency Rev., Homeownership Program, “1-A”, 5.7%, 2039		205,000		205,566
Tennessee Housing Development Agency Rev., Homeownership Program, “2”, 4.55%, 2024		1,480,000		1,500,320

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
Tennessee Housing Development Agency Rev., Mortgage Finance, 5.2%, 2023	$	855,000	$	870,287
			$	8,202,961
State & Agency - Other - 0.9%
Hardeman County, TN, Industrial Development Board Rev., “B”, ASSD GTY, 5%, 2040	$	1,000,000	$	1,048,340

State & Local Agencies - 11.5%
Chattanooga, TN, Industrial Development Board, Lease Rental Rev. (Southside Redevelopment Corp.), 5%, 2020	$	700,000	$	803,054
Chattanooga, TN, Industrial Development Board, Lease Rental Rev. (Southside Redevelopment Corp.), 5%, 2024		1,000,000		1,118,100
Memphis-Shelby County, TN (Memphis Sports Arena), AMBAC, 5.125%, 2012 (c)		2,000,000		2,104,560
Memphis-Shelby County, TN (Memphis Sports Arena), AMBAC, 5.35%, 2012 (c)		1,665,000		1,756,059
Tennessee School Bond Authority (Higher Education Facilities), “A”, AGM, 5.25%, 2012 (c)		3,000,000		3,086,760
Tennessee School Bond Authority, “B”, 5.125%, 2033		2,000,000		2,169,720
Tennessee School Bond Authority, “C”, AGM, 5%, 2032		2,000,000		2,124,600
			$	13,162,853
Tax - Other - 1.1%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	150,000	$	153,921
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		50,000		51,260
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047		425,000		418,731
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		625,000		618,419
			$	1,242,331
Tobacco - 1.0%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	185,000	$	140,574
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		200,000		207,246
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		410,000		264,081
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2031		750,000		591,247
			$	1,203,148
Transportation - Special Tax - 0.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 2028	$	600,000	$	660,294



Issuer	Shares/Par		Value ($)

Universities - Colleges - 4.0%
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.625%, 2039	$	500,000	$	529,675
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 2040		250,000		258,100
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		835,000		872,483
Nashville & Davidson County, TN, Metropolitan Government Health & Educational Facilities Board, 5%, 2034		2,500,000		2,742,925
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 2041		120,000		118,682
			$	4,521,865
Universities - Dormitories - 1.0%
Shelby County, TN, Health Educational & Housing Facilities Board Rev. (Rhodes College), 5.5%, 2040	$	1,000,000	$	1,099,460

Utilities - Municipal Owned - 10.6%
Chattanooga, TN, Electric Rev., “A”, 5%, 2033	$	3,000,000	$	3,227,610
Citizens Gas Utility District, TN, Gas Rev., 5%, 2035		1,000,000		1,015,710
Clarksville, TN, Electric System Rev., “A”, 5%, 2034		1,250,000		1,354,525
Guam Power Authority Rev., “A”, 5.5%, 2030		300,000		298,599
Johnson City, TN, Electric Rev., AGM, 5%, 2029		1,000,000		1,073,390
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		195,000		220,256
Metropolitan Government of Nashville & Davidson County, TN, Electrical Rev., “A”, AMBAC, 5%, 2029 (f)		1,500,000		1,574,370
Metropolitan Government of Nashville & Davidson County, TN, Electrical Rev., Capital Appreciation, NATL, 0%, 2012		3,305,000		3,280,510
			$	12,044,970
Utilities - Other - 1.4%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021	$	225,000	$	224,473
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		115,000		114,241
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		85,000		84,254
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,200,000		1,178,052
			$	1,601,020
Water & Sewer Utility Revenue - 9.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044	$	1,000,000	$	1,036,850
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		295,000		352,056
Harpeth Valley Utility District, TN, Davidson & Williamson Counties Rev., FGIC, 5.25%, 2037		1,000,000		1,068,390

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Hendersonville, TN, Utility District Waterworks & Sewer Rev., AGM, 5%, 2031	$	1,000,000	$	1,067,990
Knoxville, TN, Waste Water System Rev., “A”, NATL, 5%, 2037		2,620,000		2,745,367
Memphis, TN, Sanitation Sewer System Rev., 4%, 2019		1,000,000		1,121,090
Rutherford County, TN, Water Rev., NATL, 5%, 2027		770,000		808,123
South Blount County, TN, Utility District Waterworks Rev., AGM, 5%, 2033		2,140,000		2,320,102
			$	10,519,968
Total Municipal Bonds (Identified Cost, $106,686,459)			$	111,035,998


Money Market Funds (v) - 1.2%

Issuer	Shares/Par		Value ($)
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		1,375,771	$	1,375,771
Total Investments (Identified Cost, $108,062,230)			$	112,411,769

Other Assets, Less Liabilities - 1.4%				1,634,296
Net Assets - 100.0%			$	114,046,065

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11

Description

Currency

Contracts

Value

Expiration Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

$1,821,313

December - 2011

$(14,705

)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS VIRGINIA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 100.2%

Issuer	Shares/Par		Value ($)

Airport Revenue - 3.1%
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035	$	855,000	$	941,927
Metropolitan Washington, DC, Airport Authority Rev., 5.375%, 2028		1,500,000		1,589,940
Metropolitan Washington, DC, Airport Authority Rev., “A”, FGIC, 5.125%, 2024		1,000,000		1,024,380
Metropolitan Washington, DC, Airport Authority Rev., “A”, FGIC, 5%, 2025		705,000		718,212
Metropolitan Washington, DC, Airport Authority Rev., “A”, AGM, 5%, 2032		1,455,000		1,478,731
Metropolitan Washington, DC, Airport Authority Rev., “A”, NATL, 5%, 2035		3,000,000		3,018,270
Sacramento County, CA, Airport Systems Rev., 5%, 2040		1,060,000		1,071,893
Virginia Resources Authority, Airport Rev., “B”, 5.125%, 2027		720,000		724,061
			$	10,567,414
General Obligations - General Purpose - 3.7%
Chesapeake, VA, “B”, 5%, 2019	$	550,000	$	665,698
Chesapeake, VA, “B”, 5%, 2023		1,930,000		2,303,204
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		645,000		638,821
Commonwealth of Puerto Rico, “A”, 6%, 2038		1,070,000		1,104,540
Isle Wight County, VA, “A”, 4%, 2020		1,045,000		1,182,146
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		840,000		949,074
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		920,000		1,049,343
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,565,000		1,590,838
Stafford County, VA, Industrial Development Authority Rev., “B”, NATL, 5%, 2034		3,060,000		3,103,972
			$	12,587,636
General Obligations - Improvement - 5.3%
Arlington County, VA, 4.5%, 2013 (c)	$	50,000	$	52,676
Arlington County, VA, 4.5%, 2028		205,000		208,430
Arlington County, VA, “C”, 5%, 2018		5,000,000		6,114,950
Guam Government, “A”, 6.75%, 2029		925,000		963,545
Guam Government, “A”, 5.25%, 2037		540,000		475,286
Guam Government, “A”, 7%, 2039		110,000		114,963
Loudoun County, VA, “B”, 5%, 2018		5,500,000		6,749,765
Lynchburg, VA, Public Improvement, 5%, 2023		1,000,000		1,183,650
Virginia Beach, VA, Public Improvement, “B”, 5%, 2016		1,825,000		2,151,347
			$	18,014,612
Healthcare Revenue - Hospitals - 16.8%
Albemarle County, VA, Industrial Development Authority, Hospital Rev. (Martha Jefferson Hospital), 5.25%, 2035	$	3,000,000	$	3,008,280



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Arlington County, VA, Industrial Development Authority, Hospital Facility Rev. (Virginia Hospital Center Arlington Health Systems), 5%, 2031	$	2,000,000	$	2,051,100
Charlotte County, VA, Industrial Development Authority Rev. (Halifax Hospital), 5%, 2037		1,000,000		974,440
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “A”, 5.5%, 2029		1,000,000		1,051,240
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “A”, 5.5%, 2035		1,500,000		1,596,690
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “C”, 5%, 2025		500,000		546,220
Fauquier County, VA, Industrial Development Authority, Hospital Rev., 5.25%, 2037		2,000,000		2,008,140
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Medicorp Health System), 5.25%, 2019		1,125,000		1,245,544
Fredericksburg, VA, Industrial Development Rev. (Medicorp Health Systems), “B”, 5.125%, 2033		750,000		749,970
Henrico County, VA, Economic Development Authority Rev., 5.6%, 2012 (c)		85,000		90,052
Henrico County, VA, Economic Development Authority Rev., 5.6%, 2030		1,915,000		1,920,190
Henrico County, VA, Economic Development Authority Rev. (Bon Secours Health Systems, Inc.), “B-2”, AGM, 5.25%, 2042		1,750,000		1,845,480
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), NATL, 6.25%, 2020		1,500,000		1,695,690
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		970,000		1,018,219
Loudoun County, VA, Industrial Development Authority, Hospital Rev. (Loudoun Hospital Center), “A”, 6.1%, 2012 (c)		1,000,000		1,046,970
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,635,000		1,628,231
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		200,000		207,970
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		635,000		642,214
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		1,530,000		1,418,570
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		1,315,000		1,389,350

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Peninsula Ports Authority, VA, Health System Rev. (Riverside Health System), 5%, 2018	$	3,580,000	$	3,589,129
Prince William County, VA, Industrial Development Authority, Hospital Rev. (Potomac Hospital Corp.), 5.2%, 2026		1,000,000		991,780
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), 5%, 2033		2,385,000		2,428,765
Roanoke, VA, Industrial Development Authority, Hospital Rev. (Bedford Memorial Hospital), “B”, ASSD GTY, 5%, 2038		3,000,000		3,158,130
Roanoke, VA, Industrial Development Authority, Hospital Rev. (Roanoke Memorial Hospital), “B”, ETM, NATL, 6.125%, 2017 (c)		3,000,000		3,499,440
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		1,805,000		2,143,889
Virginia Small Business Financing Authority, Healthcare Facility Rev. (Sentra Healthcare), 5%, 2040		4,000,000		4,161,040
Virginia Small Business Financing Authority, Hospital Rev. (Wellmont Health Project), “A”, 5.25%, 2037		2,000,000		1,779,960
Washington County, VA, Industrial Development Authority, Hospital Facilities Rev. (Mountain States Health Alliance), “C”, 7.5%, 2029		1,400,000		1,620,360
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		220,000		229,654
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		530,000		552,711
Winchester, VA, Industrial Development Authority, Hospital Rev. (Valley Health Systems), “E”, 5.75%, 2039		3,000,000		3,093,360
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		1,880,000		2,058,807
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		1,280,000		1,196,083
			$	56,637,668
Healthcare Revenue - Long Term Care - 1.5%
Chesterfield County, VA, Health Center Commission Residential Care Facility, 6.25%, 2038	$	750,000	$	683,648
Henrico County, VA, Economic Development Authority Residential Care, 6.7%, 2012 (c)		200,000		208,186
Henrico County, VA, Economic Development Authority Residential Care, 6.7%, 2027		550,000		553,751
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037		1,000,000		599,070
Lexington, VA, Industrial Development Authority Residential Care Facilities (Kendal at Lexington), “A”, 5.5%, 2037		1,000,000		849,370



Issuer	Shares/Par		Value ($)

Healthcare Revenue - Long Term Care - continued
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035	$	1,240,000	$	1,125,374
Suffolk, VA, Industrial Development Authority, Retirement Facilities Rev. (Lake Prince Center, Inc.), 5.3%, 2031		750,000		641,310
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		175,000		186,090
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		265,000		277,124
			$	5,123,923
Industrial Revenue - Environmental Services - 1.0%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Facility Rev. (Waste Management, Inc.), 6.25%, 2027 (b)	$	1,500,000	$	1,537,185
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,848,718
			$	3,385,903
Industrial Revenue - Other - 1.1%
Loudoun County, VA, Industrial Development Authority Rev. (Dulles Airport Marriott Hotel), 7.125%, 2015	$	2,000,000	$	2,004,480
Peninsula Ports Authority, VA, Coal Terminal Rev. (Dominion Terminal Associates), 6%, 2033		1,000,000		1,012,170
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		750,000		695,483
			$	3,712,133
Industrial Revenue - Paper - 0.3%
Bedford County, VA, Industrial Development Authority Rev. (Nekooska Packaging Corp.), 5.6%, 2025	$	1,000,000	$	980,780
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (a)(d)		1,750,000		36,750
			$	1,017,530
Miscellaneous Revenue - Other - 0.2%
Norfolk, VA, Airport Authority Rev. (Air Cargo), 6.25%, 2030	$	500,000	$	426,900
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		80,000		81,810
			$	508,710
Multi-Family Housing Revenue - 4.9%
Arlington County, VA, Industrial Development Authority Rev. (Colonial Village), FNMA, 5.15%, 2031	$	3,000,000	$	3,014,490
Virginia Housing Development Authority Rev., “C”, 5.625%, 2038		1,355,000		1,374,905

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Multi-Family Housing Revenue - continued
Virginia Housing Development Authority Rev., “D”, 4.6%, 2033	$	1,000,000	$	953,650
Virginia Housing Development Authority Rev., Rental Housing, “B”, 5.5%, 2030		1,450,000		1,519,963
Virginia Housing Development Authority Rev., Rental Housing, “B”, 5%, 2045		3,050,000		3,092,639
Virginia Housing Development Authority Rev., Rental Housing, “E”, 4.8%, 2039		3,000,000		3,035,370
Virginia Housing Development Authority Rev., Rental Housing, “F”, 4.8%, 2037		1,330,000		1,344,949
Virginia Housing Development Authority Rev., Rental Housing, “F”, 5%, 2045		2,125,000		2,150,096
			$	16,486,062
Parking - 0.5%
Norfolk, VA, Parking Systems Rev., NATL, 5%, 2020	$	1,630,000	$	1,632,021

Port Revenue - 1.9%
Virginia Port Authority Facilities Rev., FGIC, 5%, 2036	$	3,000,000	$	3,021,630
Virginia Port Authority Facilities Rev., 5%, 2040		3,000,000		3,201,930
			$	6,223,560
Sales & Excise Tax Revenue - 4.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041	$	1,320,000	$	1,351,495
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,445,000		1,556,670
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		2,135,000		2,152,934
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,470,000		1,602,329
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		4,650,000		4,847,532
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, 0%, 2034		3,795,000		929,509
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		3,285,000		859,389
			$	13,299,858
Single Family Housing - State - 5.3%
Virginia Housing Development Authority Commonwealth, 5.1%, 2035	$	2,000,000	$	2,006,360
Virginia Housing Development Authority Commonwealth, “A”, 5%, 2031		2,000,000		2,015,000
Virginia Housing Development Authority Commonwealth, “B”, 4.75%, 2032		2,000,000		1,966,180
Virginia Housing Development Authority Commonwealth, “C”, 4.4%, 2022		1,270,000		1,262,342
Virginia Housing Development Authority Commonwealth, “C”, 4.66%, 2027		1,285,000		1,257,462
Virginia Housing Development Authority Commonwealth, “C”, 4.625%, 2027		2,630,000		2,561,830
Virginia Housing Development Authority Commonwealth, “C”, 4.75%, 2032		1,795,000		1,762,241



Issuer	Shares/Par		Value ($)

Single Family Housing - State - continued
Virginia Housing Development Authority Rev., Rental Housing, “F”, 5.1%, 2041	$	3,770,000	$	3,865,909
Virginia Housing Development Authority, Commonwealth Mortgage, “A-5”, 4.4%, 2015		1,000,000		1,037,220
			$	17,734,544
State & Agency - Other - 2.4%
Fairfax County, VA, “A”, 5%, 2019	$	4,000,000	$	4,886,760
Fairfax County, VA, COP, 6.1%, 2017		3,090,000		3,248,023
			$	8,134,783
State & Local Agencies - 13.4%
Caroline County, VA, Industrial Development Authority Lease Rev., AMBAC, 5.125%, 2034	$	1,000,000	$	1,010,060
Chesapeake, VA, Industrial Development Authority, Public Facilities Lease Rev. (Chesapeake Courthouse Project), NATL, 5.25%, 2017		2,000,000		2,002,520
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037		1,915,000		1,221,483
Dinwiddie County, VA, Industrial Development Authority Lease Rev., “B”, NATL, 5%, 2030		2,500,000		2,538,750
Fairfax County, VA, Economic Development Authority (Fairfax Public Improvement Project), 5%, 2030		1,000,000		1,045,070
Fairfax County, VA, Economic Development Authority Rev. (U.S. Route 28), NATL, 5%, 2029		1,000,000		1,040,300
Front Royal & Warren County, VA, Industrial Development Authority Lease Rev., School & Capital Improvement, “B”, AGM, 5%, 2035		2,875,000		2,948,629
King George County, VA, Industrial Development Authority Lease Rev., AGM, 5%, 2036		2,000,000		2,051,820
Manassas Park, VA, Economic Development Authority Lease Rev., “A”, 6%, 2035		1,000,000		1,029,430
Middlesex County, VA, Industrial Development Authority Rev., AMBAC, 5.125%, 2012 (c)		1,000,000		1,049,650
Middlesex County, VA, Industrial Development Authority Rev., AMBAC, 5.25%, 2012 (c)		2,000,000		2,101,360
Montgomery County, VA, Industrial Development Authority (Public Facilities Project), 5%, 2029		500,000		537,775
Orange County, VA, Industrial Development Authority (Orange County Project), AMBAC, 5%, 2012 (c)		1,000,000		1,025,310
Powhatan County, VA, 5%, 2032		2,500,000		2,754,125
Powhatan County, VA, Economic Development Authority Lease Rev. (Virginia Capital Projects), AMBAC, 5.25%, 2033		1,000,000		1,014,180
Prince William County, VA, Lease Partnerships, 5%, 2021		1,500,000		1,546,740
Richmond, VA, Public Facilities (Megahertz Project), “A”, COP, AMBAC, 5%, 2022		1,600,000		1,602,352
Southwest Virginia Regional Jail Authority Rev., NATL, 5%, 2035		1,720,000		1,614,977
Stafford County, VA, Economic Development Authority Lease Rev., ASSD GTY, 5%, 2033		3,000,000		3,173,460

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
Virginia College Building Authority, Educational Facilities Rev., 5%, 2023	$	2,140,000	$	2,589,421
Virginia College Building Authority, Educational Facilities Rev. (21st Century College & Equipment), “A”, 5%, 2029		1,500,000		1,669,755
Virginia Public Building Authority, Public Facilities Rev., “B”, 5.25%, 2028		1,000,000		1,133,880
Virginia Public Building Authority, Public Facilities Rev., “B”, 5%, 2029		1,050,000		1,179,833
Virginia Public Building Authority, Public Facilities Rev., “B-3”, 4%, 2021		1,000,000		1,128,040
Virginia Public School Authority (1997 Resolution), “A”, 5%, 2019		1,175,000		1,427,143
Virginia Public School Authority (1997 Resolution), “A”, 5%, 2030		1,000,000		1,121,020
Virginia Public School Authority (1997 Resolution), “C”, 5%, 2016		3,000,000		3,531,000
			$	45,088,083
Tax - Other - 1.5%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	365,000	$	374,541
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		120,000		123,025
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047		1,265,000		1,246,341
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		830,000		893,039
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		250,000		247,368
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		285,000		269,422
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		250,000		254,113
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		1,645,000		1,627,678
			$	5,035,527
Tobacco - 1.4%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047	$	550,000	$	387,019
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		1,575,000		1,632,062
Tobacco Settlement Financing Corp., 5.625%, 2015 (c)		1,000,000		1,170,710
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		350,000		327,852
Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 2047		2,000,000		1,207,020
			$	4,724,663
Toll Roads - 0.6%
Metropolitan Washington, DC, Airports Authority Rev. (Dulles Toll Road), “A”, 5%, 2039	$	2,000,000	$	2,076,000



Issuer	Shares/Par		Value ($)

Transportation - Special Tax - 2.7%
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2019	$	2,200,000	$	2,660,328
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020		1,635,000		1,982,307
Virginia Port Authority, Port Fund Rev., 5%, 2032		1,200,000		1,317,396
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.25%, 2029		1,485,000		1,633,337
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.125%, 2032		1,365,000		1,472,862
			$	9,066,230
Universities - Colleges - 6.3%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 2026	$	1,770,000	$	1,786,762
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		2,130,000		2,225,616
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 2030		615,000		612,731
Prince William County, VA, Industrial Development Authority Rev. (George Mason University Foundation Prince William Life Sciences Lab), 5.5%, 2034		1,000,000		1,066,810
University of Virginia (University Rev.), 5%, 2025		3,760,000		4,460,413
University of Virginia (University Rev.), “B”, 5%, 2027		2,690,000		2,788,965
Virginia College Building Authority, Educational Facilities Rev. (Regent University), 5%, 2026		2,000,000		1,951,180
Virginia College Building Authority, Educational Facilities Rev. (Richmond University), “A”, 5%, 2021		2,115,000		2,571,502
Virginia College Building Authority, Educational Facilities Rev. (Roanoke College), 4.5%, 2037		2,180,000		2,157,154
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NATL, 5.25%, 2031		1,000,000		1,215,750
Virginia Small Business Financing Authority, Educational Facilities Rev. (Roanoke College), 5.5%, 2033		500,000		530,245
			$	21,367,128
Universities - Secondary Schools - 0.6%
Alexandria, VA, Industrial Development Authority, Educational Facilities Rev. (Episcopal High School), “A”, 5%, 2040	$	1,900,000	$	2,014,323

Utilities - Investor Owned - 1.1%
Halifax County, VA, Industrial Development Authority (Old Dominion Electric Cooperative), AMBAC, 5.625%, 2028	$	3,000,000	$	3,095,010
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		700,000		705,425
			$	3,800,435

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Utilities - Municipal Owned - 4.0%
Bristol, VA, Utility Systems Rev., ETM, AGM, 5.75%, 2016 (c)	$	240,000	$	293,177
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020		1,300,000		1,544,933
Guam Power Authority Rev., AMBAC, 5.25%, 2015		2,020,000		2,022,747
Guam Power Authority Rev., “A”, 5.5%, 2030		785,000		781,334
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 2033		470,000		530,874
Puerto Rico Electric Power Authority, Power Rev., “WW”, 5.5%, 2038		2,000,000		2,051,840
Richmond, VA, Public Utilities Rev., AGM, 5%, 2012 (c)(f)		5,000,000		5,066,750
Richmond, VA, Public Utilities Rev., AGM, 5%, 2035		1,000,000		1,040,980
			$	13,332,635
Utilities - Other - 0.9%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	945,000	$	949,196
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		555,000		553,701
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		290,000		288,086
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		215,000		212,018
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,140,000		1,119,149
			$	3,122,150
Water & Sewer Utility Revenue - 15.7%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038	$	1,885,000	$	1,954,462
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		3,000,000		3,110,550
Fairfax County, VA, Water Authority Rev., 5%, 2012 (c)		800,000		818,792
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		620,000		598,133
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 2033		2,000,000		2,157,140
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 2038		3,750,000		4,035,638
James City, VA, Water & Sewer Rev., 5%, 2040		1,290,000		1,380,868



Issuer	Shares/Par		Value ($)

Water & Sewer Utility Revenue - continued
Norfolk, VA, Water Rev., 4.75%, 2038	$	4,000,000	$	4,228,520
Norfolk, VA, Water Rev., 4%, 2039		4,400,000		4,453,416
Spotsylvania County, VA, Water & Sewer Rev., AGM, 5%, 2035		1,000,000		1,031,010
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 5%, 2041		2,000,000		2,128,960
Virginia Resources Authority Rev., 5%, 2013 (c)(u)		55,000		60,360
Virginia Resources Authority Rev., 5%, 2013 (c)(u)		60,000		65,848
Virginia Resources Authority Rev., 5%, 2013 (c)(u)		375,000		411,548
Virginia Resources Authority Rev., 5%, 2021 (u)		2,725,000		2,923,489
Virginia Resources Authority Rev., 5%, 2023 (u)		2,980,000		3,174,952
Virginia Resources Authority Rev., 5%, 2033 (u)		4,645,000		4,780,170
Virginia Resources Authority Sewer Systems Rev. (Hopewell Regional Wastewater), 5.75%, 2021		1,245,000		1,247,079
Virginia Resources Authority, Clean Water Rev., 4.75%, 2027		3,000,000		3,232,950
Virginia Resources Authority, Clean Water Rev., 5%, 2031		1,000,000		1,132,030
Virginia Resources Authority, Infrastructure Rev., 5%, 2017		255,000		255,666
Virginia Resources Authority, Infrastructure Rev. (Virginia Pooled Funding Program), “B”, 5.25%, 2033		3,000,000		3,320,370
Virginia Resources Authority, Infrastructure Rev. (Virginia Pooled Funding Program), “B”, 5%, 2040		1,400,000		1,524,502
Virginia Resources Authority, Infrastructure Rev., “A”, 5%, 2025		1,595,000		1,885,721
Virginia Resources Authority, Infrastructure Rev., “B”, 5%, 2038		2,600,000		2,847,520
			$	52,759,694
Total Municipal Bonds (Identified Cost, $327,126,746)			$	337,453,225

Money Market Funds (v) - 1.5%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		5,147,226	$	5,147,226
Total Investments (Identified Cost, $332,273,972)			$	342,600,451

Other Assets, Less Liabilities - (1.7)%				(5,587,956)
Net Assets - 100.0%			$	337,012,495

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11


Description	Currency		Contracts		Value	Expiration Date		Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
U.S. Treasury Bond 30 yr (Short)		USD		49	$6,988,625		December - 2011		$(279,242	)
U.S. Treasury Note 10 yr (Short)		USD		33	4,293,094		December - 2011		(34,662	)

									$(313,904	)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Portfolio Footnotes and Notes to Financial Statements

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

MFS WEST VIRGINIA MUNICIPAL BOND FUND

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 95.9%

Issuer	Shares/Par		Value ($)

General Obligations - General Purpose - 12.1%
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 2020	$	1,250,000	$	1,353,485
Commonwealth of Puerto Rico, Public Improvement, 5.25%, 2023		1,500,000		1,517,505
Commonwealth of Puerto Rico, Public Improvement, “A”, CIFG, 5%, 2034		780,000		759,275
Puerto Rico Public Buildings Authority Rev. (State Office Building), “F”, SYNCORA, 5.25%, 2025		2,000,000		2,079,400
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		660,000		745,701
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		725,000		826,928
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		740,000		752,217
State of West Virginia, NATL, 5%, 2015		1,500,000		1,722,990
State of West Virginia, 4%, 2022		2,000,000		2,219,000
State of West Virginia, 4%, 2023		2,000,000		2,188,120
West Virginia Sewer Improvements, FGIC, 5.5%, 2017		2,565,000		2,574,157
			$	16,738,778
General Obligations - Improvement - 0.2%
Guam Government, “A”, 6.75%, 2029	$	35,000	$	36,458
Guam Government, “A”, 5.25%, 2037		250,000		220,040
Guam Government, “A”, 7%, 2039		45,000		47,030
			$	303,528
General Obligations - Schools - 6.6%
Hancock County, WV, Board of Education, 5%, 2019	$	1,130,000	$	1,364,441
Monongalia County, WV, Board of Education, NATL, 5%, 2027		2,350,000		2,472,271
Pleasants County, WV, Board of Education, 4%, 2020		1,200,000		1,328,328
Putnam County, WV, Board of Education, 4%, 2020		2,500,000		2,824,750
Putnam County, WV, Board of Education, 4%, 2025		1,000,000		1,079,790
			$	9,069,580
Healthcare Revenue - Hospitals - 12.4%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036	$	725,000	$	725,921
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		945,000		955,971
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 2028		450,000		460,562
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		420,000		440,878
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		410,000		429,233




Issuer	Shares/Par		Value ($)

Healthcare Revenue - Hospitals - continued
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 2045	$	290,000	$	305,042
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		725,000		721,999
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		85,000		88,387
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		855,000		877,213
Monongalia County, WV, Building Commission Hospital Rev. (Monongalia General Hospital), 6.5%, 2041		1,000,000		1,054,460
North Carolina Medical Care Commission Health Care Facilities Rev. (Novant Health), “A”, 4.75%, 2043		635,000		588,753
Randolph County, WV, Community Health Systems Rev. (Davis Health Systems, Inc.), AGM, 5.2%, 2021		1,000,000		1,027,420
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		595,000		559,348
West Virginia Hospital Finance Authority, Hospital Rev. (Camden Clark Memorial Hospital), ASSD GTY, 5.875%, 2034		1,000,000		1,078,790
West Virginia Hospital Finance Authority, Hospital Rev. (Charleston Area Medical Center), “A”, ETM, 6.5%, 2023 (c)		2,000,000		2,669,760
West Virginia Hospital Finance Authority, Hospital Rev. (Health Systems Obligations), 5.75%, 2039		1,000,000		1,021,190
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		500,000		486,375
West Virginia Hospital Finance Authority, Hospital Rev. (United Hospital Center, Inc.), “A”, AMBAC, 5%, 2022		2,500,000		2,594,350
West Virginia Hospital Finance Authority, Hospital Rev. (West Virginia United Health Systems), “E”, 5.625%, 2035		1,000,000		1,043,860
			$	17,129,512
Industrial Revenue - Other - 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	350,000	$	324,559

Miscellaneous Revenue - Other - 2.4%
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019	$	65,000	$	70,091
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		605,000		646,128

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Miscellaneous Revenue - Other - continued
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Air Cargo), 6.65%, 2025	$	545,000	$	497,509
West Virginia, Higher Education Policy Commission Rev. (Community & Technology-Capital Improvement), “A”, 5%, 2039		2,000,000		2,107,360
			$	3,321,088
Sales & Excise Tax Revenue - 2.2%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057 (f)	$	1,015,000	$	1,023,526
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		635,000		692,163
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 6%, 2039		585,000		638,036
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		585,000		603,714
			$	2,957,439
Single Family Housing - State - 1.2%
West Virginia Housing Development Fund Rev., “A”, 4.625%, 2032	$	590,000	$	585,664
West Virginia Housing Development Fund Rev., “C”, 4.75%, 2040		1,095,000		1,102,019
			$	1,687,683
State & Local Agencies - 18.1%
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034	$	545,000	$	585,041
West Virginia Building Commission, Lease Rev. “B”, AMBAC, 5.375%, 2018		2,500,000		2,596,475
West Virginia Building Commission, Lease Rev. (WV Regional Jail), “A”, AMBAC, 5.375%, 2018		8,040,000		8,686,898
West Virginia Economic Development Authority (Correctional Juvenile Safety), “A”, NATL, 5%, 2029		1,530,000		1,577,843
West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 2033		1,000,000		1,028,560
West Virginia Economic Development Authority, Auto Lease Rev. (Capitol Parking Garage), AMBAC, 5.8%, 2020		1,260,000		1,263,667
West Virginia Economic Development Authority, Department of Environmental Protection, 5.5%, 2022		2,000,000		2,103,100
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile & Public), “A”, NATL, 5%, 2012 (c)		1,330,000		1,384,716
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile & Public), “A”, NATL, 5%, 2026		770,000		792,499
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile), 5%, 2022		1,000,000		1,152,950
West Virginia Economic Development Authority, Lease Rev. (State Office Building), 5%, 2020		1,000,000		1,012,440
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 2025		645,000		670,478




Issuer	Shares/Par		Value ($)

State & Local Agencies - continued
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 2030	$	1,355,000	$	1,396,707
West Virginia Hospital Finance Authority, Hospital Rev. (Veterans Nursing Home), 5.5%, 2034		795,000		739,851
			$	24,991,225
Tax - Other - 6.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	160,000	$	164,182
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		55,000		56,387
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		360,000		387,342
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		110,000		108,842
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		120,000		113,441
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		110,000		111,810
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, 5%, 2029		390,000		385,893
West Virginia Economic Development Authority, Lottery Rev., “A”, 5%, 2040		2,000,000		2,110,940
West Virginia School Building Authority, Excess Lottery Rev., 5%, 2026		1,000,000		1,082,440
West Virginia School Building Authority, Excess Lottery Rev., 5%, 2028		750,000		802,560
West Virginia School Building Authority, Excess Lottery Rev., “B”, 5%, 2030		1,000,000		1,104,120
West Virginia School Building Authority, Rev., “A”, FGIC, 5%, 2020		2,000,000		2,229,440
			$	8,657,397
Tax Assessment - 0.6%
Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 2033	$	500,000	$	475,530
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034		300,000		303,279
			$	778,809
Tobacco - 0.9%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	185,000	$	140,574
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		620,000		642,463
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		650,000		418,665
			$	1,201,702
Transportation - Special Tax - 0.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 2026	$	950,000	$	984,020

Portfolio of Investments (unaudited) – continued


Municipal Bonds - continued

Issuer	Shares/Par		Value ($)

Universities - Colleges - 13.8%
Fairmont State College, WV, College Rev., “A”, FGIC, 5.375%, 2027	$	1,500,000	$	1,528,635
Fairmont State College, WV, College Rev., “A”, FGIC, 5%, 2032		1,210,000		1,232,240
Fairmont State College, WV, College Rev., “B”, FGIC, 5%, 2032		2,250,000		2,282,693
Marshall University, WV, University Rev., 5%, 2030		2,000,000		2,114,120
Puerto Rico Industrial Tourist Education (University Plaza), NATL, 5%, 2021		1,270,000		1,272,997
Shepherd University Board of Governors, WV Rev. (Residence Facilities Projects), NATL, 5%, 2035		1,675,000		1,722,168
West Virginia Department of Higher Education (Student Union James C. Wilson College), 5.125%, 2022		1,500,000		1,530,255
West Virginia Department of Higher Education, “B”, FGIC, 5%, 2029		2,000,000		2,054,080
West Virginia University, University Systems Rev., “A”, NATL, 5.5%, 2020		1,700,000		2,034,713
West Virginia University, University Systems Rev., “A”, NATL, 5.25%, 2028		2,000,000		2,310,220
West Virginia, Higher Education Facilities Rev., “B”, FGIC, 5%, 2034		1,000,000		1,019,900
			$	19,102,021
Utilities - Investor Owned - 3.3%
Delaware Economic Development Authority Rev. (Indian River Power LLC), 5.375%, 2045	$	585,000	$	529,887
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 2020		470,000		552,349
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		340,000		395,794
Pleasants County, WV, Pollution Control Rev. (Allegheny Community), “F”, 5.25%, 2037		300,000		299,151
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev., AMBAC, 4.9%, 2037		3,000,000		2,765,460
			$	4,542,641
Utilities - Municipal Owned - 1.0%
Guam Power Authority Rev., “A”, 5.5%, 2030	$	325,000	$	323,482
Puerto Rico Electric Power Authority, Power Rev., “XX”, 5.25%, 2040		1,085,000		1,100,092
			$	1,423,574




Issuer	Shares/Par		Value ($)

Utilities - Other - 1.3%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	615,000	$	674,280
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		480,000		482,131
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		245,000		244,427
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		125,000		124,175
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		290,000		287,637
			$	1,812,650
Water & Sewer Utility Revenue - 12.6%
Berkeley County, WV, Public Service Sewer District, “A”, 5%, 2047	$	1,000,000	$	825,000
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,005,000		2,078,884
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		310,000		369,957
Fairmont, WV, Waterworks Rev., AMBAC, 5.25%, 2022		200,000		210,040
Guam Government Waterworks Authority, Water & Wastewater System Rev., 5.625%, 2040		515,000		496,836
West Virginia Water Development Authority Loan Program, “A”, AGM, 5%, 2044		2,000,000		2,051,720
West Virginia Water Development Authority Loan Program, “B”, AMBAC, 5.125%, 2024		2,140,000		2,268,357
West Virginia Water Development Authority Rev., AMBAC, 6.25%, 2020		1,000,000		1,006,590
West Virginia Water Development Authority Rev., AMBAC, 5.25%, 2023		1,000,000		1,040,530
West Virginia Water Development Authority Rev., AMBAC, 5%, 2026		2,850,000		2,941,485
West Virginia Water Development Authority, Infrastructure Rev., “A”, AMBAC, 5%, 2033		1,950,000		1,998,887
West Virginia Water Development Authority, Infrastructure Rev., “A”, AGM, 4.75%, 2045		2,000,000		2,045,420
			$	17,333,706
Total Municipal Bonds (Identified Cost, $127,833,508)			$	132,359,912

Money Market Funds (v) - 2.1%
MFS Institutional Money Market Portfolio, 0.07%, at Cost and Net Asset Value		2,978,180	$	2,978,180
Total Investments (Identified Cost, $130,811,688)			$	135,338,092

Other Assets, Less Liabilities - 2.0%				2,696,668
Net Assets - 100.0%			$	138,034,760

Portfolio of Investments (unaudited) – continued

Derivatives Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11

Description

Currency

Contracts

Value

Expiration Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

$1,821,313

December - 2011

$(14,705

)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

Portfolio Footnotes:

(a)	Non-income producing security.

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(p)	Primary inverse floater.

(q)	Interest received was less than stated coupon rate.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP	Certificate of Participation
ETM	Escrowed to Maturity
FRN	Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC	Letter of Credit
Insurers		Inverse Floaters
AGM	Assured Guaranty Municipal	RITES	Residual Interest Tax-Exempt Security
AMBAC	AMBAC Indemnity Corp.
ASSD GTY	Assured Guaranty Insurance Co.
CIFG	CDC IXIS Financial Guaranty
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
NATL	National Public Finance Guarantee Corp.
RADIAN	Radian Asset Assurance, Inc.
SYNCORA	Syncora Guarantee Inc.

See Notes to Financial Statements

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 9/30/11 (unaudited)

These statements represent each fund’s balance sheet, which details the assets and liabilities comprising the total value of each fund.


	Mississippi Fund		New York Fund			North Carolina Fund		Pennsylvania Fund
Assets
Investments –
Non-affiliated issuers, at identified cost		$105,973,543		$201,511,817			$391,783,318		$124,770,626
Underlying affiliated funds, at cost and net asset value		736,045		1,847,326			12,675,765		1,959,110
Total investments, at identified cost		$106,709,588		$203,359,143			$404,459,083		$126,729,736
Unrealized appreciation (depreciation)		4,161,821		8,609,318			17,160,963		3,636,318
Total investments, at value		$110,871,409		$211,968,461			$421,620,046		$130,366,054
Receivables for
Investments sold		10,203		1,160,000			6,983,250		2,362,990
Fund shares sold		238,841		382,269			685,703		277,890
Interest		1,408,804		3,060,048			5,802,167		2,167,580
Other assets		187		308			555		229
Total assets		$112,529,444		$216,571,086			$435,091,721		$135,174,743

Liabilities
Payables for
Distributions		$121,650		$185,748			$450,433		$135,632
Daily variation margin on open futures contracts		—		16,531			4,375		9,922
Investments purchased		—		—			9,741,323		—
Fund shares reacquired		87,999		61,000			376,435		115,149
Payable to the holder of the floating rate certificate from trust assets		—		—			8,012,670		945,093
Payable for interest expense and fees		—		—			12,328		2,265
Payable to affiliates
Investment adviser		2,911		5,557			10,657		3,462
Shareholder servicing costs		15,245		39,770			68,990		25,540
Distribution and service fees		1,034		4,497			8,824		6,484
Payable for independent Trustees’ compensation		5,157		6,543			9,279		5,112
Accrued expenses and other liabilities		39,001		45,927			57,383		47,249
Total liabilities		$272,997		$365,573			$18,752,697		$1,295,908
Net assets		$112,256,447		$216,205,513			$416,339,024		$133,878,835

Net assets consist of
Paid-in capital		$107,873,334		$210,113,010			$398,244,045		$132,027,534
Unrealized appreciation (depreciation) on investments		4,161,821		8,434,443			17,118,948		3,531,482
Accumulated net realized gain (loss) on investments		130,173		(2,418,671	)		485,141		(1,780,762	)
Undistributed net investment income		91,119		76,731			490,890		100,581
Net assets		$112,256,447		$216,205,513			$416,339,024		$133,878,835

Statements of Assets and Liabilities (unaudited) – continued


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund
Net assets
Class A		$109,943,941		$178,743,083		$340,404,689		$123,532,193
Class B		2,312,506		6,880,936		7,551,601		10,346,642
Class C		—		30,581,494		68,382,734		—
Total net assets		$112,256,447		$216,205,513		$416,339,024		$133,878,835

Shares of beneficial interest outstanding
Class A		11,096,641		16,351,164		28,746,929		12,266,388
Class B		233,123		631,166		638,496		1,024,804
Class C		—		2,801,076		5,778,324		—
Total shares of beneficial interest outstanding		11,329,764		19,783,406		35,163,749		13,291,192

Class A shares
Net asset value per share (net assets/shares of beneficial interest outstanding)		$9.91		$10.93		$11.84		$10.07
Offering price per share (100 / 95.25 x net asset value per share)		$10.40		$11.48		$12.43		$10.57

Class B shares
Net asset value and offering price per share (net assets/shares of beneficial interest outstanding)		$9.92		$10.90		$11.83		$10.10

Class C shares
Net asset value and offering price per share (net assets/shares of beneficial interest outstanding)		$—		$10.92		$11.83		$—

On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.

See Notes to Financial Statements

Statements of Assets and Liabilities (unaudited) – continued


At 9/30/11	South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
Assets
Investments –
Non-affiliated issuers, at identified cost		$168,454,752			$106,686,459			$327,126,746			$127,833,508
Underlying affiliated funds, at cost and net asset value		4,148,961			1,375,771			5,147,226			2,978,180
Total investments, at identified cost		$172,603,713			$108,062,230			$332,273,972			$130,811,688
Unrealized appreciation (depreciation)		6,362,242			4,349,539			10,326,479			4,526,404
Total investments, at value		$178,965,955			$112,411,769			$342,600,451			$135,338,092
Receivables for
Investments sold		857,265			233,044			90,000			750,000
Fund shares sold		589,610			52,364			281,842			52,698
Interest		2,616,646			1,610,179			5,163,697			2,153,645
Other assets		280			191			457			203
Total assets		$183,029,756			$114,307,547			$348,136,447			$138,294,638

Liabilities
Payables for
Distributions		$176,194			$147,696			$417,929			$128,247
Daily variation margin on open futures contracts		8,766			1,531			29,641			1,531
Investments purchased		2,271,911			—			4,466,166			—
Fund shares reacquired		175,428			48,467			640,501			62,067
Payable to the holder of the floating rate certificate from trust assets		—			—			5,426,345			—
Payable for interest expense and fees		—			—			13,790			—
Payable to affiliates
Investment adviser		4,643			2,958			8,636			3,568
Shareholder servicing costs		29,957			17,381			53,137			19,353
Distribution and service fees		2,716			1,675			6,086			1,998
Payable for independent Trustees’ compensation		9,270			6,516			9,277			9,267
Accrued expenses and other liabilities		39,506			35,258			52,444			33,847
Total liabilities		$2,718,391			$261,482			$11,123,952			$259,878
Net assets		$180,311,365			$114,046,065			$337,012,495			$138,034,760

Net assets consist of
Paid-in capital		$175,730,539			$109,612,817			$327,726,105			$134,405,803
Unrealized appreciation (depreciation) on investments		6,270,301			4,334,834			10,012,575			4,511,699
Accumulated net realized gain (loss) on investments		(1,755,274	)		(269,326	)		(867,395	)		(978,661	)
Undistributed net investment income		65,799			367,740			141,210			95,919
Net assets		$180,311,365			$114,046,065			$337,012,495			$138,034,760

Statements of Assets and Liabilities (unaudited) – continued


	South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Net assets
Class A		$174,270,807		$111,279,888		$301,167,618		$135,417,381
Class B		6,040,558		2,766,177		3,903,107		2,617,379
Class C		—		—		31,941,770		—
Total net assets		$180,311,365		$114,046,065		$337,012,495		$138,034,760

Shares of beneficial interest outstanding
Class A		14,412,403		10,591,769		26,698,715		12,060,523
Class B		499,794		263,488		346,237		233,200
Class C		—		—		2,832,400		—
Total shares of beneficial interest outstanding		14,912,197		10,855,257		29,877,352		12,293,723

Class A shares
Net asset value per share (net assets/shares of beneficial interest outstanding)		$12.09		$10.51		$11.28		$11.23
Offering price per share (100 / 95.25 x net asset value per share)		$12.69		$11.03		$11.84		$11.79

Class B shares
Net asset value and offering price per share (net assets/shares of beneficial interest outstanding)		$12.09		$10.50		$11.27		$11.22

Class C shares
Net asset value and offering price per share (net assets/shares of beneficial interest outstanding)		$—		$—		$11.28		$—

On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.

See Notes to Financial Statements

Financial Statements

STATEMENTS OF OPERATIONS

Six months ended 9/30/11 (unaudited)

These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.


	Mississippi Fund			New York Fund			North Carolina Fund			Pennsylvania Fund
Net investment income
Interest		$2,663,143			$5,282,013			$9,820,336			$3,430,292
Dividends from underlying affiliated funds		1,055			3,056			5,739			1,889
Total investment income		$2,664,198			$5,285,069			$9,826,075			$3,432,181
Expenses
Management fee		$247,148			$477,694			$915,898			$300,486
Distribution and service fees		146,475			404,443			786,699			210,031
Shareholder servicing costs		28,884			71,562			122,679			49,577
Administrative services fee		13,094			20,505			34,593			14,808
Independent Trustees’ compensation		3,565			6,675			7,395			3,626
Custodian fee		16,294			25,038			33,219			20,976
Shareholder communications		4,604			7,778			12,956			7,682
Auditing fees		22,164			22,164			22,164			22,164
Legal fees		3,162			4,746			4,429			4,060
Interest expense and fees		—			—			24,734			2,354
Miscellaneous		32,163			44,440			51,157			37,560
Total expenses		$517,553			$1,085,045			$2,015,923			$673,324
Fees paid indirectly		(2	)		—			—			—
Reduction of expenses by investment adviser and/or distributor		(83,428	)		(561	)		(1,073	)		(97,790	)
Net expenses		$434,123			$1,084,484			$2,014,850			$575,534
Net investment income		$2,230,075			$4,200,585			$7,811,225			$2,856,647

Realized and unrealized gain (loss) on investments
Realized gain (loss) (identified cost basis)
Investment transactions		$5,486			$(236,958	)		$189,727			$(132,926	)
Futures contracts		(130,758	)		(971,351	)		(674,192	)		(571,330	)
Net realized gain (loss) on investments		$(125,272	)		$(1,208,309	)		$(484,465	)		$(704,256	)
Change in unrealized appreciation (depreciation)
Investments		$6,192,446			$13,008,153			$23,492,077			$8,092,015
Futures contracts		2,457			(160,759	)		(26,436	)		(96,811	)
Net unrealized gain (loss) on investments		$6,194,903			$12,847,394			$23,465,641			$7,995,204
Net realized and unrealized gain (loss) on investments		$6,069,631			$11,639,085			$22,981,176			$7,290,948
Change in net assets from operations		$8,299,706			$15,839,670			$30,792,401			$10,147,595

See Notes to Financial Statements

Statements of Operations (unaudited) – continued


Six months ended 9/30/11	South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
Net investment income
Interest		$4,373,004			$2,853,404			$8,297,061			$3,262,253
Dividends from underlying affiliated funds		1,943			623			3,229			1,495
Total investment income		$4,374,947			$2,854,027			$8,300,290			$3,263,748
Expenses
Management fee		$395,943			$252,587			$751,799			$303,352
Distribution and service fees		243,881			151,170			551,017			178,928
Shareholder servicing costs		53,115			30,492			99,850			36,210
Administrative services fee		17,877			13,268			29,316			14,901
Independent Trustees’ compensation		3,937			3,544			7,203			3,839
Custodian fee		20,836			15,406			30,305			15,302
Shareholder communications		6,462			5,148			11,383			5,100
Auditing fees		22,164			22,164			22,164			22,164
Legal fees		3,554			2,940			3,753			2,866
Interest expense and fees		—			—			14,309			—
Miscellaneous		34,327			30,381			48,291			29,701
Total expenses		$802,096			$527,100			$1,569,390			$612,363
Reduction of expenses by investment adviser and/or distributor		(466	)		(297	)		(883	)		(356	)
Net expenses		$801,630			$526,803			$1,568,507			$612,007
Net investment income		$3,573,317			$2,327,224			$6,731,783			$2,651,741

Realized and unrealized gain (loss) on investments
Realized gain (loss) (identified cost basis)
Investment transactions		$(16,920	)		$(24,531	)		$608,754			$50,560
Futures contracts		(803,833	)		(175,962	)		(1,635,386	)		(175,962	)
Net realized gain (loss) on investments		$(820,753	)		$(200,493	)		$(1,026,632	)		$(125,402	)
Change in unrealized appreciation (depreciation)
Investments		$9,918,092			$5,982,144			$19,645,000			$7,558,142
Futures contracts		(80,862	)		(11,265	)		(291,993	)		(11,265	)
Net unrealized gain (loss) on investments		$9,837,230			$5,970,879			$19,353,007			$7,546,877
Net realized and unrealized gain (loss) on investments		$9,016,477			$5,770,386			$18,326,375			$7,421,475
Change in net assets from operations		$12,589,794			$8,097,610			$25,058,158			$10,073,216

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


Six months ended 9/30/11 (unaudited)	Mississippi Fund			New York Fund			North Carolina Fund			Pennsylvania Fund
Change in net assets

From operations
Net investment income		$2,230,075			$4,200,585			$7,811,225			$2,856,647
Net realized gain (loss) on investments		(125,272	)		(1,208,309	)		(484,465	)		(704,256	)
Net unrealized gain (loss) on investments		6,194,903			12,847,394			23,465,641			7,995,204
Change in net assets from operations		$8,299,706			$15,839,670			$30,792,401			$10,147,595

Distributions declared to shareholders
From net investment income		$(2,204,011	)		$(4,109,441	)		$(7,541,657	)		$(2,792,600	)
Change in net assets from fund share transactions		$(963,789	)		$(3,625,103	)		$(571,383	)		$(4,935,592	)
Total change in net assets		$5,131,906			$8,105,126			$22,679,361			$2,419,403

Net assets
At beginning of period		107,124,541			208,100,387			393,659,663			131,459,432
At end of period		$112,256,447			$216,205,513			$416,339,024			$133,878,835
Undistributed net investment income included in net assets at end of period		$91,119			$76,731			$490,890			$100,581

Six months ended 9/30/11 (unaudited)	South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
Change in net assets

From operations
Net investment income		$3,573,317			$2,327,224			$6,731,783			$2,651,741
Net realized gain (loss) on investments		(820,753	)		(200,493	)		(1,026,632	)		(125,402	)
Net unrealized gain (loss) on investments		9,837,230			5,970,879			19,353,007			7,546,877
Change in net assets from operations		$12,589,794			$8,097,610			$25,058,158			$10,073,216

Distributions declared to shareholders
From net investment income		$(3,484,291	)		$(2,281,480	)		$(6,580,056	)		$(2,539,558	)
Change in net assets from fund share transactions		$(2,135,118	)		$(2,220,209	)		$(8,377,405	)		$(873,410	)
Total change in net assets		$6,970,385			$3,595,921			$10,100,697			$6,660,248

Net assets
At beginning of period		173,340,980			110,450,144			326,911,798			131,374,512
At end of period		$180,311,365			$114,046,065		��	$337,012,495			$138,034,760
Undistributed net investment income included in net assets at end of period		$65,799			$367,740			$141,210			$95,919

See Notes to Financial Statements

Statements of Changes in Net Assets – continued


Year ended 3/31/11	Mississippi Fund			New York Fund			North Carolina Fund			Pennsylvania Fund
Change in net assets

From operations
Net investment income		$4,847,905			$9,411,424			$17,635,237			$6,049,248
Net realized gain (loss) on investments		1,812			(1,855,516	)		(212,626	)		(1,106,095	)
Net unrealized gain (loss) on investments		(5,503,107	)		(11,259,688	)		(20,959,484	)		(6,909,253	)
Change in net assets from operations		$(653,390	)		$(3,703,780	)		$(3,536,873	)		$(1,966,100	)

Distributions declared to shareholders
From net investment income		$(4,756,645	)		$(9,261,641	)		$(17,036,699	)		$(5,896,148	)
From net realized gain on investments		(261,340	)		—			(21,764	)		—
Total distributions declared to shareholders		$(5,017,985	)		$(9,261,641	)		$(17,058,463	)		$(5,896,148	)
Change in net assets from fund share transactions		$745,825			$(2,012,572	)		$(12,410,425	)		$5,046,336
Total change in net assets		$(4,925,550	)		$(14,977,993	)		$(33,005,761	)		$(2,815,912	)

Net assets
At beginning of period		112,050,091			223,078,380			426,665,424			134,275,344
At end of period		$107,124,541			$208,100,387			$393,659,663			$131,459,432
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period		$65,055			$(14,413	)		$221,322			$36,534

Year ended 3/31/11	South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
Change in net assets

From operations
Net investment income		$7,760,882			$5,149,227			$14,297,409			$5,476,689
Net realized gain (loss) on investments		(1,296,193	)		(285,579	)		(1,213,437	)		343,252
Net unrealized gain (loss) on investments		(8,194,192	)		(4,870,540	)		(17,419,031	)		(5,157,434	)
Change in net assets from operations		$(1,729,503	)		$(6,892	)		$(4,335,059	)		$662,507

Distributions declared to shareholders
From net investment income		$(7,694,372	)		$(5,088,828	)		$(13,920,431	)		$(5,282,317	)
From net realized gain on investments		—			—			(189,052	)		—
Total distributions declared to shareholders		$(7,694,372	)		$(5,088,828	)		$(14,109,483	)		$(5,282,317	)
Change in net assets from fund share transactions		$8,309,975			$(15,001,828	)		$6,402,912			$(1,888,408	)
Total change in net assets		$(1,113,900	)		$(20,097,548	)		$(12,041,630	)		$(6,508,218	)

Net assets
At beginning of period		174,454,880			130,547,692			338,953,428			137,882,730
At end of period		$173,340,980			$110,450,144			$326,911,798			$131,374,512
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period		$(23,227	)		$321,996			$(10,517	)		$(16,264	)

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS

MFS MISSISSIPPI MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$9.37			$9.82			$9.30			$9.58			$9.80			$9.73

Income (loss) from investment operations
Net investment income (d)		$0.20			$0.41			$0.41			$0.43			$0.44			$0.45	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.44	)		0.52			(0.30	)		(0.23	)		0.05	(z)
Total from investment operations		$0.74			$(0.03	)		$0.93			$0.13			$0.21			$0.50

Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.40	)		$(0.41	)		$(0.41	)		$(0.43	)		$(0.43	)
From net realized gain on investments		—			(0.02	)		—			—			—			—
Total distributions declared to shareholders		$(0.20	)		$(0.42	)		$(0.41	)		$(0.41	)		$(0.43	)		$(0.43	)
Net asset value, end of period		$9.91			$9.37			$9.82			$9.30			$9.58			$9.80
Total return (%) (r)(s)(t)(x)		7.91	(n)		(0.36	)		10.10			1.47			2.21			5.20

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.93	(a)		0.92			0.88			0.74			1.03			1.11
Expenses after expense reductions (f)		0.78	(a)		0.77			0.77			0.57			0.78			0.86
Net investment income		4.09	(a)		4.20			4.28			4.55			4.51			4.59	(z)
Portfolio turnover		10			15			11			24			13			12
Net assets at end of period (000 omitted)		$109,944			$104,478			$107,625			$89,793			$80,893			$75,470

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.54			0.56			0.62

See Notes to Financial Statements

Financial Highlights – continued

MFS MISSISSIPPI MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$9.38			$9.83			$9.32			$9.59			$9.81			$9.74

Income (loss) from investment operations
Net investment income (d)		$0.16			$0.34			$0.35			$0.36			$0.36			$0.38	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.44	)		0.50			(0.29	)		(0.22	)		0.04	(z)
Total from investment operations		$0.70			$(0.10	)		$0.85			$0.07			$0.14			$0.42

Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.33	)		$(0.34	)		$(0.34	)		$(0.36	)		$(0.35	)
From net realized gain on investments		—			(0.02	)		—			—			—			—
Total distributions declared to shareholders		$(0.16	)		$(0.35	)		$(0.34	)		$(0.34	)		$(0.36	)		$(0.35	)
Net asset value, end of period		$9.92			$9.38			$9.83			$9.32			$9.59			$9.81
Total return (%) (r)(s)(t)(x)		7.54	(n)		(1.05	)		9.22			0.80			1.43			4.41

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.68	(a)		1.67			1.61			1.51			1.80			1.87
Expenses after expense reductions (f)		1.47	(a)		1.46			1.46			1.33			1.55			1.62
Net investment income		3.40	(a)		3.49			3.59			3.79			3.75			3.83	(z)
Portfolio turnover		10			15			11			24			13			12
Net assets at end of period (000 omitted)		$2,313			$2,647			$4,425			$5,374			$8,169			$9,408

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.31			1.33			1.38

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.01 per share to net investment income, a decrease of $0.01 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.07% to the net investment income ratio of each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS NEW YORK MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.34			$10.93			$10.23			$10.82			$11.15			$11.13

Income (loss) from investment operations
Net investment income (d)		$0.22			$0.47			$0.47			$0.44			$0.46			$ 0.52	(z)
Net realized and unrealized gain (loss) on investments		0.58			(0.60	)		0.69			(0.50	)		(0.26	)		0.03	(z)
Total from investment operations		$0.80			$(0.13	)		$1.16			$(0.06	)		$0.20			$0.55

Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.46	)		$(0.45	)		$(0.46	)		$(0.48	)		$(0.48	)
From net realized gain on investments		—			—			(0.01	)		(0.07	)		(0.05	)		(0.05	)
Total distributions declared to shareholders		$(0.21	)		$(0.46	)		$(0.46	)		$(0.53	)		$(0.53	)		$(0.53	)
Net asset value, end of period		$10.93			$10.34			$10.93			$10.23			$10.82			$11.15
Total return (%) (r)(s)(t)(x)		7.84	(n)		(1.31	)		11.53			(0.46	)		1.84			5.07

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.89	(a)		0.87			0.88			0.94			1.25			1.32
Expenses after expense reductions (f)		0.89	(a)		0.87			0.88			0.78			1.00			1.06
Net investment income		4.10	(a)		4.30			4.35			4.29			4.16			4.66	(z)
Portfolio turnover		20			27			26			29			22			8
Net assets at end of period (000 omitted)		$178,743			$171,142			$177,429			$169,525			$126,126			$118,924

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.75			0.77			0.82

	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.31			$10.90			$10.20			$10.79			$11.11			$11.09

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.39			$0.39			$0.37			$0.38			$0.43	(z)
Net realized and unrealized gain (loss) on investments		0.58			(0.60	)		0.69			(0.51	)		(0.25	)		0.04	(z)
Total from investment operations		$0.76			$(0.21	)		$1.08			$(0.14	)		$0.13			$0.47

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.38	)		$(0.37	)		$(0.38	)		$(0.40	)		$(0.40	)
From net realized gain on investments		—			—			(0.01	)		(0.07	)		(0.05	)		(0.05	)
Total distributions declared to shareholders		$(0.17	)		$(0.38	)		$(0.38	)		$(0.45	)		$(0.45	)		$(0.45	)
Net asset value, end of period		$10.90			$10.31			$10.90			$10.20			$10.79			$11.11
Total return (%) (r)(s)(t)(x)		7.46	(n)		(2.04	)		10.73			(1.23	)		1.15			4.29

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.65	(a)		1.62			1.63			1.70			2.00			2.07
Expenses after expense reductions (f)		1.65	(a)		1.62			1.63			1.52			1.75			1.82
Net investment income		3.37	(a)		3.56			3.61			3.55			3.43			3.91	(z)
Portfolio turnover		20			27			26			29			22			8
Net assets at end of period (000 omitted)		$6,881			$8,178			$14,229			$16,285			$20,053			$25,654

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.50			1.52			1.57

See Notes to Financial Statements

Financial Highlights – continued

MFS NEW YORK MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class C
Net asset value, beginning of period		$10.33			$10.92			$10.22			$10.81			$11.13			$11.11

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.38			$0.39			$0.37			$0.37			$0.43	(z)
Net realized and unrealized gain (loss) on investments		0.58			(0.59	)		0.69			(0.51	)		(0.24	)		0.04	(z)
Total from investment operations		$0.76			$(0.21	)		$1.08			$(0.14	)		$0.13			$0.47

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.38	)		$(0.37	)		$(0.38	)		$(0.40	)		$(0.40	)
From net realized gain on investments		—			—			(0.01	)		(0.07	)		(0.05	)		(0.05	)
Total distributions declared to shareholders		$(0.17	)		$(0.38	)		$(0.38	)		$(0.45	)		$(0.45	)		$(0.45	)
Net asset value, end of period		$10.92			$10.33			$10.92			$10.22			$10.81			$11.13
Total return (%) (r)(s)(t)(x)		7.44	(n)		(2.04	)		10.70			(1.22	)		1.16			4.29

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.65	(a)		1.62			1.63			1.70			2.00			2.07
Expenses after expense reductions (f)		1.65	(a)		1.62			1.63			1.53			1.75			1.82
Net investment income		3.35	(a)		3.55			3.59			3.54			3.40			3.92	(z)
Portfolio turnover		20			27			26			29			22			8
Net assets at end of period (000 omitted)		$30,581			$28,780			$31,421			$21,874			$19,855			$15,822

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.50			1.52			1.57

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with the U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.02 per share to net investment income, a decrease of $0.02 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.22% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS NORTH CAROLINA MUNICIPAL BOND FUND


	Six months ended 9/30/11			Years ended 3/31
	Six months ended 9/30/11			2011			2010			2009			2008			2007
Class A	(unaudited)
Net asset value, beginning of period		$11.18			$11.71			$11.15			$11.44			$11.86			$11.85

Income (loss) from investment operations
Net investment income (d)		$0.23			$0.49			$0.51			$0.45			$0.52			$0.51	(z)
Net realized and unrealized gain (loss) on investments		0.65			(0.55	)		0.55			(0.21	)		(0.42	)		0.03	(z)
Total from investment operations		$0.88			$(0.06	)		$1.06			$0.24			$0.10			$0.54

Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.47	)		$(0.48	)		$(0.48	)		$(0.48	)		$(0.50	)
From net realized gain on investments		—			(0.00	)(w)		(0.02	)		(0.05	)		(0.04	)		(0.03	)
Total distributions declared to shareholders		$(0.22	)		$(0.47	)		$(0.50	)		$(0.53	)		$(0.52	)		$(0.53	)
Net asset value, end of period		$11.84			$11.18			$11.71			$11.15			$11.44			$11.86
Total return (%) (r)(s)(t)(x)		7.96	(n)		(0.55	)		9.55			2.22			0.83			4.60

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.86	(a)		0.85			0.87			1.08			1.32			1.36
Expenses after expense reductions (f)		0.86	(a)		0.85			0.87			0.91			1.07			1.11
Net investment income		3.98	(a)		4.22			4.42			4.05			4.48			4.34	(z)
Portfolio turnover		16			20			12			20			17			12
Net assets at end of period (000 omitted)		$340,405			$320,834			$346,345			$274,487			$257,884			$268,108

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.84	(a)		0.84			0.85			0.81			0.81			0.86

See Notes to Financial Statements

Financial Highlights – continued

MFS NORTH CAROLINA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11			Years ended 3/31
	Six months ended 9/30/11			2011			2010			2009			2008			2007
Class B	(unaudited)
Net asset value, beginning of period		$11.17			$11.69			$11.14			$11.42			$11.84			$11.83

Income (loss) from investment operations
Net investment income (d)		$0.19			$0.40			$0.43			$0.38			$0.45			$0.44	(z)
Net realized and unrealized gain (loss) on investments		0.65			(0.53	)		0.53			(0.20	)		(0.43	)		0.02	(z)
Total from investment operations		$0.84			$(0.13	)		$0.96			$0.18			$0.02			$0.46

Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.39	)		$(0.39	)		$(0.41	)		$(0.40	)		$(0.42	)
From net realized gain on investments		—			(0.00	)(w)		(0.02	)		(0.05	)		(0.04	)		(0.03	)
Total distributions declared to shareholders		$(0.18	)		$(0.39	)		$(0.41	)		$(0.46	)		$(0.44	)		$(0.45	)
Net asset value, end of period		$11.83			$11.17			$11.69			$11.14			$11.42			$11.84
Total return (%) (r)(s)(t)(x)		7.56	(n)		(1.20	)		8.65			1.63			0.17			3.93

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.61	(a)		1.60			1.62			1.74			1.97			2.01
Expenses after expense reductions (f)		1.61	(a)		1.60			1.62			1.56			1.72			1.76
Net investment income		3.24	(a)		3.46			3.68			3.39			3.83			3.70	(z)
Portfolio turnover		16			20			12			20			17			12
Net assets at end of period (000 omitted)		$7,552			$8,296			$11,331			$13,652			$21,537			$26,520

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.60	(a)		1.59			1.60			1.46			1.47			1.51

See Notes to Financial Statements

Financial Highlights – continued

MFS NORTH CAROLINA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11			Years ended 3/31
	Six months ended 9/30/11			2011			2010			2009			2008			2007
Class C	(unaudited)
Net asset value, beginning of period		$11.17			$11.70			$11.15			$11.43			$11.85			$11.84

Income (loss) from investment operations
Net investment income (d)		$0.19			$0.40			$0.42			$0.38			$0.45			$0.44	(z)
Net realized and unrealized gain (loss) on investments		0.65			(0.54	)		0.54			(0.20	)		(0.43	)		0.02	(z)
Total from investment operations		$0.84			$(0.14	)		$0.96			$0.18			$0.02			$0.46

Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.39	)		$(0.39	)		$(0.41	)		$(0.40	)		$(0.42	)
From net realized gain on investments		—			(0.00	)(w)		(0.02	)		(0.05	)		(0.04	)		(0.03	)
Total distributions declared to shareholders		$(0.18	)		$(0.39	)		$(0.41	)		$(0.46	)		$(0.44	)		$(0.45	)
Net asset value, end of period		$11.83			$11.17			$11.70			$11.15			$11.43			$11.85
Total return (%) (r)(s)(t)(x)		7.56	(n)		(1.29	)		8.63			1.63			0.17			3.93

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.61	(a)		1.60			1.62			1.73			1.97			2.01
Expenses after expense reductions (f)		1.61	(a)		1.60			1.62			1.56			1.72			1.76
Net investment income		3.23	(a)		3.46			3.64			3.39			3.83			3.69	(z)
Portfolio turnover		16			20			12			20			17			12
Net assets at end of period (000 omitted)		$68,383			$64,530			$68,989			$37,668			$30,946			$33,152

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.60	(a)		1.59			1.60			1.47			1.47			1.51

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with the U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.02 per share to net investment income, a decrease of $0.02 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.16% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS PENNSYLVANIA MUNICIPAL BOND FUND


	Six months ended 9/30/11			Years ended 3/31
	Six months ended 9/30/11			2011			2010			2009			2008			2007
Class A	(unaudited)
Net asset value, beginning of period		$9.53			$10.04			$9.40			$9.90			$10.24			$10.15

Income (loss) from investment operations
Net investment income (d)		$0.21			$0.43			$0.43			$0.45			$0.44			$0.45	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.52	)		0.64			(0.52	)		(0.36	)		0.06	(z)
Total from investment operations		$0.75			$(0.09	)		$1.07			$(0.07	)		$0.08			$0.51

Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.42	)		$(0.43	)		$(0.43	)		$(0.42	)		$(0.42	)
From net realized gain on investments		—			—			—			—			(0.00	)(w)		—
Total distributions declared to shareholders		$(0.21	)		$(0.42	)		$(0.43	)		$(0.43	)		$(0.42	)		$(0.42	)
Net asset value, end of period		$10.07			$9.53			$10.04			$9.40			$9.90			$10.24
Total return (%) (r)(s)(t)(x)		7.93	(n)		(0.97	)		11.49			(0.69	)		0.87			5.17

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.95	(a)		0.93			0.91			0.88			1.11			1.18
Expenses after expense reductions (f)		0.80	(a)		0.78			0.79			0.66			0.80			0.82
Net investment income		4.36	(a)		4.34			4.40			4.67			4.32			4.45	(z)
Portfolio turnover		10			21			12			28			17			9
Net assets at end of period (000 omitted)		$123,532			$118,709			$113,411			$84,422			$77,866			$73,813

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.79	(a)		0.78			0.79			0.61			0.60			0.60

See Notes to Financial Statements

Financial Highlights – continued

MFS PENNSYLVANIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11			Years ended 3/31
	Six months ended 9/30/11			2011			2010			2009			2008			2007
Class B	(unaudited)
Net asset value, beginning of period		$9.55			$10.06			$9.43			$9.93			$10.27			$10.18

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.36			$0.36			$0.37			$0.36			$0.38	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.53	)		0.62			(0.51	)		(0.35	)		0.06	(z)
Total from investment operations		$0.72			$(0.17	)		$0.98			$(0.14	)		$0.01			$0.44

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.34	)		$(0.35	)		$(0.36	)		$(0.35	)		$(0.35	)
From net realized gain on investments		—			—			—			—			(0.00	)(w)		—
Total distributions declared to shareholders		$(0.17	)		$(0.34	)		$(0.35	)		$(0.36	)		$(0.35	)		$(0.35	)
Net asset value, end of period		$10.10			$9.55			$10.06			$9.43			$9.93			$10.27
Total return (%) (r)(s)(t)(x)		7.59	(n)		(1.74	)		10.51			(1.42	)		0.11			4.37

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.70	(a)		1.68			1.65			1.64			1.86			1.94
Expenses after expense reductions (f)		1.59	(a)		1.56			1.54			1.41			1.56			1.58
Net investment income		3.56	(a)		3.55			3.64			3.91			3.56			3.69	(z)
Portfolio turnover		10			21			12			28			17			9
Net assets at end of period (000 omitted)		$10,347			$12,750			$20,864			$22,721			$28,848			$33,849

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.59	(a)		1.56			1.54			1.37			1.36			1.36

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Non annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.02 per share to net investment income, a decrease of $0.02 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.15% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS SOUTH CAROLINA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$11.48			$12.04			$11.33			$11.85			$12.29			$12.25

Income (loss) from investment operations
Net investment income (d)		$0.24			$0.50			$0.53			$0.50			$0.53			$0.55	(z)
Net realized and unrealized gain (loss) on investments		0.61			(0.56	)		0.68			(0.50	)		(0.45	)		0.00	(w)(z)
Total from investment operations		$0.85			$(0.06	)		$1.21			$(0.00	)(w)		$0.08			$0.55

Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.50	)		$(0.49	)		$(0.50	)		$(0.52	)		$(0.51	)
From net realized gain on investments		—			—			(0.01	)		(0.02	)		—			—
Total distributions declared to shareholders		$(0.24	)		$(0.50	)		$(0.50	)		$(0.52	)		$(0.52	)		$(0.51	)
Net asset value, end of period		$12.09			$11.48			$12.04			$11.33			$11.85			$12.29
Total return (%) (r)(s)(t)(x)		7.43	(n)		(0.59	)		10.77			0.03			0.62			4.57

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.89	(a)		0.88			0.90			1.10			1.31			1.37
Expenses after expense reductions (f)		0.89	(a)		0.88			0.90			0.93			1.06			1.12
Net investment income		4.10	(a)		4.20			4.47			4.38			4.36			4.45	(z)
Portfolio turnover		10			26			14			19			13			10
Net assets at end of period (000 omitted)		$174,271			$166,413			$165,017			$129,510			$134,422			$135,766

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.85			0.85			0.89

See Notes to Financial Statements

Financial Highlights – continued

MFS SOUTH CAROLINA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$11.47			$12.04			$11.33			$11.84			$12.29			$12.24

Income (loss) from investment operations
Net investment income (d)		$0.20			$0.41			$0.44			$0.43			$0.45			$0.47	(z)
Net realized and unrealized gain (loss) on investments		0.61			(0.57	)		0.68			(0.50	)		(0.46	)		0.01	(z)
Total from investment operations		$0.81			$(0.16	)		$1.12			$(0.07	)		$(0.01	)		$0.48

Less distributions declared to shareholders
From net investment income		$(0.19	)		$(0.41	)		$(0.40	)		$(0.42	)		$(0.44	)		$(0.43	)
From net realized gain on investments		—			—			(0.01	)		(0.02	)		—			—
Total distributions declared to shareholders		$(0.19	)		$(0.41	)		$(0.41	)		$(0.44	)		$(0.44	)		$(0.43	)
Net asset value, end of period		$12.09			$11.47			$12.04			$11.33			$11.84			$12.29
Total return (%) (r)(s)(t)(x)		7.12	(n)		(1.41	)		9.95			(0.54	)		(0.12	)		3.98

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.64	(a)		1.63			1.65			1.76			1.96			2.02
Expenses after expense reductions (f)		1.64	(a)		1.63			1.65			1.58			1.71			1.77
Net investment income		3.35	(a)		3.45			3.73			3.72			3.71			3.80	(z)
Portfolio turnover		10			26			14			19			13			10
Net assets at end of period (000 omitted)		$6,041			$6,928			$9,438			$11,640			$15,496			$20,679

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.50			1.50			1.54

(a)	Annualized.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.04 per share to net investment income, a decrease of $0.04 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.29% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS TENNESSEE MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$9.97			$10.40			$9.84			$10.25			$10.58			$10.56

Income (loss) from investment operations
Net investment income (d)		$0.21			$0.43			$0.45			$0.44			$0.48			$0.47	(z)
Net realized and unrealized gain (loss) on investments		0.54			(0.44	)		0.56			(0.37	)		(0.34	)		(0.01	)(z)
Total from investment operations		$0.75			$(0.01	)		$1.01			$0.07			$0.14			$0.46

Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.42	)		$(0.42	)		$(0.44	)		$(0.44	)		$(0.44	)
From net realized gain on investments		—			—			(0.03	)		(0.04	)		(0.03	)		(0.00	)(w)
Total distributions declared to shareholders		$(0.21	)		$(0.42	)		$(0.45	)		$(0.48	)		$(0.47	)		$(0.44	)
Net asset value, end of period		$10.51			$9.97			$10.40			$9.84			$10.25			$10.58
Total return (%) (r)(s)(t)(x)		7.59	(n)		(0.14	)		10.46			0.84			1.38			4.43

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.92	(a)		0.91			0.91			1.02			1.13			1.17
Expenses after expense reductions (f)		0.92	(a)		0.91			0.91			0.85			0.88			0.92
Net investment income		4.18	(a)		4.13			4.36			4.42			4.61			4.44	(z)
Portfolio turnover		7			18			20			23			26			15
Net assets at end of period (000 omitted)		$111,280			$107,334			$125,641			$108,763			$101,028			$99,302

See Notes to Financial Statements

Financial Highlights – continued

MFS TENNESSEE MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$9.97			$10.39			$9.83			$10.24			$10.57			$10.56

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.35			$0.37			$0.37			$0.41			$0.40	(z)
Net realized and unrealized gain (loss) on investments		0.52			(0.43	)		0.57			(0.36	)		(0.34	)		(0.02	)(z)
Total from investment operations		$0.70			$(0.08	)		$0.94			$0.01			$0.07			$0.38

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.34	)		$(0.35	)		$(0.38	)		$(0.37	)		$(0.37	)
From net realized gain on investments		—			—			(0.03	)		(0.04	)		(0.03	)		(0.00	)(w)
Total distributions declared to shareholders		$(0.17	)		$(0.34	)		$(0.38	)		$(0.42	)		$(0.40	)		$(0.37	)
Net asset value, end of period		$10.50			$9.97			$10.39			$9.83			$10.24			$10.57
Total return (%) (r)(s)(t)(x)		7.09	(n)		(0.78	)		9.65			0.17			0.72			3.66

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.67	(a)		1.66			1.66			1.69			1.78			1.82
Expenses after expense reductions (f)		1.67	(a)		1.65			1.66			1.51			1.53			1.57
Net investment income		3.43	(a)		3.38			3.63			3.76			3.93			3.78	(z)
Portfolio turnover		7			18			20			23			26			15
Net assets at end of period (000 omitted)		$2,766			$3,116			$4,907			$7,956			$9,983			$12,924

(a)	Annualized.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with the U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities in the current year that resulted in an increase of $0.03 per share to net investment income, a decrease of $0.03 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.27% to the net investment income ratio for each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

Financial Highlights – continued

MFS VIRGINIA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.67			$11.24			$10.54			$11.07			$11.43			$11.41

Income (loss) from investment operations
Net investment income (d)		$0.23			$0.47			$0.49			$0.50			$0.53			$ 0.51	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.57	)		0.69			(0.47	)		(0.38	)		(0.00	)(w)(z)
Total from investment operations		$0.83			$(0.10	)		$1.18			$0.03			$0.15			$0.51

Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.46	)		$(0.48	)		$(0.47	)		$(0.48	)		$(0.49	)
From net realized gain on investments		—			(0.01	)		(0.00	)(w)		(0.09	)		(0.03	)		(0.00	)(w)
Total distributions declared to shareholders		$(0.22	)		$(0.47	)		$(0.48	)		$(0.56	)		$(0.51	)		$(0.49	)
Net asset value, end of period		$11.28			$10.67			$11.24			$10.54			$11.07			$11.43
Total return (%) (r)(s)(t)(x)		7.86	(n)		(1.03	)		11.34			0.40			1.34			4.57

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.86	(a)		0.86			0.87			1.08			1.27			1.32
Expenses after expense reductions (f)		0.86	(a)		0.86			0.87			0.91			1.02			1.07
Net investment income		4.12	(a)		4.23			4.40			4.69			4.72			4.51	(z)
Portfolio turnover		11			21			15			22			27			8
Net assets at end of period (000 omitted)		$301,168			$292,027			$302,736			$254,234			$257,133			$269,068

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.85	(a)		0.85			0.86			0.82			0.82			0.87

See Notes to Financial Statements

Financial Highlights – continued

MFS VIRGINIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.66			$11.24			$10.53			$11.06			$11.42			$11.40

Income (loss) from investment operations
Net investment income (d)		$0.19			$0.39			$0.40			$0.43			$0.46			$0.44	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.58	)		0.70			(0.47	)		(0.38	)		(0.00	)(w)(z)
Total from investment operations		$0.79			$(0.19	)		$1.10			$(0.04	)		$0.08			$0.44

Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.38	)		$(0.39	)		$(0.40	)		$(0.41	)		$(0.42	)
From net realized gain on investments		—			(0.01	)		(0.00	)(w)		(0.09	)		(0.03	)		(0.00	)(w)
Total distributions declared to shareholders		$(0.18	)		$(0.39	)		$(0.39	)		$(0.49	)		$(0.44	)		$(0.42	)
Net asset value, end of period		$11.27			$10.66			$11.24			$10.53			$11.06			$11.42
Total return (%) (r)(s)(t)(x)		7.46	(n)		(1.85	)		10.62			(0.26	)		0.68			3.89

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.61	(a)		1.61			1.62			1.74			1.92			1.97
Expenses after expense reductions (f)		1.61	(a)		1.61			1.62			1.56			1.67			1.72
Net investment income		3.38	(a)		3.47			3.66			4.04			4.07			3.87	(z)
Portfolio turnover		11			21			15			22			27			8
Net assets at end of period (000 omitted)		$3,903			$4,159			$6,558			$7,401			$9,941			$12,545

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.60	(a)		1.60			1.61			1.47			1.47			1.52

See Notes to Financial Statements

Financial Highlights – continued

MFS VIRGINIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class C
Net asset value, beginning of period		$10.67			$11.24			$10.54			$11.06			$11.43			$11.41

Income (loss) from investment operations
Net investment income (d)		$0.19			$0.39			$0.40			$0.43			$0.46			$0.44	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.58	)		0.69			(0.46	)		(0.39	)		(0.00	)(w)(z)
Total from investment operations		$0.79			$(0.19	)		$1.09			$(0.03	)		$0.07			$0.44

Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.37	)		$(0.39	)		$(0.40	)		$(0.41	)		$(0.42	)
From net realized gain on investments		—			(0.01	)		(0.00	)(w)		(0.09	)		(0.03	)		(0.00	)(w)
Total distributions declared to shareholders		$(0.18	)		$(0.38	)		$(0.39	)		$(0.49	)		$(0.44	)		$(0.42	)
Net asset value, end of period		$11.28			$10.67			$11.24			$10.54			$11.06			$11.43
Total return (%) (r)(s)(t)(x)		7.46	(n)		(1.77	)		10.50			(0.17	)		0.59			3.89

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.61	(a)		1.61			1.62			1.73			1.93			1.97
Expenses after expense reductions (f)		1.61	(a)		1.61			1.62			1.56			1.67			1.72
Net investment income		3.37	(a)		3.47			3.63			4.02			4.06			3.86	(z)
Portfolio turnover		11			21			15			22			27			8
Net assets at end of period (000 omitted)		$31,942			$30,726			$29,660			$19,745			$15,105			$12,377

Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.60	(a)		1.60			1.61			1.48			1.47			1.52

(a)	Annualized.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

See Notes to Financial Statements

Financial Highlights – continued

MFS WEST VIRGINIA MUNICIPAL BOND FUND


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class A
Net asset value, beginning of period		$10.61			$10.98			$10.36			$11.01			$11.45			$11.47

Income (loss) from investment operations
Net investment income (d)		$0.22			$0.44			$0.45			$0.47	(b)		$0.49			$0.51	(z)
Net realized and unrealized gain (loss) on investments		0.61			(0.39	)		0.60			(0.58	)(b)		(0.45	)		0.01	(z)
Total from investment operations		$0.83			$0.05			$1.05			$(0.11	)		$0.04			$0.52

Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.42	)		$(0.42	)		$(0.43	)		$(0.47	)		$(0.47	)
From net realized gain on investments		—			—			(0.01	)		(0.11	)		(0.01	)		(0.07	)
Total distributions declared to shareholders		$(0.21	)		$(0.42	)		$(0.43	)		$(0.54	)		$(0.48	)		$(0.54	)
Net asset value, end of period		$11.23			$10.61			$10.98			$10.36			$11.01			$11.45
Total return (%) (r)(s)(t)(x)		7.86	(n)		0.41			10.22			(0.87	)		0.35			4.59

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.90	(a)		0.89			0.90			1.03			1.35			1.40
Expenses after expense reductions (f)		0.89	(a)		0.89			0.90			0.86			1.10			1.15
Net investment income		3.96	(a)		3.98			4.12			4.39	(b)		4.33			4.41	(z)
Portfolio turnover		6			17			12			14			14			13
Net assets at end of period (000 omitted)		$135,417			$128,450			$133,244			$116,564			$124,948			$129,974
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			0.85			0.85			0.89

See Notes to Financial Statements

Financial Highlights – continued

MFS WEST VIRGINIA MUNICIPAL BOND FUND – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
				2011			2010			2009			2008			2007
Class B
Net asset value, beginning of period		$10.61			$10.97			$10.36			$11.01			$11.44			$11.46

Income (loss) from investment operations
Net investment income (d)		$0.18			$0.36			$0.37			$0.40	(b)		$0.42			$0.43	(z)
Net realized and unrealized gain (loss) on investments		0.60			(0.38	)		0.59			(0.58	)(b)		(0.44	)		0.01	(z)
Total from investment operations		$0.78			$(0.02	)		$0.96			$(0.18	)		$(0.02	)		$0.44

Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.34	)		$(0.34	)		$(0.36	)		$(0.40	)		$(0.39	)
From net realized gain on investments		—			—			(0.01	)		(0.11	)		(0.01	)		(0.07	)
Total distributions declared to shareholders		$(0.17	)		$(0.34	)		$(0.35	)		$(0.47	)		$(0.41	)		$(0.46	)
Net asset value, end of period		$11.22			$10.61			$10.97			$10.36			$11.01			$11.44
Total return (%) (r)(s)(t)(x)		7.36	(n)		(0.24	)		9.31			(1.52	)		(0.21	)		3.92

Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.65	(a)		1.64			1.66			1.69			2.00			2.06
Expenses after expense reductions (f)		1.65	(a)		1.64			1.65			1.52			1.75			1.80
Net investment income		3.21	(a)		3.23			3.39			3.75	(b)		3.69			3.76	(z)
Portfolio turnover		6			17			12			14			14			13
Net assets at end of period (000 omitted)		$2,617			$2,925			$4,639			$6,454			$8,096			$10,087
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		N/A			N/A			N/A			1.51			1.50			1.55

(a)	Annualized.

(b)

Amounts reflect a correction which reclassifies income and gains previously reported relating to activity for certain municipal bonds held in connection with self-deposited inverse floating rate securities. The corrected amounts resulted in an increase of $0.11 per share to previously reported net investment income, a decrease of $0.11 per share to previously reported net realized and unrealized gain (loss) on investments, and an increase of 1.02% to the previously reported net investment income ratio of each class. There is no impact on previously reported income from operations.

(d)	Per share data is based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with the U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities that resulted in an increase of $0.03 per share to net investment income, a decrease of $0.03 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.25% to the net investment income ratio of each class for the year ended March 31, 2007. The change in estimate had no impact on net assets, net asset value per share or total return of each class.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1)

Business and Organization

MFS Mississippi Municipal Bond Fund (Mississippi Fund), MFS New York Municipal Bond Fund (New York Fund), MFS North Carolina Municipal Bond Fund (North Carolina Fund), MFS Pennsylvania Municipal Bond Fund (Pennsylvania Fund), MFS South Carolina Municipal Bond Fund (South Carolina Fund), MFS Tennessee Municipal Bond Fund (Tennessee Fund), MFS Virginia Municipal Bond Fund (Virginia Fund), and MFS West Virginia Municipal Bond Fund (West Virginia Fund) are each a series of MFS Municipal Series Trust, which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

(2)

Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of municipal instruments can be affected by, among other things, the financial condition of the issuer or guarantor, the issuer’s future borrowing plans and sources of revenue, the economic feasibility of the revenue bond project or general borrowing purpose, political or economic developments in the region or state where the instrument is issued and the liquidity of the security. Municipal instruments generally trade in the over-the counter market. Municipal instruments backed by current and anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the projects or assets or the inability to collect revenues for the project or from the assets. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, the security could decline in value, interest from the security could become taxable and each fund may be required to issue Forms 1099-DIV.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under each fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of each fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating each fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.

Notes to Financial Statements (unaudited) – continued


	Level 1			Level 2		Level 3		Total
Mississippi Fund
Investments at Value
Municipal Bonds		$—			$110,135,364		$—		$110,135,364
Mutual Funds		736,045			—		—		736,045
Total Investments		$736,045			$110,135,364		$—		$110,871,409

New York Fund
Investments at Value
Municipal Bonds		$—			$210,121,135		$—		$210,121,135
Mutual Funds		1,847,326			—		—		1,847,326
Total Investments		$1,847,326			$210,121,135		$—		$211,968,461

Other Financial Instruments
Futures		$(174,875	)		$—		$—		$(174,875	)

North Carolina Fund
Investments at Value
Municipal Bonds		$—			$408,944,281		$—		$408,944,281
Mutual Funds		12,675,765			—		—		12,675,765
Total Investments		$12,675,765			$408,944,281		$—		$421,620,046

Other Financial Instruments
Futures		$(42,015	)		$—		$—		$(42,015	)

Pennsylvania Fund
Investments at Value
Municipal Bonds		$—			$128,406,944		$—		$128,406,944
Mutual Funds		1,959,110			—		—		1,959,110
Total Investments		$1,959,110			$128,406,944		$—		$130,366,054

Other Financial Instruments
Futures		$(104,836	)		$—		$—		$(104,836	)

South Carolina Fund
Investments at Value
Municipal Bonds		$—			$174,816,994		$—		$174,816,994
Mutual Funds		4,148,961			—		—		4,148,961
Total Investments		$4,148,961			$174,816,994		$—		$178,965,955

Other Financial Instruments
Futures		$(91,941	)		$—		$—		$(91,941	)

Tennessee Fund
Investments at Value
Municipal Bonds		$—			$111,035,998		$—		$111,035,998
Mutual Funds		1,375,771			—		—		1,375,771
Total Investments		$1,375,771			$111,035,998		$—		$112,411,769

Other Financial Instruments
Futures		$(14,705	)		$—		$—		$(14,705	)

Notes to Financial Statements (unaudited) – continued


	Level 1			Level 2		Level 3		Total
Virginia Fund
Investments at Value
Municipal Bonds		$—			$337,453,225		$—		$337,453,225
Mutual Funds		5,147,226			—		—		5,147,226
Total Investments		$5,147,226			$337,453,225		$—		$342,600,451

Other Financial Instruments
Futures		$(313,904	)		$—		$—		$(313,904	)

West Virginia Fund
Investments at Value
Municipal Bonds		$—			$132,359,912		$—		$132,359,912
Mutual Funds		2,978,180			—		—		2,978,180
Total Investments		$2,978,180			$132,359,912		$—		$135,338,092

Other Financial Instruments
Futures		$(14,705	)		$—		$—		$(14,705	)

For further information regarding security characteristics, see the Portfolios of Investments.


				Fair Value (a)
Fund	Risk	Derivative Contracts		Liability Derivatives
Mississippi Fund	Interest Rate		Interest Rate Futures		$—
New York Fund	Interest Rate		Interest Rate Futures		(174,875	)
North Carolina Fund	Interest Rate		Interest Rate Futures		(42,015	)
Pennsylvania Fund	Interest Rate		Interest Rate Futures		(104,836	)
South Carolina Fund	Interest Rate		Interest Rate Futures		(91,941	)
Tennessee Fund	Interest Rate		Interest Rate Futures		(14,705	)
Virginia Fund	Interest Rate		Interest Rate Futures		(313,904	)
West Virginia Fund	Interest Rate		Interest Rate Futures		(14,705	)

(a)	The value of futures contracts outstanding includes cumulative appreciation (depreciation) as reported in each fund’s Portfolio of Investments. Only the current day variation margin for futures contracts is separately reported within each fund’s Statement of Assets and Liabilities.


Fund	Risk	Futures Contracts
Mississippi Fund	Interest Rate	$(130,758)
New York Fund	Interest Rate	(971,351)
North Carolina Fund	Interest Rate	(674,192)
Pennsylvania Fund	Interest Rate	(571,330)
South Carolina Fund	Interest Rate	(803,833)
Tennessee Fund	Interest Rate	(175,962)
Virginia Fund	Interest Rate	(1,635,386)
West Virginia Fund	Interest Rate	(175,962)

Notes to Financial Statements (unaudited) – continued


Fund	Risk	Futures Contracts
Mississippi Fund	Interest Rate	$2,457
New York Fund	Interest Rate	(160,759)
North Carolina Fund	Interest Rate	(26,436)
Pennsylvania Fund	Interest Rate	(96,811)
South Carolina Fund	Interest Rate	(80,862)
Tennessee Fund	Interest Rate	(11,265)
Virginia Fund	Interest Rate	(291,993)
West Virginia Fund	Interest Rate	(11,265)

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, each fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives each fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of each fund’s credit risk to such counterparty equal to any amounts payable by each fund under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across transactions between each fund and the applicable counterparty.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (i.e., futures and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forward foreign currency exchange contracts, swaps and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that has been pledged to cover obligations of each fund under derivative contracts, if any, will be reported separately on the Statements of Assets and Liabilities as restricted cash. Securities collateral pledged for the same purpose, if any, is noted in the Portfolios of Investments.

Upon entering into a futures contract, each fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by each fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by each fund until the contract is closed or expires at which point the gain or loss on futures is realized.

Inverse Floaters – North Carolina Fund, Pennsylvania Fund, and Virginia Fund invest in municipal inverse floating rate securities which are structured by the issuer (known as primary market inverse floating rate securities) or by an investment banker utilizing municipal bonds which have already been issued (known as secondary market inverse floating rate securities) to have variable rates of interest which typically move in the opposite direction of short term interest rates. A secondary market inverse floating rate security is created when an investment banker transfers a fixed rate municipal bond to a special purpose trust, and causes the trust to (a) issue floating rate certificates to third parties, in an amount equal to a fraction of the par amount of the deposited bonds (these certificates usually pay tax-exempt interest at short-term interest rates that typically

Notes to Financial Statements (unaudited) – continued

reset weekly; and the certificate holders typically, on seven days notice, have the option to tender their certificates to the investment banker or another party for redemption at par plus accrued interest), and (b) issue inverse floating rate certificates (sometimes referred to as “inverse floaters”). If the holder of the inverse floater transfers the municipal bonds to an investment banker for the purpose of depositing the municipal bonds into the special purpose trust, the inverse floating rate certificates that are issued by the trust are referred to as “self-deposited inverse floaters.” If the bonds held by the trust are purchased by the investment banker for deposit into the trust from someone other than the purchasers of the inverse floaters, the inverse floating rate certificates that are issued by the trust are referred to as “externally deposited inverse floaters.” Such self-deposited inverse floaters held by each fund are accounted for as secured borrowings, with the municipal bonds reflected in the investments of each fund and amounts owed to the holder of the floating rate certificate under the provisions of the trust, which amounts are paid solely from the assets of the trust, reflected as liabilities of each fund in the Statements of Assets and Liabilities under the caption, “Payable to the holder of the floating rate certificate from trust assets”. The carrying value of each fund’s payable to the holder of the floating rate certificate from trust assets as reported on each fund’s Statement of Assets and Liabilities approximates its fair value. At September 30, 2011, each fund’s payable to the holder of the floating rate certificate from trust assets were as follows:


	Payable to the holder of the floating rate certificate from trust assets at 9/30/11		Weighted average interest rate at 9/30/11 on floating rate certificates issued by the trust
Fund
North Carolina Fund		$8,012,670		0.17%
Pennsylvania Fund		945,093		0.16%
Virginia Fund		5,426,345		0.14%

For the six months ended September 30, 2011, the average payable to the holder of the floating rate certificate from trust assets; the weighted average interest rate related to this payable; and the interest expense and fees related to interest payments made to the holder of certain floating rate certificates and associated fees, both of which are made from trust assets were as follows:


	Average Payable to the holder of the floating rate certificate from trust assets for the six months ended 9/30/11		Weighted average interest rate for the six months ended 9/30/11, on floating rate certificates issued by the trust		Interest expense and fees in connection with self-deposited inverse floaters for the six months ended 9/30/11
Fund
North Carolina Fund		$8,011,695		0.62%		$24,734
Pennsylvania Fund		945,912		0.50%		2,354
Virginia Fund		5,425,844		0.53%		14,309

Primary and externally deposited inverse floaters held by certain funds are not accounted for as secured borrowings.

Each fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by each fund or in unrealized gain/loss if the security is still held by each fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.

Notes to Financial Statements (unaudited) – continued

incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.

Fees Paid Indirectly – Each fund’s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by each fund. For Mississippi Fund, this amount, for the six months ended September 30, 2011, is shown as a reduction of total expenses on the Statements of Operations. For all other funds, for the six months ended September 30, 2011, custody fees were not reduced.

Book/tax differences primarily relate to amortization and accretion of debt securities and secured borrowings.


Year ended 3/31/11	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Ordinary income (including any short-term capital gains)		$261,340		$—		$21,764		$—		$—		$—		$189,052		$—
Tax-exempt income		4,756,645		9,261,641		17,036,699		5,896,148		7,694,372		5,088,828		13,920,431		5,282,317
Total distributions		$5,017,985		$9,261,641		$17,058,463		$5,896,148		$7,694,372		$5,088,828		$14,109,483		$5,282,317

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 9/30/11	Mississippi Fund			New York Fund			North Carolina Fund			Pennsylvania Fund
Cost of investments		$106,417,152			$202,760,994			$395,176,600			$125,422,167
Gross appreciation		4,850,565			11,224,387			19,854,163			5,150,730
Gross depreciation		(396,308	)		(2,016,920	)		(1,423,387	)		(1,151,936	)
Net unrealized appreciation (depreciation)		$4,454,257			$9,207,467			$18,430,776			$3,998,794

As of 3/31/11
Undistributed tax-exempt income		462,942			743,710			1,608,645			522,796
Capital loss carryforwards		(18,616	)		(1,676,455	)		(159,330	)		(1,331,978	)
Post-October capital loss deferral		—			(83,658	)		—			(133,418	)
Other temporary differences		(397,887	)		(758,123	)		(1,387,323	)		(486,262	)
Net unrealized appreciation (depreciation)		(1,759,021	)		(3,863,200	)		(5,217,757	)		(4,074,832	)

Notes to Financial Statements (unaudited) – continued



As of 9/30/11	South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
Cost of investments		$171,660,634			$107,813,337			$325,333,467			$130,885,570
Gross appreciation		8,261,544			5,609,371			15,192,932			5,296,945
Gross depreciation		(956,223	)		(1,010,939	)		(3,352,293	)		(844,423	)
Net unrealized appreciation (depreciation)		$7,305,321			$4,598,432			$11,840,639			$4,452,522

As of 3/31/11
Undistributed tax-exempt income		593,104			753,301			1,142,265			438,045
Capital loss carryforwards		(1,445,249	)		(298,098	)		(1,181,456	)		(675,100	)
Post-October capital loss deferral		(389,823	)		—			—			(2,331	)
Other temporary differences		(616,331	)		(431,305	)		(1,152,782	)		(454,309	)
Net unrealized appreciation (depreciation)		(2,666,378	)		(1,406,780	)		(7,999,739	)		(3,211,006	)

The aggregate cost above included prior fiscal year end tax adjustments, if applicable.

As of March 31, 2011, certain funds had capital loss carryforwards available to offset future realized gains. Such losses expire as follows:


	Mississippi Fund			New York Fund			North Carolina Fund			Pennsylvania Fund			South Carolina Fund			Tennessee Fund			Virginia Fund			West Virginia Fund
3/31/16		$—			$—			$—			$(17,684	)		$—			$—			$—			$—
3/31/17		—			—			—			(327,327	)		—			—			—			—
3/31/18		—			—			—			(139,728	)		(620,248	)		—			—			(675,100	)
3/31/19		(18,616	)		(1,676,455	)		(159,330	)		(847,239	)		(825,001	)		(298,098	)		(1,181,456	)		—
Total		$(18,616	)		$(1,676,455	)		$(159,330	)		$(1,331,978	)		$(1,445,249	)		$(298,098	)		$(1,181,456	)		$(675,100	)

Distributions declared to shareholders:

From net investment income


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$2,163,082	$4,635,744	$3,505,311	$7,705,514	$6,395,924	$14,265,480	$2,594,005	$5,287,706
Class B	40,929	120,901	121,486	413,887	121,938	332,036	198,595	608,442
Class C	—	—	482,644	1,142,240	1,023,795	2,439,183	—	—
Total	$2,204,011	$4,756,645	$4,109,441	$9,261,641	$7,541,657	$17,036,699	$2,792,600	$5,896,148

	South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$3,380,905	$7,402,417	$2,233,231	$4,954,782	$5,998,942	$12,649,993	$2,497,486	$5,165,009
Class B	103,386	291,955	48,249	134,046	65,467	187,246	42,072	117,308
Class C	—	—	—	—	515,647	1,083,192	—	—
Total	$3,484,291	$7,694,372	$2,281,480	$5,088,828	$6,580,056	$13,920,431	$2,539,558	$5,282,317

Notes to Financial Statements (unaudited) – continued

From net realized gain on investments


	Mississippi Fund		North Carolina Fund		Virginia Fund
	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11	Six months ended 9/30/11	Year ended 3/31/11
Class A	$—	$254,457	$—	$17,533	$—	$168,110
Class B	—	6,883	—	480	—	2,790
Class C	—	—	—	3,751	—	18,152
Total	$—	$261,340	$—	$21,764	$—	$189,052

(3)

Transactions with Affiliates

The investment adviser has agreed in writing to pay a portion of the following funds’ total annual operating expenses, exclusive of interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (including interest expense and fees associated with investments in inverse floating rate instruments), such that total annual fund operating expenses do not exceed the following rates annually of certain funds’ average daily net assets:


	New York Fund		North Carolina Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Class A		0.90%		0.93%		0.91%		0.94%		0.89%		0.90%
Class B		1.65%		1.68%		1.66%		1.69%		1.64%		1.65%
Class C		1.65%		1.68%		N/A		N/A		1.64%		N/A

These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until July 31, 2012. For the six months ended September 30, 2011, actual operating expenses for each fund did not exceed the limits described above and therefore, the investment adviser did not pay any portion of these funds’ expenses.


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$12,526		$14,635		$39,717		$36,020		$41,587		$15,716		$17,101		$11,539

The Board of Trustees has adopted a distribution plan for certain class shares pursuant to Rule 12b-1 of the Investment Company Act of 1940.

Notes to Financial Statements (unaudited) – continued

Distribution Plan Fee Table:


	CLASS A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Mississippi Fund		—		0.25%		0.25%		0.10%		$134,245
New York Fund		—		0.25%		0.25%		0.25%		219,031
North Carolina Fund		—		0.25%		0.25%		0.25%		416,207
Pennsylvania Fund		—		0.25%		0.25%		0.10%		152,560
South Carolina Fund		—		0.25%		0.25%		0.25%		211,996
Tennessee Fund		—		0.25%		0.25%		0.25%		136,711
Virginia Fund		—		0.25%		0.25%		0.25%		373,213
West Virginia Fund		—		0.25%		0.25%		0.25%		165,061

	CLASS B
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Mississippi Fund		0.75%		0.25%		1.00%		0.79%		$12,230
New York Fund		0.75%		0.25%		1.00%		1.00%		37,071
North Carolina Fund		0.75%		0.25%		1.00%		1.00%		39,276
Pennsylvania Fund		0.75%		0.25%		1.00%		0.90%		57,471
South Carolina Fund		0.75%		0.25%		1.00%		1.00%		31,885
Tennessee Fund		0.75%		0.25%		1.00%		1.00%		14,459
Virginia Fund		0.75%		0.25%		1.00%		1.00%		19,981
West Virginia Fund		0.75%		0.25%		1.00%		1.00%		13,867

	CLASS C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
New York Fund		0.75%		0.25%		1.00%		1.00%		$148,341
North Carolina Fund		0.75%		0.25%		1.00%		1.00%		331,216
Virginia Fund		0.75%		0.25%		1.00%		1.00%		157,823


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Total Distribution and Service Fees		$146,475		$404,443		$786,699		$210,031		$243,881		$151,170		$551,017		$178,928

(d)

(e)	The annual effective rates represent actual fees incurred under the distribution plan for the six months ended September 30, 2011, based on each class’ average daily net assets.

Mississippi Fund: MFD has agreed in writing to reduce the Class A service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $80,547 which is shown as a reduction of total expenses in the Statements of Operations. The service fee rate attributable to Class B shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B shares has been reduced by MFD to 0.00% under a written agreement that will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. This reduction amounted to $2,591, which is shown as a reduction of total expenses in the Statement of Operations.

Pennsylvania Fund: MFD has agreed in writing to reduce the Class A service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue until at least July 31, 2012. This reduction amounted to $91,536 which is shown as a reduction of total expenses in the Statements of Operations. The service fee rate attributable to Class B shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B shares has been reduced by MFD to 0.10% under a written agreement that will continue until modified by the fund’s Board of Trustees, but will continue at least until July 31, 2012. This reduction amounted to $5,900 which is shown as a reduction of total expenses in the Statement of Operations.


CDSC imposed	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Class A		$600		$1,205		$9,738		$1,217		$2,082		$—		$222		$—
Class B		2,265		7,293		6,336		5,664		6,180		1,275		1,472		2,043
Class C		N/A		3,344		5,600		N/A		N/A		N/A		1,204		N/A

Notes to Financial Statements (unaudited) – continued

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the six months ended September 30, 2011, each fund paid the following, which equated to the following annual percentage of each fund’s average daily net assets:


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Expenses paid		$9,659		$23,799		$39,446		$18,822		$17,326		$10,287		$34,508		$13,067
Percentage of average daily net assets		0.0176%		0.0225%		0.0194%		0.0283%		0.0197%		0.0184%		0.0207%		0.0194%


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$19,225		$47,763		$83,233		$30,755		$35,789		$20,205		$65,342	$23,143


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Percentage of average daily net assets		0.0239%		0.0194%		0.0170%		0.0222%		0.0204%		0.0237%		0.0176%		0.0222%


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$384		$351		$593		$388		$580		$353		$589		$580


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$5,147		$6,530		$9,261		$5,102		$9,246		$6,502		$9,276		$9,242


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$382		$739		$1,414		$466		$614		$391		$1,163		$469

Notes to Financial Statements (unaudited) – continued


Mississippi Fund	New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
$290		$561		$1,073		$354		$466		$297		$883		$356

(4)

Portfolio Securities

Purchases and sales of investments, other than U.S. Government securities, purchased option transactions, and short-term obligations, were as follows:


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Purchases		$11,998,587		$44,020,340		$70,436,470		$12,566,881		$18,304,046		$7,264,941		$41,285,139		$7,393,688
Sales		$10,337,912		$41,368,492		$62,126,503		$17,700,440		$17,808,701		$12,062,886		$35,079,872		$9,045,808

(5)

Shares of Beneficial Interest

Each fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Mississippi Fund												New York Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		641,482			$6,208,095			2,004,657			$19,730,624			577,935			$6,206,426			2,576,875			$28,153,029
Class B		10,573			103,787			38,707			380,954			24,437			263,309			102,812			1,120,690
Class C		—			—			—			—			190,935			2,051,305			684,385			7,483,486
		652,055			$6,311,882			2,043,364			$20,111,578			793,307			$8,521,040			3,364,072			$36,757,205

Shares issued to shareholders in reinvestment of distributions
Class A		145,996			$1,415,286			317,823			$3,095,057			232,013			$2,488,938			483,569			$5,230,981
Class B		3,089			29,958			9,460			92,396			7,768			83,018			25,979			281,237
Class C		—			—			—			—			27,477			294,326			64,484			697,107
		149,085			$1,445,244			327,283			$3,187,453			267,258			$2,866,282			574,032			$6,209,325

Shares reacquired
Class A		(842,237	)		$(8,114,498	)		(2,135,950	)		$(20,428,278	)		(1,010,497	)		$(10,772,973	)		(2,736,598	)		$(29,189,782	)
Class B		(62,683	)		(606,417	)		(216,239	)		(2,124,928	)		(194,076	)		(2,066,249	)		(640,657	)		(6,874,132	)
Class C		—			—			—			—			(204,241	)		(2,173,203	)		(839,282	)		(8,915,188	)
		(904,920	)		$(8,720,915	)		(2,352,189	)		$(22,553,206	)		(1,408,814	)		$(15,012,425	)		(4,216,537	)		$(44,979,102	)

Net change
Class A		(54,759	)		$(491,117	)		186,530			$2,397,403			(200,549	)		$(2,077,609	)		323,846			$4,194,228
Class B		(49,021	)		(472,672	)		(168,072	)		(1,651,578	)		(161,871	)		(1,719,922	)		(511,866	)		(5,472,205	)
Class C		—			—			—			—			14,171			172,428			(90,413	)		(734,595	)
		(103,780	)		$(963,789	)		18,458			$745,825			(348,249	)		$(3,625,103	)		(278,433	)		$(2,012,572	)

Notes to Financial Statements (unaudited) – continued



	North Carolina Fund												Pennsylvania Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		1,705,047			$19,746,413			5,350,562			$62,252,686			1,010,601			$9,953,608			3,876,530			$38,955,649
Class B		54,538			629,395			116,004			1,359,078			39,659			391,163			256,322			2,585,425
Class C		512,238			5,930,565			1,650,402			19,367,472			—			—			—			—
		2,271,823			$26,306,373			7,116,968			$82,979,236			1,050,260			$10,344,771			4,132,852			$41,541,074

Shares issued to shareholders in reinvestment of distributions
Class A		336,084			$3,893,215			738,525			$8,586,012			177,335			$1,750,295			328,068			$3,263,104
Class B		7,405			85,628			19,293			224,209			15,355			151,792			41,858			418,367
Class C		53,874			623,798			130,291			1,514,694			—			—			—			—
		397,363			$4,602,641			888,109			$10,324,915			192,690			$1,902,087			369,926			$3,681,471

Shares reacquired
Class A		(1,994,221	)		$(23,093,301	)		(6,975,098	)		$(79,839,996	)		(1,379,030	)		$(13,588,185	)		(3,045,745	)		$(29,867,303	)
Class B		(166,473	)		(1,912,493	)		(361,400	)		(4,184,856	)		(364,764	)		(3,594,265	)		(1,036,767	)		(10,308,906	)
Class C		(563,724	)		(6,474,603	)		(1,901,643	)		(21,689,724	)		—			—			—			—
		(2,724,418	)		$(31,480,397	)		(9,238,141	)		$(105,714,576	)		(1,743,794	)		$(17,182,450	)		(4,082,512	)		$(40,176,209	)

Net change
Class A		46,910			$546,327			(886,011	)		$(9,001,298	)		(191,094	)		$(1,884,282	)		1,158,853			$12,351,450
Class B		(104,530	)		(1,197,470	)		(226,103	)		(2,601,569	)		(309,750	)		(3,051,310	)		(738,587	)		(7,305,114	)
Class C		2,388			79,760			(120,950	)		(807,558	)		—			—			—			—
		(55,232	)		$(571,383	)		(1,233,064	)		$(12,410,425	)		(500,844	)		$(4,935,592	)		420,266			$5,046,336

	South Carolina Fund												Tennessee Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		850,845			$10,129,887			3,571,893			$43,033,370			395,770			$4,065,606			1,842,406			$19,111,253
Class B		41,366			490,787			103,067			1,243,595			26,352			271,533			41,061			426,523
		892,211			$10,620,674			3,674,960			$44,276,965			422,122			$4,337,139			1,883,467			$19,537,776

Shares issued to shareholders in reinvestment of distributions
Class A		192,255			$2,280,332			397,841			$4,744,957			128,850			$1,325,380			271,199			$2,801,742
Class B		6,418			76,052			15,927			189,927			3,025			31,104			7,782			80,472
		198,673			$2,356,384			413,768			$4,934,884			131,875			$1,356,484			278,981			$2,882,214

Shares reacquired
Class A		(1,128,622	)		$(13,323,429	)		(3,174,939	)		$(37,351,599	)		(694,712	)		$(7,110,057	)		(3,436,946	)		$(35,264,180	)
Class B		(151,832	)		(1,788,747	)		(299,259	)		(3,550,275	)		(78,536	)		(803,775	)		(208,497	)		(2,157,638	)
		(1,280,454	)		$(15,112,176	)		(3,474,198	)		$(40,901,874	)		(773,248	)		$(7,913,832	)		(3,645,443	)		$(37,421,818	)

Net change
Class A		(85,522	)		$(913,210	)		794,795			$10,426,728			(170,092	)		$(1,719,071	)		(1,323,341	)		$(13,351,185	)
Class B		(104,048	)		(1,221,908	)		(180,265	)		(2,116,753	)		(49,159	)		(501,138	)		(159,654	)		(1,650,643	)
		(189,570	)		$(2,135,118	)		614,530			$8,309,975			(219,251	)		$(2,220,209	)		(1,482,995	)		$(15,001,828	)

Notes to Financial Statements (unaudited) – continued



	Virginia Fund												West Virginia Fund
	Six months ended 9/30/11						Year ended 3/31/11						Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		977,835			$10,791,095			5,024,076			$55,657,369			356,814			$3,933,260			1,188,897			$13,190,426
Class B		11,927			133,510			35,918			401,553			24,322			268,892			24,995			276,979
Class C		146,349			1,615,802			730,271			8,187,971			—			—			—			—
		1,136,111			$12,540,407			5,790,265			$64,246,893			381,136			$4,202,152			1,213,892			$13,467,405

Shares issued to shareholders in reinvestment of distributions
Class A		324,645			$3,587,104			666,455			$7,401,068			155,470			$1,708,313			311,303			$3,414,028
Class B		4,238			46,764			11,067			123,165			2,250			24,688			6,104			66,968
Class C		28,718			317,313			58,729			651,532			—			—			—			—
		357,601			$3,951,181			736,251			$8,175,765			157,720			$1,733,001			317,407			$3,480,996

Shares reacquired
Class A		(1,972,624	)		$(21,750,260	)		(5,249,528	)		$(57,368,554	)		(553,686	)		$(6,051,531	)		(1,536,881	)		$(16,874,329	)
Class B		(59,942	)		(659,420	)		(240,675	)		(2,665,589	)		(69,017	)		(757,032	)		(178,228	)		(1,962,480	)
Class C		(223,057	)		(2,459,313	)		(547,453	)		(5,985,603	)		—			—			—			—
		(2,255,623	)		$(24,868,993	)		(6,037,656	)		$(66,019,746	)		(622,703	)		$(6,808,563	)		(1,715,109	)		$(18,836,809	)

Net change
Class A		(670,144	)		$(7,372,061	)		441,003			$5,689,883			(41,402	)		$(409,958	)		(36,681	)		$(269,875	)
Class B		(43,777	)		(479,146	)		(193,690	)		(2,140,871	)		(42,445	)		(463,452	)		(147,129	)		(1,618,533	)
Class C		(47,990	)		(526,198	)		241,547			2,853,900			—			—			—			—
		(761,911	)		$(8,377,405	)		488,860			$6,402,912			(83,847	)		$(873,410	)		(183,810	)		$(1,888,408	)

(6)

Line of Credit


	Mississippi Fund		New York Fund		North Carolina Fund		Pennsylvania Fund		South Carolina Fund		Tennessee Fund		Virginia Fund		West Virginia Fund
Commitment Fee		$468		$907		$1,708		$576		$747		$483		$1,394		$566
Interest Expense		—		—		—		—		—		—		—		—

Notes to Financial Statements (unaudited) – continued

(7)

Transactions in Underlying Affiliated Funds - Affiliated Issuers

An affiliated issuer may be considered one in which each fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the funds assume the MFS Institutional Money Market Portfolio to be an affiliated issuer. Each of the fund’s transactions in the MFS Institutional Money Market Portfolio for the six months ended September 30, 2011, are as follows:


	Underlying Affiliated Funds – MFS Institutional Money Market Portfolio
	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
Mississippi Fund		1,934,688		13,897,280		(15,095,923)		736,045
New York Fund		6,762,934		43,804,605		(48,720,213)		1,847,326
North Carolina Fund		4,540,930		64,637,252		(56,502,417)		12,675,765
Pennsylvania Fund		4,443,576		17,456,901		(19,941,367)		1,959,110
South Carolina Fund		5,814,158		21,923,083		(23,588,280)		4,148,961
Tennessee Fund		122,955		10,497,037		(9,244,221)		1,375,771
Virginia Fund		10,158,215		45,672,985		(50,683,974)		5,147,226
West Virginia Fund		1,961,779		11,834,510		(10,818,109)		2,978,180

	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income		Ending Value
Mississippi Fund		$—		$—		$1,055		$736,045
New York Fund		—		—		3,056		1,847,326
North Carolina Fund		—		—		5,739		12,675,765
Pennsylvania Fund		—		—		1,889		1,959,110
South Carolina Fund		—		—		1,943		4,148,961
Tennessee Fund		—		—		623		1,375,771
Virginia Fund		—		—		3,229		5,147,226
West Virginia Fund		—		—		1,495		2,978,180

BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT

Board Review of Investment Advisory Agreement – continued

The Trustees also considered the advisory fees charged by MFS to institutional accounts. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Funds in comparison to institutional accounts, the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds, and the impact on MFS and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional accounts.

MFS Mississippi Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 1st quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

Board Review of Investment Advisory Agreement – continued

MFS New York Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 5th quintile for the one- year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Lipper expense group median.

MFS North Carolina Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

MFS Pennsylvania Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

Board Review of Investment Advisory Agreement – continued

MFS South Carolina Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

MFS Tennessee Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Lipper expense group median, and total expense ratio was higher than the Lipper expense group median.

MFS Virginia Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each higher than the Lipper expense group median.

Board Review of Investment Advisory Agreement – continued

MFS West Virginia Municipal Bond Fund

The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for the three-year period ended December 31, 2010 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

Access to Disclosures on MFS Website

PROXY VOTING POLICIES AND INFORMATION

QUARTERLY PORTFOLIO DISCLOSURE

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

A shareholder can also obtain the quarterly portfolio holdings report at mfs.com.

FURTHER INFORMATION

From time to time, MFS may post important information about a fund or the MFS funds on the MFS web site (mfs.com). This information is available by visiting the “News & Commentary” section of mfs.com or by clicking on the fund’s name under “Mutual Funds” in the “Products and Performance” section of mfs.com.

Save paper with eDelivery.

MFS® will send you prospectuses, reports, and proxies directly via e-mailso you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.

LOGO

Web site

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

Account service and literature

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

Mailing address

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

Overnight mail

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

LOGO

MFS® Municipal Income Fund

LOGO

SEMIANNUAL REPORT

September 30, 2011

LMB-SEM

MFS® MUNICIPAL INCOME FUND


Letter from the CEO			1
Portfolio composition			2
Expense table			4
Portfolio of investments			6
Statement of assets and liabilities			37
Statement of operations			38
Statements of changes in net assets			39
Financial highlights			40
Notes to financial statements			47
Board review of investment advisory agreement			61
Proxy voting policies and information			65
Quarterly portfolio disclosure			65
Further information			65
Contact information back cover

The report is prepared for the general information of shareholders.

It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE

LOGO

LETTER FROM THE CEO

Dear Shareholders:

We are indeed living through some volatile times. Economic uncertainty is everywhere, as it seems no place in the world has been unmoved by crisis this year. We have seen a devastating earthquake and tsunami that have led to disruptions in the Japanese markets and supply chains. Protests have changed the face of the Middle East and left in their wake lingering tensions and resultant higher oil prices. We have seen debt limits tested in Europe and the United States and policymakers grappling to craft often unpopular monetary and fiscal responses at a time when consumers and businesses struggle with what appears to be a slowing global economy. On top of all of that, we have seen long-term U.S. debt lose its Standard & Poor’s AAA rating.

Respectfully,

LOGO

Robert J. Manning

Chairman and Chief Executive Officer

MFS Investment Management®

November 15, 2011

The opinions expressed in this letter are subject to change, may not be relied upon for investment advice, and no forecasts can be guaranteed.

PORTFOLIO COMPOSITION

Portfolio structure (i)

LOGO


Top five industries (i)
Healthcare Revenue – Hospitals			17.2%
Universities – Colleges			11.2%
Utilities – Municipal Owned			6.5%
General Obligations – General Purpose			6.2%
State & Local Agencies			6.1%


Composition including fixed income credit quality (a)(i)
AAA			9.2%
AA			23.3%
A			25.7%
BBB			30.8%
BB			3.8%
B			1.8%
CCC			0.2%
CC (o)			0.0%
Not Rated			2.6%
Cash & Other			2.6%

Portfolio facts (i)
Average Duration (d)			9.3
Average Effective Maturity (m)			18.4 yrs.

(a)

(d)	Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

(m)

Portfolio Composition – continued

(o)	Less than 0.1%.

Percentages are based on net assets as of 9/30/11.

The portfolio is actively managed and current holdings may be different.

EXPENSE TABLE

Fund expenses borne by the shareholders during the period,

April 1, 2011 through September 30, 2011

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2011 through September 30, 2011.

Actual Expenses

The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Table – continued


Share Class		Annualized Expense Ratio		Beginning Account Value 4/01/11		Ending Account Value 9/30/11		Expenses Paid During Period (p) 4/01/11-9/30/11
A	Actual		0.78%		$1,000.00		$1,087.62		$4.07
A	Hypothetical (h)		0.78%		$1,000.00		$1,021.10		$3.94
B	Actual		1.53%		$1,000.00		$1,083.43		$7.97
B	Hypothetical (h)		1.53%		$1,000.00		$1,017.35		$7.72
C	Actual		1.53%		$1,000.00		$1,081.95		$7.96
C	Hypothetical (h)		1.53%		$1,000.00		$1,017.35		$7.72
I	Actual		0.53%		$1,000.00		$1,028.87		$0.90	(i)
I	Hypothetical (h)		0.53%		$1,000.00		$1,022.35		$2.68
A1	Actual		0.53%		$1,000.00		$1,087.60		$2.77
A1	Hypothetical (h)		0.53%		$1,000.00		$1,022.35		$2.68
B1	Actual		1.29%		$1,000.00		$1,084.77		$6.72
B1	Hypothetical (h)		1.29%		$1,000.00		$1,018.55		$6.51

(h)	5% class return per year before expenses.

(i)	For the period of class inception, August 1, 2011, through the stated period.

(p)

Expenses Impacting Table

Expense ratios include 0.03% of investment related expenses from inverse floaters that are outside of the expense cap arrangement (See Note 3 of the Notes to Financial Statements).

PORTFOLIO OF INVESTMENTS

9/30/11 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Municipal Bonds - 97.0%
Issuer	Shares/Par		Value ($)

Airport Revenue - 1.9%
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 2035	$	7,125,000	$	7,849,438
Houston, TX, Airport System Rev., “B”, 5%, 2026		1,855,000		2,000,191
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 2029		2,990,000		3,223,968
Miami-Dade County, FL, Aviation Rev., “B”, AGM, 5%, 2035		5,885,000		6,021,885
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), NATL, 5.875%, 2013		1,485,000		1,486,515
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036		2,315,000		2,392,136
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042		2,635,000		2,713,260
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034		7,570,000		7,687,562

			$	33,374,955
General Obligations - General Purpose - 6.2%
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 2029	$	9,145,000	$	10,176,190
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)		5,000		5,890
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)(u)		5,580,000		6,573,463
Commonwealth of Puerto Rico, Public Improvement, “A”, 5.75%, 2041		2,795,000		2,880,890
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		2,180,000		2,346,944
Country Club Hills, IL, NATL, 5%, 2031		3,170,000		2,740,148
Detroit, MI, 5.25%, 2035		5,000,000		5,182,350
Las Vegas Valley, NV, Water District, “C”, 5%, 2029		8,145,000		8,610,975
Luzerne County, PA, AGM, 6.75%, 2023		1,200,000		1,383,648
New York, NY, “B”, 5%, 2020		10,730,000		12,738,871
State of California, 6.5%, 2033		4,000,000		4,681,120
State of California, 6%, 2039		3,000,000		3,338,130
State of Maryland, “C”, 5%, 2019		6,890,000		8,492,959
State of Washington, 6%, 2012		4,360,000		4,524,372
State of Washington, “A”, NATL, 5%, 2033		5,000,000		5,481,100
Washington Motor Vehicle Fuel Tax, “B”, NATL, 5%, 2032 (u)		25,010,000		26,903,507

			$	106,060,557

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
General Obligations - Improvement - 1.2%
Guam Government, “A”, 7%, 2039	$	910,000	$	951,059
Massachusetts Bay Transportation Authority, “A”, 7%, 2021 (c)		4,700,000		5,679,903
Massachusetts Bay Transportation Authority, “A”, 7%, 2021		5,485,000		6,566,258
Massachusetts Bay Transportation Authority, “C”, 6.1%, 2013 (c)		3,640,000		3,815,120
Massachusetts Bay Transportation Authority, “C”, 6.1%, 2013		3,355,000		3,508,189

			$	20,520,529
General Obligations - Schools - 5.1%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031	$	2,010,000	$	696,324
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2032		2,035,000		657,529
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2033		4,070,000		1,232,437
Chicago, IL, Board of Education, NATL, 6.25%, 2015		20,295,000		21,700,429
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 2030		4,495,000		1,458,583
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 2031		4,015,000		1,210,763
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 2032		2,825,000		792,271
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 2033		2,785,000		719,393
Florida Board of Education, Capital Outlay, 9.125%, 2014		675,000		734,393
Florida Board of Education, Capital Outlay, ETM, 9.125%, 2014 (c)		265,000		314,804
Fresno, CA, Unified School District, NATL, 6.55%, 2020		1,225,000		1,336,022
Gilroy, CA, Unified School District, FGIC, 5%, 2027		1,000,000		1,021,410
Hartnell, CA, Community College District (Election of 2002), Capital Appreciation, “D”, 0%, 2039		9,645,000		1,351,747
Knox County, KY, SYNCORA, 5.5%, 2014 (c)		640,000		730,739
Knox County, KY, SYNCORA, 5.625%, 2014 (c)		1,150,000		1,317,498
Lancaster, TX, Independent School District, Capital Appreciation, AGM, 0%, 2014 (c)		2,250,000		1,073,385
Lancaster, TX, Independent School District, Capital Appreciation, AGM, 0%, 2014 (c)		2,000,000		897,160
Long Beach, CA, Community College District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 2028		5,025,000		1,954,725
Los Angeles, CA, Community College District (Election of 2008), “C”, 5.25%, 2039		5,000,000		5,558,650
Los Angeles, CA, Unified School District, “D”, 5%, 2034		825,000		860,962
Menlo Park, CA, City School District (Election of 2006), Capital Appreciation, 0%, 2044		10,000,000		4,259,700

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
General Obligations - Schools - continued
Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0%, 2030	$	580,000	$	189,585
Newport Mesa, CA, Unified School District (Election of 2005), Capital Appreciation, 0%, 2041		12,035,000		1,594,999
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2024		2,900,000		1,449,913
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2027		1,930,000		779,855
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2029		3,915,000		1,365,082
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2030		4,335,000		1,404,063
Reading, PA, School District, “A”, 5%, 2020		1,000,000		1,104,700
San Marcos, TX, Independent School District, PSF, 5.625%, 2014 (c)		2,000,000		2,290,520
San Marcos, TX, Independent School District, PSF, 5.625%, 2014 (c)		2,000,000		2,290,520
San Mateo County, CA, Community College District (2005 Election), Capital Appreciation, “A”, NATL, 0%, 2026		5,100,000		2,471,358
San Rafael, CA, Elementary School District (Election of 1999), NATL, 5%, 2028 (c)		2,500,000		2,597,675
Schertz-Cibolo-Universal City, TX, Independent School District, PSF, 5%, 2036		10,000,000		10,551,200
Sunnyvale, TX, Independent School District, PSF, 5.25%, 2028		1,900,000		2,028,953
Wattsburg, PA, Public School Building Authority Rev., Capital Appreciation, NATL, 0%, 2029		2,150,000		882,618
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, ASSD GTY, 0%, 2029		3,440,000		1,156,666
Whittier, CA, Union High School District, Capital Appreciation, 0%, 2034		2,005,000		460,168
Wylie, TX, Independent School District, PSF, 5.25%, 2029		5,035,000		5,118,329

			$	87,615,128
Healthcare Revenue - Hospitals - 17.0%
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028	$	255,000	$	216,768
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040		3,995,000		3,316,250
Baxter County, AR, Hospital Rev., 5.375%, 2014		15,000		15,037
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034		1,320,000		1,356,340
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 2040		1,000,000		971,710
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040		1,130,000		1,133,899

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039	$	2,580,000	$	2,699,325
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5.75%, 2038		2,640,000		2,786,546
Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)		1,750,000		1,779,890
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		3,445,000		3,269,650
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		4,850,000		4,921,053
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 2011 (c)		500,000		504,515
Erie County, PA, Hospital Authority Rev. (St. Vincent’s Health), “A”, 7%, 2027		3,135,000		3,214,754
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, AGM, 5.25%, 2034		5,000,000		5,119,250
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.75%, 2035		1,530,000		1,576,252
Grundy County, MO, Industrial Development Authority, Health Facilities Rev. (Wright Memorial Hospital), 6.75%, 2034		1,410,000		1,433,152
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7%, 2027		1,795,000		2,017,760
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035		2,050,000		2,328,370
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Texas Children’s Hospital Project), “A”, ETM, 5.375%, 2015 (c)		4,300,000		4,314,577
Harrison County, TX, Health Facilities Development Corp., Hospital Rev. (Good Shepherd Health System), 5.25%, 2028		5,000,000		4,712,600
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, FRN, AGM, 11.15%, 2027 (p)		4,850,000		6,163,477
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		3,040,000		3,075,294
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 2028		2,990,000		3,094,172
Illinois Finance Authority Rev. (O.S.F. Healthcare Systems) “A”, 7%, 2029		2,975,000		3,288,178
Illinois Finance Authority Rev. (O.S.F. Healthcare Systems) “A”, 7.125%, 2037		2,445,000		2,735,931
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034		3,685,000		4,167,882
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		6,900,000		7,156,059
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038		1,500,000		1,564,935

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044	$	2,455,000	$	2,577,038
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “A”, 5.5%, 2030		2,975,000		2,782,666
Illinois Health Facilities Authority Rev. (Decatur Memorial Hospital), 5.75%, 2024		3,000,000		3,001,410
Illinois Health Facilities Authority Rev. (Riverside Health Systems), 5.75%, 2012 (c)		2,625,000		2,782,343
Indiana Finance Authority, Hospital Rev. (Deaconess Hospital, Inc.), “A”, 6.75%, 2039		3,000,000		3,345,000
Indiana Health & Educational Facilities Authority, Hospital Rev. (Clarian Hospital), “B”, 5%, 2033		2,490,000		2,501,454
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2021		1,515,000		1,531,589
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		120,000		120,994
Indiana Health & Educational Facilities Authority, Hospital Rev. (Deaconess Hospital), “A”, AMBAC, 5.375%, 2034		2,640,000		2,646,046
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2012 (c)		250,000		264,033
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 5.25%, 2014		310,000		310,043
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039		1,610,000		1,602,771
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, AGM, 5.25%, 2028		2,155,000		2,229,024
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024		2,305,000		2,574,501
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027		770,000		838,468
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6%, 2030		640,000		668,467
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		4,445,000		4,653,515
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems, East Tennessee), 6.375%, 2022		1,000,000		1,031,990
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), Capital Appreciation, “A”, 0%, 2035		3,205,000		846,857
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), Capital Appreciation, “A”, 0%, 2036		2,010,000		495,666

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 5.9%, 2028	$	1,700,000	$	1,629,280
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		3,990,000		3,811,049
Louisiana Public Facilities Authority, Hospital Rev. (Lafayette General Medical Center), 5.5%, 2040		5,000,000		5,092,100
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		5,545,000		5,522,044
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032		295,000		271,595
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037		310,000		272,741
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.75%, 2013 (c)		1,000,000		1,112,800
Marshall County, AL, Health Care Authority Rev., “A”, 5.75%, 2015		1,000,000		1,015,930
Marshall County, AL, Health Care Authority Rev., “A”, 6.25%, 2022		500,000		506,865
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), “A”, 5.75%, 2012 (c)		850,000		908,429
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), “B”, 5.875%, 2012 (c)		2,200,000		2,354,264
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 2039		1,510,000		1,709,788
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), 5.75%, 2038		2,205,000		1,955,725
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038 (d)(q)		1,130,000		888,146
Mecosta County, MI, General Hospital Rev., 6%, 2018		245,000		245,059
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		750,000		758,580
Miami-Dade County, FL, Health Facilities Authority, Hospital Rev. (Variety Children’s Hospital), “A”, 6.125%, 2042		2,240,000		2,333,430
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		1,240,000		1,289,414
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		7,165,000		7,351,147
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 6%, 2014 (c)		750,000		839,745
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		585,000		549,081
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		1,710,000		1,718,003

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011	$	65,000	$	65,253
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		4,385,000		4,434,814
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		495,000		506,420
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)		445,000		456,147
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017		70,000		71,197
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2016		1,000,000		1,012,590
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2024		500,000		505,730
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2036		565,000		488,663
New Jersey Health Care Facilities, Financing Authority Rev. (Palisades Medical Center), 6.5%, 2021		500,000		502,295
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030		1,475,000		1,629,801
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035		1,395,000		1,529,060
Norman, OK, Regional Hospital Authority Rev., 5.125%, 2037		3,350,000		2,758,223
North Texas Health Facilities Development Corp. Rev. (United Regional Health Care System, Inc.), 6%, 2013 (c)		5,000,000		5,517,850
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		6,000,000		6,339,240
Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031		255,000		258,588
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional Healthcare), 5.75%, 2012 (c)		2,230,000		2,366,320
Orange County, FL, Health Facilities Authority Rev. (Adventist Health System), 5.625%, 2012 (c)		1,490,000		1,587,759
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		2,210,000		2,281,913
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 6.625%, 2023		2,665,000		2,667,052
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)		1,730,000		1,809,978
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039		7,645,000		8,716,753
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		1,500,000		1,577,355

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 2039	$	4,715,000	$	5,118,510
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		2,325,000		2,761,519
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.625%, 2031		1,095,000		1,116,287
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2038		4,195,000		4,302,308
Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		1,255,000		1,322,230
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6%, 2012 (c)		300,000		315,339
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6%, 2012 (c)		500,000		525,565
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		745,000		784,910
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.625%, 2025		1,000,000		1,028,430
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032		4,265,000		4,277,752
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2012 (c)		430,000		454,682
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		1,625,000		1,625,488
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029		1,025,000		1,037,925
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.125%, 2036		645,000		557,622
St. Louis Park, MN, Health Care Facilities Rev. (Nicollet Health Services), 5.75%, 2039		6,445,000		6,643,055
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2026		3,135,000		3,138,323
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		960,000		858,374
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)(d)		2,000,000		170,000
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		3,000,000		3,003,150
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		1,715,000		1,541,442
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		1,410,000		1,248,908

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Upland, CA, COP (San Antonio Community Hospital), 6.375%, 2032	$	2,075,000	$	2,234,505
Upland, CA, COP (San Antonio Community Hospital), 6.5%, 2041		915,000		985,986
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031		500,000		505,435
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047		1,995,000		1,799,091
Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)		750,000		792,720
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		1,450,000		1,513,626
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		3,690,000		3,848,117
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 2036		5,285,000		5,924,855
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 2042		3,955,000		3,997,081
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		400,000		376,032
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2012 (c)		365,000		370,190
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026		885,000		885,637
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.25%, 2032		1,000,000		1,000,380
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		2,110,000		2,052,503
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2019		3,095,000		3,146,934
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020		2,465,000		2,506,363
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		2,750,000		2,848,230
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2032		1,730,000		1,797,591
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		900,000		985,599
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2018		1,500,000		1,584,045
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2031		4,155,000		3,882,598
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 6.25%, 2012 (c)		1,000,000		1,031,860

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Hospitals - continued
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034	$	1,360,000	$	1,246,535
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016		220,000		221,371

			$	292,324,820
Healthcare Revenue - Long Term Care - 3.1%
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 2036	$	1,615,000	$	1,385,605
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		1,120,000		1,055,880
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 2039		1,050,000		1,049,990
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025		195,000		199,189
Cumberland County, PA, Municipal Authority Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		270,000		295,161
Cumberland County, PA, Municipal Authority Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		105,000		114,785
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 2030		715,000		686,622
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 2040		505,000		470,019
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029		830,000		851,588
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.375%, 2039		5,045,000		5,148,271
Eden Township, CA, Healthcare District, COP, 6.125%, 2034		1,510,000		1,510,347
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029		375,000		433,643
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044		1,100,000		1,259,918
Illinois Finance Authority Rev. (Christian Homes, Inc.), 5.5%, 2023		3,355,000		3,240,360
Indiana Health Facilities Financing Authority Rev. (Hoosier Care, Inc.), “A”, 7.125%, 2034		745,000		684,439
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		1,205,000		1,049,868
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041		2,225,000		2,311,708
Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.375%, 2030		1,915,000		1,928,060

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Healthcare Revenue - Long Term Care - continued
Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.625%, 2040	$	2,770,000	$	2,764,682
Palm Beach County, FL, Health Facilities Authority, Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5.5%, 2033		5,000,000		4,850,400
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		385,000		366,354
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045		6,795,000		6,859,145
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029		395,000		400,380
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 5.125%, 2037		1,600,000		1,391,600
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044		3,100,000		3,126,071
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044		4,500,000		4,616,730
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		735,000		781,577
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		2,575,000		2,692,806
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		430,000		457,413
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		1,390,000		1,469,008

			$	53,451,619
Human Services - 0.1%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013	$	75,000	$	75,338
Nassau County, NY, Industrial Development Civic (Special Needs Facilities), 6.1%, 2012		35,000		35,146
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		1,000,000		983,470

			$	1,093,954
Industrial Revenue - Airlines - 0.6%
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029	$	1,295,000	$	1,495,608
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035		970,000		1,046,329

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Industrial Revenue - Airlines - continued
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032	$	720,000	$	605,383
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		615,000		551,569
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 6.75%, 2029		570,000		570,080
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7%, 2012		160,000		161,797
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7.5%, 2024		1,435,000		1,419,459
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029		1,970,000		1,862,458
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.5%, 2016		1,670,000		1,668,647
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		1,490,000		1,474,891

			$	10,856,221
Industrial Revenue - Chemicals - 1.6%
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), 5.7%, 2033 (b)	$	4,500,000	$	4,603,590
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, 5.95%, 2033		7,310,000		7,492,458
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033		2,295,000		2,203,659
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032		1,600,000		1,678,448
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 2029		1,400,000		1,473,696
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A-2”, 6.5%, 2035		6,000,000		6,271,200
Michigan Strategic Fund Ltd. Obligation Rev. (Dow Chemical Co.), 6.25%, 2014		2,870,000		3,184,638
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		1,000,000		979,930

			$	27,887,619
Industrial Revenue - Environmental Services - 0.6%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)	$	950,000	$	1,043,509
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023		1,665,000		1,702,829

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Industrial Revenue - Environmental Services - continued
Carbon County, UT, Solid Waste Disposal Rev. (Laidlaw Environmental), “A”, 7.45%, 2017	$	2,500,000	$	2,532,675
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Facility Rev. (Waste Management, Inc.), 6.25%, 2027 (b)		500,000		512,395
Cobb County, GA, Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2033		1,410,000		1,303,362
Colorado Housing & Finance Authority, Solid Waste Rev. (Waste Management, Inc.), 5.7%, 2018		1,960,000		2,144,083
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		300,000		301,314

			$	9,540,167
Industrial Revenue - Metals - 0.0%
Burns Harbor, IN, Solid Waste Disposal Facilities Rev. (Bethlehem Steel), 8%, 2024 (a)(d)	$	3,000,000	$	300

Industrial Revenue - Other - 1.4%
California Statewide Communities, Development Authority Environmental Facilities (Microgy Holdings), 9%, 2038 (a)(d)	$	126,224	$	1,262
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036 (a)(d)		116,013		1,160
Gulf Coast, TX, Industrial Development Authority Rev. (Valero Energy Corp.), 5.6%, 2031		500,000		467,335
Hardeman County, TN, Correctional Facilities Corp. (Corrections Corp. of America), 7.375%, 2017		500,000		499,980
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023		315,000		270,308
Massachusetts Development Finance Agency Rev., Resource Recovery (Fluor Corp.), 5.625%, 2019		11,545,000		11,560,355
Massachusetts Industrial Finance Agency Rev. (Welch Foods, Inc.), 5.6%, 2017		1,300,000		1,303,458
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)		400,000		418,340
Peninsula Ports Authority, VA, Coal Terminal Rev. (Dominion Terminal Associates), 6%, 2033		470,000		475,720
Pennsylvania Economic Development Financing Authority Rev. (Amtrak), 6.125%, 2021		550,000		556,314
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031		950,000		959,624

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Industrial Revenue - Other - continued
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026	$	7,445,000	$	7,497,115

			$	24,010,971
Industrial Revenue - Paper - 0.7%
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028	$	1,760,000	$	1,735,589
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “A”, 6.25%, 2012 (c)		2,400,000		2,476,032
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018		2,565,000		2,565,333
Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031		1,125,000		1,128,589
Jay, ME, Solid Waste Disposal Rev. (International Paper Co.), “A”, 5.125%, 2018		1,500,000		1,521,645
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		2,055,000		2,043,656
Sabine River, LA, Water Facilities Authority Rev., (International Paper Co.), 6.2%, 2025		1,250,000		1,263,500
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (a)(d)		550,000		11,550

			$	12,745,894
Miscellaneous Revenue - Entertainment & Tourism - 0.8%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030	$	2,015,000	$	2,097,373
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040		3,205,000		3,347,623
Harris County, Houston, TX, Sports Authority, Special Rev., “A”, NATL, 5%, 2025		2,460,000		2,223,520
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (a)(d)		233,199		2
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 2022 (n)		2,850,000		2,859,975
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.5%, 2024 (n)		2,000,000		1,895,120
Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		670,000		557,112

			$	12,980,725
Miscellaneous Revenue - Other - 1.5%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017	$	845,000	$	848,769
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2019		1,375,000		1,342,564

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Miscellaneous Revenue - Other - continued
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020	$	1,120,000	$	1,084,978
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024		2,230,000		2,106,547
Capital Trust Agency Rev. (Aero Miami FX LLC), “A”, 5.35%, 2029		4,000,000		3,831,720
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019		505,000		544,557
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		2,770,000		2,958,305
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 2040		1,105,000		1,130,249
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041		465,000		484,325
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030		1,810,000		1,895,468
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049		4,410,000		4,699,561
Oklahoma Industries Authority Rev. (Oklahoma Medical Research Foundation Project), 5.5%, 2029		4,400,000		4,619,076
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		415,000		424,391

			$	25,970,510
Multi-Family Housing Revenue - 0.3%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), AGM, 5%, 2035	$	545,000	$	529,424
Eden Prairie, MN, Multi-Family Rev. (Coll-Rolling Hills), “A”, GNMA, 6%, 2021		200,000		210,200
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (b)		1,375,000		1,382,659
Michigan Housing Development Authority, GNMA, 5.2%, 2038		1,200,000		1,200,384
MuniMae TE Bond Subsidiary LLC, “A-2”, 4.9%, 2049 (z)		2,000,000		1,600,640

			$	4,923,307
Parking - 0.2%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036	$	3,250,000	$	3,469,343

Port Revenue - 0.2%
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 2025	$	795,000	$	799,587
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035		1,535,000		1,532,897
Massachusetts Port Authority Rev., ETM, 13%, 2013 (c)		1,035,000		1,193,065

			$	3,525,549

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Sales & Excise Tax Revenue - 5.3%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 2030	$	6,150,000	$	6,564,203
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034		7,425,000		7,643,518
Illinois Sales Tax Rev., “P”, 6.5%, 2022		5,000,000		6,039,050
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024		9,445,000		11,521,956
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2031		3,615,000		4,371,945
Massachusetts Bay Transportation Authority, Sales Tax Rev., Capital Appreciation, “A-2”, 0%, 2028		6,930,000		3,221,341
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., 6.25%, 2018		4,125,000		4,719,413
Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place), “B”, AGM, 5%, 2050 (u)		20,000,000		19,563,000
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		5,900,000		6,431,118
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2037		1,105,000		1,163,676
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		1,745,000		1,819,128
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2042		1,530,000		1,602,660
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 6%, 2042		3,460,000		3,751,332
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.375%, 2038		605,000		632,836
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		2,810,000		2,899,892
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2032		4,190,000		3,689,379
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, 0%, 2033		2,345,000		1,714,758
State of Illinois, “B”, 5.25%, 2034		1,275,000		1,339,069
Utah Transit Authority Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 2028		2,225,000		978,288
Wyandotte County/Kansas City, KS, Unified Government Special Obligation Rev., Capital Appreciation, “B”, 0%, 2021		3,970,000		2,371,083

			$	92,037,645
Single Family Housing - Local - 1.0%
California Rural Home Mortgage Finance Authority Rev., GNMA, 7.3%, 2031	$	15,000	$	15,736

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Single Family Housing - Local - continued
Chicago, IL, Single Family Mortgage Rev., “B”, 6%, 2033	$	240,000	$	245,628
Chicago, IL, Single Family Mortgage Rev., “C”, GNMA, 5.5%, 2038		1,200,000		1,265,100
Chicago, IL, Single Family Mortgage Rev., “C”, 5.75%, 2042		1,820,000		1,857,292
Denver, CO, Single Family Mortgage Rev., GNMA, 7.3%, 2031		60,000		60,499
Escambia County, FL, Single Family Mortgage Rev., GNMA, 6.95%, 2024		85,000		89,058
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 2, GNMA, 6.5%, 2023		40,000		42,476
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 3, GNMA, 5.3%, 2028		230,000		231,599
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 3, GNMA, 5.4%, 2029		185,000		185,083
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “A”, 5.5%, 2038		2,110,000		2,202,291
Oklahoma County, OK, Home Finance Authority, Single Family Mortgage Rev., “A”, 5.4%, 2038		1,355,000		1,375,772
Permian Basin Housing Finance Corp., TX, Single Family Mortgage Backed Securities (Mortgage Backed Project) “A”, GNMA, 5.65%, 2038		1,200,000		1,220,544
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		415,000		421,457
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035		175,000		182,235
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.8%, 2036		1,625,000		1,649,245
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		105,000		105,379
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-3”, GNMA, 6%, 2035		475,000		492,746
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-3”, GNMA, 5.5%, 2037		755,000		778,428
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-4”, GNMA, 5.85%, 2037		170,000		172,591
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.8%, 2027		515,000		537,727
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.7%, 2036		1,335,000		1,378,508
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		250,000		253,890
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Rev., “A”, 5.45%, 2038		2,150,000		2,223,853

			$	16,987,137

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Single Family Housing - State - 1.5%
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 2023	$	5,150,000	$	4,943,176
California Housing Finance Agency Rev. (Home Mortgage), “L”, 5.45%, 2033		6,600,000		6,284,124
California Housing Finance Agency Rev. (Home Mortgage), “L”, FNMA, 5.5%, 2038		2,750,000		2,574,468
California Housing Finance Agency Rev. (Home Mortgage), Capital Appreciation, NATL, 0%, 2028		1,395,000		571,573
California Housing Finance Agency Rev., “G”, 5.5%, 2042		2,535,000		2,534,772
Colorado Housing & Finance Authority Rev., 6.05%, 2016		45,000		46,385
Colorado Housing & Finance Authority Rev., 7.45%, 2016		60,000		63,314
Colorado Housing & Finance Authority Rev., 6.8%, 2030		70,000		71,032
Colorado Housing & Finance Authority Rev., “B-2”, 6.1%, 2023		50,000		50,341
Colorado Housing & Finance Authority Rev., “B-3”, 6.55%, 2025		9,000		9,074
Colorado Housing & Finance Authority Rev., “B-3”, 6.55%, 2033		55,000		57,441
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023		355,000		372,924
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		305,000		321,760
Colorado Housing & Finance Authority Rev., “C-3”, 6.75%, 2021		60,000		62,785
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		30,000		31,230
Colorado Housing & Finance Authority Rev., Single Family Program, “C-2”, 8.4%, 2021		45,000		47,386
Colorado Housing & Finance Authority, “B-2”, 7.25%, 2031		105,000		105,973
Delaware Housing Authority Rev. (Single Family), “C”, 6.25%, 2037		920,000		949,642
Iowa Finance Authority Single Family Mortgage Rev. (Mortgage Backed Securities), “A”, GNMA, 5.3%, 2033		605,000		628,891
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.375%, 2033		195,000		197,377
Mississippi Home Corp., Single Family Rev., “A”, GNMA, 6.1%, 2034		1,000,000		1,059,090
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 7.45%, 2031		50,000		51,358
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032		60,000		61,784
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032		140,000		141,602
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.75%, 2034		150,000		158,022
New Hampshire Housing Finance Authority Rev., 6.85%, 2030		345,000		354,415
New Hampshire Housing Finance Authority Rev., “B”, 5.875%, 2030		5,000		5,026
New Hampshire Housing Finance Authority Rev., “B”, 6.3%, 2031		5,000		5,035
New Hampshire Housing Finance Authority Rev., “B”, 6.5%, 2035		160,000		171,568
New Mexico Mortgage Finance Authority Rev., GNMA, 6.25%, 2032		595,000		614,349

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Single Family Housing - State - continued
New Mexico Mortgage Finance Authority Rev., GNMA, 5.95%, 2037	$	900,000	$	940,392
New Mexico Mortgage Finance Authority Rev., “B-2”, GNMA, 6.35%, 2033		280,000		283,464
New Mexico Mortgage Finance Authority Rev., “I”, GNMA, 5.75%, 2038		1,185,000		1,238,017
Oregon Health & Community Services (Single Family Mortgage), “B”, 6.25%, 2031		980,000		1,033,057
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		480,000		488,170

			$	26,529,017
Solid Waste Revenue - 0.3%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	1,750,000	$	1,750,228
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014		975,000		976,180
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		1,000,000		1,002,380
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		575,000		603,980

			$	4,332,768
State & Agency - Other - 0.2%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024	$	600,000	$	594,216
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037		1,200,000		1,146,528
Massachusetts Development Finance Agency (Visual & Performing Arts), 6%, 2021		1,000,000		1,195,190

			$	2,935,934
State & Local Agencies - 6.0%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	2,950,000	$	3,096,202
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 2018		7,840,000		8,763,709
Delaware Valley, PA, Regional Finance Authority, “B”, FRN, AMBAC, 0.583%, 2018		250,000		250,000
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.968%, 2037		7,000,000		4,464,950
Delaware Valley, PA, Regional Finance Authority, RITES, FRN, AMBAC, 10.142%, 2018 (p)		900,000		1,112,076
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034		2,255,000		2,420,675
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, AGM, 4.55%, 2022		3,415,000		3,461,820

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
State & Local Agencies - continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, AMBAC, 5%, 2029	$	10,000,000	$	10,019,200
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035		1,000,000		1,000,590
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2038		7,135,000		7,041,389
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 2045		3,990,000		3,919,577
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A-1”, AMBAC, 4.6%, 2023		995,000		1,006,890
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “B”, 5.5%, 2013 (c)		5,000,000		5,413,350
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040		590,000		604,608
Illinois Dedicated Tax Rev. (Civic Center), AMBAC, 6.25%, 2011		1,000,000		1,010,430
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		2,580,000		2,758,794
Manassas Park, VA, Economic Development Authority Lease Rev., “A”, 6%, 2035		845,000		869,868
Mississippi Development Bank (Harrison County Coliseum), “A”, 5.25%, 2034		3,755,000		4,211,646
New York Dormitory Authority Rev. (City University), 5.75%, 2013		2,635,000		2,784,273
New York Metropolitan Transportation Authority, “A”, 5.125%, 2029		5,195,000		5,326,122
Pennsylvania Convention Center Authority Rev., ETM, FGIC, 6.7%, 2016 (c)		17,905,000		20,905,699
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		1,020,000		1,063,493
San Bernardino, CA, Joint Powers Financing Authority Lease Rev. (California Department of Transportation), 5.5%, 2014		8,210,000		8,234,302
Tennessee School Bond Authority, “B”, 5.125%, 2033		1,500,000		1,627,290
West Valley City, Utah Municipal Building Lease Rev., “A”, AMBAC, 5.5%, 2012 (c)		2,000,000		2,086,360

			$	103,453,313
Student Loan Revenue - 0.2%
Access to Loans for Learning, CA, Student Loan Rev., 7.95%, 2030	$	650,000	$	647,433
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		2,930,000		3,040,930
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 2022		225,000		243,225

			$	3,931,588

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Tax - Other - 0.5%
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047	$	5,630,000	$	5,546,958
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		2,200,000		2,371,424

			$	7,918,382
Tax Assessment - 0.7%
Baltimore, MD, Special Obligation, (East Baltimore Research Park Project), “A”, 7%, 2038	$	1,285,000	$	1,296,758
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039		905,000		759,313
Fishhawk Community Development District, FL, 7.04%, 2014		25,000		24,749
Glendale, CA, Redevelopment Agency, Tax Allocation Rev. (Central Glendale Redevelopment Project), 5.5%, 2024		2,250,000		2,272,410
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038		865,000		743,848
Homestead 50, FL, Community Development District, Special Assessment, “A”, 6%, 2037		1,720,000		1,072,196
Homestead 50, FL, Community Development District, Special Assessment, “B”, 5.9%, 2013		700,000		417,270
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009 (a)(d)		105,000		47,250
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037		45,000		36,496
Main Street Community Development District, FL, “A”, 6.8%, 2038		565,000		487,392
Massachusetts Bay Transportation Authority Rev., “A”, 5.25%, 2034		2,000,000		2,180,800
Noblesville, IN, Redevelopment Authority Lease Rental, 5.25%, 2025		2,000,000		2,143,880
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		595,000		514,009
Tolomato Community Development District, FL, Special Assessment, 6.65%, 2040		660,000		429,330
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		155,000		135,484
Washington County, PA, Redevelopment Authority (Victory Centre Project), “A”, 5.45%, 2035		120,000		104,849

			$	12,666,034
Tobacco - 3.4%
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2012 (c)	$	1,220,000	$	1,266,580
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024		8,605,000		6,538,595
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.75%, 2034		5,000,000		3,576,800

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Tobacco - continued
Buckeye, OH, Tobacco Settlement Financing Authority, Capital Appreciation, “A-3”, 0% to 2012, 6.25% to 2037	$	8,900,000	$	6,170,637
District of Columbia, Tobacco Settlement, 6.25%, 2024		945,000		946,607
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)(f)		1,750,000		1,883,455
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		4,760,000		3,349,469
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “A-1”, 5%, 2033		475,000		332,020
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 2023		3,970,000		4,123,361
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		8,750,000		9,067,013
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, Capital Appreciation, “C-1”, 0%, 2036		1,580,000		145,534
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034		3,070,000		2,461,188
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.5%, 2030		1,240,000		1,229,944
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.875%, 2039		2,585,000		2,585,052
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2012 (c)		1,715,000		1,776,860
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		11,940,000		7,690,554
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2036		4,405,000		429,311
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2041		3,600,000		203,292
Washington Tobacco Settlement Authority Rev., 6.5%, 2026		180,000		182,142
Washington Tobacco Settlement Authority Rev., 6.625%, 2032		4,485,000		4,528,101

			$	58,486,515
Toll Roads - 1.1%
E-470 Public Highway Authority Rev., CO, “C”, 5.375%, 2026	$	1,495,000	$	1,459,748
Illinois Toll Highway Authority Rev., “B”, 5.5%, 2033		5,645,000		5,995,950
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040		6,920,000		7,307,312
Northwest Parkway, CO, Public Highway Authority Rev., “C”, ETM, AGM, 5.35%, 2016 (c)		1,000,000		1,186,850
Texas Private Activity Bond, Surface Transportation Corp., 7%, 2040		2,470,000		2,667,106

			$	18,616,966

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Transportation - Special Tax - 1.1%
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 2020	$	4,870,000	$	5,904,485
Jacksonville, FL, Transportation Authority Rev., ETM, 9.2%, 2015 (c)		1,475,000		1,687,356
New Jersey Transportation Trust Fund Authority Rev., “D”, 5.25%, 2023		7,500,000		8,640,225
New York Metropolitan Transportation Authority Rev., ETM, 5.75%, 2013 (c)		1,765,000		1,846,684
Pennsylvania Turnpike Commission Oil Franchise Tax Rev., “A”, ETM, AMBAC, 5.25%, 2018 (c)		1,150,000		1,243,438

			$	19,322,188
Universities - Colleges - 11.0%
Alcorn State University, MS, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.125%, 2034	$	2,500,000	$	2,648,925
Alcorn State University, MS, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.25%, 2039		1,625,000		1,739,839
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 5.9%, 2028		1,195,000		1,235,881
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 6%, 2038		1,725,000		1,757,585
California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 2038		2,640,000		2,691,638
California Educational Facilities Authority Rev. (Chapman University), 5%, 2031		1,550,000		1,586,456
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 5%, 2042		5,800,000		5,837,932
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2026		1,620,000		1,454,128
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 2036		925,000		1,019,729
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038		4,610,000		5,034,627
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028		1,785,000		1,853,276
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040		850,000		877,413
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027		245,000		233,603
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		280,000		247,764
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 7.5%, 2042		925,000		968,642

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Universities - Colleges - continued
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 2040	$	3,000,000	$	3,097,200
Delaware County, PA, Authority College Rev. (Neumann College), 6%, 2025		490,000		513,892
District of Columbia Rev. (Georgetown University), Capital Appreciation, BHAC, 0% to 2018, 5% to 2040		11,570,000		8,413,010
Douglas County, NE, Educational Facilities Rev. (Creighton University), “A”, 5.875%, 2040		6,355,000		6,917,862
Florida Higher Educational Facilities, Financial Authority Rev. (Rollins College), 5%, 2037		1,000,000		1,040,930
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		2,185,000		2,542,925
Forest Grove, OR, Student Housing Rev. (Oak Tree Foundation, Inc.), 5.5%, 2037		2,470,000		2,228,261
Grand Valley, MI, State University Rev., 5.5%, 2027		985,000		1,065,553
Grand Valley, MI, State University Rev., 5.625%, 2029		480,000		518,304
Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032		8,235,000		8,119,381
Houston, TX, Community College Systems, COP, NATL, 7.875%, 2012 (c)		1,650,000		1,738,473
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031		2,745,000		2,086,941
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036		5,705,000		4,202,588
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		5,300,000		5,522,865
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		1,225,000		1,279,990
Louisville & Jefferson County, KY, Metro Government College Rev. (Bellarmine University, Inc. Project), 6.125%, 2039		3,000,000		3,114,810
Lubbock, TX, Educational Facilities Authority Rev. (Lubbock Christian University), 5.125%, 2027		2,280,000		2,182,416
Lubbock, TX, Educational Facilities Authority Rev. (Lubbock Christian University), 5.25%, 2037		1,610,000		1,495,706
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2030		540,000		539,363
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2039		645,000		636,370
Massachusetts Development Finance Agency Rev. (Boston University), SYNCORA, 6%, 2059		6,075,000		6,972,885
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5%, 2040		4,500,000		4,591,035

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Universities - Colleges - continued
Massachusetts Development Finance Agency Rev. (Simmons College), SYNCORA, 5.25%, 2026	$	880,000	$	899,272
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 2033		420,000		409,836
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), 5.5%, 2036 (u)		25,000,000		28,528,000
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		2,030,000		2,297,859
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		4,055,000		4,368,533
Massachusetts Health & Educational Facilities Authority Rev. (Wheaton College), “F”, 5%, 2041		2,000,000		2,073,640
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 2028		875,000		917,560
Michigan Higher Education Facilities Authority Rev. (College for Creative Studies), 6.125%, 2037		3,465,000		3,484,161
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032		4,195,000		4,857,810
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), 5.5%, 2034		2,420,000		2,367,873
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		1,210,000		1,218,071
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Josephs University), “A”, 5%, 2040		3,500,000		3,618,510
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5.125%, 2036		930,000		856,121
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 2026		1,000,000		1,388,330
Texas A&M University, “A”, 5%, 2026		1,150,000		1,377,183
Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute) “A”, 5.125%, 2040		9,895,000		10,017,995
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 2027		4,670,000		5,299,890
University of California, “A”, NATL, 4.5%, 2037		8,375,000		8,114,538
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 2028		1,875,000		2,089,350
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032		1,665,000		1,820,145
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036		610,000		671,555
Upland, IN, Economic Development Rev. (Taylor University), 6%, 2018		435,000		451,908

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Universities - Colleges - continued
Upland, IN, Economic Development Rev. (Taylor University), 6.25%, 2023	$	520,000	$	536,255
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034		2,165,000		2,212,695
Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 2035		630,000		634,775
Wisconsin Health & Educational Facilities Authority Rev. (Beloit College), “A”, 6.125%, 2039		1,265,000		1,269,503

			$	189,789,566
Universities - Dormitories - 1.0%
Bowling Green, OH, Student Housing Rev. (State University Project), 6%, 2045	$	3,975,000	$	3,906,908
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033		1,025,000		916,002
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 2040		1,655,000		1,637,027
Georgia Private College & University Authority Rev. (Mercer Housing Corp.), “A”, 6%, 2021		905,000		908,548
Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 2031		2,730,000		2,874,472
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031		4,210,000		4,379,874
Pennsylvania Higher Education Facilities Authority Rev. (East Stroudsburg University), 5%, 2042		2,275,000		1,980,069
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030		510,000		517,273
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043		895,000		897,918

			$	18,018,091
Universities - Secondary Schools - 1.9%
California Statewide Communities Development Authority Rev. (Aspire Public Schools), 6.125%, 2046	$	5,045,000	$	4,934,414
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040		2,355,000		2,388,512
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045		1,425,000		1,459,756
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 2040		1,815,000		1,816,398
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy), 7%, 2038		4,330,000		4,769,149

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Universities - Secondary Schools - continued
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School),”A”, 6%, 2030	$	2,425,000	$	2,326,982
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School),”A”, 6%, 2040		5,130,000		4,661,221
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039		1,470,000		1,522,406
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 2041		4,230,000		4,404,868
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (a)(d)		100,000		40,000
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021		400,000		400,164
Philadelphia, PA, Authority for Industrial Development Rev. (Global Leadership Academy Project), 5.75%, 2030		480,000		435,048
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School), 6%, 2035		415,000		426,101
San Juan, TX, Higher Education Finance Authority Education Rev. (Idea Public Schools), “A”, 6.7%, 2040		2,795,000		2,888,912

			$	32,473,931
Utilities - Investor Owned - 5.0%
Apache County, AZ, Industrial Development Authority, Pollution Control Rev. (Tucson Electric Power Co.), 5.875%, 2033	$	1,000,000	$	1,000,200
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041		2,460,000		651,088
California Statewide Communities Development Authority, Pollution Control Rev., “A”, 4.5%, 2029		6,000,000		6,030,420
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034		1,840,000		2,041,149
Farmington, NM, Pollution Control Rev. (Arizona Public Service Co.), “A”, 4.7%, 2024		5,990,000		6,020,549
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040		9,975,000		9,718,643
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039		3,655,000		3,908,584
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), “B”, SYNCORA, 5%, 2022		4,000,000		3,982,840
Louisiana Public Facilities Authority Rev. (Entergy Gulf States Louisiana LLC), “A”, 5%, 2028		10,000,000		10,198,400
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric), “B”, 7.25%, 2040		1,710,000		1,894,971

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Utilities - Investor Owned - continued
Maryland Economic Development Corp., Pollution Control Rev. (Potomac Electric Power Co.), 6.2%, 2022	$	1,455,000	$	1,728,060
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)		670,000		736,283
Matagorda County, TX, Navigation District No. 1 Rev. (Centerpoint Energy, Inc.), “A”, AMBAC, 5.25%, 2026		1,685,000		1,683,163
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029		2,045,000		2,215,471
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030		750,000		750,030
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		700,000		705,425
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 2020		985,000		1,157,582
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.5%, 2029 (b)		1,970,000		2,293,277
New Hampshire Industrial Development Authority, Pollution Control Rev. (Connecticut Light & Power), 5.9%, 2016		4,000,000		4,008,960
New Hampshire Industrial Development Authority, Pollution Control Rev. (Connecticut Light & Power), 5.9%, 2018		1,000,000		1,016,780
New Jersey Economic Development Authority, Water Facilities Rev. (New Jersey American Water Co.), “A”, 5.7%, 2039		5,000,000		5,221,450
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “B”, 5.625%, 2039		1,670,000		1,685,264
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		4,580,000		5,009,467
Pima County, AZ, Industrial Development Authority Pollution Control Rev. (Tucson Electric Power Co.), “A”, 4.95%, 2020		4,135,000		4,321,075
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029		3,715,000		3,779,827
Pima County, AZ, Industrial Development Authority, Industrial Rev. (Tucson Electric Power Co.), “A”, 5.25%, 2040		4,485,000		4,255,054

			$	86,014,012
Utilities - Municipal Owned - 6.5%
Austin, TX, Utility Systems Rev., AMBAC, 6.75%, 2011	$	1,500,000	$	1,510,035
Austin, TX, Utility Systems Rev., AMBAC, 6.75%, 2012		2,500,000		2,661,000
California Department of Water Resources, Power Supply Rev., “N”, 5%, 2020		13,080,000		15,544,403
Georgia Municipal Electric Authority Power Rev., AMBAC, 6.5%, 2014 (c)		145,000		168,246
Georgia Municipal Electric Authority Power Rev., NATL, 6.375%, 2016		2,000,000		2,320,260

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Utilities - Municipal Owned - continued
Georgia Municipal Electric Authority Power Rev., AMBAC, 6.5%, 2017	$	8,000,000	$	9,299,760
Georgia Municipal Electric Authority Power Rev., NATL, 6.5%, 2020		7,350,000		8,617,581
Georgia Municipal Electric Authority Power Rev., ETM, AMBAC, 6.5%, 2017 (c)		365,000		423,601
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		1,560,000		1,680,432
Intermountain Power Agency, UT, “A”, ETM, 6.15%, 2014 (c)		20,450,000		21,421,375
Mercer County, ND, Pollution Control Rev. (Antelope Valley Station), AMBAC, 7.2%, 2013		1,770,000		1,854,854
North Carolina Eastern Municipal Power Agency, “A”, NATL, 6.5%, 2018		9,250,000		11,471,203
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2019 (u)		10,000,000		10,452,000
Northern California Transmission Agency, NATL, 7%, 2013		2,755,000		2,867,597
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 2021		4,150,000		5,189,202
Salt River, AZ, Agriculture Improvement & Power District Electric, “A”, 5%, 2028		7,500,000		8,474,775
Washington Public Power Supply System Rev. (Nuclear Project #3), 7.125%, 2016		5,145,000		6,488,154
Wyoming Municipal Power Agency, Power Supply, “A”, 5%, 2036		1,000,000		1,038,040

			$	111,482,518
Utilities - Other - 2.4%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	595,000	$	689,337
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039		1,810,000		1,984,466
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 2022		4,545,000		4,721,073
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2026		845,000		828,953
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2028		1,740,000		1,676,821
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		3,725,000		3,880,519
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2032		5,645,000		5,126,620
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037		12,200,000		10,881,668
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2017		1,575,000		1,634,771
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		1,500,000		1,506,660
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		1,665,000		1,654,011
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		2,385,000		2,364,060
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		2,215,000		2,184,278
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		2,605,000		2,557,355

			$	41,690,592

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Municipal Bonds - continued
Water & Sewer Utility Revenue - 5.4%
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022	$	2,770,000	$	3,281,037
California Department of Water Resources Center (Central Valley Project Rev.), “AF”, 5%, 2028 (u)		23,825,000		26,434,791
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038		3,580,000		3,711,923
Dallas, TX, Waterworks & Sewer System Rev., 5%, 2039		10,000,000		10,874,700
Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033		3,835,000		4,576,727
Fulton County, GA, Water & Sewer Rev., 5%, 2026		3,680,000		4,100,035
Fulton County, GA, Water & Sewer Rev., 5%, 2027		2,285,000		2,534,408
Houston, TX, Utility System Rev., “D”, 5%, 2036		3,760,000		4,089,602
Los Angeles County, CA, Sanitation Districts Financing Authority Rev., AMBAC, 4.5%, 2038		7,840,000		7,440,709
Madera, CA, Irrigation Financing Authority Rev., 6.5%, 2040		3,595,000		3,879,616
Massachusetts Water Resources Authority, “B”, AGM, 5.25%, 2029		4,215,000		5,161,436
Massachusetts Water Resources Authority, ETM, 6.5%, 2019 (c)		5,965,000		7,285,472
New York Environmental Facilities Corp., Municipal Water Finance Authority Project, 5%, 2025		2,300,000		2,650,911
New York Environmental Facilities, “C”, 5%, 2041		2,745,000		2,994,191
New York Environmental Facilities, ETM, 5%, 2016 (c)		570,000		571,630
Sacramento, CA, Municipal Utility District, “X”, 5%, 2028		3,270,000		3,542,456

			$	93,129,644
Total Municipal Bonds (Identified Cost, $1,587,996,138)			$	1,670,168,009

Floating Rate Demand Notes - 0.1%
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.1%, due 10/03/11, at Identified Cost	$	1,500,000	$	1,500,000

Money Market Funds (v) - 5.5%
MFS Institutional Money Market Portfolio, 0.07% at Cost and Net Asset Value		95,636,498	$	95,636,498
Total Investments (Identified Cost, $1,685,132,636)			$	1,767,304,507

Other Assets, Less Liabilities - (2.6)%				(45,251,930	)
Net Assets - 100.0%			$	1,722,052,577

(a)	Non-income producing security.

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(n)

Portfolio of Investments (unaudited) – continued

(p)	Primary inverse floater.

(q)	Interest received was less than stated coupon rate.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:


Restricted Securities	Acquisition Date	Cost		Value
MuniMae TE Bond Subsidiary LLC, “A-2”, 4.9%, 2049	10/14/04		$2,000,000		$1,600,640
% of Net assets					0.1%

The following abbreviations are used in this report and are defined:

COP

Certificate of Participation

ETM

Escrowed to Maturity

FRN

Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

LOC

Letter of Credit


Insurers		Inverse Floaters
AGM	Assured Guaranty Municipal	RIBS	Residual Interest Bonds
AMBAC	AMBAC Indemnity Corp.	RITES	Residual Interest Tax-Exempt Security
ASSD GTY	Assured Guaranty Insurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
CALHF	California Housing Finance Agency
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
NATL	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
SYNCORA	Syncora Guarantee Inc. Inverse Floaters

Derivatives Contracts at 9/30/11

Futures Contracts Outstanding at 9/30/11

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

134

$17,432,563

December - 2011

$(140,750

)

At September 30, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

See Notes to Financial Statements

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 9/30/11 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.


Assets
Investments-
Non-affiliated issuers, at value (identified cost, $1,589,496,138)	$1,671,668,009
Underlying affiliated funds, at cost and value	95,636,498
Total investments, at value (identified cost, $1,685,132,636)	$1,767,304,507
Cash	1,792
Receivables for
Investments sold	7,871,114
Fund shares sold	3,837,233
Interest and dividends	25,330,377
Receivable from investment adviser	11,062
Other assets	2,091
Total assets	$1,804,358,176
Liabilities
Payables for
Distributions	$1,970,800
Daily variation margin on open futures contracts	14,656
Investments purchased	23,247,274
Fund shares reacquired	1,626,390
Payable to the holder of the floating rate certificate from trust assets	54,826,839
Payable for interest expense and fees	128,713
Payable to affiliates
Shareholder servicing costs	293,738
Distribution and service fees	21,893
Payable for independent Trustees’ compensation	43,413
Accrued expenses and other liabilities	131,883
Total liabilities	$82,305,599
Net assets	$1,722,052,577
Net assets consist of
Paid-in capital	$1,657,186,428
Unrealized appreciation (depreciation) on investments	82,031,121
Accumulated net realized gain (loss) on investments	(20,734,334	)
Undistributed net investment income	3,569,362
Net assets	$1,722,052,577
Shares of beneficial interest outstanding	204,994,893


	Net assets		Shares outstanding		Net asset value per share (a)
Class A		$823,295,636		98,061,706		$8.40
Class B		25,137,341		2,989,791		8.41
Class C		160,921,588		19,101,405		8.42
Class I		320,121		38,162		8.39
Class A1		707,284,859		84,198,007		8.40
Class B1		5,093,032		605,822		8.41

(a)

Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and A1, for which the maximum offering price per share was $8.82 [100 / 95.25 x $8.40] for each share class. On sales of $50,000 or more, the maximum offering price of Class A and Class A1 shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class A1, and Class B1 shares. Redemption price per share was equal to the net asset value per share for Class I.

See Notes to Financial Statements

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 9/30/11 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses.

It also describes any gains and/or losses generated by fund operations.


Net investment income
Income
Interest	$47,285,326
Dividends from underlying affiliated funds	36,326
Total investment income	$47,321,652
Expenses
Management fee	$3,337,771
Distribution and service fees	1,896,501
Shareholder servicing costs	632,987
Administrative services fee	125,865
Independent Trustees’ compensation	26,918
Custodian fee	96,007
Shareholder communications	38,610
Auditing fees	24,778
Legal fees	15,757
Interest expense and fees	245,913
Miscellaneous	160,094
Total expenses	$6,601,201
Fees paid indirectly	(18	)
Reduction of expenses by investment adviser and distributor	(342,925	)
Net expenses	$6,258,258
Net investment income	$41,063,394
Realized and unrealized gain (loss) on investments
Realized gain (loss) (identified cost basis)
Investment transactions	$(2,809,156	)
Futures contracts	(982,907	)
Net realized gain (loss) on investments	$(3,792,063	)
Change in unrealized appreciation (depreciation)
Investments	$101,321,084
Futures contracts	(140,750	)
Net unrealized gain (loss) on investments	$101,180,334
Net realized and unrealized gain (loss) on investments	$97,388,271
Change in net assets from operations	$138,451,665

See Notes to Financial Statements

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.


Change in net assets	Six months ended 9/30/11 (unaudited)			Year ended 3/31/11
From operations
Net investment income		$41,063,394			$85,271,105
Net realized gain (loss) on investments		(3,792,063	)		(15,004,662	)
Net unrealized gain (loss) on investments		101,180,334			(82,260,168	)
Change in net assets from operations		$138,451,665			$(11,993,725	)
Distributions declared to shareholders
From net investment income		$(40,144,909	)		$(82,762,509	)
Change in net assets from fund share transactions		$(8,747,722	)		$128,563,131
Total change in net assets		$89,559,034			$33,806,897
Net assets
At beginning of period		1,632,493,543			1,598,686,646
At end of period (including undistributed net investment income of $3,569,362 and $2,650,877, respectively)		$1,722,052,577			$1,632,493,543

See Notes to Financial Statements

Financial Statements

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate by which an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
Class A				2011			2010			2009			2008			2007

Net asset value, beginning of period		$7.91			$8.32			$7.66			$8.21			$8.55			$8.53
Income (loss) from investment operations
Net investment income (d)		$0.20			$0.41			$0.41			$0.38			$0.42			$ 0.42	(z)
Net realized and unrealized gain (loss) on investments		0.49			(0.42	)		0.65			(0.51	)		(0.35	)		0.00	(w)(z)
Total from investment operations		$0.69			$(0.01	)		$1.06			$(0.13	)		$0.07			$0.42
Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.40	)		$(0.40	)		$(0.39	)		$(0.40	)		$(0.40	)
From net realized gain on investments		—			—			—			(0.03	)		(0.01	)		—
Total distributions declared to shareholders		$(0.20	)		$(0.40	)		$(0.40	)		$(0.42	)		$(0.41	)		$(0.40	)
Net asset value, end of period		$8.40			$7.91			$8.32			$7.66			$8.21			$8.55
Total return (%) (r)(s)(t)(x)		8.76	(n)		(0.24	)		14.01			(1.53	)		0.81			5.00
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.82	(a)		0.81			0.82			0.92			1.05			1.19
Expenses after expense reductions (f)		0.78	(a)		0.78			0.78			0.74			0.80			0.94
Net investment income		4.91	(a)		4.95			5.04			4.88			4.99			4.91	(z)
Portfolio turnover		13			23			15			25			32			10
Net assets at end of period (000 omitted)		$823,296			$764,621			$632,523			$420,234			$279,614			$248,226
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.75	(a)		0.74			0.75			0.67			0.70			0.79

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
Class B				2011			2010			2009			2008			2007

Net asset value, beginning of period		$7.92			$8.34			$7.68			$8.22			$8.57			$8.54
Income (loss) from investment operations
Net investment income (d)		$0.17			$0.35			$0.35			$0.33			$0.36			$0.36	(z)
Net realized and unrealized gain (loss) on investments		0.49			(0.43	)		0.65			(0.51	)		(0.36	)		0.00	(w)(z)
Total from investment operations		$0.66			$(0.08	)		$1.00			$(0.18	)		$0.00	(w)		$0.36
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.34	)		$(0.34	)		$(0.33	)		$(0.34	)		$(0.33	)
From net realized gain on investments		—			—			—			(0.03	)		(0.01	)		—
Total distributions declared to shareholders		$(0.17	)		$(0.34	)		$(0.34	)		$(0.36	)		$(0.35	)		$(0.33	)
Net asset value, end of period		$8.41			$7.92			$8.34			$7.68			$8.22			$8.57
Total return (%) (r)(s)(t)(x)		8.34	(n)		(1.10	)		13.15			(2.13	)		(0.06	)		4.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.57	(a)		1.56			1.57			1.68			1.80			1.95
Expenses after expense reductions (f)		1.53	(a)		1.53			1.53			1.49			1.55			1.70
Net investment income		4.14	(a)		4.21			4.30			4.12			4.24			4.16	(z)
Portfolio turnover		13			23			15			25			32			10
Net assets at end of period (000 omitted)		$25,137			$22,842			$23,060			$20,978			$22,372			$26,919
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.50	(a)		1.49			1.50			1.42			1.45			1.55

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
Class C				2011			2010			2009			2008			2007

Net asset value, beginning of period		$7.94			$8.35			$7.69			$8.24			$8.59			$8.56
Income (loss) from investment operations
Net investment income (d)		$0.17			$0.35			$0.35			$0.32			$0.35			$0.36	(z)
Net realized and unrealized gain (loss) on investments		0.48			(0.42	)		0.65			(0.51	)		(0.35	)		0.01	(z)
Total from investment operations		$0.65			$(0.07	)		$1.00			$(0.19	)		$0.00	(w)		$0.37
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.34	)		$(0.34	)		$(0.33	)		$(0.34	)		$(0.34	)
From net realized gain on investments		—			—			—			(0.03	)		(0.01	)		—
Total distributions declared to shareholders		$(0.17	)		$(0.34	)		$(0.34	)		$(0.36	)		$(0.35	)		$(0.34	)
Net asset value, end of period		$8.42			$7.94			$8.35			$7.69			$8.24			$8.59
Total return (%) (r)(s)(t)(x)		8.19	(n)		(0.97	)		13.13			(2.25	)		(0.05	)		4.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.57	(a)		1.56			1.57			1.67			1.80			1.94
Expenses after expense reductions (f)		1.53	(a)		1.52			1.53			1.48			1.55			1.69
Net investment income		4.14	(a)		4.19			4.26			4.10			4.23			4.16	(z)
Portfolio turnover		13			23			15			25			32			10
Net assets at end of period (000 omitted)		$160,922			$149,727			$143,504			$77,937			$42,759			$35,070
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.50	(a)		1.49			1.50			1.41			1.45			1.54

See Notes to Financial Statements

Financial Highlights – continued


Class I	Period ended 9/30/11 (i)
	(unaudited)
Net asset value, beginning of period		$8.22
Income (loss) from investment operations
Net investment income (d)		$0.07
Net realized and unrealized gain (loss) on investments		0.17	(g)
Total from investment operations		$0.24
Less distributions declared to shareholders
From net investment income		$(0.07	)
Net asset value, end of period		$8.39
Total return (%) (r)(s)(x)		2.89	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.58	(a)
Expenses after expense reductions (f)		0.53	(a)
Net investment income		5.26	(a)
Portfolio turnover		13
Net assets at end of period (000 omitted)		$320
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.50	(a)

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
Class A1				2011			2010			2009			2008 (i)

Net asset value, beginning of period		$7.92			$8.33			$7.67			$8.21			$8.39
Income (loss) from investment operations
Net investment income (d)		$0.21			$0.43			$0.43			$0.40			$0.34
Net realized and unrealized gain (loss) on investments and foreign currency		0.48			(0.42	)		0.65			(0.50	)		(0.18	)(g)
Total from investment operations		$0.69			$0.01			$1.08			$(0.10	)		$0.16
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.42	)		$(0.42	)		$(0.41	)		$(0.33	)
From net realized gain on investments		—			—			—			(0.03	)		(0.01	)
Total distributions declared to shareholders		$(0.21	)		$(0.42	)		$(0.42	)		$(0.44	)		$(0.34	)
Net asset value, end of period		$8.40			$7.92			$8.33			$7.67			$8.21
Total return (%) (r)(s)(t)(x)		8.76	(n)		0.01			14.28			(1.15	)		1.84	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		0.57	(a)		0.56			0.57			0.68			0.79	(a)
Expenses after expense reductions (f)		0.53	(a)		0.53			0.53			0.49			0.54	(a)
Net investment income		5.16	(a)		5.22			5.32			5.13			5.26	(a)
Portfolio turnover		13			23			15			25			32
Net assets at end of period (000 omitted)		$707,285			$689,074			$787,041			$746,020			$864,341
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		0.50	(a)		0.49			0.50			0.42			0.44	(a)

See Notes to Financial Statements

Financial Highlights – continued


	Six months ended 9/30/11 (unaudited)			Years ended 3/31
Class B1				2011			2010			2009			2008 (i)

Net asset value, beginning of period		$7.92			$8.34			$7.67			$8.22			$8.40
Income (loss) from investment operations
Net investment income (d)		$0.18			$0.37			$0.37			$0.35			$0.29
Net realized and unrealized gain (loss) on investments		0.49			(0.43	)		0.66			(0.52	)		(0.18	)(g)
Total from investment operations		$0.67			$(0.06	)		$1.03			$(0.17	)		$0.11
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.36	)		$(0.36	)		$(0.35	)		$(0.28	)
From net realized gain on investments		—			—			—			(0.03	)		(0.01	)
Total distributions declared to shareholders		$(0.18	)		$(0.36	)		$(0.36	)		$(0.38	)		$(0.29	)
Net asset value, end of period		$8.41			$7.92			$8.34			$7.67			$8.22
Total return (%) (r)(s)(t)(x)		8.48	(n)		(0.86	)		13.56			(2.02	)		1.24	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		1.57	(a)		1.56			1.48			1.44			1.55	(a)
Expenses after expense reductions (f)		1.29	(a)		1.29			1.29			1.24			1.30	(a)
Net investment income		4.41	(a)		4.46			4.57			4.36			4.50	(a)
Portfolio turnover		13			23			15			25			32
Net assets at end of period (000 omitted)		$5,093			$6,230			$12,558			$18,190			$26,618
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l)		1.26	(a)		1.26			1.26			1.17			1.21	(a)

See Notes to Financial Statements

Financial Highlights – continued

(a)	Annualized.

(d)	Per share data are based on average shares outstanding.

(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.

(g)	The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(i)	For the period from the class’ inception, June 25, 2007 (Classes A1 and B1), and August 1, 2011 (Class I) through the stated period end.

(l)	Interest expense and fees relate to payments made to the holder of the floating rate certificate from trust assets.

(n)	Not annualized.

(r)	Certain expenses have been reduced without which performance would have been lower.

(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t)	Total returns do not include any applicable sales charges.

(w)	Per share amount was less than $0.01.

(x)	Total returns have been calculated on net asset values which include adjustments made in accordance with the U.S. generally accepted accounting principles required at period end for financial reporting purposes.

(z)

The fund applied a change in estimate for amortization of premium on certain debt securities in the year ended March 31, 2007 that resulted in an increase of $0.03 per share to net investment income, a decrease of $0.03 per share to net realized and unrealized gain (loss) on investments, and an increase of 0.30% to the net investment income ratio for Class A, Class B, and Class C. The change in estimate had no impact on net assets, net asset value per share or total return of the class.

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1)

Business and Organization

MFS Municipal Income Fund (the fund) is a series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

(2)

Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of municipal instruments can be affected by, among other things, the financial condition of the issuer or guarantor, the issuer’s future borrowing plans and sources of revenue, the economic feasibility of the revenue bond project or general borrowing purpose, political or economic developments in the region where the instrument is issued and the liquidity of the security. Municipal instruments generally trade in the over-the-counter market. Municipal instruments backed by current and anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the projects or assets or the inability to collect revenues for the project or from the assets. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, the security could decline in value, interest from the security could become taxable and the funds may be required to issue Forms 1099-DIV.

Investment Valuations – Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for

Notes to Financial Statements (unaudited) – continued

a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair

Notes to Financial Statements (unaudited) – continued

value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures. The following is a summary of the levels used as of September 30, 2011 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1			Level 2		Level 3		Total
Municipal Bonds		$—			$1,670,168,009		$—		$1,670,168,009
Short Term Securities		—			$1,500,000		—		$1,500,000
Mutual Funds		95,636,498			—		—		95,636,498
Total Investments		$95,636,498			$1,671,668,009		$—		$1,767,304,507

Other Financial Instruments
Futures		$(140,750	)		$—		$—		$(140,750	)

For further information regarding security characteristics, see the Portfolio of Investments.

Derivatives – The fund uses derivatives for different purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the fund, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

The derivative instruments used by the fund were futures contracts. The fund’s period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract Tables, generally are indicative of the volume of its derivative activity during the period.

Notes to Financial Statements (unaudited) – continued

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at September 30, 2011 as reported in the Statement of Assets and Liabilities:


		Fair Value (a)
Risk	Derivative Contracts	Liability Derivatives
Interest Rate	Interest Rate Futures	$	(140,750	)

(a)	The value of futures contracts outstanding includes cumulative appreciation (depreciation) as reported in the fund’s Portfolio of Investments. Only the current day variation margin for futures contracts is separately reported within the fund’s Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended September 30, 2011 as reported in the Statement of Operations:


Risk	Futures Contracts
Interest Rate		$(982,907	)

The following table presents, by major type of derivative contract, the change in unrealized appreciation (depreciation) on derivatives held by the fund for the six months ended September 30, 2011 as reported in the Statement of Operations:


Risk	Futures Contracts
Interest Rate Contracts		$(140,750	)

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund’s credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty.

Notes to Financial Statements (unaudited) – continued

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (i.e., futures and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forward foreign currency exchange contracts, swaps and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that has been pledged to cover obligations of the fund under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities collateral pledged for the same purpose, if any, is noted in the Portfolio of Investments.

Futures Contracts – The fund entered into futures contracts which may be used to hedge against or obtain broad market, interest rate or currency exposure. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Inverse Floaters – The fund invests in municipal inverse floating rate securities which are structured by the issuer (known as primary market inverse floating rate securities) or by an investment banker utilizing municipal bonds which have already been issued (known as secondary market inverse floating rate securities) to have variable rates of interest which typically move in the opposite direction of short term interest rates. A secondary market inverse floating rate security is created when an investment banker transfers a fixed rate municipal bond to a special purpose trust, and causes the trust to (a) issue floating rate certificates to third parties, in an amount equal to a fraction of the

Notes to Financial Statements (unaudited) – continued

par amount of the deposited bonds (these certificates usually pay tax-exempt interest at short-term interest rates that typically reset weekly; and the certificate holders typically, on seven days notice, have the option to tender their certificates to the investment banker or another party for redemption at par plus accrued interest), and (b) issue inverse floating rate certificates (sometimes referred to as “inverse floaters”). If the holder of the inverse floater transfers the municipal bonds to an investment banker for the purpose of depositing the municipal bonds into the special purpose trust, the inverse floating rate certificates that are issued by the trust are referred to as “self-deposited inverse floaters.” If the bonds held by the trust are purchased by the investment banker for deposit into the trust from someone other than the purchasers of the inverse floaters, the inverse floating rate certificates that are issued by the trust are referred to as “externally deposited inverse floaters.” Such self-deposited inverse floaters held by the fund are accounted for as secured borrowings, with the municipal bonds reflected in the investments of the fund and amounts owed to the holder of the floating rate certificate under the provisions of the trust, which amounts are paid solely from the assets of the trust, reflected as liabilities of the fund in the Statement of Assets and Liabilities under the caption, “Payable to the holder of the floating rate certificate from trust assets”. The carrying value of the fund’s payable to the holder of the floating rate certificate from trust assets as reported on the fund’s Statement of Assets and Liabilities approximates its fair value. At September 30, 2011, the fund’s payable to the holder of the floating rate certificate from trust assets was $54,826,839 and the interest rate on these floating rate certificates issued by the trust was 0.16%. For the six months ended September 30, 2011, the average payable to the holder of the floating rate certificate from trust assets was $57,513,396 at a weighted average interest rate of 0.85%. Interest expense and fees relate to interest payments made to the holder of certain floating rate certificates and associated fees, both of which are made from trust assets. Interest expense and fees are recorded as incurred. For the six months ended September 30, 2011, interest expense and fees in connection with self-deposited inverse floaters was $245,913. Primary and externally deposited inverse floaters held by the fund are not accounted for as secured borrowings.

Indemnifications – Under the fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

Notes to Financial Statements (unaudited) – continued

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Fees Paid Indirectly – The fund’s custody fee may be reduced according to an arrangement that measures the value of cash deposited with the custodian by the fund. This amount, for the six months ended September 30, 2011, is shown as a reduction of total expenses on the Statement of Operations.

Tax Matters and Distributions – The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns remain subject to examination by the Internal Revenue Service.

Notes to Financial Statements (unaudited) – continued

investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.

Book/tax differences primarily relate to amortization and accretion of debt securities.

The tax character of distributions made during the current period will be determined at fiscal year end.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:


	3/31/11
Ordinary income (including any short-term capital gains)		$140,126
Tax-exempt income		82,622,383
Total distributions		$82,762,509

The federal tax cost and the tax basis components of distributable earnings were as follows:


As of 9/30/11
Cost of investments	$1,624,457,564
Gross appreciation	104,105,611
Gross depreciation	(16,085,507	)
Net unrealized appreciation (depreciation)	$88,020,104

As of 3/31/11
Undistributed tax-exempt income	10,001,240
Capital loss carryforwards	(16,246,756	)
Post-October capital loss deferral	(6,168,837	)
Other temporary differences	(7,350,363	)
Net unrealized appreciation (depreciation)	(13,675,891	)

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of March 31, 2011, the fund had capital loss carryforwards available to offset future realized gains. Such losses expire as follows:


3/31/18	$(8,893,873	)
3/31/19	(7,352,883	)
Total	$(16,246,756	)

Multiple Classes of Shares of Beneficial Interest – The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund’s income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund’s realized and

Notes to Financial Statements (unaudited) – continued

unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class B1 shares will convert to Class A and Class A1 shares, respectively, approximately eight years after purchase. The fund’s distributions declared to shareholders as reported on the Statements of Changes in Net Assets are presented by class as follows:


	From net investment income
	Six months ended 9/30/11		Year ended 3/31/11
Class A		$18,845,701		$36,226,435
Class B		471,603		1,006,667
Class C		3,082,571		6,640,694
Class I (i)		2,014		—
Class A1		17,622,810		38,454,954
Class B1		120,210		433,759
Total		$40,144,909		$82,762,509

(i)	For the period from the class’ inception, August 1, 2011 through the stated period end.

(3)

Transactions with Affiliates

Investment Adviser – The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.40% of the fund’s average daily net assets.

The investment adviser has agreed in writing to reduce its management fee to 0.37% of the fund’s average daily net assets in excess of $1.3 billion up to $2.0 billion and 0.35% of average daily net assets in excess of $2.0 billion. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. For the six months ended September 30, 2011, this waiver amounted to $54,797, and is reflected as a reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended September 30, 2011 was equivalent to an annual effective rate of 0.39% of the fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s operating expenses, exclusive of management fee, distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (including interest expenses and fees associated with investments in inverse floating rate instruments) such that operating expenses do not exceed 0.10% annually of the fund’s average daily net assets. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. For the

Notes to Financial Statements (unaudited) – continued

six months ended September 30, 2011, the reduction under this agreement amounted to $277,067 and is reflected as a reduction of total expenses in the Statement of Operations.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $184,167 and $10,696 for the six months ended September 30, 2011, as its portion of the initial sales charge on sales of Class A and Class A1 shares of the fund, respectively.

The Board of Trustees has adopted a distribution plan for certain class shares pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund’s distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

Distribution Plan Fee Table:


	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
Class A		—		0.25%		0.25%		0.25%		$984,029
Class B		0.75%		0.25%		1.00%		1.00%		117,275
Class C		0.75%		0.25%		1.00%		1.00%		767,183
Class B1		0.75%		0.25%		1.00%		0.76%		28,014
Total Distribution and Service Fees										$1,896,501

(d)

In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’ average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period.

(e)

The annual effective rates represent actual fees incurred under the distribution plan for the six months ended September 30, 2011 based on each class’ average daily net assets. The service fee rate attributable to Class B1 shares within the first year of purchase is 0.25%. The service fee rate attributable to all other Class B1 shares has been reduced by MFD to 0.00% under a written agreement that will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2012. For the six months ended September 30, 2011, this reduction amounted to $6,656 and is reflected as a reduction of total expenses in the Statements of Operations.

Certain Class A and Class A1 shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 24 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. Class B and Class B1 shares are subject to a CDSC in the event of a shareholder redemption within six years of

Notes to Financial Statements (unaudited) – continued

purchase. All contingent deferred sales charges are paid to MFD and during the six months ended September 30, 2011, were as follows:


	Amount
Class A		$68,813
Class B		30,969
Class C		14,317
Class A1		—
Class B1		337

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund’s Board of Trustees. For the six months ended September 30, 2011, the fee was $213,436, which equated to 0.0256% annually of the fund’s average daily net assets. MFSC also receives payment from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. For the six months ended September 30, 2011, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $419,551.

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund partially reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended September 30, 2011 was equivalent to an annual effective rate of 0.0151% of the fund’s average daily net assets.

Trustees’ and Officers’ Compensation – The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration for their services to the fund from MFS. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $2,798 and is included in independent Trustees’ compensation for the six months ended September 30, 2011. The liability for deferred retirement benefits payable to certain

Notes to Financial Statements (unaudited) – continued

independent Trustees under the DB plan amounted to $43,394 at September 30, 2011, and is included in payable for independent Trustees’ compensation on the Statement of Assets and Liabilities.

Other – This fund and certain other funds managed by MFS (the funds) have entered into services agreements (the Agreements) which provide for payment of fees by the funds to Tarantino LLC and Griffin Compliance LLC in return for the provision of services of an Independent Chief Compliance Officer (ICCO) and Assistant ICCO, respectively, for the funds. The ICCO and Assistant ICCO are officers of the funds and the sole members of Tarantino LLC and Griffin Compliance LLC, respectively. The funds can terminate the Agreements with Tarantino LLC and Griffin Compliance LLC at any time under the terms of the Agreements. For the six months ended September 30, 2011, the aggregate fees paid by the fund to Tarantino LLC and Griffin Compliance LLC were $5,804 and are included in miscellaneous expense on the Statement of Operations. MFS has agreed to reimburse the fund for a portion of the payments made by the fund in the amount of $4,405, which is shown as a reduction of total expenses in the Statement of Operations. Additionally, MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ICCO and Assistant ICCO.

The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks a high level of current income consistent with preservation of capital and liquidity. Income earned on this investment is included in dividends from underlying affiliated funds on the Statement of Operations. This money market fund does not pay a management fee to MFS.

(4)

Portfolio Securities

Purchases and sales of investments, other than U.S. Government securities, purchased option transactions, and short-term obligations, aggregated $208,707,364 and $239,359,360, respectively.

(5)

Shares of Beneficial Interest

The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:


	Six months ended 9/30/11				Year ended 3/31/11
	Shares		Amount		Shares		Amount
Shares sold
Class A		13,103,983		$107,297,563		45,201,905		$378,592,960
Class B		479,324		3,957,452		1,054,863		8,832,637
Class C		2,240,768		18,458,696		7,477,628		62,905,405
Class I (i)		51,329		424,747		—		—
Class A1		469,467		3,835,928		2,035,664		16,879,575
Class B1		2,561		20,918		6,891		57,160
		16,347,432		$133,995,304		55,776,951		$467,267,737

Notes to Financial Statements (unaudited) – continued


	Six months ended 9/30/11						Year ended 3/31/11
	Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		1,676,362			$13,734,813			2,844,706			$23,466,773
Class B		38,601			316,734			79,053			654,468
Class C		243,257			1,999,737			478,874			3,970,225
Class I (i)		228			1,902			—			—
Class A1		1,384,301			11,347,665			2,957,290			24,483,738
Class B1		10,842			88,868			36,214			301,181
		3,353,591			$27,489,719			6,396,137			$52,876,385
Shares reacquired
Class A		(13,345,238	)		$(108,683,456	)		(27,409,181	)		$(223,272,950	)
Class B		(410,552	)		(3,359,272	)		(1,017,674	)		(8,376,036	)
Class C		(2,238,945	)		(18,281,870	)		(6,279,041	)		(51,269,201	)
Class I (i)		(13,395	)		(111,847	)		—			—
Class A1		(4,688,340	)		(38,214,924	)		(12,463,871	)		(102,370,789	)
Class B1		(193,905	)		(1,581,376	)		(763,421	)		(6,292,015	)
		(20,890,375	)		$(170,232,745	)		(47,933,188	)		$(391,580,991	)
Net change
Class A		1,435,107			$12,348,920			20,637,430			$178,786,783
Class B		107,373			914,914			116,242			1,111,069
Class C		245,080			2,176,563			1,677,461			15,606,429
Class I (i)		38,162			314,802			—			—
Class A1		(2,834,572	)		(23,031,331	)		(7,470,917	)		(61,007,476	)
Class B1		(180,502	)		(1,471,590	)		(720,316	)		(5,933,674	)
		(1,189,352	)		$(8,747,722	)		14,239,900			$128,563,131

(i)	For the period from the class’ inception, August 1, 2011 through the stated period end.

(6)

Line of Credit

The fund and certain other funds managed by MFS participate in a $1.1 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndication of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the higher of the Federal Reserve funds rate or one month LIBOR plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds at the end of each calendar quarter. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Reserve funds rate plus an agreed upon spread. For the six months ended September 30, 2011, the fund’s

Notes to Financial Statements (unaudited) – continued

commitment fee and interest expense were $7,080 and $0, respectively, and are included in miscellaneous expense on the Statement of Operations.

(7)

Transactions in Underlying Affiliated Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:


Underlying Affiliated Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		59,836,742		230,090,924		(194,291,168	)		95,636,498

Underlying Affiliated Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$36,326			$95,636,498

(8)

Subsequent Event

On July 20, 2011, the Board of Trustees of the fund approved the proposed Plan of Reorganization, whereby MFS Florida Municipal Bond Fund would be reorganized into MFS Municipal Income Fund. The Plan of Reorganization was subject to the approval of the shareholders of the MFS Florida Municipal Bond Fund. The proposed Plan of Reorganization provided for the transfer of the assets of the MFS Florida Municipal Bond Fund to the MFS Municipal Income Fund and the assumption by the MFS Municipal Income Fund of the liabilities of the MFS Florida Municipal Bond Fund in exchange solely for shares of beneficial interest in the MFS Municipal Income Fund. Immediately following the transfer, the MFS Municipal Income Fund shares received by the MFS Florida Municipal Bond Fund were distributed to shareholders, pro rata, and the MFS Florida Municipal Bond Fund was liquidated and terminated. The reorganization occurred on November 4, 2011.

BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2011 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Chief Compliance Officer, a full-time senior officer appointed by and reporting to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

Board Review of Investment Advisory Agreement – continued

reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Lipper Inc. was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Lipper Inc., the Trustees reviewed the Fund’s total return investment performance as well as the performance of peer groups of funds over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Lipper performance universe over the three-year period ended December 31, 2010, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 1st quintile for the five-year period ended December 31, 2010 relative to the Lipper performance universe. Because of the passage of time, these performance results are likely to differ from the performance results for more recent periods, including those shown elsewhere in this report.

Board Review of Investment Advisory Agreement – continued

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s Class A shares as a percentage of average daily net assets and the advisory fee and total expense ratios of peer groups of funds based on information provided by Lipper Inc. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Lipper data (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was lower than the Lipper expense group median, and the Fund’s total expense ratio was approximately at the Lipper expense group median.

The Trustees also considered the advisory fees charged by MFS to institutional accounts. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund in comparison to institutional accounts, the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund, and the impact on MFS and expenses associated with the more extensive regulatory regime to which the Fund is subject in comparison to institutional accounts.

The Trustees also considered whether the Fund is likely to benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund. They noted that MFS has agreed in writing to reduce its advisory fee on average daily net assets over $1.3 billion and $2 billion, which may not be changed without the Trustees’ approval. The Trustees concluded that the existing breakpoints were sufficient to allow the Fund to benefit from economies of scale as its assets grow.

The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

Board Review of Investment Advisory Agreement – continued

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees also considered benefits to MFS from the use of the Fund’s portfolio brokerage commissions, if applicable, to pay for investment research and various other factors. Additionally, the Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the Fund.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including a majority of the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2011.

A discussion regarding the Board’s most recent review and renewal of the fund’s Investment Advisory Agreement with MFS is available by clicking on the fund’s name under “Mutual Funds” in the “Products and Performance” section of the MFS Web site (mfs.com).

PROXY VOTING POLICIES AND INFORMATION

A general description of the MFS funds’ proxy voting policies and procedures is available without charge, upon request, by calling
1-800-225-2606, by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge by visiting the Proxy Voting section of mfs.com or by visiting the SEC’s Web site at http://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

The fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q may be reviewed and copied at the:

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. The fund’s Form N-Q is available on the EDGAR database on the Commission’s Internet Web site at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov or by writing the Public Reference Section at the above address.

A shareholder can also obtain the quarterly portfolio holdings report at mfs.com.

FURTHER INFORMATION

From time to time, MFS may post important information about the fund or the MFS funds on the MFS web site (mfs.com). This information is available by visiting the “News & Commentary” section of mfs.com or by clicking on the fund’s name under “Mutual Funds” in the “Products and Performance” section of mfs.com.

Save paper with eDelivery.

MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.

LOGO

Web site

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

Account service and literature

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

Mailing address

MFS Service Center, Inc.

P.O. Box 55824

Boston, MA 02205-5824

Overnight mail

MFS Service Center, Inc.

c/o Boston Financial Data Services

30 Dan Road

Canton, MA 02021-2809

LOGO

ITEM 2.

CODE OF ETHICS.

The Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to any element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. The Registrant has not granted a waiver, including an implicit waiver, from any provision of the Code.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6.

INVESTMENTS

A schedule of investments for each series of the Registrant is included as part of the report to shareholders of such series under Item 1 of this Form N-CSR.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant

last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.

(a)	File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated.

(1)

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS MUNICIPAL SERIES TRUST


By (Signature and Title)*		MARIA F. DIORIODWYER
		Maria F. DiOrioDwyer, President

Date: November 15, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

MARIA F. DIORIODWYER

Maria F. DiOrioDwyer, President

(Principal Executive Officer)

Date: November 15, 2011

By (Signature and Title)*

JOHN M. CORCORAN

John M. Corcoran, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: November 15, 2011

*	Print name and title of each signing officer under his or her signature.

MFS Municipal Income R6 (MPMNX) N-CSRSCertified semi-annual shareholder report (management investment company)