Quarterly Report
June 30, 2023
MFS® West Virginia
Municipal Bond Fund
Municipal Bond Fund
MWV-Q1
Portfolio of Investments
6/30/23 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 99.2% | ||||
| Airport Revenue – 0.3% | ||||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | $ | 60,000 | $60,477 | |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 70,000 | 70,862 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 55,000 | 55,156 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 85,000 | 84,920 | ||
| $271,415 | ||||
| General Obligations - General Purpose – 10.1% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 260,000 | $235,464 | |
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 360,000 | 393,664 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 6,627 | 6,348 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 52,422 | 32,050 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 45,368 | 46,488 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 44,957 | 47,338 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 44,227 | 47,364 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 42,958 | 46,919 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 40,735 | 38,701 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 74,630 | 69,364 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 31,426 | 28,202 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 42,727 | 37,099 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 143,435 | 121,185 | ||
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 405,000 | 423,167 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 165,000 | 180,276 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 230,000 | 220,508 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 145,000 | 137,934 | ||
| State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2042 | 1,000,000 | 1,097,178 | ||
| State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2043 | 400,000 | 438,211 | ||
| State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2043 | 1,000,000 | 1,073,837 | ||
| State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2044 | 3,000,000 | 3,215,468 | ||
| State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2044 | 705,000 | 770,489 | ||
| State of West Virginia, General Obligation Road Bonds, “B”, 4%, 12/01/2042 | 1,000,000 | 1,003,014 | ||
| $9,710,268 | ||||
| General Obligations - Schools – 4.2% | ||||
| Berkeley County, WV, Public School Board of Education, 3%, 6/01/2026 | $ | 1,000,000 | $995,504 | |
| Berkeley County, WV, Public School Board of Education, 4%, 6/01/2037 | 1,000,000 | 1,028,526 | ||
| Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029 | 1,000,000 | 1,007,965 | ||
| Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 820,000 | 643,326 | ||
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | 310,000 | 308,903 | ||
| $3,984,224 | ||||
| Healthcare Revenue - Hospitals – 17.7% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 155,000 | $139,821 | |
| Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045 | 15,000 | 10,895 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 780,000 | 711,890 | ||
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 490,000 | 463,470 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038 | 230,000 | 211,031 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2028 | 1,000,000 | 1,013,720 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2039 | 1,500,000 | 1,512,848 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (West Virginia University Health System Obligated Group), “A”, 4%, 6/01/2051 | 860,000 | 789,312 | ||
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (West Virginia University Health System Obligated Group), “A”, 4.375%, 6/01/2053 | 1,000,000 | 965,186 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), “A”, 4.125%, 1/01/2047 | 1,245,000 | 1,023,816 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, ETM, 6.5%, 9/01/2023 | 340,000 | 341,528 | ||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 (Prerefunded 1/01/2024) | $ | 1,000,000 | $1,007,287 | |
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 | 1,000,000 | 1,014,537 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 5%, 6/01/2027 | 200,000 | 209,721 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 4%, 6/01/2035 | 1,500,000 | 1,503,264 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 5%, 6/01/2042 | 1,000,000 | 1,012,419 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, AGM, 4%, 6/01/2051 | 2,220,000 | 2,101,543 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “C”, VRDN, 2.14%, 6/01/2034 | 3,000,000 | 3,000,000 | ||
| $17,032,288 | ||||
| Industrial Revenue - Other – 0.7% | ||||
| New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $ | 420,000 | $479,519 | |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 115,000 | 74,897 | ||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 200,000 | 142,707 | ||
| $697,123 | ||||
| Miscellaneous Revenue - Other – 4.9% | ||||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 40,000 | $40,322 | |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 580,000 | 570,247 | ||
| West Virginia Economic Development Authority, Excess Lottery Rev., “A”, 5%, 7/01/2038 | 1,000,000 | 1,075,404 | ||
| West Virginia School Building Authority, “A”, 3%, 7/01/2033 | 2,000,000 | 1,936,752 | ||
| West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2038 | 265,000 | 299,657 | ||
| West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2039 | 735,000 | 827,471 | ||
| $4,749,853 | ||||
| Multi-Family Housing Revenue – 0.3% | ||||
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 284,983 | $279,120 | |
| Port Revenue – 0.1% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 170,000 | $126,479 | |
| Sales & Excise Tax Revenue – 4.1% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 10,000 | $10,413 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,221 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 10,494 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 75,000 | 66,289 | ||
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), “A”, 4.125%, 6/01/2043 (n) | 945,000 | 837,098 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 25,000 | 24,425 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 83,000 | 79,090 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 1,537,000 | 1,498,373 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 158,000 | 150,263 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 83,000 | 78,936 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 920 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 39,000 | 36,962 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 960 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 45,000 | 38,213 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,438 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 412,000 | 293,918 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 396,000 | 257,395 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,503,000 | 422,237 | ||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | $ | 120,000 | $91,650 | |
| $3,908,295 | ||||
| Single Family Housing - State – 8.9% | ||||
| West Virginia Housing Development Fund, “A”, 3.875%, 11/01/2044 | $ | 1,175,000 | $1,134,317 | |
| West Virginia Housing Development Fund, “A”, 4.75%, 11/01/2048 | 1,000,000 | 1,000,854 | ||
| West Virginia Housing Development Fund, “B”, 1.8%, 5/01/2026 | 485,000 | 460,457 | ||
| West Virginia Housing Development Fund, “B”, 4.2%, 11/01/2047 | 1,000,000 | 968,233 | ||
| West Virginia Housing Development Fund, “B”, 4.25%, 11/01/2052 | 1,000,000 | 958,481 | ||
| West Virginia Housing Development Fund, “B”, 4.7%, 11/01/2053 (w) | 1,000,000 | 999,937 | ||
| West Virginia Housing Development Fund, “C”, 4.45%, 11/01/2037 | 1,000,000 | 1,015,363 | ||
| West Virginia Housing Development Fund, “C”, 4.625%, 11/01/2042 | 1,000,000 | 1,005,269 | ||
| West Virginia Housing Development Fund, “C”, 4.8%, 11/01/2047 | 1,000,000 | 1,010,605 | ||
| $8,553,516 | ||||
| State & Local Agencies – 10.8% | ||||
| Berkeley County, WV, Building Commission Lease Rev. (Berkeley County Day Report Center and Public Safety Building Projects), 4%, 12/01/2042 | $ | 1,740,000 | $1,723,445 | |
| Berkeley County, WV, Building Commission Lease Rev. (LED Lighting Project), “B”, 5%, 6/01/2024 | 545,000 | 552,220 | ||
| Maryland Stadium Authority, Built to Learn Rev., “A”, 4%, 6/01/2047 | 1,000,000 | 960,638 | ||
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 1,640,000 | 645,004 | ||
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2042 | 500,000 | 503,366 | ||
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2047 | 500,000 | 490,857 | ||
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.375%, 5/01/2052 | 560,000 | 551,734 | ||
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), “A”, 5%, 6/01/2029 | 2,000,000 | 2,002,730 | ||
| West Virginia Economic Development Authority, Lease Rev. (State Office Building 3), “D”, 5%, 6/01/2025 | 515,000 | 531,253 | ||
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2025 | 215,000 | 215,290 | ||
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2030 | 1,355,000 | 1,357,100 | ||
| West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034 | 795,000 | 796,041 | ||
| $10,329,678 | ||||
| Student Loan Revenue – 0.5% | ||||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 485,000 | $479,820 | |
| Tax - Other – 2.8% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 535,000 | $553,588 | |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 60,000 | 62,004 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 145,000 | 158,317 | ||
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 790,000 | 779,571 | ||
| Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032 | 1,000,000 | 1,000,575 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 90,791 | ||
| $2,644,846 | ||||
| Tax Assessment – 1.4% | ||||
| Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 6/01/2033 | $ | 455,000 | $429,983 | |
| Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034 | 1,000,000 | 919,271 | ||
| $1,349,254 | ||||
| Tobacco – 0.9% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 125,000 | $115,692 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 500,000 | 468,256 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 335,000 | 303,499 | ||
| $887,447 | ||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Toll Roads – 2.6% | ||||
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 155,000 | $155,698 | |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 120,000 | 120,466 | ||
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 325,000 | 251,920 | ||
| West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042 | 1,000,000 | 1,000,016 | ||
| West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047 | 1,000,000 | 975,675 | ||
| $2,503,775 | ||||
| Transportation - Special Tax – 2.5% | ||||
| New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2050 | $ | 1,000,000 | $942,625 | |
| New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,225,000 | 1,179,997 | ||
| West Virginia Commissioner of Highways, Surface Transportation Improvements, “A”, 5%, 9/01/2023 | 285,000 | 285,776 | ||
| $2,408,398 | ||||
| Universities - Colleges – 9.2% | ||||
| Fairmont, WV, State University Board of Governors Refunding Rev., “A”, 5%, 6/01/2032 | $ | 1,050,000 | $1,190,385 | |
| Marshall University, WV, Board of Governors Rev., “A”, AGM, 3%, 5/01/2046 | 1,000,000 | 805,410 | ||
| Marshall University, WV, Board of Governors Rev., “A”, AGM, 4%, 5/01/2050 | 1,500,000 | 1,414,122 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 110,000 | 110,142 | ||
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2044 | 1,000,000 | 1,086,589 | ||
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2049 | 2,000,000 | 2,119,934 | ||
| West Virginia University, University Systems Rev., “A”, NPFG, 5.25%, 4/01/2028 | 2,035,000 | 2,125,325 | ||
| $8,851,907 | ||||
| Utilities - Investor Owned – 2.7% | ||||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | $ | 1,000,000 | $952,818 | |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 750,000 | 682,506 | ||
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025) | 1,000,000 | 927,923 | ||
| $2,563,247 | ||||
| Utilities - Municipal Owned – 1.1% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 435,000 | $446,461 | |
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 110,000 | 41,250 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 180,000 | 67,500 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 135,000 | 133,586 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,859 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 285,000 | 106,875 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 45,000 | 16,875 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 100,000 | 37,500 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2024 (a)(d) | 50,000 | 18,750 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 145,000 | 54,375 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 3,750 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 70,000 | 26,250 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 75,000 | 28,125 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 65,000 | 24,375 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 18,750 | ||
| $1,083,031 | ||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Other – 2.9% | ||||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | $ | 510,000 | $533,254 | |
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 280,000 | 276,623 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 565,000 | 591,452 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 560,000 | 585,815 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 310,000 | 328,196 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 490,000 | 506,924 | ||
| $2,822,264 | ||||
| Water & Sewer Utility Revenue – 10.5% | ||||
| Berkeley County, WV, Public Service Sewer District, “A”, BAM, 5%, 6/01/2036 | $ | 1,700,000 | $1,772,081 | |
| Greenbrier County, WV, Public Service District No. 1, Sewerage System Improvement Rev., “A”, BAM, 4.625%, 10/01/2052 | 1,000,000 | 1,006,576 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 40,000 | 40,837 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 180,000 | 181,743 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 20,000 | 20,188 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 20,000 | 20,161 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 135,000 | 137,034 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 35,000 | 35,518 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 40,000 | 40,405 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 20,000 | 20,261 | ||
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 50,000 | 50,526 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 75,000 | 75,838 | ||
| Morgantown, WV, Combined Utility System Rev., “A”, AGM, 5%, 12/01/2041 | 1,000,000 | 1,043,248 | ||
| Morgantown, WV, Combined Utility System Rev., “B”, 5%, 12/01/2043 | 2,000,000 | 2,100,004 | ||
| West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033 | 1,475,000 | 1,549,049 | ||
| West Virginia Water Development Authority Rev. (Loan Program IV), “A-IV”, 5%, 11/01/2038 | 500,000 | 533,411 | ||
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2051 | 1,500,000 | 1,442,628 | ||
| $10,069,508 | ||||
| Total Municipal Bonds | $95,305,756 | |||
| Bonds – 0.3% | ||||
| Consumer Services – 0.3% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 167,000 | $148,428 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,197 | 119,392 | ||
| Total Bonds | $267,820 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 192,873 | $97,160 | |
| Investment Companies (h) – 0.9% | ||||
| Money Market Funds – 0.9% | ||||
| MFS Institutional Money Market Portfolio, 5.04% (v) | 823,799 | $823,963 | ||
| Other Assets, Less Liabilities – (0.5)% | (452,564) | |||
| Net Assets – 100.0% | $96,042,135 | |||
| (a) | Non-income producing security. | |||
| (d) | In default. | |||
| (h) | An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $823,963 and $95,670,736, respectively. |
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Portfolio of Investments (unaudited) – continued
| (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 $1,984,419, representing 2.1% of net assets. | |||
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. | |||
| (w) | When-issued security. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| ETM | Escrowed to Maturity |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
6/30/23 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2023 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $95,402,916 | $— | $95,402,916 |
| U.S. Corporate Bonds | — | 267,820 | — | 267,820 |
| Mutual Funds | 823,963 | — | — | 823,963 |
| Total | $823,963 | $95,670,736 | $— | $96,494,699 |
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in 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 following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $716,373 | $7,753,012 | $7,645,366 | $(66) | $10 | $823,963 |
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Supplemental Information (unaudited) – continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $12,500 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2023, are as follows:
| West Virginia | 76.6% |
| Puerto Rico | 4.5% |
| New Jersey | 2.7% |
| Alabama | 2.1% |
| New York | 2.1% |
| California | 1.7% |
| Illinois | 1.5% |
| U.S. Virgin Islands | 1.1% |
| Guam | 1.0% |
| Maryland | 1.0% |
| Virginia | 1.0% |
| Tennessee | 0.9% |
| Arkansas | 0.7% |
| North Carolina | 0.7% |
| South Carolina | 0.7% |
| Ohio | 0.6% |
| Texas | 0.5% |
| Michigan | 0.4% |
| New Hampshire | 0.3% |
| Pennsylvania | 0.2% |
| Wisconsin | 0.2% |
| Mississippi | 0.1% |
| Indiana (o) | 0.0% |
(o) Less than 0.1%.
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8