Quarterly Report
June 30, 2023
MFS® Alabama
Municipal Bond Fund
Municipal Bond Fund
MAL-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 – 99.0% | ||||
| Airport Revenue – 0.2% | ||||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 55,000 | $53,198 | |
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 50,000 | 47,546 | ||
| $100,744 | ||||
| General Obligations - General Purpose – 14.6% | ||||
| Arab, AL, General Obligation Warrants, “A”, AGM, 3%, 12/01/2046 | $ | 1,120,000 | $871,979 | |
| Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043 | 245,000 | 257,250 | ||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 160,000 | 144,901 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 40,000 | 43,172 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 270,000 | 295,248 | ||
| Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 110,000 | 111,560 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 5,121 | 4,905 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 40,508 | 24,766 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 356,099 | 356,099 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 35,057 | 35,922 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 34,739 | 36,579 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 34,176 | 36,600 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 115,194 | 125,816 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 31,477 | 29,905 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 57,199 | 53,163 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 24,283 | 21,792 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 33,016 | 28,667 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 121,336 | 102,514 | ||
| Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047 | 750,000 | 779,421 | ||
| Jasper, AL, General Obligation Warrants, 5%, 3/01/2032 (Prerefunded 3/01/2024) | 500,000 | 505,574 | ||
| Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2038 | 250,000 | 271,118 | ||
| Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036 | 500,000 | 534,336 | ||
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034 | 655,000 | 652,254 | ||
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035 | 250,000 | 249,201 | ||
| Oxford, AL, General Obligation Warrants, “A”, 5%, 7/01/2052 | 1,000,000 | 1,070,494 | ||
| Pike Road, AL, 5%, 3/01/2048 | 500,000 | 547,365 | ||
| Pike Road, AL, 5%, 3/01/2052 | 500,000 | 544,454 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 131,110 | ||
| State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 55,000 | 59,720 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 170,000 | 162,985 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 100,000 | 95,127 | ||
| Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041 | 750,000 | 745,765 | ||
| Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038 | 1,000,000 | 1,010,680 | ||
| $9,940,442 | ||||
| General Obligations - Schools – 5.4% | ||||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | $ | 255,000 | $223,006 | |
| Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023) | 1,000,000 | 1,005,835 | ||
| Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 625,000 | 490,340 | ||
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039 | 1,000,000 | 990,056 | ||
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, “B”, BAM, 4.125%, 3/01/2047 | 1,000,000 | 982,299 | ||
| $3,691,536 | ||||
| Healthcare Revenue - Hospitals – 12.1% | ||||
| Alabama DCH Health Care Authority, “A”, 4%, 6/01/2046 | $ | 1,000,000 | $898,650 | |
| Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033 | 500,000 | 509,490 | ||
| Alabama Health Care Authority (Baptist Health), “A”, 5%, 11/15/2037 | 875,000 | 937,683 | ||
| Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025 | 270,000 | 285,862 | ||
| Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031 | 750,000 | 770,648 | ||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | $ | 40,000 | $37,362 | |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 15,000 | 13,712 | ||
| East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048 | 500,000 | 466,329 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 430,000 | 412,351 | ||
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040 | 1,000,000 | 936,747 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 520,000 | 489,013 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 425,000 | 387,889 | ||
| UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035 | 1,000,000 | 1,040,733 | ||
| UAB Medicine Finance Authority Rev., “B2”, 5%, 9/01/2041 | 1,000,000 | 1,026,994 | ||
| $8,213,463 | ||||
| Healthcare Revenue - Long Term Care – 1.7% | ||||
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | $ | 250,000 | $212,022 | |
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038 | 1,000,000 | 951,654 | ||
| $1,163,676 | ||||
| Industrial Revenue - Environmental Services – 0.3% | ||||
| Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (z) | $ | 300,000 | $225,000 | |
| Industrial Revenue - Other – 2.2% | ||||
| Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $ | 500,000 | $437,455 | |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 79,769 | ||
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 1,000,000 | 997,969 | ||
| $1,515,193 | ||||
| Miscellaneous Revenue - Other – 1.8% | ||||
| Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | $ | 230,000 | $184,499 | |
| California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 475,000 | 472,990 | ||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 35,000 | 35,281 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 260,000 | 255,628 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 275,000 | 281,256 | ||
| $1,229,654 | ||||
| Multi-Family Housing Revenue – 2.4% | ||||
| Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $ | 1,000,000 | $1,000,168 | |
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 221,138 | 216,589 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 585,000 | 399,060 | ||
| $1,615,817 | ||||
| Port Revenue – 1.5% | ||||
| Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035 | $ | 1,000,000 | $1,037,335 | |
| Sales & Excise Tax Revenue – 8.7% | ||||
| Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048 | $ | 1,000,000 | $1,048,779 | |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | 820,000 | 306,330 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 5,000 | 5,206 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,221 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,247 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 60,000 | 53,032 | ||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Sales & Excise Tax Revenue – continued | ||||
| Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052 | $ | 810,000 | $846,083 | |
| Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042 | 1,000,000 | 971,542 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 16,000 | 15,632 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 57,000 | 54,314 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 650,000 | 633,665 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 142,000 | 135,046 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 58,000 | 55,160 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 401,000 | 380,041 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 26,000 | 22,079 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 4,000 | 3,108 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 247,000 | 176,208 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 237,000 | 154,047 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 465,000 | 130,632 | ||
| Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 2/01/2037 (Prerefunded 2/01/2027) | 750,000 | 806,081 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 100,000 | 76,375 | ||
| $5,883,828 | ||||
| Single Family Housing - State – 0.9% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 130,000 | $129,082 | |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | 385,000 | 381,426 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 130,000 | 128,902 | ||
| $639,410 | ||||
| State & Local Agencies – 1.5% | ||||
| Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030 | $ | 280,000 | $287,616 | |
| Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030 | 210,000 | 210,237 | ||
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 155,000 | 161,977 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 350,000 | 366,623 | ||
| $1,026,453 | ||||
| Student Loan Revenue – 0.8% | ||||
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 5,000 | $4,738 | |
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 90,000 | 73,542 | ||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 40,000 | 36,131 | ||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 415,000 | 410,568 | ||
| $524,979 | ||||
| Tax - Other – 6.5% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043 | $ | 750,000 | $727,840 | |
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 500,000 | 517,372 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 45,000 | 46,503 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 105,000 | 114,643 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035 | 55,000 | 56,079 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 30,000 | 30,382 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 85,000 | 82,274 | ||
| Jefferson County, AL, Board of Education, 4%, 2/01/2042 | 805,000 | 782,601 | ||
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.125%, 2/01/2048 | 500,000 | 492,226 | ||
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 | 500,000 | 492,963 | ||
| Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026) | 1,000,000 | 1,059,763 | ||
| $4,402,646 | ||||
| Tobacco – 0.3% | ||||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | $ | 255,000 | $231,022 | |
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Toll Roads – 0.3% | ||||
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | $ | 250,000 | $193,784 | |
| Transportation - Special Tax – 4.2% | ||||
| Alabama Federal Aid Highway Finance Authority Special Obligation, “A”, 5%, 9/01/2035 (Prerefunded 9/01/2026) | $ | 500,000 | $532,368 | |
| Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2035 | 1,000,000 | 1,119,708 | ||
| Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2036 | 1,000,000 | 1,109,639 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 45,000 | 47,727 | ||
| New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 40,000 | 44,202 | ||
| $2,853,644 | ||||
| Universities - Colleges – 14.9% | ||||
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044 | $ | 300,000 | $292,367 | |
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049 | 1,000,000 | 957,476 | ||
| Auburn University, AL, General Fee Rev., “A”, 5%, 6/01/2048 | 1,500,000 | 1,579,325 | ||
| Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034 | 500,000 | 528,339 | ||
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036 | 580,000 | 599,518 | ||
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2048 | 750,000 | 817,253 | ||
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 345,000 | 289,162 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 60,000 | 59,056 | ||
| University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035 | 755,000 | 825,441 | ||
| University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036 | 475,000 | 516,299 | ||
| University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 1,000,000 | 1,076,366 | ||
| University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036 | 500,000 | 526,079 | ||
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 750,000 | 780,792 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2038 | 500,000 | 496,941 | ||
| University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040 | 770,000 | 755,647 | ||
| $10,100,061 | ||||
| Utilities - Investor Owned – 0.7% | ||||
| Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | $ | 500,000 | $500,000 | |
| Utilities - Municipal Owned – 0.7% | ||||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 5,000 | $1,875 | |
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 70,000 | 26,250 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 115,000 | 43,125 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 14,788 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 180,000 | 67,500 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 11,250 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 5,000 | 1,875 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 65,000 | 24,375 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,000 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 50,000 | 49,428 | ||
| Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 15,000 | 14,550 | ||
| 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) | 30,000 | 11,250 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 1,875 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 95,000 | 35,625 | ||
| Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 70,000 | 68,397 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 5,000 | 1,875 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 50,000 | 18,750 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 55,000 | 20,625 | ||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – continued | ||||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | $ | 40,000 | $15,000 | |
| $485,288 | ||||
| Utilities - Other – 4.4% | ||||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | $ | 1,000,000 | $972,037 | |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 360,000 | 376,414 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 180,000 | 174,875 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 210,000 | 207,467 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 425,000 | 444,898 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 410,000 | 428,901 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 360,000 | 372,434 | ||
| $2,977,026 | ||||
| Water & Sewer Utility Revenue – 12.9% | ||||
| Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025) | $ | 1,000,000 | $1,038,696 | |
| Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036 (Prerefunded 1/01/2028) | 750,000 | 821,085 | ||
| Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035 | 1,000,000 | 1,017,699 | ||
| Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033 | 1,000,000 | 1,017,191 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 45,000 | 45,941 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 120,000 | 121,162 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 45,000 | 45,422 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 45,000 | 45,363 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 95,000 | 96,431 | ||
| Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044 | 750,000 | 763,338 | ||
| Limestone County, AL, Water & Sewer Authority Rev., 5%, 12/01/2045 | 1,000,000 | 1,078,797 | ||
| Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050 | 1,000,000 | 756,942 | ||
| 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 | 15,000 | 15,222 | ||
| 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 | 20,000 | 20,203 | ||
| 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 | 10,000 | 10,130 | ||
| 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 | 20,000 | 20,210 | ||
| Montgomery, AL, Water Works and Sanitary Sewer Board, Water and Sewer Rev., 5%, 9/01/2048 (w) | 500,000 | 545,098 | ||
| Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047 | 1,000,000 | 962,121 | ||
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 | 700,000 | 308,239 | ||
| $8,729,290 | ||||
| Total Municipal Bonds | $67,280,291 | |||
| Bonds – 0.3% | ||||
| Consumer Services – 0.3% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 136,000 | $120,876 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 189,099 | 59,696 | ||
| Total Bonds | $180,572 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 149,038 | $75,078 | |
| Investment Companies (h) – 0.4% | ||||
| Money Market Funds – 0.4% | ||||
| MFS Institutional Money Market Portfolio, 5.04% (v) | 293,561 | $293,620 | ||
| Other Assets, Less Liabilities – 0.2% | 126,031 | |||
| Net Assets – 100.0% | $67,955,592 | |||
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Portfolio of Investments (unaudited) – continued
| (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 $293,620 and $67,535,941, respectively. |
| (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 $1,502,789, representing 2.2% 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. |
| (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 |
| Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 | 6/10/2020 | $300,000 | $225,000 |
| % of Net assets | 0.3% |
| 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 |
| FHA | Federal Housing Administration |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
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 | $— | $67,355,369 | $— | $67,355,369 |
| U.S. Corporate Bonds | — | 180,572 | — | 180,572 |
| Mutual Funds | 293,620 | — | — | 293,620 |
| Total | $293,620 | $67,535,941 | $— | $67,829,561 |
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 | $1,420,478 | $4,737,118 | $5,863,568 | $(186) | $(222) | $293,620 |
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Supplemental Information (unaudited) – continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $15,573 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2023, are as follows:
| Alabama | 79.9% |
| Puerto Rico | 4.8% |
| Illinois | 2.6% |
| Virginia | 2.0% |
| California | 1.7% |
| Maryland | 1.0% |
| New York | 1.0% |
| Pennsylvania | 1.0% |
| Guam | 0.9% |
| New Jersey | 0.7% |
| Texas | 0.7% |
| North Carolina | 0.7% |
| Arkansas | 0.7% |
| South Carolina | 0.6% |
| Tennessee | 0.6% |
| Massachusetts | 0.4% |
| New Hampshire | 0.3% |
| Colorado | 0.2% |
| Connecticut | 0.2% |
| Iowa | 0.1% |
| Wisconsin | 0.1% |
| Michigan | 0.1% |
| Minnesota | 0.1% |
| U.S. Virgin Islands | 0.1% |
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8