Quarterly Report
June 30, 2023
MFS® Mississippi
Municipal Bond Fund
Municipal Bond Fund
MMP-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 – 96.7% | ||||
Airport Revenue – 0.6% | ||||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 60,000 | $58,034 | |
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 55,000 | 52,301 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 45,000 | 45,358 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 230,000 | 232,834 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 35,000 | 35,099 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 60,000 | 59,943 | ||
$483,569 | ||||
General Obligations - General Purpose – 20.3% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $199,239 | |
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 50,000 | 53,965 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 135,000 | 136,915 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 6,174 | 5,914 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 48,848 | 29,865 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 42,274 | 43,318 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 41,891 | 44,109 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 41,212 | 44,135 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,029 | 43,720 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 37,958 | 36,063 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 66,803 | 62,089 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,283 | 26,279 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 39,814 | 34,570 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 128,406 | 108,487 | ||
Desoto County, MI, General Obligation Refunding, 5%, 11/01/2024 | 685,000 | 702,033 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2027 | 700,000 | 717,444 | ||
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037 | 500,000 | 505,737 | ||
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 | 1,000,000 | 1,157,815 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045 | 500,000 | 485,080 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049 | 750,000 | 794,986 | ||
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 | 500,000 | 508,418 | ||
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 | 500,000 | 432,328 | ||
Mississippi Development Bank Special Obligation (Rankin County General Obligation Bond Project), 5%, 8/01/2034 | 350,000 | 391,805 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031 | 1,000,000 | 1,074,338 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032 | 1,000,000 | 1,072,176 | ||
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048 | 1,000,000 | 1,061,664 | ||
Mississippi Development Bank Special Obligation Refunding, Taxable (Clay County Industrial Development Project), BAM, 2.955%, 3/01/2025 | 335,000 | 320,610 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 163,887 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 65,000 | 70,578 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 195,000 | 186,953 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 125,000 | 118,909 | ||
State of Mississippi, “A”, 5%, 10/01/2033 (Prerefunded 10/01/2027) | 1,000,000 | 1,091,002 | ||
State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026) | 1,000,000 | 1,067,064 | ||
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026) | 1,000,000 | 1,070,719 | ||
State of Mississippi, “B”, 3%, 10/01/2035 | 875,000 | 803,159 | ||
State of Mississippi, “B”, 4%, 10/01/2038 | 1,000,000 | 1,011,180 | ||
State of Mississippi, “D”, 4%, 12/01/2030 | 1,000,000 | 1,039,091 | ||
$16,715,644 | ||||
General Obligations - Schools – 15.0% | ||||
Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023) | $ | 1,095,000 | $1,097,929 | |
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 700,000 | 549,180 | ||
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 (Prerefunded 12/01/2025) | 1,000,000 | 1,046,231 | ||
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036 | 500,000 | 508,828 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037 | $ | 500,000 | $505,537 | |
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024) | 500,000 | 506,678 | ||
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024) | 500,000 | 506,678 | ||
Mississippi Development Bank Special Obligation (Hinds County School District), 4%, 3/01/2024 | 355,000 | 356,493 | ||
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043 | 450,000 | 470,276 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023 | 275,000 | 275,931 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 | 1,000,000 | 1,081,441 | ||
Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM, 4.125%, 4/01/2043 | 1,000,000 | 993,899 | ||
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 | 750,000 | 725,914 | ||
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 1,500,000 | 1,541,733 | ||
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025 | 470,000 | 481,424 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035 | 1,020,000 | 664,613 | ||
Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038 | 1,000,000 | 994,835 | ||
$12,307,620 | ||||
Healthcare Revenue - Hospitals – 7.0% | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | $ | 50,000 | $46,703 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 20,000 | 18,283 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 500,000 | 506,188 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 470,000 | 450,710 | ||
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028 | 575,000 | 609,032 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 500,000 | 516,293 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040 | 1,000,000 | 953,748 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037 | 1,500,000 | 1,572,523 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 505,000 | 495,403 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 655,000 | 597,805 | ||
$5,766,688 | ||||
Industrial Revenue - Other – 0.6% | ||||
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | $ | 500,000 | $452,284 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 100,000 | 65,128 | ||
$517,412 | ||||
Industrial Revenue - Paper – 1.2% | ||||
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025) | $ | 1,000,000 | $956,903 | |
Miscellaneous Revenue - Other – 1.7% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 35,000 | $35,281 | |
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030 | 720,000 | 813,774 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 210,000 | 206,469 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 310,000 | 317,052 | ||
$1,372,576 | ||||
Multi-Family Housing Revenue – 0.8% | ||||
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 243,632 | $238,620 | |
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 650,000 | 443,400 | ||
$682,020 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – 4.8% | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | $ | 905,000 | $338,084 | |
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 | 70,000 | 61,870 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 274,378 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 750,000 | 861,273 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 20,000 | 19,540 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 71,000 | 67,655 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 929,000 | 905,653 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 162,000 | 154,067 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 71,000 | 67,523 | ||
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 | 234,000 | 221,769 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 961 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 38,000 | 32,269 | ||
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 | 346,000 | 246,834 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 330,000 | 214,496 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,356,000 | 380,941 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 115,000 | 87,831 | ||
$3,957,176 | ||||
Single Family Housing - State – 7.6% | ||||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 6/01/2050 | $ | 470,000 | $451,241 | |
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050 | 1,270,000 | 1,223,792 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 5.25%, 12/01/2053 | 1,000,000 | 1,055,164 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043 | 1,000,000 | 787,894 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 905,000 | 870,460 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 3.95%, 12/01/2042 | 1,000,000 | 967,354 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.05%, 12/01/2047 | 1,000,000 | 917,883 | ||
$6,273,788 | ||||
State & Local Agencies – 3.2% | ||||
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 | $ | 500,000 | $500,487 | |
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 | 1,500,000 | 1,576,199 | ||
Mississippi Development Bank Special Obligation Refunding, Taxable (Desoto County Highway Project), 2.358%, 1/01/2026 | 590,000 | 549,513 | ||
$2,626,199 | ||||
Student Loan Revenue – 0.6% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 10,000 | $9,476 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 110,000 | 89,885 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 420,000 | 415,514 | ||
$514,875 | ||||
Tax - Other – 4.1% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 455,000 | $470,809 | |
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 | 125,000 | 136,480 | ||
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038 | 1,000,000 | 964,840 | ||
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030 | 1,305,000 | 1,349,018 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | 545,000 | 407,989 | ||
$3,391,140 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – 0.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 265,000 | $245,266 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 295,000 | 267,261 | ||
$512,527 | ||||
Toll Roads – 0.5% | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 110,000 | $110,496 | |
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 85,000 | 85,330 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 280,000 | 217,038 | ||
$412,864 | ||||
Transportation - Special Tax – 0.3% | ||||
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 | $ | 255,000 | $240,713 | |
Universities - Colleges – 12.2% | ||||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | $ | 370,000 | $310,116 | |
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 | 920,000 | 1,021,489 | ||
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 | 1,000,000 | 936,963 | ||
Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project), 4%, 3/01/2050 | 435,000 | 419,008 | ||
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043 | 600,000 | 580,632 | ||
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1,000,000 | 1,001,439 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047 | 1,000,000 | 963,545 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047 | 1,250,000 | 1,292,271 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev., “B”, AAC, 5.5%, 12/01/2023 | 165,000 | 166,437 | ||
University of Mississippi, Educational Building Corp. Rev. (New Facilities Project), 4.5%, 10/01/2052 | 1,000,000 | 1,025,827 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028 | 745,000 | 762,883 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035 | 1,515,000 | 1,572,646 | ||
$10,053,256 | ||||
Utilities - Electric Power – 0.4% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 355,000 | $285,858 | |
Utilities - Investor Owned – 0.4% | ||||
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $ | 500,000 | $313,370 | |
Utilities - Municipal Owned – 2.7% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 315,000 | $323,299 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | 75,000 | 76,517 | ||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 85,000 | 86,635 | ||
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035 | 500,000 | 520,032 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 3,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 90,000 | 33,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 150,000 | 56,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 105,000 | 103,900 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,859 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 240,000 | 90,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 35,000 | 13,125 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 33,750 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 15,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 80,000 | 79,085 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 15,000 | 14,549 |
4
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
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) | 40,000 | 15,000 | ||
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) | 120,000 | 45,000 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 500,000 | 522,935 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 60,000 | 58,626 | ||
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) | 15,000 | 5,625 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 60,000 | 22,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 65,000 | 24,375 | ||
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) | 60,000 | 22,500 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 18,750 | ||
$2,234,187 | ||||
Utilities - Other – 2.2% | ||||
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | $ | 560,000 | $600,534 | |
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 200,000 | 194,306 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 240,000 | 237,106 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 460,000 | 481,205 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 265,000 | 280,555 | ||
$1,793,706 | ||||
Water & Sewer Utility Revenue – 9.9% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 30,000 | $30,627 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 145,000 | 146,404 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 30,000 | 30,282 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 30,000 | 30,242 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 120,000 | 121,808 | ||
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 | 2,000,000 | 2,034,712 | ||
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 | 25,000 | 25,370 | ||
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 | 30,000 | 30,304 | ||
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 | 15,000 | 15,196 | ||
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 | 35,000 | 35,368 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 750,000 | 758,383 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023 | 1,220,000 | 1,221,337 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 | 1,305,000 | 1,235,138 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 | 1,500,000 | 1,371,451 | ||
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 1,000,000 | 1,090,364 | ||
$8,176,986 | ||||
Total Municipal Bonds | $79,589,077 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 161,000 | $143,095 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 283,648 | 89,544 | ||
Total Bonds | $232,639 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 179,722 | $90,535 |
5
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.5% | ||||
Money Market Funds – 1.5% | ||||
MFS Institutional Money Market Portfolio, 5.04% (v) | 1,209,968 | $1,210,210 | ||
Other Assets, Less Liabilities – 1.4% | 1,150,599 | |||
Net Assets – 100.0% | $82,273,060 |
(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 $1,210,210 and $79,912,251, 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 $1,044,351, representing 1.3% 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. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
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 | $— | $79,679,612 | $— | $79,679,612 |
U.S. Corporate Bonds | — | 232,639 | — | 232,639 |
Mutual Funds | 1,210,210 | — | — | 1,210,210 |
Total | $1,210,210 | $79,912,251 | $— | $81,122,461 |
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 | $1,072,843 | $5,933,750 | $5,796,259 | $(134) | $10 | $1,210,210 |
7
Supplemental Information (unaudited) – continued
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $10,692 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2023, are as follows:
Mississippi | 75.4% |
Puerto Rico | 5.1% |
Massachusetts | 2.7% |
New York | 2.2% |
Alabama | 1.8% |
Illinois | 1.8% |
California | 1.7% |
Guam | 1.5% |
Texas | 1.2% |
South Carolina | 0.7% |
Arkansas | 0.7% |
Michigan | 0.6% |
Virginia | 0.6% |
New Jersey | 0.5% |
Pennsylvania | 0.4% |
Tennessee | 0.3% |
Ohio | 0.3% |
New Hampshire | 0.3% |
Colorado | 0.2% |
Iowa | 0.1% |
Wisconsin | 0.1% |
U.S. Virgin Islands (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