Quarterly Report
June 30, 2023
MFS® South Carolina
Municipal Bond Fund
Municipal Bond Fund
MSC-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 – 99.1% | ||||
| Airport Revenue – 4.7% | ||||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2038 | $ | 750,000 | $807,107 | |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2039 | 450,000 | 482,759 | ||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2043 | 1,250,000 | 1,328,272 | ||
| Charleston County, SC, Airport District Rev., 5%, 7/01/2048 | 1,500,000 | 1,577,778 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 160,000 | 154,759 | ||
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 150,000 | 142,638 | ||
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2038 | 1,000,000 | 1,000,253 | ||
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2040 | 2,070,000 | 2,040,533 | ||
| Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051 | 1,930,000 | 2,011,094 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 90,716 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 10,000 | 10,123 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 75,000 | 75,212 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 120,000 | 119,886 | ||
| $9,841,130 | ||||
| General Obligations - General Purpose – 4.5% | ||||
| Berkeley County, SC, General Obligation, 5%, 3/01/2033 | $ | 2,000,000 | $2,351,167 | |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 475,000 | 430,175 | ||
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 325,000 | 331,348 | ||
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 785,000 | 858,407 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 14,669 | 14,051 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 116,044 | 70,947 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 100,428 | 102,907 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 99,518 | 104,788 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 97,904 | 104,849 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 330,093 | 360,532 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 90,173 | 85,670 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 170,651 | 158,609 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 69,565 | 62,429 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 94,583 | 82,125 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 349,365 | 295,171 | ||
| Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052 | 2,000,000 | 2,027,455 | ||
| Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039 | 725,000 | 640,221 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 190,000 | 207,591 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 175,000 | 190,558 | ||
| State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 165,000 | 179,160 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 495,000 | 474,573 | ||
| State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 310,000 | 294,893 | ||
| $9,427,626 | ||||
| General Obligations - Schools – 8.5% | ||||
| Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035 | $ | 275,000 | $284,067 | |
| Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041 | 1,400,000 | 1,245,379 | ||
| Aiken County, SC, Consolidated School District Special Obligation, “A”, 0, 4%, 4/01/2036 | 2,000,000 | 2,073,072 | ||
| Anderson County, SC, School District, “A”, 5%, 3/01/2026 | 1,240,000 | 1,303,529 | ||
| Beaufort County, SC, School District, General Obligation , “C”, 0, 4%, 3/01/2035 | 3,000,000 | 3,156,090 | ||
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 770,000 | 673,390 | ||
| Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 1,925,000 | 1,510,246 | ||
| Spartanburg County, SC, School District No. 4, General Obligation, “A”, 0, 5%, 3/01/2047 | 2,000,000 | 2,191,907 | ||
| Spartanburg County, SC, School District No. 4, General Obligation, “A”, 0, 5.25%, 3/01/2052 | 3,000,000 | 3,321,373 | ||
| Spartanburg County, SC, School District No. 7, General Obligation, “B”, 0, 5%, 3/01/2048 | 2,000,000 | 2,124,445 | ||
| $17,883,498 | ||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – 13.5% | ||||
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 255,000 | $230,027 | |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 120,000 | 112,087 | ||
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 50,000 | 45,707 | ||
| Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045 | 30,000 | 21,791 | ||
| Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036 | 1,975,000 | 1,991,085 | ||
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 1,290,000 | 1,237,054 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031 | 1,000,000 | 1,022,366 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032 | 1,000,000 | 1,021,681 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035 | 1,000,000 | 1,029,288 | ||
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036 | 1,000,000 | 1,025,855 | ||
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 1,405,000 | 1,378,299 | ||
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 1,580,000 | 1,485,846 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044 | 285,000 | 274,385 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046 | 2,000,000 | 2,107,347 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1,500,000 | 1,521,387 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 2,000,000 | 2,043,522 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 500,000 | 500,959 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048 | 2,000,000 | 1,888,067 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030 (Prerefunded 8/01/2023) | 1,000,000 | 1,001,402 | ||
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037 | 2,000,000 | 2,066,141 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 3,340,000 | 3,048,348 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036 | 450,000 | 457,992 | ||
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037 | 550,000 | 554,269 | ||
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2036 | 1,380,000 | 1,371,660 | ||
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2037 | 1,000,000 | 975,309 | ||
| $28,411,874 | ||||
| Healthcare Revenue - Long Term Care – 2.0% | ||||
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049 | $ | 1,250,000 | $1,089,990 | |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043 | 750,000 | 609,047 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 250,000 | 199,350 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042 | 750,000 | 614,677 | ||
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1,000,000 | 928,431 | ||
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,000,000 | 843,045 | ||
| $4,284,540 | ||||
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 100,000 | $79,770 | |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 260,000 | 169,332 | ||
| $249,102 | ||||
| Industrial Revenue - Paper – 0.1% | ||||
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $101,486 | |
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Miscellaneous Revenue - Other – 1.3% | ||||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 100,000 | $100,804 | |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 575,000 | 565,331 | ||
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 795,000 | 813,085 | ||
| Saxe Gotha-Lexington, SC, Public Facilities Corp. Rev. (Icehouse Development Project), 5.5%, 5/03/2024 | 1,145,000 | 1,163,645 | ||
| $2,642,865 | ||||
| Multi-Family Housing Revenue – 0.3% | ||||
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 669,530 | $655,756 | |
| Port Revenue – 6.8% | ||||
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | $ | 1,820,000 | $1,752,357 | |
| South Carolina Ports Authority Rev., 5%, 7/01/2028 | 300,000 | 308,160 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2029 | 450,000 | 462,754 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025) | 500,000 | 517,687 | ||
| South Carolina Ports Authority Rev., 5%, 7/01/2036 | 3,000,000 | 3,165,373 | ||
| South Carolina Ports Authority Rev., 4%, 7/01/2055 | 2,000,000 | 1,785,809 | ||
| South Carolina Ports Authority Rev., 5.25%, 7/01/2055 (Prerefunded 7/01/2025) | 3,000,000 | 3,120,470 | ||
| South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044 | 3,000,000 | 3,116,746 | ||
| $14,229,356 | ||||
| Sales & Excise Tax Revenue – 4.0% | ||||
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | $ | 2,485,000 | $928,329 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | 20,000 | 20,825 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 15,000 | 15,663 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 20,987 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 190,000 | 167,933 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 49,000 | 47,872 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 158,000 | 150,556 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,610,000 | 3,519,276 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 299,000 | 284,358 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 163,000 | 155,018 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 3,680 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 71,000 | 67,289 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,881 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 79,000 | 67,086 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 14,000 | 10,877 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 725,000 | 517,211 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 695,000 | 451,741 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,158,000 | 1,449,035 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 510,000 | 389,513 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 270,000 | 206,213 | ||
| $8,476,343 | ||||
| Secondary Schools – 0.5% | ||||
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $216,740 | |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n) | 1,400,000 | 915,878 | ||
| $1,132,618 | ||||
| Single Family Housing - State – 6.6% | ||||
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 380,000 | $377,315 | |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | 1,195,000 | 1,183,907 | ||
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 400,000 | 396,623 | ||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Single Family Housing - State – continued | ||||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.75%, 7/01/2043 | $ | 285,000 | $278,351 | |
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.8%, 1/01/2049 | 270,000 | 264,268 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052 | 2,910,000 | 2,799,353 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 4.95%, 7/01/2053 | 1,000,000 | 1,014,492 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5.75%, 1/01/2054 | 3,000,000 | 3,258,271 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.2%, 7/01/2042 | 1,995,000 | 1,944,649 | ||
| South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052 | 2,415,000 | 2,349,834 | ||
| $13,867,063 | ||||
| State & Local Agencies – 9.3% | ||||
| Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2023) | $ | 3,595,000 | $3,621,615 | |
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2032 | 1,625,000 | 1,791,560 | ||
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2033 | 1,705,000 | 1,876,718 | ||
| Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (School District No. 50), BAM, 5%, 12/01/2028 | 3,000,000 | 3,170,289 | ||
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 2,000,000 | 1,927,288 | ||
| Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2029 | 740,000 | 783,875 | ||
| Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2030 | 870,000 | 929,167 | ||
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,115,000 | 1,167,957 | ||
| Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028 | 2,000,000 | 2,054,913 | ||
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026 | 1,000,000 | 1,041,865 | ||
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027 | 1,195,000 | 1,248,104 | ||
| $19,613,351 | ||||
| Student Loan Revenue – 0.6% | ||||
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 1,180,000 | $1,167,397 | |
| Tax - Other – 3.0% | ||||
| Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 940,000 | $972,659 | |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 135,000 | 139,509 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 315,000 | 343,930 | ||
| Greenville County, SC, Road Fee Rev., 4%, 4/01/2043 | 1,000,000 | 989,142 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035 | 180,000 | 183,530 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 95,000 | 96,210 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 285,000 | 275,859 | ||
| Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030 | 1,000,000 | 1,045,647 | ||
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040 | 2,000,000 | 2,080,593 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 149,805 | ||
| $6,276,884 | ||||
| Tax Assessment – 0.4% | ||||
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $ | 1,000,000 | $822,778 | |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 20,000 | 19,562 | ||
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 18,000 | 18,216 | ||
| $860,556 | ||||
| Tobacco – 0.5% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 280,000 | $259,150 | |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 765,000 | 693,066 | ||
| $952,216 | ||||
| Toll Roads – 0.7% | ||||
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 | $ | 800,000 | $856,124 | |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 765,000 | 592,979 | ||
| $1,449,103 | ||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – 2.3% | ||||
| New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 125,000 | $132,574 | |
| New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 120,000 | 132,607 | ||
| South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036 | 1,205,000 | 1,284,913 | ||
| South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, AGM, 5%, 10/01/2035 | 1,000,000 | 1,071,537 | ||
| South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040 | 2,000,000 | 2,109,278 | ||
| $4,730,909 | ||||
| Universities - Colleges – 4.5% | ||||
| Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048 | $ | 3,000,000 | $2,375,037 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 55,000 | 55,048 | ||
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 70,141 | ||
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 390,000 | 397,962 | ||
| South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028 | 700,000 | 720,467 | ||
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035 | 1,565,000 | 1,625,390 | ||
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049 | 2,000,000 | 2,066,647 | ||
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,030 | ||
| University of South Carolina, Higher Education Rev. (Campus Village Project), “A”, 5%, 5/01/2046 | 1,900,000 | 2,057,076 | ||
| $9,397,798 | ||||
| Utilities - Municipal Owned – 7.9% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 145,000 | $147,932 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 170,000 | 173,270 | ||
| Piedmont, SC, Municipal Power Agency Rev., “B”, 5%, 1/01/2032 | 2,000,000 | 2,230,901 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 205,000 | 76,875 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 330,000 | 123,750 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 25,000 | 24,647 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 525,000 | 196,875 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 80,000 | 30,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 20,000 | 7,500 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 190,000 | 71,250 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 100,000 | 37,500 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2024 (a)(d) | 90,000 | 33,750 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 270,000 | 101,250 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 15,000 | 5,625 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 120,000 | 45,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 140,000 | 52,500 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 45,000 | 16,875 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 145,000 | 54,375 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 115,000 | 43,125 | ||
| Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041 | 1,000,000 | 1,020,037 | ||
| Rock Hill, SC, Utility Systems Rev., “A”, BAM, 4%, 1/01/2049 | 650,000 | 623,236 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2035 | 500,000 | 498,158 | ||
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2036 | 500,000 | 497,663 | ||
| South Carolina Public Service Authority Improvement Rev., “B”, 4%, 12/01/2038 | 1,750,000 | 1,734,799 | ||
| South Carolina Public Service Authority Improvement Rev., “B”, 4%, 12/01/2039 | 1,500,000 | 1,479,305 | ||
| South Carolina Public Service Authority Improvement Rev., Tax-Exempt, “B”, 5%, 12/01/2051 | 2,055,000 | 2,130,372 | ||
| South Carolina Public Service Authority Improvement Rev., Tax-Exempt, “E”, AGM, 5.25%, 12/01/2038 | 2,000,000 | 2,218,086 | ||
| South Carolina Public Service Authority Refunding Rev., “A”, 4%, 12/01/2040 | 3,000,000 | 2,934,587 | ||
| $16,652,368 | ||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Other – 3.2% | ||||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | $ | 1,090,000 | $1,139,699 | |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 520,000 | 505,195 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 1,230,000 | 1,287,587 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,195,000 | 1,250,088 | ||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 130,000 | 139,477 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685,000 | 725,207 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 570,000 | 582,252 | ||
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 1,065,000 | 1,101,783 | ||
| $6,731,288 | ||||
| Water & Sewer Utility Revenue – 13.8% | ||||
| Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038 | $ | 755,000 | $806,191 | |
| Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043 | 2,000,000 | 1,994,496 | ||
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047 | 1,000,000 | 1,107,023 | ||
| Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052 | 500,000 | 559,574 | ||
| Dorchester County, SC, Waterworks & Sewer Systems Rev., 4.25%, 10/01/2048 | 2,250,000 | 2,243,945 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 90,000 | 91,883 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 410,000 | 413,970 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 300,000 | 304,520 | ||
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2030 | 500,000 | 529,169 | ||
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2035 | 500,000 | 526,926 | ||
| Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., “A”, 4%, 6/01/2043 | 1,260,000 | 1,256,487 | ||
| Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041 | 2,000,000 | 2,001,340 | ||
| 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 | 50,000 | 50,740 | ||
| 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 | 60,000 | 60,608 | ||
| 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 | 30,000 | 30,391 | ||
| 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 | 70,000 | 70,737 | ||
| Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2036 | 1,000,000 | 1,066,830 | ||
| Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2037 | 1,000,000 | 1,062,018 | ||
| North Charleston, SC, Sewer District, 5%, 7/01/2039 | 3,425,000 | 3,464,962 | ||
| South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052 | 5,000,000 | 5,033,403 | ||
| Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2034 | 2,000,000 | 2,058,910 | ||
| Spartanburg, SC, Water System Refunding & Improvement Rev., “B”, 5%, 6/01/2039 | 2,000,000 | 2,111,835 | ||
| York County, SC, Water and Sewer System Rev., 4%, 6/01/2040 | 1,100,000 | 1,112,534 | ||
| York County, SC, Water and Sewer System Rev., 4%, 6/01/2042 | 1,100,000 | 1,103,457 | ||
| $29,061,949 | ||||
| Total Municipal Bonds | $208,097,076 | |||
| Bonds – 0.3% | ||||
| Consumer Services – 0.3% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 420,000 | $373,292 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 756,395 | 238,784 | ||
| Total Bonds | $612,076 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 426,950 | $215,076 | |
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 0.0% | ||||
| Money Market Funds – 0.0% | ||||
| MFS Institutional Money Market Portfolio, 5.04% (v) | 11,549 | $11,552 | ||
| Other Assets, Less Liabilities – 0.5% | 1,078,489 | |||
| Net Assets – 100.0% | $210,014,269 | |||
| (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 $11,552 and $208,924,228, 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 $4,906,062, representing 2.3% 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 |
| 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.
7
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 | $— | $208,312,152 | $— | $208,312,152 |
| U.S. Corporate Bonds | — | 612,076 | — | 612,076 |
| Mutual Funds | 11,552 | — | — | 11,552 |
| Total | $11,552 | $208,924,228 | $— | $208,935,780 |
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 | $2,629,846 | $16,933,677 | $19,551,764 | $3 | $(210) | $11,552 |
8
Supplemental Information (unaudited) – continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $34,224 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2023, are as follows:
| South Carolina | 78.3% |
| Puerto Rico | 4.5% |
| Illinois | 2.3% |
| Alabama | 1.8% |
| New York | 1.7% |
| Tennessee | 1.1% |
| Pennsylvania | 1.1% |
| Virginia | 1.0% |
| Massachusetts | 1.0% |
| California | 0.9% |
| Guam | 0.9% |
| Texas | 0.9% |
| Maryland | 0.8% |
| Arkansas | 0.7% |
| North Carolina | 0.7% |
| New Jersey | 0.7% |
| Wisconsin | 0.4% |
| New Hampshire | 0.3% |
| Colorado | 0.3% |
| Michigan | 0.2% |
| Connecticut | 0.2% |
| Ohio | 0.1% |
| Washington DC | 0.1% |
| Indiana (o) | 0.0% |
| 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.
9