Quarterly Report
December 31, 2023
MFS® Georgia
Municipal Bond Fund
Municipal Bond Fund
MGA-Q3
Portfolio of Investments
12/31/23 (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 – 96.8% | ||||
Airport Revenue – 4.9% | ||||
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038 | $ | 1,000,000 | $1,014,859 | |
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052 | 1,000,000 | 1,059,188 | ||
Atlanta, GA, Airport General Rev., “C”, 5%, 7/01/2053 | 500,000 | 531,683 | ||
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044 | 1,000,000 | 1,048,799 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038 | 520,000 | 523,303 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 530,000 | 532,398 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 265,000 | 268,039 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 30,000 | 30,198 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 35,000 | 35,353 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 25,000 | 25,068 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 40,000 | 40,107 | ||
$5,108,995 | ||||
General Obligations - General Purpose – 4.0% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $197,058 | |
Cartersville, GA, General Obligation, 2%, 10/01/2040 | 1,000,000 | 718,706 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 60,000 | 65,374 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 165,000 | 165,989 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 7,530 | 7,382 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 59,571 | 37,138 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 50,258 | 54,508 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 150,816 | 167,761 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 46,290 | 45,323 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 85,068 | 82,247 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 35,711 | 34,094 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 48,553 | 44,530 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 171,495 | 152,746 | ||
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048 | 500,000 | 508,561 | ||
State of Georgia, General Obligation, “A”, 5%, 7/01/2024 | 1,000,000 | 1,011,056 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 180,000 | 199,288 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 85,000 | 93,379 | ||
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036 | 500,000 | 557,081 | ||
$4,142,221 | ||||
General Obligations - Schools – 8.1% | ||||
Ben Hill County, GA, School District Rev., 4%, 4/01/2037 | $ | 750,000 | $775,952 | |
Bryan County, GA, School District General Obligation, 4%, 8/01/2032 | 500,000 | 509,863 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 370,000 | 320,908 | ||
Dalton, GA, General Obligation, 5%, 2/01/2036 | 500,000 | 543,437 | ||
Evans County, GA, School District, 4%, 6/01/2035 | 660,000 | 690,255 | ||
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029 | 1,000,000 | 1,023,183 | ||
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2039 | 1,500,000 | 1,642,683 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 930,000 | 749,160 | ||
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043 | 1,000,000 | 1,141,109 | ||
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044 | 1,000,000 | 1,136,655 | ||
$8,533,205 | ||||
Healthcare Revenue - Hospitals – 14.2% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 210,000 | $204,502 | |
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026) | 500,000 | 528,612 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041 | 485,000 | 489,704 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 25,000 | 23,978 | ||
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053 | 1,000,000 | 1,141,507 | ||
Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), “A”, AGM, 5%, 4/01/2048 | 1,000,000 | 1,082,312 | ||
Columbus, GA, Hospital Authority Refunding Rev., Anticipation Certificates, 5%, 7/01/2024 | 670,000 | 676,879 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048 | $ | 250,000 | $240,065 | |
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | 15,000 | 12,777 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032 | 500,000 | 522,020 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035 | 500,000 | 506,090 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039 | 500,000 | 505,047 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049 | 1,000,000 | 956,624 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 | 1,000,000 | 1,056,598 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042 | 750,000 | 772,230 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028 | 500,000 | 509,092 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 1,000,000 | 1,030,574 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 645,000 | 618,817 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 695,000 | 695,018 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 765,000 | 728,393 | ||
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 | 1,000,000 | 1,009,841 | ||
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043 | 1,000,000 | 992,357 | ||
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 550,000 | 527,309 | ||
$14,830,346 | ||||
Healthcare Revenue - Long Term Care – 1.0% | ||||
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036 | $ | 500,000 | $493,603 | |
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033 | 500,000 | 515,991 | ||
$1,009,594 | ||||
Industrial Revenue - Other – 0.1% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 2.875%, 1/01/2041 (n) | $ | 130,000 | $85,710 | |
Industrial Revenue - Paper – 0.1% | ||||
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $ | 150,000 | $139,905 | |
Miscellaneous Revenue - Other – 6.1% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054 | $ | 1,250,000 | $1,096,497 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n) | 1,000,000 | 871,050 | ||
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), ”A“, 4.625%, 5/01/2043 | 1,000,000 | 1,077,666 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034 | 500,000 | 547,530 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036 | 500,000 | 517,892 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044 | 660,000 | 698,556 | ||
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052 | 1,000,000 | 1,030,079 | ||
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026 | 45,000 | 45,519 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 280,000 | 277,477 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 270,000 | 270,104 | ||
$6,432,370 | ||||
Multi-Family Housing Revenue – 1.3% | ||||
De Kalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), ”A“, 4%, 12/01/2033 | $ | 1,000,000 | $996,805 | |
National Finance Authority, NH, Municipal Certificates, ”1-A“, 4.375%, 9/20/2036 | 323,804 | 327,041 | ||
$1,323,846 | ||||
Port Revenue – 2.8% | ||||
Georgia Ports Authority Rev., 4%, 7/01/2047 | $ | 1,000,000 | $1,015,880 | |
Georgia Ports Authority Rev., 4%, 7/01/2052 | 1,000,000 | 1,006,055 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 1,000,000 | 949,392 | ||
$2,971,327 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – 6.2% | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, ”B-1“, AGM, 0%, 6/15/2044 | $ | 1,205,000 | $509,721 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 5,000 | 5,385 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 10,843 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 90,000 | 86,159 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., ”A“, 5%, 7/01/2039 | 1,000,000 | 1,159,012 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025) | 1,000,000 | 1,031,981 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040 | 1,000,000 | 904,290 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 24,000 | 24,116 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053 | 82,000 | 81,151 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 1,127,000 | 1,130,933 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 196,000 | 194,572 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 82,395 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 578,000 | 569,729 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 1,000 | 980 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 35,000 | 30,464 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 4,798 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 326,000 | 238,591 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 316,000 | 210,476 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 145,000 | 45,461 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n) | 245,000 | 191,100 | ||
$6,512,157 | ||||
Secondary Schools – 0.2% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n) | $ | 250,000 | $222,054 | |
Single Family Housing - State – 5.6% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 160,000 | $159,537 | |
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.15%, 12/01/2038 | 1,000,000 | 1,035,041 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.85%, 12/01/2041 | 1,465,000 | 1,448,619 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044 | 1,000,000 | 924,692 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048 | 405,000 | 388,609 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”B“, 4.875%, 12/01/2038 | 1,000,000 | 1,088,935 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043 | 595,000 | 605,187 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.5%, 9/01/2046 | 195,000 | 197,712 | ||
$5,848,332 | ||||
State & Local Agencies – 0.5% | ||||
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024) | $ | 500,000 | $506,952 | |
Student Loan Revenue – 0.7% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 5,000 | $4,825 | |
Iowa Student Loan Liquidity Corp. Rev., ”C“, 3.5%, 12/01/2044 | 130,000 | 108,729 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 55,000 | 49,382 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041 | 585,000 | 577,694 | ||
$740,630 | ||||
Tax - Other – 0.9% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 | $ | 435,000 | $457,676 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 65,000 | 67,831 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 185,000 | 202,317 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036 | 35,000 | 35,854 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046 | 100,000 | 99,686 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 93,156 | ||
$956,520 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax Assessment – 0.4% | ||||
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026) | $ | 410,000 | $428,982 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 10,000 | 9,869 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 9,000 | 9,159 | ||
$448,010 | ||||
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | $ | 560,000 | $526,263 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050 | 365,000 | 337,620 | ||
$863,883 | ||||
Toll Roads – 0.3% | ||||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | $ | 375,000 | $307,604 | |
Transportation - Special Tax – 0.1% | ||||
New Jersey Transportation Trust Fund Authority, ”A“, 5%, 12/15/2039 | $ | 70,000 | $76,153 | |
Universities - Colleges – 15.9% | ||||
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035 | $ | 500,000 | $505,112 | |
Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048 | 750,000 | 830,175 | ||
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038 | 600,000 | 632,195 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 | 560,000 | 575,108 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 1,000,000 | 999,728 | ||
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038 | 815,000 | 859,517 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027) | 200,000 | 215,319 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 | 800,000 | 848,883 | ||
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing LLC Project), 5%, 7/01/2038 | 750,000 | 812,787 | ||
Clemson University, SC, Athletic Facilities Rev., ”A“, 3%, 5/01/2048 | 1,000,000 | 807,801 | ||
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034 | 500,000 | 539,586 | ||
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 | 1,000,000 | 1,061,016 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034 | 300,000 | 326,862 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 | 500,000 | 486,748 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 | 1,000,000 | 1,060,330 | ||
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028 | 500,000 | 512,855 | ||
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036 | 750,000 | 774,938 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 | 350,000 | 355,048 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 1,000,000 | 1,080,613 | ||
Gwinnett County, GA, Development Authority Rev. (Student Housing), ”A“, 5%, 7/01/2040 | 1,000,000 | 1,037,998 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 500,000 | 420,413 | ||
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 | 870,000 | 926,272 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 70,000 | 68,479 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 50,000 | 50,075 | ||
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032 | 325,000 | 329,457 | ||
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035 | 500,000 | 520,271 | ||
$16,637,586 | ||||
Universities - Dormitories – 0.4% | ||||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030 | $ | 390,000 | $395,566 | |
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030 (Prerefunded 7/15/2025) | 10,000 | 10,328 | ||
$405,894 |
4
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Investor Owned – 0.7% | ||||
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | $ | 750,000 | $762,415 | |
Utilities - Municipal Owned – 9.1% | ||||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029 | $ | 1,195,000 | $1,270,249 | |
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032 | 1,000,000 | 1,109,807 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 | 500,000 | 510,074 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 | 500,000 | 509,755 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, 4.5%, 7/01/2063 | 1,000,000 | 1,013,083 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2048 | 1,000,000 | 1,061,323 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2055 | 1,000,000 | 1,045,352 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), ”A“, 5%, 1/01/2039 | 750,000 | 786,936 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037 | 1,000,000 | 1,112,586 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038 | 125,000 | 132,814 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | 50,000 | 50,478 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 60,000 | 60,396 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 100,000 | 26,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 155,000 | 40,300 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 70,000 | 68,868 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,857 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 245,000 | 63,700 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 10,400 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,200 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 24,700 | ||
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 490,000 | 487,664 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 45,000 | 11,700 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 45,000 | 11,700 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 32,500 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 5,200 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 15,600 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 70,000 | 18,200 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 25,000 | 6,500 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 75,000 | 19,500 | ||
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 60,000 | 14,550 | ||
$9,545,392 | ||||
Utilities - Other – 3.6% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), ”A“, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 250,000 | $246,428 | |
Black Belt Energy Gas District, AL, Gas Project Rev., ”A“, 4%, 6/01/2051 (Put Date 12/01/2031) | 300,000 | 302,108 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 585,000 | 618,825 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”A“, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 1,060,423 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”C“, 5%, 9/01/2053 (Put Date 9/01/2030) | 750,000 | 802,355 | ||
Southeast Alabama Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031) | 715,000 | 782,859 | ||
$3,812,998 | ||||
Water & Sewer Utility Revenue – 8.8% | ||||
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036 | $ | 750,000 | $806,882 | |
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037 | 1,000,000 | 1,070,798 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038 | 1,000,000 | 1,066,530 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038 | 500,000 | 509,394 | ||
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 | 500,000 | 508,680 | ||
Cherokee County, GA, Water and Sewerage Authority Rev., 4%, 8/01/2053 | 1,000,000 | 1,005,170 | ||
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052 | 1,000,000 | 1,099,017 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 30,000 | 30,941 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 125,000 | 126,892 |
5
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | $ | 45,000 | $45,361 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 45,000 | 45,326 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 155,000 | 159,530 | ||
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027 | 1,000,000 | 1,083,377 | ||
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 | 15,082 | ||
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 | 20,086 | ||
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 | 20,077 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026) | 500,000 | 524,231 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053 | 1,000,000 | 1,096,750 | ||
$9,234,124 | ||||
Total Municipal Bonds | $101,458,223 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 204,000 | $188,764 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,197 | 120,302 | ||
Total Bonds | $309,066 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 205,186 | $111,826 | |
Investment Companies (h) – 1.7% | ||||
Money Market Funds – 1.7% | ||||
MFS Institutional Money Market Portfolio, 5.42% (v) | 1,817,949 | $1,818,313 | ||
Other Assets, Less Liabilities – 1.1% | 1,132,003 | |||
Net Assets – 100.0% | $104,829,431 |
(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 $1,818,313 and $101,879,115, 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 $2,096,362, representing 2.0% 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 |
BHAC | Berkshire Hathaway Assurance Corp. |
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
12/31/23 (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 December 31, 2023 in valuing the fund's assets and liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $101,570,049 | $— | $101,570,049 |
U.S. Corporate Bonds | — | 309,066 | — | 309,066 |
Mutual Funds | 1,818,313 | — | — | 1,818,313 |
Total | $1,818,313 | $101,879,115 | $— | $103,697,428 |
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 | $2,287,590 | $24,435,790 | $24,904,032 | $(851) | $(184) | $1,818,313 |
7
Supplemental Information (unaudited) – continued
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $56,872 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2023, are as follows:
Georgia | 78.9% |
Puerto Rico | 4.2% |
Illinois | 2.2% |
New York | 2.1% |
Alabama | 1.3% |
California | 1.2% |
Virginia | 1.1% |
Maryland | 0.8% |
South Carolina | 0.8% |
Arkansas | 0.7% |
Guam | 0.7% |
North Carolina | 0.7% |
Texas | 0.7% |
New Jersey | 0.6% |
Ohio | 0.5% |
Massachusetts | 0.4% |
New Hampshire | 0.3% |
Wisconsin | 0.3% |
Connecticut | 0.2% |
Michigan | 0.2% |
Pennsylvania | 0.2% |
Washington DC | 0.2% |
Iowa | 0.1% |
Colorado (o) | 0.0% |
Minnesota (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.
8