MFS Municipal Income R6 (MPMNX) NPORT-P MFS Georgia Municipal Bond Fund (Dec 2024 report)

Quarterly Report

December 31, 2024

MFS^®Georgia
Municipal Bond Fund

MGA-Q3

Portfolio of Investments

12/31/24 (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 – 98.9%
Airport Revenue – 5.6%
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038	$	1,000,000	$981,481
Atlanta, GA, Airport General Rev., “B”, 5.25%, 7/01/2049		1,000,000	1,069,131
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052		1,000,000	1,031,141
Atlanta, GA, Airport General Rev., “C”, 5%, 7/01/2053		500,000	517,693
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044		1,000,000	1,022,771
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038		520,000	510,370
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039		530,000	517,433
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.25%, 6/30/2060		500,000	521,168
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044		30,000	30,016
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039		25,000	25,008
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044		40,000	40,011
			$6,266,223
General Obligations - General Purpose – 4.5%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036	$	220,000	$196,807
Cartersville, GA, General Obligation, 2%, 10/01/2040		1,000,000	713,473
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042		165,000	165,192
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029		50,258	53,537
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031		150,816	164,931
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033		46,290	45,586
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035		85,068	82,928
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037		35,711	34,437
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041		48,553	45,908
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046		171,495	159,257
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033		59,571	40,298
Dacula, GA, Urban Redevelopment Agency Rev. (Georgia Project), AGM, 4.125%, 2/01/2050		1,000,000	970,166
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048		500,000	490,684
State of Illinois, General Obligation, 5.5%, 5/01/2039		180,000	193,869
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047		85,000	91,567
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036		500,000	533,296
Washington County, GA, Hospital Authority Rev. Anticipation Certificates (Medical Center Project), 4%, 2/01/2044		1,000,000	968,074
			$4,950,010
General Obligations - Schools – 3.3%
Bryan County, GA, School District General Obligation, 4%, 8/01/2032	$	500,000	$502,856
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047		370,000	307,679
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048		930,000	711,681
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043		1,000,000	1,088,391
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044		1,000,000	1,085,265
			$3,695,872
Healthcare Revenue - Hospitals – 12.5%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044	$	210,000	$197,304
Cedartown, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026)		500,000	514,304
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041		430,000	423,178
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049		25,000	22,371
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053		1,000,000	1,109,992
Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), “A”, AGM, 5%, 4/01/2048		1,000,000	1,058,530
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048		250,000	233,327
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), “B”, 5%, 8/15/2041		850,000	928,003
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), “B”, FNMA, 5%, 8/15/2042		450,000	489,027
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049		15,000	15,283

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032	$	500,000	$510,678
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039		400,000	395,173
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049		1,000,000	943,057
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034		1,000,000	1,030,312
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042		750,000	762,108
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028		400,000	401,707
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042		1,000,000	1,017,745
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052		695,000	670,763
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049		765,000	730,295
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036		1,000,000	981,348
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043		1,000,000	967,095
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049		550,000	527,039
			$13,928,639
Healthcare Revenue - Long Term Care – 0.9%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A”, 5%, 7/01/2036	$	500,000	$502,210
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033		500,000	509,968
			$1,012,178
Industrial Revenue - Environmental Services – 0.2%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 7/01/2041 (Put Date 7/01/2027)	$	195,000	$195,602
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	$101,848
Industrial Revenue - Paper – 0.1%
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n)	$	150,000	$143,790
Miscellaneous Revenue - Other – 6.4%
Atlanta, GA, Development Authority Senior Rev. (Westside Gulch Area Project), “A-1”, 5%, 4/01/2034 (n)	$	500,000	$501,340
Atlanta, GA, Development Authority, Convertible Capital Appreciation Economic Development (Gulch Enterprise Zone Project), “A-1”, 0% to 6/15/2028, 6.5% to 12/15/2048		275,000	232,392
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054		1,250,000	1,117,290
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)		1,000,000	972,818
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), “A”, 4.625%, 5/01/2043		1,000,000	1,035,257
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), “A”, 5%, 3/15/2034		500,000	526,727
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), “A”, 5%, 3/15/2036		500,000	505,954
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), “A”, 5%, 3/15/2044		660,000	680,214
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052		1,000,000	1,012,605
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026		45,000	45,957
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)		280,000	280,159
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028		220,000	221,170
			$7,131,883
Multi-Family Housing Revenue – 7.0%
Atlanta, GA, Urban Residential Finance Authority Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043	$	1,000,000	$1,025,344
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Flats at Stone Hogan), FNMA, 4.37%, 5/01/2044		1,000,000	973,214
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Skyline Apartments), 3.75%, 9/01/2025		500,000	499,676
DeKalb County, GA, Housing Authority Multi Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034		1,000,000	978,241
DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034		1,000,000	986,458
DeKalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), “A”, 4%, 12/01/2033		1,000,000	990,725
Douglas County, GA, Housing Authority, Multi-Family Rev. (Astoria at Crystal Lake Project), “A”, FNMA, 4.375%, 4/01/2043		1,000,000	990,241
Lawrenceville, GA, Housing Finance Authority, Multi-Family Rev. (Applewood Towers Project), “A”, 4.375%, 10/01/2042		1,000,000	992,062

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036	$	319,368	$317,160
			$7,753,121
Port Revenue – 2.6%
Georgia Ports Authority Rev., 4%, 7/01/2047	$	1,000,000	$977,647
Georgia Ports Authority Rev., 4%, 7/01/2052		1,000,000	966,631
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055		1,000,000	918,796
			$2,863,074
Sales & Excise Tax Revenue – 5.3%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044	$	1,205,000	$509,360
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042		90,000	85,519
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., “A”, 5%, 7/01/2039		1,000,000	1,114,852
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2025)		1,000,000	1,009,590
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., “E-1”, 3%, 7/01/2040		1,000,000	861,292
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040		24,000	24,006
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053		82,000	80,776
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058		627,000	624,655
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040		196,000	193,314
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040		83,000	82,045
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058		578,000	567,657
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029		6,000	5,034
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031		326,000	250,572
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033		316,000	222,501
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046		145,000	46,644
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)		245,000	237,037
			$5,914,854
Secondary Schools – 0.7%
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2055	$	500,000	$490,356
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)		250,000	235,221
			$725,577
Single Family Housing - State – 7.5%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047	$	95,000	$94,968
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.15%, 12/01/2038		1,000,000	996,799
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 3.85%, 12/01/2041		1,465,000	1,410,476
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 3.6%, 12/01/2044		1,000,000	893,268
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2048		405,000	373,062
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.6%, 12/01/2049		1,000,000	995,256
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.7%, 12/01/2054		1,000,000	1,002,676
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “B”, 4.875%, 12/01/2038		1,000,000	1,045,262
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C”, 4.55%, 12/01/2049		750,000	738,597
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043		595,000	593,063
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046		195,000	192,845
			$8,336,272
State & Local Agencies – 2.8%
Fayette County, GA, Development Authority Rev. (United States Soccer Federation, Inc. Project), 5.25%, 10/01/2054	$	1,000,000	$1,056,870
Georgia Municipal Association, Inc. (City of Fairburn Project), 4%, 1/01/2055		1,000,000	935,123
Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054		1,000,000	1,068,611
			$3,060,604

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Student Loan Revenue – 0.5%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039	$	5,000	$4,695
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044		130,000	104,642
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041		460,000	452,041
			$561,378
Tax - Other – 0.8%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035	$	435,000	$450,349
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045		70,000	71,952
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048		185,000	198,591
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036		35,000	35,429
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046		100,000	100,016
			$856,337
Tax Assessment – 0.4%
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)	$	410,000	$418,123
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029		10,000	9,873
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036		9,000	9,121
			$437,117
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055	$	355,000	$314,620
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050		300,000	271,702
			$586,322
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041	$	375,000	$302,830
Universities - Colleges – 14.1%
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), “A”, 3.5%, 6/01/2035	$	500,000	$489,890
Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048		750,000	807,418
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038		600,000	621,141
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037		560,000	559,896
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044		1,000,000	956,191
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038		815,000	844,286
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038		800,000	818,775
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing LLC Project), 5%, 7/01/2038		750,000	785,588
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048		1,000,000	779,466
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034		500,000	523,629
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036		1,000,000	1,036,633
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049		500,000	484,164
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052		1,000,000	1,033,747
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028		500,000	503,271
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036		750,000	750,226
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040		350,000	351,938
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051		1,000,000	1,059,710
Gwinnett County, GA, Development Authority Rev. (Student Housing), “A”, 5%, 7/01/2040		1,000,000	1,020,202
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051		500,000	395,909
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048		870,000	892,511
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033		65,000	65,049
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		45,000	45,053
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032		325,000	325,324

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), “A”, 5%, 8/01/2035	$	500,000	$510,063
			$15,660,080
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	$390,806
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	10,098
			$400,904
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	$764,761
Utilities - Municipal Owned – 8.4%
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029	$	1,195,000	$1,232,189
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035		500,000	497,285
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036		500,000	496,007
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, 4.5%, 7/01/2063		1,000,000	978,294
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2048		1,000,000	1,054,161
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2055		1,000,000	1,040,002
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2039		750,000	777,464
Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2037		1,000,000	1,075,075
Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2038		125,000	130,770
Georgia Municipal Electric Authority, “A”, BAM, 5.25%, 1/01/2054		1,000,000	1,073,258
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)		155,000	83,700
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		245,000	132,300
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		95,000	51,300
Puerto Rico Electric Power Authority Rev., “RR”, AGM, 5%, 7/01/2028		490,000	486,854
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		45,000	24,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		125,000	67,500
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030		70,000	69,155
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034		10,000	9,844
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		70,000	37,800
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)		60,000	32,400
			$9,349,658
Utilities - Other – 3.4%
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)	$	585,000	$621,438
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)		1,000,000	1,046,632
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)		750,000	790,664
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, 5%, 4/01/2054 (Put Date 4/01/2031)		500,000	531,026
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031)		715,000	771,064
			$3,760,824
Water & Sewer Utility Revenue – 9.9%
Atlanta, GA, Water & Wastewater Refunding Rev., BAM, 4%, 11/01/2043	$	1,000,000	$987,801
Atlanta, GA, Water & Wastewater Refunding Rev., “B”, 4%, 11/01/2038		500,000	496,942
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038		500,000	497,580
Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053		1,000,000	962,940
Coweta County, GA, Water & Sewerage Authority Rev., 5%, 6/01/2054		1,000,000	1,070,382
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052		1,000,000	1,060,120
Gainesville, GA, Water & Sewer Rev., 5%, 11/15/2046		400,000	436,130
Georgia Upper Oconee Basin Water Authority Rev., 5%, 7/01/2049		1,000,000	1,078,908
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		125,000	126,150
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		155,000	159,187
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027		1,000,000	1,047,332
Macon, GA, Water Authority, Water & Sewer Rev., 5%, 10/01/2054		1,000,000	1,076,556
Senoia, GA, Building and Facilities Authority Rev. (City of Senoia, Georgia Project), 4%, 12/01/2046 (w)		1,000,000	977,318

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053	$	1,000,000	$1,059,814
			$11,037,160
Total Municipal Bonds			$109,796,918
Bonds – 0.3%
Transportation - Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)	$	204,000	$202,579
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		363,682	105,468
Total Bonds			$308,047
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	191,510	$117,300
Mutual Funds (h) – 0.1%
Money Market Funds – 0.1%
MFS Institutional Money Market Portfolio, 4.49% (v)		111,601	$111,623
Other Assets, Less Liabilities – 0.6%			630,341
Net Assets – 100.0%			$110,964,229

(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 $111,623 and $110,222,265, 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 $2,780,260, representing 2.5% of net assets.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
BAM	Build America Mutual
BHAC	Berkshire Hathaway Assurance Corp.
FNMA	Federal National Mortgage Assn.
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

12/31/24 (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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$109,914,218	$—	$109,914,218
U.S. Corporate Bonds	—	308,047	—	308,047
Investment Companies	111,623	—	—	111,623
Total	$111,623	$110,222,265	$—	$110,333,888

For further information regarding security characteristics, see the Portfolio of Investments.

7

Supplemental Information (unaudited) – continued

(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 for the period ended December 31, 2024:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$1,809,049	$27,042,270	$28,739,323	$(25)	$(348)	$111,623

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$56,408	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2024, are as follows:

Georgia	84.4%
Puerto Rico	3.6%
New York	2.4%
Illinois	2.0%
Virginia	1.0%
California	0.8%
Maryland	0.7%
Alabama	0.7%
South Carolina	0.7%
North Carolina	0.7%
Arkansas	0.7%
Guam	0.5%
New Jersey	0.4%
Massachusetts	0.4%
Pennsylvania	0.4%
New Hampshire	0.3%
Ohio	0.3%
Washington DC	0.2%
Wisconsin	0.2%
Iowa	0.1%
Connecticut	0.1%
Michigan	0.1%
Texas	0.1%
U.S. Virgin Islands (o)	0.0%
Colorado (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