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

Quarterly Report

December 31, 2024

MFS^®North Carolina
Municipal Bond Fund

MNC-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 – 97.4%
Airport Revenue – 6.5%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4%, 7/01/2052	$	5,000,000	$4,778,177
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2037		1,000,000	987,759
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2041		2,155,000	2,277,392
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042		1,000,000	1,013,815
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042		2,300,000	2,416,993
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049		2,500,000	2,545,951
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048		1,000,000	1,057,848
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053		4,000,000	4,202,878
Greater Asheville, NC, Regional Airport Authority System Rev., “A”, AGM, 5.5%, 7/01/2052		1,500,000	1,604,808
New York Transportation Development Corp., Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034		1,275,000	1,276,433
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060		2,580,000	2,649,296
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036		2,000,000	2,040,583
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037		2,000,000	2,038,327
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044		175,000	175,095
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039		150,000	150,046
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044		240,000	240,063
			$29,455,464
General Obligations - General Purpose – 3.4%
Asheville, NC, General Obligation Refunding, 4%, 6/01/2039	$	295,000	$301,978
Asheville, NC, General Obligation Refunding, 4%, 6/01/2041		500,000	505,033
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036		1,030,000	921,413
Cartersville, GA, General Obligation, 2%, 10/01/2040		2,190,000	1,562,505
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040		1,655,000	1,748,998
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042		665,000	665,772
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029		201,638	214,792
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031		554,850	606,781
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033		185,717	182,894
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035		344,225	335,565
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037		143,274	138,164
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041		194,798	184,184
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046		680,587	632,019
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033		239,000	161,678
Durham County, NC, General Obligation Refunding, 4%, 6/01/2037		450,000	457,614
Durham County, NC, General Obligation Refunding, 4%, 6/01/2039		650,000	656,265
Howard County, MD, Metropolitan District Project, “B”, 3%, 8/15/2051		4,000,000	3,032,231
Lee County, NC, Limited Obligation, 4%, 5/01/2037		855,000	855,580
State of Illinois, General Obligation, 5.5%, 5/01/2039		375,000	403,894
State of Illinois, General Obligation, 5.75%, 5/01/2045		350,000	378,578
State of Illinois, General Obligation, “C”, 4%, 10/01/2040		685,000	667,986
State of Illinois, General Obligation, “C”, 4%, 10/01/2041		310,000	299,847
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048		460,000	460,236
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052		185,000	183,548
			$15,557,555
General Obligations - Schools – 0.3%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047	$	1,510,000	$1,255,662
Healthcare Revenue - Hospitals – 10.2%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044	$	555,000	$521,446
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), “D”, 3.625%, 1/15/2048 (Put Date 6/15/2027)		2,500,000	2,505,769
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036		3,000,000	3,160,541
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040		3,000,000	3,030,623

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052	$	2,480,000	$2,352,230
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)		1,500,000	1,577,320
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)		2,425,000	2,550,001
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052		4,685,000	4,521,618
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052		5,000,000	4,709,006
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032		600,000	641,418
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033		255,000	272,221
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049		5,000,000	4,773,168
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025)		3,000,000	3,022,439
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045		2,500,000	2,506,013
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033		1,000,000	1,053,689
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027		150,000	150,809
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035		1,515,000	1,431,675
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038		1,065,000	979,940
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046		6,500,000	6,585,815
			$46,345,741
Healthcare Revenue - Long Term Care – 8.5%
North Carolina Medical Care commission Retirement Facilities First Mortgage Rev. (Penick Village Project), “A”, 5.5%, 9/01/2044	$	1,380,000	$1,408,087
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Penick Village Project), “A”, 5.5%, 9/01/2054		1,665,000	1,667,584
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037		2,750,000	2,776,826
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036		1,000,000	959,785
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042		2,000,000	1,814,672
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035		1,500,000	1,500,488
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031		1,000,000	1,015,443
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050		2,000,000	2,025,949
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052		3,000,000	2,455,290
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045		1,000,000	728,927
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047		1,000,000	711,932
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047		2,000,000	1,922,490
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), “B”, 5%, 9/01/2044		1,260,000	1,286,260
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), “B”, 5%, 9/01/2049		1,100,000	1,108,483
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), “B”, 5%, 9/01/2054		1,340,000	1,340,112
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041		830,000	756,339
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046		715,000	619,480
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051		1,100,000	915,108
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040		2,000,000	1,798,953
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039		1,225,000	1,167,123
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050		1,500,000	1,447,671
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037		1,500,000	1,480,713
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049		2,000,000	1,953,609
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031		800,000	806,573
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037		2,200,000	2,207,501
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “A”, 5.125%, 10/01/2054		2,000,000	2,042,947

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035	$	1,000,000	$1,018,843
			$38,937,188
Human Services – 0.2%
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034	$	1,000,000	$1,004,720
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)	$	835,000	$837,576
Industrial Revenue - Other – 1.5%
Cumberland County, PA, Industrial Facilities and Pollution Control Finance Authority, (Project Aero), 3.75%, 12/01/2027 (Put Date 11/01/2025)	$	6,000,000	$5,989,231
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)		600,000	547,308
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)		510,000	399,559
			$6,936,098
Miscellaneous Revenue - Other – 1.4%
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2041	$	1,000,000	$1,100,182
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2042		1,000,000	1,096,286
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2043		875,000	955,700
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026		190,000	194,041
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)		1,130,000	1,130,643
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057		1,690,000	1,725,700
			$6,202,552
Multi-Family Housing Revenue – 4.9%
Gastonia NC, Housing Authority Multi-Family Tax Exempt Mortgage, (Stonecroft Village II), “A”, FNMA, 4.55%, 7/01/2043	$	3,481,000	$3,441,471
Inlivian, NC, Multi-Family Tax-Exempt (Poplar Grove Apartments), 4.45%, 6/01/2041		3,985,000	4,006,634
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036		1,290,878	1,281,953
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025)		675,000	677,431
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025)		1,070,000	1,071,282
North Carolina Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040		4,974,212	5,011,964
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026)		240,000	244,187
Raleigh, NC, Housing Authority Multi-Family Rev. (Parkside Apartments), “A”, FNMA, 4.4%, 12/01/2043		4,125,000	4,050,424
Shelby, NC, Multi-Family (Laurel Hill Apartments), Taxable, FNMA, 4.25%, 8/01/2040		2,640,000	2,581,011
			$22,366,357
Sales & Excise Tax Revenue – 2.9%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042	$	350,000	$332,576
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031		1,295,000	1,306,291
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		9,000	8,773
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040		105,000	105,026
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053		336,000	330,984
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058		6,329,000	6,305,333
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040		635,000	626,297
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040		348,000	343,998
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058		154,000	151,244
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029		31,000	26,010
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031		1,584,000	1,217,501
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033		1,515,000	1,066,736
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046		718,000	230,968

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)	$	880,000	$851,400
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)		485,000	469,237
			$13,372,374
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n)	$	430,000	$396,194
Single Family Housing - State – 11.6%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047	$	385,000	$384,871
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051		1,660,000	1,626,076
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044		1,285,000	1,149,004
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043		2,740,000	2,150,952
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050		2,520,000	2,523,820
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 3.75%, 7/01/2052		2,825,000	2,814,257
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, 4.875%, 7/01/2042		1,190,000	1,218,656
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 5%, 7/01/2047		4,970,000	5,053,660
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 6%, 7/01/2053		1,340,000	1,419,608
North Carolina Housing Finance Agency, Home Ownership Rev., “50”, GNMA, 5.5%, 1/01/2054		4,740,000	5,037,762
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 4.5%, 1/01/2048		2,990,000	2,937,880
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 5.75%, 1/01/2054		3,810,000	4,033,969
North Carolina Housing Finance Agency, Home Ownership Rev., “52-A”, GNMA, 6.25%, 1/01/2055		3,930,000	4,247,164
North Carolina Housing Finance Agency, Home Ownership Rev., “54-A”, 4.55%, 7/01/2044		2,000,000	1,995,929
North Carolina Housing Finance Agency, Home Ownership Rev., “54-A”, 6.25%, 1/01/2055		2,000,000	2,221,131
North Carolina Housing Finance Agency, Home Ownership Rev., “55-A”, GNMA, 6.25%, 7/01/2055		4,000,000	4,390,309
North Carolina Housing Finance Agency, Home Ownership Rev., “56”, GNMA, 3.375%, 7/01/2048 (Put Date 7/15/2025)		3,000,000	2,992,904
North Carolina Housing Finance Agency, Home Ownership Rev., “53-A”, GNMA, 4.375%, 7/01/2044		3,000,000	2,967,159
North Carolina Housing Finance Agency, Home Ownership Rev., “53-A”, GNMA, 6.25%, 1/01/2055		3,485,000	3,782,601
			$52,947,712
State & Local Agencies – 10.6%
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035	$	1,465,000	$1,477,619
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034		1,000,000	1,009,864
Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043		1,115,000	1,223,150
Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043		950,000	1,042,146
Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044		2,250,000	2,460,166
Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044		750,000	820,055
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049		2,500,000	2,437,663
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039		3,000,000	2,612,653
Charlotte, NC, Refunding COP (Transit Projects), “A”, 3%, 6/01/2048		4,425,000	3,484,159
Chatham County, NC, Limited Obligation, 4%, 11/01/2037		1,750,000	1,748,866
Durham County, NC, Limited Obligation Capital Financing Corp., “A”, 5%, 6/01/2043		1,315,000	1,448,359
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034		2,000,000	2,028,462
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035		1,240,000	1,250,830
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036		1,375,000	1,378,953
Durham County, NC, Limited Obligation, 4%, 4/01/2035		1,270,000	1,280,769
Durham County, NC, Limited Obligation, 4.5%, 10/01/2042		2,400,000	2,507,610
Durham County, NC, Limited Obligation, 4.5%, 10/01/2043		2,000,000	2,081,603
Durham County, NC, Limited Obligation Capital Financing Corp., “A”, 5%, 6/01/2044		750,000	823,393
Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036		350,000	318,270
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034		2,555,000	2,587,926
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043		3,500,000	1,567,592
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046		2,035,000	788,203
Onslow County, NC, Limited Obligation, 4%, 12/01/2040		500,000	497,070
Onslow County, NC, Limited Obligation, 4%, 12/01/2041		1,035,000	1,027,628
Onslow County, NC, Limited Obligation, 4%, 12/01/2042		500,000	497,478
Onslow County, NC, Limited Obligation, 4%, 12/01/2043		425,000	419,807

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033	$	2,530,000	$2,596,214
Scotland County, NC, Limited Obligation, 5%, 12/01/2033		210,000	220,328
Scotland County, NC, Limited Obligation, 5%, 12/01/2034		1,000,000	1,048,018
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2040		1,825,000	2,015,403
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2041		1,625,000	1,786,200
Wake County, NC, Limited Obligation, “B”, 5%, 4/01/2041		1,765,000	1,940,088
			$48,426,545
Student Loan Revenue – 1.1%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041	$	1,805,000	$1,773,770
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2043		3,335,000	3,342,185
			$5,115,955
Tax - Other – 0.7%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035	$	1,920,000	$1,987,746
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045		300,000	308,364
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048		670,000	719,223
			$3,015,333
Tax Assessment – 0.2%
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n)	$	1,000,000	$940,385
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048	$	1,455,000	$1,267,317
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055		650,000	576,066
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050		1,270,000	1,150,202
			$2,993,585
Toll Roads – 4.3%
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047	$	2,000,000	$2,016,802
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040		2,000,000	2,070,211
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038		3,000,000	3,149,723
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032		1,150,000	1,180,774
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039		2,600,000	2,661,911
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058		5,000,000	5,246,995
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, “B”, AGM, 0%, 1/01/2052		7,000,000	1,893,589
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041		1,505,000	1,215,356
			$19,435,361
Transportation - Special Tax – 0.6%
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045	$	2,605,000	$2,478,955
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050		250,000	294,115
			$2,773,070
Universities - Colleges – 10.7%
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044	$	3,000,000	$3,101,892
Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040		3,155,000	3,260,958
North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2048		2,000,000	2,119,634
North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2052		2,000,000	2,109,114
North Carolina Agricultural & Technical State University General Rev., “A”, 5%, 10/01/2035		3,075,000	3,103,737
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044		4,955,000	5,075,587
North Carolina Capital Facilities Finance Agency Rev. (Duke University), “B”, ETM, 5%, 10/01/2055 (Prerefunded 10/01/2025)		1,120,000	1,135,937
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034		1,370,000	1,249,281
North Carolina Central University Rev., 5%, 4/01/2044		3,265,000	3,330,221
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031		115,000	115,103

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042	$	140,000	$140,313
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046		735,000	741,956
University of North Carolina Board of Governors Rev., 4%, 4/01/2049		5,000,000	4,576,414
University of North Carolina, Asheville, Rev., 4%, 6/01/2039		1,450,000	1,455,744
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2045		4,415,000	4,308,402
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036		1,750,000	1,761,864
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034		1,000,000	1,010,243
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035		1,000,000	1,006,873
University of North Carolina, School of Art General Rev., 4%, 2/01/2045		2,825,000	2,757,238
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)		195,000	180,294
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043		3,700,000	3,806,264
Winston-Salem, NC, State University General Rev., AGM, 5%, 10/01/2042		2,470,000	2,540,982
			$48,888,051
Utilities - Municipal Owned – 0.7%
Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044	$	300,000	$315,306
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)		720,000	388,800
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		1,125,000	607,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		190,000	102,600
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		585,000	315,900
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029		525,000	515,037
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030		425,000	419,871
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034		50,000	49,222
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		305,000	164,700
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)		240,000	129,600
			$3,008,536
Utilities - Other – 3.7%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)	$	1,090,000	$1,079,621
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)		2,580,000	2,710,277
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)		2,535,000	2,692,899
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2042		1,000,000	1,100,301
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2043		1,465,000	1,605,593
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2044		650,000	710,146
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)		1,600,000	1,710,473
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)		2,320,000	2,442,974
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)		1,445,000	1,542,986
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026		1,290,000	1,308,257
			$16,903,527
Water & Sewer Utility Revenue – 12.5%
Brunswick, NC, Enterprise Systems Rev., 4.5%, 2/01/2049	$	2,400,000	$2,435,104
Cabarrus County, NC, Water and Sewer Authority, Enterprise Systems Rev., 4%, 6/01/2049		4,000,000	3,906,259
Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045		2,500,000	2,676,492
Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047		2,500,000	2,411,927
Durham, NC, Utility System Refunding Rev., 4%, 8/01/2049		2,500,000	2,452,522
Durham, NC, Utility System Refunding Rev., 4%, 8/01/2053		2,500,000	2,448,018
Fayetteville, NC, Public Works Commission Rev., 4%, 3/01/2051		2,500,000	2,425,808
Fuquay-Varina, NC, Combined Utilities Rev., “C”, 4.125%, 6/01/2049		1,250,000	1,225,719
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047		1,000,000	1,093,303
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048		3,990,000	4,353,690
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2039		380,000	386,696
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2041		300,000	300,226
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4.125%, 12/01/2043		510,000	511,414
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 5%, 12/01/2046		525,000	565,885
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040		1,325,000	1,353,345
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		1,000,000	1,009,198
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		605,000	621,342

6

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2049	$	2,500,000	$2,440,795
Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2053		2,500,000	2,406,886
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048		4,000,000	3,907,497
Johnston County, NC, Water & Sewer System Rev., 5%, 4/01/2049		3,000,000	3,233,788
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053		5,000,000	4,815,709
Mebane NC, Combined Utilities Rev., 4%, 8/01/2049		2,675,000	2,552,524
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031		1,600,000	1,608,176
Sanford, NC, Enterprise Systems Rev., 4%, 6/01/2049		2,750,000	2,624,571
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058		1,360,000	1,446,158
Union County, NC, Enterprise System Rev., 3%, 6/01/2046		2,500,000	2,012,711
			$57,225,763
Total Municipal Bonds			$444,341,304
Bonds – 0.3%
Transportation - Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)	$	786,000	$780,525
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		1,545,648	448,238
Total Bonds			$1,228,763
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	768,338	$470,607
Mutual Funds (h) – 0.8%
Money Market Funds – 0.8%
MFS Institutional Money Market Portfolio, 4.49% (v)		3,959,203	$3,959,995
Other Assets, Less Liabilities – 1.4%			6,183,676
Net Assets – 100.0%			$456,184,345

(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 $3,959,995 and $446,040,674, 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 $6,143,783, representing 1.3% of net assets.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
COP	Certificate of Participation
ETM	Escrowed to Maturity
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.

7

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	$—	$444,811,911	$—	$444,811,911
U.S. Corporate Bonds	—	1,228,763	—	1,228,763
Investment Companies	3,959,995	—	—	3,959,995
Total	$3,959,995	$446,040,674	$—	$450,000,669

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

8

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	$3,111,246	$87,751,684	$86,904,507	$1,509	$63	$3,959,995

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$222,450	$—

(3) Jurisdiction Weightings

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

North Carolina	79.6%
Puerto Rico	3.7%
New York	2.7%
Illinois	2.1%
Alabama	1.4%
Texas	1.4%
Pennsylvania	1.3%
Guam	1.0%
Virginia	1.0%
California	0.9%
Maryland	0.7%
Tennessee	0.6%
New Jersey	0.5%
New Mexico	0.4%
Ohio	0.4%
South Carolina	0.4%
Georgia	0.3%
New Hampshire	0.3%
Wisconsin	0.3%
Connecticut	0.1%
Michigan	0.1%
Washington DC	0.1%
U.S. Virgin Islands (o)	0.0%

(o) Less than 0.1%.

The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.

9