MFS MUNICIPAL SERIES TRUST N-Q

N-Q 1 dnq.htm MFS MUNICIPAL SERIES TRUST N-Q MFS MUNICIPAL SERIES TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4096

MFS MUNICIPAL SERIES TRUST

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: March 31

Date of reporting period: December 31, 2009

ITEM 1.

SCHEDULE OF INVESTMENTS.

LOGO

MFS Alabama Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.0%
Airport & Port Revenue – 1.2%
Alabama Port Authority Docks Facility, NATL, 5.25%, 2011 (c)	$	1,000,000	$	1,068,640

General Obligations - General Purpose – 7.0%
Auburn, AL, Sewer Rev., “H”, 5.625%, 2033	$	1,000,000	$	1,098,660
Boaz, AL, School Warrants, “A”, SYNCORA, 5%, 2029		650,000		660,692
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		180,000		168,070
Commonwealth of Puerto Rico, “A”, 6%, 2038		305,000		305,598
Enterprise, AL, School Warrants, ASSD GTY, 5%, 2029		250,000		261,805
Fairfield, AL, Refunding Warrants, AMBAC, 5.25%, 2025		1,030,000		1,085,795
Madison, AL, Refunding Warrants, 5.15%, 2039		1,000,000		1,016,630
State of California, 6%, 2039		550,000		562,639
Tuscaloosa, AL, “A”, 5.125%, 2039		750,000		765,420

			$	5,925,309

General Obligations - Improvement – 3.0%
Birmingham, AL, “A”, 5.75%, 2017	$	1,000,000	$	1,027,930
Birmingham, AL, “A”, AMBAC, 4.5%, 2032		890,000		853,109
Guam Government, “A”, 6.75%, 2029		50,000		51,554
Guam Government, “A”, 7%, 2039		60,000		61,800
Montgomery, AL, Warrants, SYNCORA, 5%, 2028		500,000		525,730

			$	2,520,123

General Obligations - Schools – 8.5%
Bessemer, AL, School Warrants, AMBAC, 5.5%, 2020	$	2,015,000	$	2,054,313
Huntsville, AL, School Warrants “B”, 5%, 2029		500,000		540,040
Jefferson County, AL, School Warrants, FSA, 5.5%, 2020		1,750,000		1,663,778
Lee County, AL, School Warrants, ASSD GTY, 4.75%, 2029		880,000		919,556
Madison County, AL, Board of Education, ASSD GTY, 5.125%, 2034		1,000,000		1,048,710
Sumter County, AL, School Warrants, 5.2%, 2039		1,000,000		970,790

			$	7,197,187

Healthcare Revenue - Hospitals – 16.2%
Alabama Healthcare Authority Rev. (Baptist Health), “A”, 6%, 2036 (b)	$	200,000	$	208,952
Alabama Special Care Facilities Financing Authority (Ascension Health Senior Credit), “C-2”, 5%, 2036		750,000		752,977
Alabama Special Care Facilities Financing Authority (Daughters of Charity), ETM, AMBAC, 5%, 2025 (c)		1,500,000		1,502,370
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), BHAC, 5%, 2039		750,000		773,212
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036		500,000		402,785
Birmingham, AL, Baptist Medical Center, Special Care Facilities Rev. (Baptist Health Systems, Inc.), “A”, 5%, 2030		700,000		576,793
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children’s Hospital), ASSD GTY, 6%, 2039		750,000		789,007
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 7%, 2036		300,000		291,933
East Alabama Health Care Authority, Health Care Facilities Rev., 5.25%, 2036 (b)		1,000,000		995,810
Health Care Authority for Baptist Health, AL, “D”, 5%, 2021		875,000		810,477
Huntsville, AL, Health Care Authority Rev., 5.625%, 2011 (c)		1,050,000		1,134,305
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		255,000		260,332
Lauderdale County & Florence, AL, Health Care Authority Rev., “A” (Coffee Health Group), NATL, 5.75%, 2014		1,000,000		989,900
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		265,000		250,096
Marshall County, AL, Health Care Authority Rev., “A”, 5.75%, 2032		1,065,000		1,055,809
Montgomery County, OH, Rev. (Catholic Health Initiatives), “A”, 5%, 2039		375,000		371,183
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		500,000		448,740

MFS Alabama Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027	$	165,000	$	162,682
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		445,000		437,337
University of Alabama at Birmingham, AL, Hospital Rev., “A”, 5.25%, 2025		500,000		512,545
Valley, AL, Special Care Facilities Financing Authority, “A” (Lanier Memorial Hospital), 5.65%, 2022		225,000		169,713
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		505,000		540,759
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		340,000		301,067

			$	13,738,784

Industrial Revenue - Metals – 0.6%
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2010 (c)	$	500,000	$	508,745

Industrial Revenue - Other – 0.5%
Fairfield, AL, Environment Improvement Rev. (USX Corp.), 5.4%, 2016	$	400,000	$	423,056

Industrial Revenue - Paper – 2.2%
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028	$	200,000	$	175,480
Camden, AL, Industrial Development Board Exempt Facilities Rev., “B” (Weyerhaeuser Co.), 6.375%, 2013 (c)		500,000		573,410
Phenix City, AL, Industrial Development Board Environmental Improvement Rev., “A” (MeadWestvaco Coated Board Project), 6.35%, 2035		750,000		645,165
Selma, AL, Industrial Development Board, “A” (International Paper Co.), 6.7%, 2018		500,000		505,215

			$	1,899,270

Miscellaneous Revenue - Other – 0.2%
Birmingham, AL, Downtown Redevelopment Authority Rev. (Social Security Administrative Building), ETM, 12.5%, 2010 (c)	$	200,000	$	206,560

Multi-Family Housing Revenue – 2.3%
Alabama Housing Finance Authority, Multi-Family Residential Development Rev., FHA, 7.25%, 2023	$	930,000	$	930,205
Alabama Housing Finance Authority, Multi-Family Residential Development Rev., “K” (South Bay Apartments), FNMA, 5.875%, 2021		960,000		992,112

			$	1,922,317

Sales & Excise Tax Revenue – 0.8%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2056	$	5,960,000	$	292,338
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		400,000		394,472

			$	686,810

Single Family Housing - State – 1.3%
Alabama Housing Finance Authority, Collateral Home Mortgage Bond Program II, “B”, 5.15%, 2019	$	35,000	$	35,237
Alabama Housing Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.375%, 2033		690,000		708,175
Alabama Housing Finance Authority, Single Family Mortgage Rev., Collateral Home Mortgage Bond Program II, “A-2”, GNMA, 5.4%, 2022		370,000		371,598
Alabama Housing Finance Authority, Single Family Mortgage Rev., Collateral Home Mortgage Bond Program II, “B”, 5.15%, 2019		35,000		35,237

			$	1,150,247

State & Local Agencies – 8.2%
Alabama Building Renovation Authority, AMBAC, 6%, 2014	$	1,515,000	$	1,549,194
Alabama Incentives Financing Authority Special Obligations, “A”, 5%, 2029		1,000,000		1,044,320
Alabama Public School & College Authority Rev., “A”, 5%, 2019		1,000,000		1,109,960
Alabama Public School & College Authority Rev., “A”, 5%, 2029		1,000,000		1,029,980

MFS Alabama Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Leeds Public Educational Building Authority, Educational Facilities Rev., ASSD GTY, 5.125%, 2033	$	500,000	$	520,225
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		145,000		147,643
Mobile, AL, Public Educational Building Authority Rev., “A”, ASSD GTY, 5%, 2033		1,500,000		1,540,320

			$	6,941,642

Tax - Other – 0.6%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	95,000	$	94,850
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		30,000		30,009
Virgin Islands Public Finance Authority Rev., “A”, 6%, 2039		235,000		235,317
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		65,000		62,090
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		65,000		63,746

			$	486,012

Toll Roads – 0.8%
Triborough Bridge & Tunnel Authority Rev., NY, 5%, 2037	$	690,000	$	707,009

Universities - Colleges – 15.8%
Alabama State University Board of Education Rev. (Chattahoochee Valley Community
College), ASSD GTY, 5%, 2034	$	1,300,000	$	1,330,303
Alabama State University Rev., General Tuition & Fee, ASSD GTY, 5%, 2038		1,000,000		1,045,900
Alabama State University Rev., General Tuition & Fee, ASSD GTY, 5.75%, 2039		1,000,000		1,086,320
Auburn University, General Fee Rev., AMBAC, 5%, 2029		1,000,000		1,031,410
Auburn University, General Fee Rev., FSA, 5%, 2038 (f)		2,000,000		2,050,880
Jacksonville State University, Tuition & Fee Rev., ASSD GTY, 5.125%, 2038		1,000,000		1,026,920
Troy University, Facilities Rev., “A”, ASSD GTY, 4.5%, 2028		1,000,000		991,170
University of Alabama, Birmingham Hospital Rev., “A”, NATL, 5%, 2041		1,650,000		1,573,803
University of Alabama, General Rev., NATL, 5%, 2034		1,000,000		1,017,660
University of Alabama, General Rev., “A”, NATL, 5%, 2029		1,000,000		1,031,160
University of South Alabama, University Rev., AMBAC, 5%, 2029		1,000,000		1,051,750
University of South Alabama, University Rev., BHAC, 5%, 2038		150,000		157,017

			$	13,394,293

Utilities - Investor Owned – 0.6%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020	$	420,000	$	454,768
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		70,000		74,309

			$	529,077

Utilities - Municipal Owned – 6.5%
Alabama Municipal Electric Power Authority, “A”, NATL, 5%, 2023	$	1,000,000	$	1,037,720
Guam Power Authority Rev., AMBAC, 5%, 2018		3,500,000		3,441,445
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		130,000		145,857
Puerto Rico Electric Power Authority, Power Rev., “V”, FSA, 5.25%, 2027		450,000		488,840
Tuskegee, AL, Utilities Board, AMBAC, 5.5%, 2022		400,000		399,284

			$	5,513,146

Utilities - Other – 1.6%
Foley, AL, Utilities Board Utilities Rev., FSA, 5%, 2025	$	1,000,000	$	1,057,790
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		295,000		300,800

			$	1,358,590

Water & Sewer Utility Revenue – 19.1%
Alabama Drinking Water Finance Authority, Revolving Fund Loan, “A”, AMBAC, 6%, 2021	$	725,000	$	736,665
Alabama Drinking Water Finance Authority, Revolving Fund Loan, “C”, AMBAC, 5.75%, 2018		1,000,000		1,030,500
Alabama Water Pollution Control Authority, Revolving Fund Loan, AMBAC, 5.75%, 2019		1,000,000		1,001,530
Alabaster, AL, Sewer Rev., NATL, 5%, 2029		750,000		758,782

MFS Alabama Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Bessemer, AL, Governmental Utilities Services Corp. Water Supply Rev., ASSD GTY, 4.75%, 2033	$	1,500,000	$	1,504,575
Bessemer, AL, Governmental Utilities Services Corp. Water Supply Rev., ASSD GTY, 5%, 2039		1,000,000		1,016,650
Birmingham, AL, Waterworks & Sewer Board Rev., “A”, FGIC, 5%, 2034		1,365,000		1,377,517
Birmingham, AL, Waterworks & Sewer Board Rev., “A”, FSA, 4.5%, 2035		400,000		390,032
Birmingham, AL, Waterworks & Sewer Board Rev., “A”, FSA, 5%, 2040		1,190,000		1,214,026
Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 2034		750,000		779,272
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028		400,000		409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,042,600
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		185,000		218,217
Huntsville, AL, Water System Rev., FSA, 5%, 2033		1,000,000		1,057,060
Montgomery, AL, Waterworks & Sanitary Sewer Board Rev., FSA, 5%, 2024		1,000,000		1,064,290
Phenix City, AL, Water & Sewer Rev., “A”, ASSD GTY, 5%, 2034		1,000,000		1,006,780
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		635,000		617,010

			$	16,224,946

Total Municipal Bonds			$	82,401,763

Money Market Funds (v) – 1.7%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		1,464,601	$	1,464,601

Total Investments			$	83,866,364

Other Assets, Less Liabilities – 1.3%				1,087,486

Net Assets – 100.0%			$	84,953,850

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Alabama Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), 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 generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Open-end investment companies are generally valued at net asset value per share. 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. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 halting 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 carried at market value. 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 unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of December 31, 2009 in valuing the fund’s assets or liabilities carried at market value:


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	82,401,763	$	—	$	82,401,763
Mutual Funds		1,464,601		—		—		1,464,601

Total Investments	$	1,464,601	$	82,401,763	$	—	$	83,866,364


Other Financial Instruments
Futures	$	44,476	$	—	$	—	$	44,476

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	82,026,039

Gross unrealized appreciation	$	2,755,053
Gross unrealized depreciation		(914,728	)

Net unrealized appreciation (depreciation)	$	1,840,325

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Alabama Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

1,038,375

Mar-10

44,476

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-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 fund assumes the following to be affiliated issuers:


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		1,959,869		23,159,975		(23,655,243	)		1,464,601

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	3,291		$	1,464,601

LOGO

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.5%
Airport & Port Revenue – 0.5%
Little Rock, AR, Airport Rev., “A”, FSA, 5.25%, 2019	$	800,000	$	800,424

General Obligations - General Purpose – 8.9%
Arkansas College Savings, “A”, ETM, 0%, 2017 (c)	$	1,840,000	$	1,464,198
Commonwealth of Puerto Rico, “A”, 5.25%, 2027		920,000		887,358
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		335,000		312,796
Commonwealth of Puerto Rico, “A”, 6%, 2038		560,000		561,098
Commonwealth of Puerto Rico, Public Improvement, NATL, 5.75%, 2010 (c)		6,000,000		6,137,820
Commonwealth of Puerto Rico, Public Improvement, “A”, CIFG, 5%, 2034		395,000		357,771
Little Rock, AR, Library Construction & Improvement, 5%, 2027		500,000		532,455
Little Rock, AR, Library Construction & Improvement, 5%, 2028		500,000		529,720
Puerto Rico Public Buildings Authority Rev. (State Office Building), “F”, SYNCORA, 5.25%, 2025		2,000,000		1,932,140
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		385,000		412,997
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		420,000		445,712
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,255,000		1,201,964
State of California, 6%, 2039		1,160,000		1,186,657

			$	15,962,686

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	55,000	$	56,710
Guam Government, “A”, 5.25%, 2037		255,000		212,489
Guam Government, “A”, 7%, 2039		65,000		66,950

			$	336,149

General Obligations - Schools – 8.1%
Arkansas, Capital Appreciation, College Savings, “B”, ETM, 0%, 2012 (c)	$	1,200,000	$	1,162,104
Arkansas, Capital Appreciation, College Savings, “B”, ETM, 0%, 2013 (c)		1,000,000		946,900
Arkansas, Capital Appreciation, College Savings, “B”, ETM, 0%, 2014 (c)		1,150,000		1,055,827
Arkansas, Capital Appreciation, College Savings, “B”, ETM, 0%, 2015 (c)		1,100,000		966,460
Benton, AR, School District No. 8, 4.85%, 2040		1,895,000		1,904,797
Cabot, AR, School District No. 4, Lonoke County, “A”, N, AMBAC, 4.7%, 2038		1,500,000		1,505,325
Little Rock, AR, School District, “A”, FSA, 5.4%, 2010 (c)		1,000,000		1,003,600
Northwest Arkansas Community College District, Capital Improvement, AMBAC, 5%, 2028		1,380,000		1,427,058
Pine Bluff, AR, School District Construction, NATL, 4.75%, 2033		565,000		565,271
Pulaski, AR, Special School District Construction, 5%, 2035		2,000,000		2,026,800
Rogers, AR, School District Number 030, 4.75%, 2032		935,000		939,161
Van Buren, AR, School District No. 42, 4.5%, 2031		375,000		371,434
Van Buren, AR, School District No. 42, 4.625%, 2033		745,000		738,139

			$	14,612,876

Healthcare Revenue - Hospitals – 12.7%
Arkansas Development Finance Authority Rev. (Washington Regional Medical Center), 7.25%, 2010 (c)	$	500,000	$	501,890
Arkansas Development Finance Authority, Health Refunding Rev. (Sister of Mercy), “A”, NATL, 5%, 2013		3,735,000		3,921,115
Batesville, AR, Medical District Rev. (White River Medical Center), 5.5%, 2024		750,000		701,438
Baxter County, AR, Hospital Rev. (Baxter Regional Hospital), 5%, 2026		1,000,000		945,020
Crittenden County, AR, Hospital Rev., Refunding & Improvement, 7.15%, 2010 (c)		750,000		780,870
District of Columbia Hospital Rev. (Children’s Hospital Obligated Group), FSA, 5.25%, 2045		1,500,000		1,471,560
Illinois Finance Authority Rev. (Central Dupage Health), 5%, 2027		555,000		549,156
Illinois Finance Authority Rev. (Children’s Memorial Hospital), “A”, ASSD GTY, 5.25%, 2047		825,000		796,125
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		170,000		167,083
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		510,000		520,664
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 2032		1,085,000		1,095,915

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Jefferson County, AR, Hospital Rev., Refunding & Improvement (Regional Medical Center), 5.8%, 2021	$	1,000,000	$	1,017,840
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		275,000		286,179
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		470,000		443,567
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		110,000		106,730
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		1,105,000		1,062,303
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		355,000		350,012
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		490,000		479,127
North Little Rock, AR, Health Facilities Board Rev. (Baptist Health Facilities), 5.7%, 2022		500,000		504,500
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		685,000		727,374
Orange County, FL, Health Facilities Authority Rev. (The Nemours Foundation), “A”, 5%, 2039		375,000		374,426
Pulaski, AR, Hospital Rev. (Arkansas Children’s Hospital), ASSD GTY, 5.5%, 2034		750,000		785,640
Pulaski, AR, Hospital Rev. (Arkansas Children’s Hospital), ASSD GTY, 5.5%, 2039		375,000		390,285
Sebastian County, AR, Health Facilities Board Hospital Rev., “A”, 5.25%, 2021		1,000,000		1,080,730
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		850,000		835,363
Washington County, AR, Hospital Rev. (Regional Medical Center), “A”, 5%, 2035		1,000,000		904,700
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		990,000		1,060,102
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		675,000		597,706
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “B”, 5.125%, 2020		450,000		428,211

			$	22,885,631

Industrial Revenue - Other – 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	335,000	$	335,452

Industrial Revenue - Paper – 0.4%
Arkansas Development Finance Authority, Industrial Facilities Rev. (Potlatch Corp.), “A”, 7.75%, 2025	$	250,000	$	252,295
Pine Bluff, AR, Environmental Improvement (International Paper Co.), “A”, 5.55%, 2022		250,000		234,285
Pine Bluff, AR, Environmental Refunding (International Paper Co.), “A”, 6.7%, 2020		300,000		303,093

			$	789,673

Multi-Family Housing Revenue – 0.6%
Fort Smith, AR, Residential Housing Facilities Board Rev. (Gorman Towers), “A”, GNMA, 5.45%, 2037	$	1,000,000	$	1,009,560

Sales & Excise Tax Revenue – 2.0%
Bentonville, AR, Sales & Use Tax, N, AMBAC, 4.375%, 2025	$	1,000,000	$	970,470
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		1,000,000		1,159,170
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2056		9,770,000		479,219
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		1,010,000		996,042

			$	3,604,901

Single Family Housing - Local – 4.5%
Harrison, AR, Residential Housing Facilities Board, Single Family Mortgage Rev., ETM, FGIC, 7.4%, 2011 (c)	$	4,000,000	$	4,444,520
Lonoke County, AR, Residential Housing Facilities Rev., “A-2”, FNMA, 7.9%, 2011		2,677		2,684
Pulaski County, AR, Public Facilities Board Rev., “C”, FNMA, 0%, 2014		2,750,000		2,268,558

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - Local – continued
Sherwood, AR, Residential Housing Facilities Board, Single Family Rev., NATL, 7.5%, 2010 (c)	$	1,250,000	$	1,303,050

			$	8,018,812

Single Family Housing - State – 6.1%
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “B”, GNMA, 5%, 2029	$	160,000	$	157,069
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “B”, GNMA, 4.45%, 2034		90,000		90,127
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “C”, GNMA, 5.35%, 2027		1,560,000		1,562,605
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “C”, 5.625%, 2035		1,155,000		1,187,502
Arkansas Development Finance Authority Rev., Mortgage Backed Securities Program, “E”, GNMA, 5.4%, 2034		650,000		652,087
Arkansas Development Finance Authority, Mortgage Backed Securities Program, “I”, GNMA, 5.3%, 2033		200,000		200,026
Arkansas Development Finance Authority, Mortgage Rev., “B”, GNMA, 4.85%, 2031		890,000		855,539
Arkansas Development Finance Authority, Mortgage Rev., “B”, GNMA, 5.25%, 2035		1,550,000		1,549,923
Arkansas Development Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.125%, 2024		445,000		446,193
Arkansas Development Finance Authority, Single Family Mortgage Rev., “B”, GNMA, 5.7%, 2028		3,000,000		3,199,890
Arkansas Housing Development Agency, Single Family Rev., Mortgage Program, ETM, 8.375%, 2011 (c)		1,000,000		1,115,970

			$	11,016,931

State & Local Agencies – 5.5%
Arkansas Development Finance Authority Rev., FSA, 5%, 2034	$	1,000,000	$	1,030,600
Arkansas Development Finance Authority Rev., “A”, FSA, 5%, 2014		1,185,000		1,365,191
Arkansas Development Finance Authority Rev., Correctional Facilities, “A”, 5.125%, 2034		500,000		506,085
Arkansas Development Finance Authority Rev., Economic Development Rev. (Agritecsorbents LLC) “B”, 5%, 2018		175,000		177,548
Arkansas Development Finance Authority Rev., Environmental State Agency Facilities, “A”, AMBAC, 5%, 2040		2,500,000		2,554,950
Arkansas Development Finance Authority, Public Purpose Rev. (Arkansas Game & Fish Commission), FSA, 5%, 2027		3,205,000		3,359,417
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030		285,000		280,563
Farmington, AR, School District No. 6, 4.6%, 2033		635,000		643,801

			$	9,918,155

Tax - Other – 4.2%
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037	$	2,000,000	$	2,099,540
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		490,000		489,226
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		65,000		65,020
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 7.375%, 2015		2,790,000		3,228,225
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		765,000		764,992
Virgin Islands Public Finance Authority Rev., “A”, 6%, 2039		505,000		505,682
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		135,000		128,956
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		150,000		135,459
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		135,000		132,396

			$	7,549,496

Tobacco – 1.1%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), AMBAC, 0%, 2026	$	2,000,000	$	925,360

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – continued
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer
Research Center Project), AMBAC, 0%, 2027	$	1,940,000	$	837,808
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, 5.5%, 2039		290,000		251,819

			$	2,014,987

Transportation - Special Tax – 1.8%
Commonwealth of Puerto Rico Highway & Transportation Authority, “B”, NATL, 5.875%, 2010 (c)	$	2,000,000	$	2,075,500
Commonwealth of Puerto Rico Highway & Transportation Authority, “G”, 5%, 2023		750,000		726,405
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2037		490,000		490,284

			$	3,292,189

Universities - Colleges – 20.1%
Arkansas State University, Housing Systems Rev., AMBAC, 5.15%, 2021	$	1,240,000	$	1,267,528
Arkansas Technical University, Housing Systems Rev., AMBAC, 5.2%, 2026		500,000		548,965
Arkansas University Rev., Student Fee, AMBAC, 5%, 2032		2,595,000		2,656,112
Conway, AR, Public Facilities Board, Capital Improvement Rev. (Hendrix College), “B”, 5%, 2035		1,000,000		984,270
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		1,605,000		1,636,907
Siloam Springs, AR, Public Education Facilities, Capital Improvement Rev. (John Brown University), AMBAC, 5.35%, 2020		500,000		522,370
University of Arkansas Rev. (Fort Smith Campus), 5%, 2028		860,000		917,087
University of Arkansas Rev. (Student Fee-Fort Smith Campus), 4.75%, 2034		1,000,000		1,014,360
University of Arkansas Rev. (Student Fee-Phillips), 5.1%, 2034		750,000		780,480
University of Arkansas Rev., “A”, 5%, 2033		1,000,000		1,044,150
University of Arkansas, Administration Building Rev. , “A”, 5%, 2038		1,000,000		1,038,960
University of Arkansas, University Construction Rev. (Monticello), AMBAC, 5%, 2025		1,525,000		1,592,436
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2026		1,405,000		1,472,229
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2027		2,180,000		2,277,490
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, NATL, 5%, 2034		3,200,000		3,267,040
University of Arkansas, University Facilities Rev. (Fayetteville Campus), FGIC, 5%, 2027		3,155,000		3,247,505
University of Arkansas, University Facilities Rev. (Fayetteville Campus), FGIC, 5%, 2032		2,500,000		2,539,000
University of Arkansas, University Facilities Rev. (Pine Bluff Campus), “A”, AMBAC, 5%, 2030		1,000,000		1,034,530
University of Arkansas, University Facilities Rev. (UAMS Campus), FGIC, 5%, 2028		2,000,000		2,092,480
University of Arkansas, University Rev., Var Fac-Fayetteville Campus, AMBAC, 5%, 2036		2,500,000		2,582,925
University of California Rev., “J”, FSA, 4.5%, 2035		1,500,000		1,444,980
University of Central Arkansas Rev., “A”, AMBAC, 5%, 2023		1,100,000		1,100,594
University of Puerto Rico Rev., “Q”, 5%, 2036		1,145,000		1,000,993

			$	36,063,391

Utilities - Investor Owned – 1.0%
Independence County, AR, Pollution Control Rev., N, AMBAC, 4.9%, 2022	$	1,000,000	$	971,350
Jefferson County, AR, Pollution Control Rev. (Entergy Arkansas, Inc., Project), 4.6%, 2017		750,000		769,500

			$	1,740,850

Utilities - Municipal Owned – 6.8%
Benton, AR, Utilities Rev., AMBAC, 5%, 2030	$	470,000	$	476,373
Benton, AR, Utilities Rev., AMBAC, 5%, 2036		1,000,000		1,018,590
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		945,000		990,133

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033	$	730,000	$	791,378
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		245,000		274,885
North Little Rock, AR, Electric Rev., “A”, NATL, 6.5%, 2010		455,000		455,000
North Little Rock, AR, Electric Rev., “A”, NATL, 6.5%, 2015		6,000,000		6,804,720
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 2030		1,000,000		998,750
Puerto Rico Electric Power Authority, “TT”, 5%, 2027		470,000		463,533

			$	12,273,362

Utilities - Other – 0.3%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021	$	300,000	$	302,583
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		155,000		155,558

			$	458,141

Water & Sewer Utility Revenue – 12.5%
Arkansas Development Finance Authority, Economic Development Rev., “I”, AMBAC, 5.65%, 2014	$	35,000	$	35,041
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028		1,200,000		1,228,320
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,042,600
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		375,000		442,331
Fort Smith, AR, Water & Sewer Rev., N, FSA, 5%, 2032		2,000,000		2,093,520
Fort Smith, AR, Water & Sewer Rev., “C”, FSA, 5.25%, 2020		1,315,000		1,369,244
Hot Springs, AR, Wastewater Rev., ASSD GTY, 4.625%, 2037		1,260,000		1,257,001
King County, WA, Sewer Rev., 5%, 2038		1,625,000		1,675,700
Little Rock, AR, Sewer Rev., 5.5%, 2030		750,000		816,053
Little Rock, AR, Sewer Rev., 5.75%, 2038		1,000,000		1,100,010
Little Rock, AR, Sewer Rev., “A”, FSA, 4.375%, 2033		750,000		724,894
Little Rock, AR, Sewer Rev., Refunding & Construction, 5%, 2022		1,750,000		1,776,320
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		1,535,000		1,617,015
Paragould, AR, Water Sewer & Electric Rev., AMBAC, 5.6%, 2010 (c)		765,000		801,307
Rogers, AR Sewer Rev., Improvement, AMBAC, 5%, 2037		1,000,000		1,014,230
Wasco, CA,Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		1,325,000		1,287,463
South Blount County, TN, Utility District Waterworks Rev., FSA, 5.25%, 2039		925,000		987,530
South Sebastian County, AR, Water Refunding Rev., NATL, 5%, 2038		1,000,000		966,120
Virgin Islands Water & Power Authority Rev., RADIAN, 5.3%, 2018		1,250,000		1,253,900

			$	22,488,599

Total Municipal Bonds			$	175,172,265

Money Market Funds (v) – 1.6%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		2,937,709	$	2,937,709

Total Investments			$	178,109,974

Other Assets, Less Liabilities – 0.9%				1,654,674

Net Assets – 100.0%			$	179,764,648

(c)	Refunded bond.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
CIFG		CDC IXIS Financial Guaranty
FGIC		Financial Guaranty Insurance Co.
FNMA		Federal National Mortgage Assn.

MFS Arkansas Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
RADIAN		Radian Asset Assurance, Inc.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Arkansas Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	175,172,265	$	—	$	175,172,265
Mutual Funds		2,937,709		—		—		2,937,709

Total Investments	$	2,937,709	$	175,172,265	$	—	$	178,109,974

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	173,277,554

Gross unrealized appreciation	$	6,735,473
Gross unrealized depreciation		(1,903,053	)

Net unrealized appreciation (depreciation)	$	4,832,420

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Arkansas Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		4,265,949		36,337,836		(37,666,076	)		2,937,709

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	8,704		$	2,937,709

LOGO

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 96.2%
Airport & Port Revenue – 3.2%
Long Beach, CA, Harbor Rev., “A”, FGIC, 5.25%, 2018	$	3,500,000	$	3,550,360
Orange County, CA, Airport Rev., “A”, 5%, 2031		1,310,000		1,325,786
Port of Oakland, CA, “A”, NATL, 5%, 2026		2,955,000		2,753,971
Port of Oakland, CA, “K”, FGIC, 5.75%, 2010 (c)		35,000		35,533
San Francisco, CA, City & County Airports Commission, International Airport Rev., 5.5%, 2019 (b)		1,730,000		1,756,088
San Jose, CA, Airport Rev., “A”, BHAC, 5.5%, 2023		2,345,000		2,447,547

			$	11,869,285

General Obligations - General Purpose – 2.8%
State of California, 5%, 2034	$	2,200,000	$	2,016,652
State of California, 6%, 2039		3,000,000		3,068,940
State of California, AMBAC, 6.3%, 2010		3,000,000		3,102,150
State of California, AMBAC, 7%, 2010		2,000,000		2,086,980

			$	10,274,722

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	85,000	$	87,643
Guam Government, “A”, 5.25%, 2037		815,000		679,131
Guam Government, “A”, 7%, 2039		95,000		97,850

			$	864,624

General Obligations - Schools – 14.9%
Antelope Valley, CA (Union High School), “A”, NATL, 5%, 2027	$	1,400,000	$	1,410,864
Beverly Hills, CA, Unified School District (Election of 2008), 0%, 2029		4,335,000		1,454,219
Butte Glenn Community College District, “A”, NATL, 5%, 2026		1,885,000		1,931,937
Cabrillo, CA, Community College District Capital Appreciation, “A”, NATL, 0%, 2028		1,000,000		322,380
Capistrano, CA, Union High School District, “A”, FGIC, 5.875%, 2020		1,185,000		1,220,301
Chaffey, CA, Union High School District, “C”, FSA, 5%, 2027		1,000,000		1,031,910
Colton, CA, Joint Union School District, “A”, FGIC, 5.375%, 2026		1,200,000		1,223,532
Colton, CA, Joint Union School District, Election of 2001, “C”, FGIC, 0%, 2032		1,000,000		223,590
Colton, CA, Joint Union School District, Election of 2001, “C”, FGIC, 0%, 2033		3,000,000		611,940
Coronado, CA, Union School District, “A”, 5.7%, 2020		1,285,000		1,329,487
Desert, CA, Community College District, “C”, FSA, 5%, 2037		3,500,000		3,537,240
El Monte, CA, Union High School District, Election of 2008. “A”, ASSD GTY, 5.5%, 2034		2,000,000		2,036,620
Escondido, CA, Union High School District (Election of 2008), “A”, ASSD GTY, 0%, 2034		1,000,000		546,630
Foothill-De Anza, CA, Community College District, “A”, AMBAC, 4.5%, 2031		5,000,000		4,709,950
Foothill-De Anza, CA, Community College District, Election of 1999, “B”, FGIC, 0%, 2025		1,500,000		642,540
Gilroy Cauni School District, Election of 2002, “N”, FGIC, 5%, 2027		1,190,000		1,215,454
Glendale, CA, Community College District, Election 2002, “D”, NATL, 5%, 2031		2,710,000		2,758,374
Hillsborough, CA, School District, Capital Appreciation, Election of 2002, “B”, 0%, 2023		2,285,000		1,213,426
Hillsborough, CA, School District, Capital Appreciation, Election of 2002, “B”, 0%, 2024		2,640,000		1,319,419
Little Lake, CA, City School District, “A”, FSA, 6.125%, 2010 (c)(f)		1,035,000		1,074,547
Long Beach, CA, Community College District, Election of 2008, “A”, FSA, 0%, 2028		1,375,000		442,186
Los Angeles, CA, Unified School District, “B”, AMBAC, 4.5%, 2031		3,325,000		3,013,980
Los Angeles, CA, Unified School District, “D”, 5%, 2034		2,000,000		2,007,480
Moorpark, CA, Unified School District, Election of 2008, “A”, ASSD GTY, 0%, 2033		3,000,000		614,730
Moreland, CA, School District, Election of 2002, “B”, FGIC, 0%, 2028		1,440,000		485,626
Natomas Union School District, Election of 2002, “B”, FGIC, 5%, 2028		1,430,000		1,391,018
Oceanside, CA, Union School District, ASSD GTY, 0%, 2031		3,210,000		842,272
Oceanside, CA, Union School District, Election of 2000, “C”, NATL, 5.25%, 2032		1,940,000		1,969,701
Perris, CA, Union School District, “A”, FGIC, 0%, 2027		3,100,000		976,004
Sacramento, CA, City Unified School District, FSA, 0%, 2025		5,510,000		2,152,977
San Diego, CA, Community College (Election 2002), 5.25%, 2033		875,000		923,449
San Diego, CA, Unified School District (Election of 1998), FSA, 5.25%, 2028		1,200,000		1,323,300

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
San Ysidro, CA, School District, AMBAC, 6.125%, 2021	$	960,000	$	1,017,763
Santa Barbara, CA, Community College District, “A”, 5.25%, 2033		2,000,000		2,108,520
Santa Clara, CA, Union School District, FGIC, 5.5%, 2019		2,210,000		2,288,853
Santa Monica, CA (Community College District, 2002 Election), “C”, NATL, 0%, 2027		2,000,000		716,420
Sausalito Marin City, CA, School District, Capital Appreciation, Election of 2004, “B”, NATL, 0%, 2039		1,315,000		198,946
Sausalito Marin City, CA, School District, Capital Appreciation, Election of 2004, “B”, NATL, 0%, 2040		1,400,000		197,526
Shasta, CA, Union High School District, Election 2001, NATL, 0%, 2027		2,020,000		648,804
Walnut Valley, CA, Union School District, Election of 2000, “E”, FSA, 0%, 2028		1,535,000		503,357
Washington, CA, Union School District, Election of 1999, “A”, FGIC, 5.625%, 2021		1,000,000		1,041,780
West Contra Costa, CA, Unified School District, Election of 2005, “C”, ASSD GTY, 0%, 2029		1,690,000		460,103

			$	55,139,155

Healthcare Revenue - Hospitals – 17.2%
ABAG Finance Authority for Nonprofit Corp. Rev. (San Diego Hospital), “C”, 5.375%, 2020	$	2,000,000	$	2,000,960
ABAG Finance Authority for Nonprofit Corp. Rev. (Sharp Healthcare), 6.25%, 2039		1,000,000		1,041,580
California Health Facilities Financing Authority Rev. (Catholic Healthcare West), “A”, 6%, 2029		1,500,000		1,592,415
California Health Facilities Financing Authority Rev. (Catholic Healthcare West), “G”, 5.25%, 2023		2,000,000		2,023,060
California Health Facilities Financing Authority Rev. (Cedars Sinai Medical Center), 5%, 2027		1,000,000		968,940
California Health Facilities Financing Authority Rev. (Cedars Sinai Medical Center), 5%, 2039		1,000,000		910,870
California Health Facilities Financing Authority Rev. (Children’s Hospital of Orange County), 6.25%, 2029		2,000,000		2,104,700
California Health Facilities Financing Authority Rev. (Providence Health & Services), “B”, 5.5%, 2039		1,000,000		1,021,840
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 2033		1,500,000		1,675,545
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 2038		1,750,000		1,932,490
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039		1,000,000		1,033,200
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 2042		3,000,000		2,717,940
California Health Facilities Financing Authority Rev., Health Facilities (Adventist Health Systems), “A”, 5%, 2033		1,750,000		1,602,493
California Municipal Finance Authority, COP (Community Hospitals, Central California), 5.25%, 2037		2,000,000		1,731,060
California Municipal Finance Authority, COP (Community Hospitals, Central California), 5.5%, 2039		1,000,000		892,670
California Statewide Communities Development Authority Rev., 5%, 2035		3,300,000		2,991,417
California Statewide Communities Development Authority Rev. (Daughters of Charity Health), “A”, 5.25%, 2024		1,000,000		943,780
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 6.25%, 2033		2,000,000		2,049,280
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 2023		1,000,000		1,015,690
California Statewide Communities Development Authority Rev. (Henry Mayo Newhall Memorial Hospital), “A”, CALHF, 5%, 2018		2,000,000		2,002,860
California Statewide Communities Development Authority Rev. (Huntington Memorial Hospital), 5%, 2027		2,000,000		1,938,780
California Statewide Communities Development Authority Rev. (John Muir Health), 5.125%, 2039		1,000,000		941,320

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Statewide Communities Development Authority Rev. (Kaiser Permanente), “A”, 5.5%, 2032	$	2,000,000	$	2,003,440
California Statewide Communities Development Authority Rev. (Los Angeles Children’s Hospital), 5.125%, 2019		4,000,000		3,971,360
California Statewide Communities Development Authority Rev. (St. Joseph Health System), FGIC, 5.75%, 2047		1,930,000		1,978,115
California Statewide Communities Development Authority Rev. (Sutter Health), “B”, 5.625%, 2042		2,000,000		2,001,060
California Statewide Communities Development Authority Rev. (Sutter Health), “B”, AMBAC, 5%, 2038		3,000,000		2,778,540
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031		2,000,000		1,708,340
California Statewide Communities Development Authority Rev., Health Facilities (Memorial Health Services), “A”, 6%, 2023		1,500,000		1,551,405
California Valley Health Systems, COP, 6.875%, 2023 (d)		385,000		192,500
Central California Joint Powers Health Financing (Community Hospitals of Central California), 5.625%, 2011 (c)		1,000,000		1,066,890
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		2,000,000		1,984,760
Rancho Mirage, CA, Joint Powers (Eisenhower Medical Center), “A”, 5%, 2047		2,000,000		1,758,540
Santa Clara County, CA, Financing Authority Rev. (El Camino Hospital), AMBAC, 5.125%, 2041		2,600,000		2,568,306
Sierra View, CA, Local Health Care District Rev., 5.25%, 2037		1,000,000		914,660
Washington Township, CA, Health Care District Rev., “A”, 6.25%, 2039		1,000,000		1,011,390
Washington Township, CA, Health Care Rev., 5%, 2018		1,000,000		987,760
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029		2,000,000		2,043,760

			$	63,653,716

Healthcare Revenue - Long Term Care – 0.8%
California Health Facilities Financing Authority Rev. (Paradise Valley Estates), 5.125%, 2022	$	1,000,000	$	993,360
California Statewide Communities Development Authority Rev. (Senior Living Presbyterian Homes), 4.875%, 2036		1,000,000		826,540
La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025		1,000,000		909,840
Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), “A”, 7.375%, 2027		395,000		384,888

			$	3,114,628

Industrial Revenue - Environmental Services – 1.5%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Browning Ferris, Inc.), “A”, 5.8%, 2016	$	2,000,000	$	2,006,340
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5.125%, 2031 (b)		2,250,000		2,336,715
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A-2”, 5.4%, 2025		1,250,000		1,237,100

			$	5,580,155

Industrial Revenue - Other – 0.5%
California Enterprise Development Authority Sewer Facilities Rev. (Anheuser-Busch), 5.3%, 2047	$	1,000,000	$	912,410
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		960,000		961,296

			$	1,873,706

Miscellaneous Revenue - Entertainment & Tourism – 0.2%
Agua Caliente Band of Cahuilla Indians, CA, Rev., 6%, 2018 (n)	$	750,000	$	726,773

Miscellaneous Revenue - Other – 1.3%
ABAG Finance Authority Rev. (Jackson Lab), 5.75%, 2037	$	2,615,000	$	2,534,301
California Infrastructure & Economic Development Bank Rev. (Walt Disney Family Museum), 5.25%, 2033		1,340,000		1,341,688

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
San Diego County, CA, COP (Burnham Institute for Medical Research), 5%, 2034	$	1,000,000	$	838,290

			$	4,714,279

Parking – 0.3%
San Francisco, CA, Union Square, NATL, 6%, 2020	$	1,000,000	$	1,058,190

Sales & Excise Tax Revenue – 0.5%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028	$	1,770,000	$	1,855,810

Single Family Housing - Local – 0.1%
California Rural Home Mortgage Finance Authority Rev., GNMA, 7.3%, 2031	$	10,000	$	10,664
California Rural Home Mortgage Finance Authority Rev., Mortgage Backed Securities Program, “B4”, GNMA, 6.35%, 2029		20,000		20,965
Pomona, CA, Single Family Mortgage Rev., ETM, GNMA, 7.375%, 2010 (c)		160,000		163,445

			$	195,074

Single Family Housing - State – 2.4%
California Housing Finance Agency Rev., “A”, 4.95%, 2036	$	3,400,000	$	2,715,342
California Housing Finance Agency Rev., Home Mortgage, FSA, 0%, 2019		820,000		472,189
California Housing Finance Agency Rev., Home Mortgage, NATL, 0%, 2028		3,400,000		1,103,096
California Housing Finance Agency Rev., Home Mortgage, “E”, FGIC, 5.05%, 2026		2,480,000		2,247,748
California Housing Finance Agency Rev., Home Mortgage, “I”, 4.75%, 2031		3,000,000		2,536,680

			$	9,075,055

Solid Waste Revenue – 0.8%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (West County Resource Recovery), “A”, LOC, 5.125%, 2014	$	825,000	$	826,419
South Bayside Waste Management Authority, Solid Waste Enterprise Rev. (Shoreway Environmental), “A”, 6.25%, 2029		2,000,000		2,149,780

			$	2,976,199

State & Agency - Other – 1.1%
Pasadena CA, COP, Old Pasadena Parking Facilities Project, 6.25%, 2018	$	2,225,000	$	2,508,843
Sacramento County, CA, COP, Capital Projects, AMBAC, 5.75%, 2018		1,500,000		1,517,340

			$	4,026,183

State & Local Agencies – 14.0%
Banning, CA, COP, Water Systems Improvement Project, AMBAC, 8%, 2019	$	725,000	$	902,560
Calabasas, CA, Certificate Participants (City Hall & Civic Center Project), AMBAC, 4.5%, 2041		1,000,000		865,980
California Department of Water Resources, Power Supply Rev., “C”, 5.25%, 2028		2,500,000		2,356,350
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030		2,000,000		1,968,860
California Public Works Board Lease Rev., Department of Corrections State Prison, “A”, 7.4%, 2010		5,000,000		5,195,150
California Public Works Board, Department of Justice, “D”, 5.25%, 2020		1,565,000		1,567,567
California Public Works Broad Lease Rev., 6.25%, 2034		1,500,000		1,512,375
California Public Works Broad Lease Rev., Department of Education (Riverside Campus), 6%, 2026		2,000,000		2,032,360
California Statewide Communities Development Authority Rev. (Proposition 1A Receivables Program), 5%, 2013		3,395,000		3,609,666
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037		2,320,000		1,624,186
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, FSA, 0% to 2010, 4.55% to 2022		3,000,000		2,679,780
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 2045		5,500,000		4,471,225
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035		2,000,000		1,747,800
Los Angeles, CA, COP, Real Property Program, AMBAC, 5.3%, 2027		3,000,000		3,049,650
Los Angeles, CA, Municipal Improvement Corp. Lease Rev., “B”, ASSD GTY, 5.5%, 2030		2,610,000		2,780,903

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Pomona, CA, Public Financing Authority Rev., “A”, AMBAC, 5%, 2042	$	3,735,000	$	3,491,291
Pomona, CA, Public Financing Authority Rev., “P”, 6.25%, 2010		1,095,000		1,123,010
Sacramento, CA, City Financing Authority Rev., Capital Improvement, 5.5%, 2010 (c)		1,635,000		1,685,456
San Diego, CA, Regional Building Authority Lease Rev. (County Operations Center & Annex), “A”, 5.375%, 2036		3,000,000		3,087,720
San Francisco, CA, City & County, COP (San Bruno Jail No. 3), AMBAC, 5.25%, 2033		3,930,000		3,930,236
Yuba, CA, Levee Financing Authority Rev. (Levee Financing Project), “A”, ASSD GTY, 5%, 2038		2,170,000		2,140,575

			$	51,822,700

Tax - Other – 0.1%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	445,000	$	444,297
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		145,000		145,045

			$	589,342

Tax Assessment – 4.9%
Bay Area Governments Association, Tax Allocation, “A”, AMBAC, 5%, 2033	$	3,700,000	$	3,152,289
Fontana, CA, Redevelopment Agency Tax Allocation (Jurupa Hills Redevelopment Project), “A”, 5.5%, 2027		3,350,000		3,350,570
La Mirada, CA, Redevelopment Agency, Special Tax Rev., Community Facilities District No. 89-1, 5.7%, 2020		1,270,000		1,186,625
Orange County, CA, Community Facilities District, Special Tax (Rancho Santa Margarita), “A”, 5.55%, 2017		1,000,000		1,000,730
Poway, CA, Community Facilities District, Special Tax (Parkway Business Center), 6.5%, 2010		715,000		723,637
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, XLCA, 5%, 2037		1,900,000		1,617,432
San Diego, CA, Redevelopment Agency, Tax Allocation (Centre City), “B”, AMBAC, 5.3%, 2020		1,250,000		1,245,888
San Diego, CA, Redevelopment Agency, Tax Allocation Rev. (Centre City), “A”, AMBAC, 5.25%, 2025		2,360,000		2,296,020
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation (Mission Bay North Redevelopment), “C”, 6.375%, 2032		1,000,000		1,038,000
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation (Mission Bay North Redevelopment), “C”, 6.5%, 2039		1,000,000		1,030,810
Santa Fe Springs, CA, Community Development Commission, Tax Allocation, NATL, 0%, 2026		4,720,000		1,571,382

			$	18,213,383

Tobacco – 3.4%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.75%, 2013 (c)	$	2,645,000	$	3,104,886
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)		2,470,000		2,762,300
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		8,000,000		5,932,160
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “C-1”, 0%, 2036		5,000,000		446,450
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), “A”, 0%, 2036		5,000,000		483,100

			$	12,728,896

Toll Roads – 0.1%
Foothill/Eastern Corridor Agency, CA, Toll Road Rev., NATL, 5.125%, 2019	$	500,000	$	483,345

Universities - Colleges – 8.5%
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 6%, 2033	$	1,500,000	$	1,580,835
California Educational Facilities Authority Rev. (Dominican University), 5%, 2036		1,150,000		929,545
California Educational Facilities Authority Rev. (Fresno Pacific University), “A”, 6.75%, 2019		2,000,000		1,942,780

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
California Educational Facilities Authority Rev. (Lutheran University), “C”, 5%, 2029	$	2,500,000	$	2,252,925
California Educational Facilities Authority Rev. (Pepperdine University), “A”, AMBAC, 5%, 2035		1,000,000		1,005,030
California Educational Facilities Authority Rev. (Pitzer College), 6%, 2040		3,000,000		3,059,430
California Educational Facilities Authority Rev. (Santa Clara University), “A”, NATL, 5%, 2027		1,340,000		1,368,730
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2017		685,000		608,883
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2026		1,315,000		1,001,543
California Educational Facilities Authority Rev. (University of La Verne), “A”, 5%, 2029		1,500,000		1,304,490
California Educational Facilities Authority Rev. (University of The Pacific), 5.25%, 2029		1,265,000		1,279,421
California Educational Facilities Authority Rev. (University of The Pacific), 5.5%, 2039		1,800,000		1,820,268
California Educational Facilities Authority Rev., “B”, 6.625%, 2010 (c)		170,000		175,943
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028		2,000,000		2,028,540
California Public Works Board Lease Rev. (Regents University), 5%, 2034		1,500,000		1,493,625
California State University Rev., “A”, AMBAC, 5%, 2035		5,000,000		4,928,300
California Statewide Communities, Notre Dame de Namur University, 6.625%, 2033		1,000,000		844,470
University of California Rev., “J”, FSA, 4.5%, 2035		4,000,000		3,853,280

			$	31,478,038

Universities - Dormitories – 1.0%
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033	$	2,000,000	$	1,617,120
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 2040		2,000,000		1,956,100

			$	3,573,220

Universities - Secondary Schools – 1.0%
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)	$	1,000,000	$	1,129,130
California Statewide Communities Development Authority Rev., Aspire Public Schools (Oakland Project), “A”, 7.25%, 2031		915,000		856,477
Los Angeles, CA, COP, 5.7%, 2018		1,600,000		1,581,632

			$	3,567,239

Utilities - Investor Owned – 1.6%
California Pollution Control Financing Authority, Pollution Control Rev. (Pacific Gas & Electric Co.), NATL, 5.35%, 2016	$	3,500,000	$	3,582,075
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), “B”, 5%, 2027		2,500,000		2,372,275

			$	5,954,350

Utilities - Municipal Owned – 4.3%
California Infrastructure & Economic Development Bank Rev. (California Independent
System Corp.), “A”, 6%, 2030	$	3,755,000	$	3,934,865
Glendale, CA, Electric Works Rev., NATL, 5.75%, 2010 (c)		1,160,000		1,176,020
Glendale, CA, Electric Works Rev., NATL, 5.75%, 2010 (c)		1,420,000		1,439,610
Los Angeles, CA, Department of Water & Power Rev., “A-1”, 5.25%, 2038		3,000,000		3,137,850
Los Angeles, CA, Department of Water & Power Rev., “A-1”, FSA, 4.625%, 2037		1,600,000		1,562,272
Northern California Power Agency Public Power Rev., 5.85%, 2010		880,000		898,163
Tuolumne Wind Project Authority Rev. (Tuolomne Co.), “A”, 5.625%, 2029		2,000,000		2,096,960
Virgin Islands Water & Power Authority Rev., 5.5%, 2017		800,000		803,984
Virgin Islands Water & Power Authority Rev., “A”, 5.125%, 2013		1,000,000		1,009,400

			$	16,059,124

Utilities - Other – 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	1,750,000	$	1,961,995
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 2033		2,565,000		2,359,210

			$	4,321,205

MFS California Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 8.3%
Brentwood, CA, Infrastructure Financing Authority Water Rev., 5.75%, 2038	$	1,080,000	$	1,163,300
California Department of Water Resources, Center Valley Project Rev., 7%, 2012		1,070,000		1,258,277
California Department of Water Resources, Center Valley Project Rev., FGIC, 5%, 2012 (c)		20,000		22,418
California Department of Water Resources, Center Valley Project Rev., FGIC, 5%, 2029		1,980,000		2,025,500
California Department of Water Resources, Center Valley Project Rev., ETM, 7%, 2012 (c)		20,000		23,563
Chino Basin, CA, Desalter Authority Rev., “A”, ASSD GTY, 5%, 2035		1,000,000		1,003,360
El Monte, CA, Water Authority Rev., Water Systems Project, AMBAC, 6%, 2010 (c)		1,065,000		1,125,002
Hollister, CA, Joint Powers Financing Authority Wastewater Rev. (Refining & Improvement Project), “1”, FSA, 5%, 2037		4,000,000		3,838,520
Livermore Amador Valley Water Management Rev., “A”, AMBAC, 5%, 2031		4,875,000		4,890,113
Ontario, CA, COP, Water Systems Improvement Project, NATL, 5%, 2034		2,000,000		1,944,940
Placerville, CA, Public Financing Authority Rev. (Wastewater Systems Refining & Improvement Project), XLCA, 5%, 2034		2,000,000		1,721,600
Sacramento County, CA, Sanitation District, Financing Authority Rev., NATL, 5%, 2035		1,460,000		1,484,776
San Diego County, CA, Water Authority Rev., “A”, FSA, 5%, 2038		3,000,000		2,981,790
San Diego, CA, Public Facilities Financing Authority Sewer Rev., “A”, 5%, 2028		350,000		363,769
San Diego, CA, Public Facilities Financing Authority Water Rev., “A”, 5.25%, 2038		1,500,000		1,553,310
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		2,740,000		2,662,376
West Sacramento, CA, Financing Authority Rev., Water Systems Improvement Project, FGIC, 5%, 2032		2,750,000		2,746,205

			$	30,808,819

Total Municipal Bonds			$	356,597,215

Money Market Funds (v) – 1.8%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		6,420,360	$	6,420,360

Total Investments			$	363,017,575

Other Assets, Less Liabilities – 2.0%				7,572,532

Net Assets – 100.0%			$	370,590,107

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(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 $726,773, representing 0.2% of net assets.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC		Letter of Credit

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
CALHF		California Health Construction Loan Insurance
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
XLCA		XL Capital insurance Co.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS California Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	356,597,215	$	—	$	356,597,215
Mutual Funds		6,420,360		—		—		6,420,360

Total Investments	$	6,420,360	$	356,597,215	$	—	$	363,017,575


Other Financial Instruments
Futures	$	400,287	$	—	$	—	$	400,287

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	368,993,270

Gross unrealized appreciation	$	9,256,923
Gross unrealized depreciation		(15,232,618	)

Net unrealized appreciation (depreciation)	$	(5,975,695	)

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS California Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 – continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

9,345,375

Mar-10

400,287

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		8,577,179		81,961,452		(84,118,271	)		6,420,360

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	16,256		$	6,420,360

LOGO

MFS Florida Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.6%
Airport & Port Revenue – 6.7%
Greater Orlando Aviation Authority Rev., “A”, FGIC, 5.25%, 2018	$	1,000,000	$	1,004,360
Lee County, FL, Airport Rev., “A”, FSA, 5.875%, 2018		1,000,000		1,018,059
Miami-Dade County, FL, Aviation Rev. (Miami International Airport), “B”, FSA, 5%, 2041		1,000,000		1,000,620
Pensacola, FL, Airport Rev., “B”, NATL, 5.625%, 2014		375,000		375,731

			$	3,398,770

General Obligations - General Purpose – 4.1%
Palm Beach County, FL, Industrial Development Rev. (South Florida Fair Project), NATL, 5.5%, 2020	$	1,000,000	$	1,001,190
Palm Beach County, FL, Public Improvement Rev. “2”, 5.375%, 2028		1,000,000		1,098,160

			$	2,099,350

General Obligations - Schools – 7.7%
Florida Board of Education, Capital Outlay, 9.125%, 2014 (f)	$	2,075,000	$	2,348,983
Florida Board of Education, Capital Outlay, ETM, 9.125%, 2014 (c)		400,000		511,736
Florida Board of Education, Public Education, “J”, 5%, 2033		1,000,000		1,024,540

			$	3,885,259

Healthcare Revenue - Hospitals – 21.3%
Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023	$	410,000	$	402,247
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		105,000		102,145
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), NATL, 6.5%, 2019		1,000,000		1,019,940
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), “A”, 5.625%, 2029		300,000		245,058
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		120,000		122,018
Jacksonville, FL, Health Facilities Rev. (Ascension Health), “A”, 5.25%, 2032		1,000,000		1,013,860
Jacksonville, FL, Health Facilities Rev. (Brooks Health Systems), 5.25%, 2038		500,000		473,025
Leesburg, FL, Hospital Rev. (Leesburg Regional Medical Center), 5.5%, 2032		750,000		679,193
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		305,000		287,847
Marshall County, AL, Health Care Authority Rev., “A”, 6.25%, 2022		500,000		513,650
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		250,000		244,348
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		30,000		29,108
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		320,000		307,635
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		100,000		98,595
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2024		500,000		512,845
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional Healthcare), “C”, 5.25%, 2035		1,000,000		958,800
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		500,000		570,065
South Broward, FL, Hospital District Rev., 5%, 2036		1,015,000		1,007,580
South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2032		500,000		487,265
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		265,000		260,437
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		70,000		74,336
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		300,000		303,129
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Regional Medical Center), NATL, 6.625%, 2013		625,000		625,100

MFS Florida Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039	$	320,000	$	342,659
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “B”, 5.125%, 2020		130,000		123,705

			$	10,804,590

Healthcare Revenue - Long Term Care – 0.4%
Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Towers), 5.7%, 2026	$	250,000	$	209,480

Human Services – 0.6%
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.875%, 2021	$	300,000	$	301,809

Industrial Revenue - Chemicals – 1.4%
Brazos River, TX, Brazoria County Environmental Rev. (Dow Chemical, Co.), “A-7”, 6.625%, 2033	$	500,000	$	506,455
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		200,000		198,204

			$	704,659

Industrial Revenue - Environmental Services – 0.6%
Director of the State of Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (b)	$	300,000	$	307,752

Industrial Revenue - Other – 1.3%
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)	$	160,000	$	164,109
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026		500,000		501,130

			$	665,239

Industrial Revenue - Paper – 1.1%
Delta County, MI, Economic Development Corp., Environmental Improvements Rev. (Mead Westvaco Escanaba), “A”, 6.25%, 2012 (c)	$	500,000	$	562,030

Miscellaneous Revenue - Other – 1.3%
Madison County, FL, Rev. (Twin Oaks Project), “A”, 6%, 2025	$	120,000	$	93,481
Miami-Dade County, FL, Special Obligations, Capital Appreciation, “A”, NATL, 0%, 2032		2,000,000		389,220
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		200,000		166,882

			$	649,583

Multi-Family Housing Revenue – 2.6%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5%, 2035	$	500,000	$	467,765
Florida Housing Finance Corp., Housing Rev. (Crossing at University Apartments), “Q- 1”, AMBAC, 5.1%, 2018		830,000		813,915
Palm Beach County, FL, Housing Finance Authority Rev. (Westlake Apartments Project, Phase II), FSA, 4.3%, 2012		60,000		60,337

			$	1,342,017

Sales & Excise Tax Revenue – 3.6%
Pasco County, FL, Sales Tax Rev. (Half Central), AMBAC, 5%, 2023	$	1,000,000	$	1,009,830
Volusia County, FL, Tourist Development Tax Rev., FSA, 5%, 2034		815,000		833,077

			$	1,842,907

Single Family Housing - Local – 0.8%
Brevard County, FL, Housing Finance Authority Rev., “B”, GNMA, 6.5%, 2022	$	24,000	$	26,360
Lee County, FL, Housing Finance Authority Rev. (Multi-County Program), “A-1”, GNMA, 7.2%, 2033		25,000		25,712
Manatee County, FL, Housing Finance Mortgage Rev. (Single Family, Subordinated), Series 3, GNMA, 5.3%, 2028		45,000		45,106

MFS Florida Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - Local – continued
Miami-Dade County, FL, Housing Finance Authority Rev. (Home Ownership Mortgage), “A-1”, GNMA, 5.2%, 2031	$	325,000	$	328,825

			$	426,003

Single Family Housing - State – 1.5%
Florida Housing Finance Corp. Rev. (Homeowner Mortgage), “1”, GNMA, 4.8%, 2031	$	795,000	$	741,481

Solid Waste Revenue – 1.0%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	200,000	$	196,908
Palm Beach County, FL, Solid Waste Authority Rev. Improvement, BHAC, 5%, 2027		295,000		314,411

			$	511,319

State & Local Agencies – 5.1%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	80,000	$	78,754
Florida Municipal Loan Council Rev., “C”, NATL, 5.25%, 2022		1,000,000		1,034,140
Miami-Dade County, FL, School Board, COP, “B”, ASSD GTY, 5%, 2033		1,500,000		1,489,680

			$	2,602,574

Tax - Other – 0.3%
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024	$	130,000	$	130,584

Tax Assessment – 2.8%
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014	$	180,000	$	130,415
Ave Maria Stewardship Community District, FL, “A”, 5.125%, 2038		195,000		137,272
Concord Station Community Development District, FL, Special Assessment, 5%, 2015		130,000		95,424
Concorde Estates Community Development District, FL, “B”, 5%, 2011 (d)		180,000		57,701
Durbin Crossing Community Development District, FL, Special Assessment, “B-1”, 4.875%, 2010		125,000		98,673
Greyhawk Landing Community Development District, FL, Special Assessment, “B”, 7%, 2012		40,000		39,149
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2010 (a)		85,000		51,018
Middle Village Community Development District, FL, Special Assessment, “A”, 5.8%, 2022		85,000		74,244
New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012 (d)		200,000		67,602
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club), “B-2”, 5.125%, 2015		100,000		88,801
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		85,000		76,429
Panther Trace II, Community Development District, FL, Special Assessment, “B”, 5%, 2010		50,000		46,441
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		80,000		56,538
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010		60,000		56,633
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		220,000		140,800
Watergrass Community Development District, FL, Special Assessment, “B”, 4.875%, 2010		125,000		97,430
Wentworth Estates Community Development District, FL, Special Assessment, “B”, 5.125%, 2012 (d)		155,000		78,605

			$	1,393,175

Tobacco – 2.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030	$	500,000	$	424,335
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		1,050,000		789,380
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.875%, 2039		250,000		229,300

			$	1,443,015

MFS Florida Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – 6.8%
Florida Board Regents, Housing Rev., NATL, 5.3%, 2020	$	610,000	$	614,233
Florida Board Regents, Housing Rev. (University of Central Florida), FGIC, 5.25%, 2020		1,185,000		1,203,356
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		500,000		572,960
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 2028		1,000,000		1,046,210

			$	3,436,759

Universities - Dormitories – 1.9%
Florida Finance Authority, Capital Loan Projects Rev., “F”, NATL, 5.125%, 2021	$	1,000,000	$	942,210

Utilities - Investor Owned – 1.1%
Hillsborough County, FL, Industrial Development Authority, Pollution Control Rev. (Tempa Electric Co.), “A”, 5.65%, 2018	$	500,000	$	537,495

Utilities - Municipal Owned – 4.3%
Florida Municipal Power Agency Rev., All Requirements, “A”, 6.25%, 2031	$	400,000	$	453,984
Florida Power Agency Rev., “A”, 5%, 2031		1,000,000		1,006,960
St. Lucie West, FL, Utility Rev., NATL, 5.25%, 2034		720,000		727,394

			$	2,188,338

Water & Sewer Utility Revenue – 16.5%
Miami Beach, FL, Stormwater Rev., FGIC, 5.25%, 2020	$	1,000,000	$	1,017,600
Pinellas County, FL, Sewer Rev., FSA, 5%, 2032		1,500,000		1,542,570
Polk County, FL, Utility Systems Rev., FGIC, 5%, 2023		1,000,000		1,024,200
Polk County, FL, Utility Systems Rev., “A”, FGIC, 5%, 2030		1,000,000		1,007,470
Seminole County, FL, Water & Sewer Rev., Unrefunded Balance, NATL, 6%, 2019		940,000		1,052,471
Tallahassee, FL, Consolidated Utility Systems Rev., 5%, 2037		505,000		514,696
Tampa Bay Water, FL, Regional Water Supply Authority, Utility System Rev., FGIC, 4.75%, 2033		2,115,000		2,097,001
Tampa Bay Water, FL, Regional Water Supply Authority, Utility System Rev., 5%, 2038		125,000		129,648

			$	8,385,656

Total Municipal Bonds			$	49,512,054

Money Market Funds (v) – 1.5%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		783,072	$	783,072

Total Investments			$	50,295,126

Other Assets, Less Liabilities – 0.9%				456,467

Net Assets – 100.0%			$	50,751,593

(a)	Non-income producing security.

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(n)

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.

MFS Florida Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		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.

MFS Florida Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	49,512,054	$	—	$	49,512,054
Mutual Funds		783,072		—		—		783,072

Total Investments	$	783,072	$	49,512,054	$	—	$	50,295,126


Other Financial Instruments
Futures	$	39,535	$	—	$	—	$	39,535

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	50,620,970

Gross unrealized appreciation	$	1,252,055
Gross unrealized depreciation		(1,577,899	)

Net unrealized appreciation (depreciation)	$	(325,844	)

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Florida Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09


Description	Currency	Contracts	Value	Expiration Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr (Short)	USD	8	923,000	Mar-10	$	39,535

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		984,804		6,165,119		(6,366,851	)		783,072

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	1,581		$	783,072

LOGO

MFS Georgia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.1%
Airport & Port Revenue – 4.3%
Atlanta, GA, Airport Passenger Facilities Rev., “J”, FSA, 5%, 2029	$	750,000	$	761,227
Atlanta, GA, Airport Passenger Facilities Rev., “J”, FSA, 5%, 2034		750,000		746,880
Atlanta, GA, Airport Rev., “B”, FSA, 5.25%, 2033		1,000,000		1,015,950
Augusta, GA, Airport Rev., “B”, 5.35%, 2028		350,000		321,923

			$	2,845,980

General Obligations - General Purpose – 4.6%
Atlanta & Fulton County, GA, Park Improvement, “A”, NATL, 5%, 2030	$	500,000	$	521,230
Cherokee County, GA, 4.5%, 2029		500,000		522,265
Lagrange-Troup County, GA, Hospital Authority Rev., 5.5%, 2038		500,000		513,285
Macon Bibb County, GA, Urban Development Rev. (Bibb County Public Facilities Project), 5.5%, 2022		1,000,000		1,032,730
State of California, 6%, 2039		420,000		429,652

			$	3,019,162

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	20,000	$	20,622
Guam Government, “A”, 5.25%, 2037		100,000		83,329
Guam Government, “A”, 7%, 2039		25,000		25,750

			$	129,701

General Obligations - Schools – 2.9%
Fayette County, GA, School District Rev., FSA, 0% to 2010, 4.9% to 2024	$	575,000	$	580,876
Forsyth County, GA, School District, 6%, 2010 (c)		750,000		767,985
Fulton County, GA, School District, 6.375%, 2010		570,000		581,178

			$	1,930,039

Healthcare Revenue - Hospitals – 11.1%
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034	$	750,000	$	766,065
Chatham County, GA, Hospital Authority Rev. (Memorial Health Medical Center), “A”, 6%, 2017		350,000		353,850
Chatham County, GA, Hospital Authority Rev., Hospital Improvement (Memorial Health University), “A”, 5.375%, 2026		200,000		182,654
Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc.), “B”, AMBAC, 6.25%, 2034		500,000		546,615
DeKalb County, GA, Private Hospital Authority Rev. Anticipation Certificates (Children’s Healthcare), 5.25%, 2039		750,000		752,182
Georgia Medical Center Hospital Authority Rev. (Columbus Regional Healthcare System, Inc.), ASSD GTY, 6.5%, 2038		300,000		335,028
Houston County, GA, Hospital Authority Rev. Anticipation Certificates (Houston Healthcare Project), 5.25%, 2042		500,000		472,400
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		65,000		63,885
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		200,000		204,182
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		40,000		38,811
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		400,000		384,544
Montgomery County, OH, Rev. (Catholic Health Initiatives), “A”, 5%, 2039		285,000		282,099
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		130,000		128,174
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		180,000		176,006
Richmond County, GA, Hospital Authority Rev. Anticipation Certificates (University Health Services, Inc. Project), 5.5%, 2036		750,000		736,433
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		315,000		309,576
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031		110,000		115,371
Valdosta & Lowndes County, GA, Hospital Authority Rev. (Southern Georgia Medical Center Project), AMBAC, 5.25%, 2027		500,000		499,385

MFS Georgia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Valdosta & Lowndes County, GA, Hospital Authority Rev. (Southern Georgia Medical Center Project), 5%, 2033	$	240,000	$	218,306
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		385,000		412,262
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		260,000		230,227
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “B”, 5.125%, 2020		165,000		157,011

			$	7,365,066

Healthcare Revenue - Long Term Care – 0.9%
Fulton County, GA, Residential Care Facilities (Lenbrook Project), “A”, 5%, 2027	$	150,000	$	107,685
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034		150,000		127,587
Gainesville & Hall County, GA, Development Authority Retirement Community Rev. (ACTS Retirement), 6.625%, 2039		200,000		205,794
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037		200,000		153,194

			$	594,260

Industrial Revenue - Environmental Services – 0.8%
Savannah, GA, Economic Development Authority, Solid Waste Disposal Rev. (Georgia Waste Management Project), “A”, 5.5%, 2016	$	500,000	$	520,155

Industrial Revenue - Other – 1.4%
Cartersville, GA, Development Authority Waste & Water Facilities Rev. (Anheuser- Busch Project), 5.95%, 2032	$	750,000	$	754,012
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		160,000		160,216

			$	914,228

Industrial Revenue - Paper – 1.2%
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018	$	150,000	$	139,230
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		150,000		120,332
Savannah, GA, Economic Development Pollution (Union Camp Corp.), 6.15%, 2017		500,000		534,805

			$	794,367

Multi-Family Housing Revenue – 2.1%
East Point Housing Authority, Multi-Family Rev. (Laurel Ridge at Washington Road Apartments LP), FRN, FNMA, 5%, 2032 (b)	$	495,000	$	485,610
Hinesville, GA, Leased Housing Corp., “A”, FHA, 6.7%, 2017		900,000		903,834

			$	1,389,444

Sales & Excise Tax Revenue – 2.8%
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., “B”, FSA, 5%, 2037 (f)	$	1,500,000	$	1,555,890
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		280,000		276,130

			$	1,832,020

Single Family Housing - State – 5.5%
Georgia Housing & Finance Authority Rev., 5.5%, 2032	$	1,000,000	$	1,001,010
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 5.6%, 2032		550,000		551,045
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 5.375%, 2039		825,000		841,797
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C-2”, 5.1%, 2022		750,000		756,600
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “D-2”, 5.2%, 2032		500,000		501,800

			$	3,652,252

State & Agency - Other – 6.8%
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), ASSD GTY, 5%, 2038	$	1,000,000	$	956,140

MFS Georgia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – continued
County Commissioners of Georgia Assn., Leasing Program, Rockdale County, GA (Public Purpose Project), AMBAC, 5.625%, 2020	$	165,000	$	168,409
Fulton County, GA, Facilities Corp., Fulton County, GA (Public Purpose Project), AMBAC, 5.9%, 2019		1,000,000		1,055,510
Georgia Association of County Commissioners, Leasing Program (Public Purpose Project), COP, AMBAC, 5.625%, 2010 (c)		335,000		347,070
Tift County, GA, Hospital Authority Rev., Anticipation Certificates, AMBAC, 5%, 2022		2,000,000		1,998,020

			$	4,525,149

State & Local Agencies – 3.9%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	105,000	$	103,365
Fayette County, GA, Public Facilities Authority (Criminal Justice Center Project), 6.25%, 2010 (c)		755,000		780,730
Georgia Municipal Association, Inc. (Riverdale Public Purpose Project), ASSD GTY, 5.5%, 2038		1,000,000		1,045,910
Gilmer County, GA, Building Authority Rev., Courthouse Project, “A”, SYNCORA, 5%, 2029		500,000		513,390
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		115,000		117,096

			$	2,560,491

Tax - Other – 1.0%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	75,000	$	74,881
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		25,000		25,008
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		295,000		294,997
Virgin Islands Public Finance Authority Rev., “A”, 6%, 2039		180,000		180,243
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		50,000		47,762
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		50,000		49,036

			$	671,927

Tax Assessment – 0.3%
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030	$	150,000	$	130,498
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		125,000		102,522

			$	233,020

Tobacco – 0.2%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	90,000	$	80,753
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		90,000		76,380

			$	157,133

Transportation - Special Tax – 0.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, FSA, 5.5%, 2028	$	185,000	$	202,906

Universities - Colleges – 20.8%
Athens, GA, Housing Authority Rev. (University of Georgia East Campus Funding), 5.25%, 2035	$	500,000	$	526,215
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., 0%, 2024		250,000		218,405
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., 0%, 2031		250,000		205,270
Atkinson-Coffee County, GA, Joint Development Authority Rev. (SGC Real Estate Foundation LLC), ASSD GTY, 5.25%, 2034		500,000		514,555
Atlanta, GA, Development Authority Educational Facilities Rev. (Panther Place), ASSD GTY, 4.75%, 2032		500,000		513,060
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC), 5%, 2032		500,000		503,185
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC), 5%, 2039		500,000		485,730

MFS Georgia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Bleckley-Dodge County, GA, Student Housing Facilities Rev. (Middle Georgia College), 5.25%, 2038	$	500,000	$	499,260
Cobb County, GA, Development Authority, Dining Hall Lease Rev. (KSU Dining Hall), ASSD GTY, 5.75%, 2039		1,000,000		1,104,820
Dahlonega, GA, Downtown Development Authority Rev. (North Georgia PHD LLC), ASSD GTY, 5.25%, 2034		500,000		509,725
Dekalb Newton & Gwinnett Counties Joint Development Authority Rev. (GGC Foundation LLC), 6%, 2034		500,000		543,700
Fulton County, GA (Morehouse College), AMBAC, 6.25%, 2010 (c)		980,000		1,040,633
Fulton County, GA, Development Authority Rev. (Georgia Tech Foundation Funding), “A”, 5%, 2031		265,000		271,744
Fulton County, GA, Development Authority Rev. (Georgia Tech Foundation), SYNCORA, 5%, 2032		500,000		518,120
Fulton County, GA, Development Authority Rev. (Molecular Science Building), NATL, 5%, 2034		1,000,000		1,016,620
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 2032		250,000		259,060
Georgia Higher Education Facilities Authority Rev. (Real Estate Foundation), 6%, 2034		300,000		325,602
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2030		100,000		92,746
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028		555,000		654,778
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		275,000		298,925
Private Colleges & Universities, GA, Authority Rev. (Agnes Scott College), 5%, 2024		500,000		546,635
Private Colleges & Universities, GA, Authority Rev. (Emory University), “C”, 5%, 2038		1,000,000		1,045,660
Private Colleges & Universities, GA, Authority Rev. (Emory University), “C”, 5.25%, 2039		500,000		538,405
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 2039		500,000		513,600
South Regional, GA, Joint Development Authority Rev. (VSU Auxiliary Student Services), “A”, ASSD GTY, 5%, 2036		1,000,000		1,020,220

			$	13,766,673

Universities - Dormitories – 0.7%
Georgia Private College & University Authority Rev. (Mercer Housing Corp.), “A”, 6%, 2021	$	500,000	$	474,270

Utilities - Investor Owned – 0.8%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020	$	330,000	$	357,317
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		160,000		169,848

			$	527,165

Utilities - Municipal Owned – 5.1%
Georgia Municipal Electric Authority Power Rev., “A”, NATL, 6.5%, 2020	$	1,250,000	$	1,446,850
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		300,000		325,224
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		100,000		112,198
Monroe County, GA, Pollution Control Rev. (Oglethorpe Power Corp.), “A”, 6.8%, 2012		1,000,000		1,096,500
Summerville, GA, Public Utility Rev., Refunding & Improvement, 5.75%, 2012 (c)		350,000		387,958

			$	3,368,730

Utilities - Other – 1.1%
Main Street Natural Gas, Inc., GA, Gas Project Rev., “B”, 5%, 2019	$	250,000	$	248,528
Tennessee Energy Acquisition Corp. Gas Rev., “A”, 5.25%, 2020		250,000		253,240
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		225,000		229,424

			$	731,192

Water & Sewer Utility Revenue – 18.3%
Athens-Clarke County, GA, Unified Government Water & Sewer Rev., 5.625%, 2033	$	500,000	$	551,295
Atlanta, GA, Water & Wastewater Rev., FSA, 5%, 2037		870,000		866,050
Augusta, GA, Water & Sewer Rev., FSA, 5.25%, 2034		1,000,000		1,031,170

MFS Georgia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Cherokee County, GA, Water & Sewer Authority Rev., FSA, 5%, 2035	$	1,000,000	$	1,039,520
Clayton County, GA, Water Authority, Water & Sewer Rev., 6.25%, 2010 (c)		1,000,000		1,029,100
Columbia County, GA, Water & Sewer Rev., FGIC, 6.25%, 2010 (c)		470,000		481,322
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028		400,000		409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,021,300
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		145,000		171,035
Fairburn, GA, Utility Rev., 5.75%, 2010 (c)		500,000		524,700
Forsyth County, GA, Water & Sewer Authority, 6.25%, 2010 (c)		1,105,000		1,131,653
Fulton County, GA, Water & Sewer Rev., ETM, FGIC, 6.375%, 2014 (c)		1,830,000		2,011,170
Walton County, GA, Water & Sewer Authority Rev. (Oconee-Hard Creek), FSA, 5%, 2038		750,000		780,780
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), FSA, 5%, 2038		1,000,000		1,033,490

			$	12,082,025

Total Municipal Bonds			$	64,287,355

Money Market Funds (v) – 1.1%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		689,962	$	689,962

Total Investments			$	64,977,317

Other Assets, Less Liabilities – 1.8%				1,201,694

Net Assets – 100.0%			$	66,179,011

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
NATL		National Public Finance Guarantee Corp.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Georgia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	64,287,355	$	—	$	64,287,355
Mutual Funds		689,962		—		—		689,962

Total Investments	$	689,962	$	64,287,355	$	—	$	64,977,317


Other Financial Instruments
Futures	$	29,651	$	—	$	—	$	29,651

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	62,876,600

Gross unrealized appreciation	$	2,528,538
Gross unrealized depreciation		(427,821	)

Net unrealized appreciation (depreciation)	$	2,100,717

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Georgia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

692,250

Mar-10

29,651

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		774,568		14,455,417		(14,540,023	)		689,962

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	1,773		$	689,962

LOGO

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.2%
Airport & Port Revenue – 0.7%
Massachusetts Port Authority Rev., “A”, NATL, 5%, 2033	$	1,265,000	$	1,288,048
Massachusetts Port Authority Rev., ETM, 13%, 2013 (c)		415,000		510,110

			$	1,798,158

General Obligations - General Purpose – 11.0%
Boston, MA, “A”, 5.75%, 2010 (c)	$	3,645,000	$	3,658,887
Brookline, MA, 5.375%, 2019		1,800,000		1,831,338
Commonwealth of Massachusetts, “A”, 5%, 2032		3,000,000		3,188,130
Commonwealth of Massachusetts, “B”, 5.25%, 2028		2,500,000		2,921,125
Greater Lawrence, MA, Sanitation District, NATL, 5.625%, 2010 (c)		1,640,000		1,695,186
Massachusetts Consolidated Loan, “A”, 6%, 2010 (c)		3,000,000		3,041,490
Massachusetts Consolidated Loan, “B”, 5.75%, 2010 (c)		1,000,000		1,022,290
Massachusetts Consolidated Loan, “C”, 5.75%, 2010 (c)		1,500,000		1,559,145
Middleborough, MA, FGIC, 5.6%, 2010 (c)		75,000		75,849
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		605,000		648,996
State of California, 6%, 2039		1,555,000		1,590,734
State of Massachusetts, “A”, 5%, 2039		1,000,000		1,042,450
Sutton, MA, NATL, 5.5%, 2017		1,000,000		1,015,950
Sutton, MA, NATL, 5.5%, 2019		1,000,000		1,016,240
Westford, MA, FGIC, 5.25%, 2010 (c)		2,250,000		2,298,960

			$	26,606,770

General Obligations - Improvement – 1.5%
Guam Government, “A”, 6.75%, 2029	$	65,000	$	67,021
Guam Government, “A”, 5.25%, 2037		395,000		329,150
Guam Government, “A”, 7%, 2039		75,000		77,250
Worcester, MA, “A”, FSA, 6%, 2010 (c)(f)		2,955,000		3,024,531

			$	3,497,952

General Obligations - Schools – 0.7%
Narragansett, MA, Regional School District, AMBAC, 6%, 2019	$	1,720,000	$	1,776,898

Healthcare Revenue - Hospitals – 16.4%
Indiana Health & Educational Facilities Finance Authority Rev. (Sisters of St. Francis Health Services, Inc.), “E”, FSA, 5.25%, 2041	$	1,000,000	$	1,004,610
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		375,000		390,244
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,180,000		1,113,637
Massachusetts Development Finance Agency Rev. (Massachusetts Biomedical Research), “C”, 6.375%, 2016		50,000		51,376
Massachusetts Health & Educational Facilities Authority Rev., 6.5%, 2012 (c)		15,000		16,848
Massachusetts Health & Educational Facilities Authority Rev. (Bay State Medical Center), “F”, 5.75%, 2033		2,000,000		2,029,980
Massachusetts Health & Educational Facilities Authority Rev. (Bay State Medical Center), “I”, 5.75%, 2036		500,000		523,435
Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031		1,350,000		1,361,894
Massachusetts Health & Educational Facilities Authority Rev. (Boston Medical Center), 5.25%, 2038		2,000,000		1,740,780
Massachusetts Health & Educational Facilities Authority Rev. (Caregroup, Inc.), 5.125%, 2038		2,000,000		1,818,040
Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “B”, 6.25%, 2022		20,000		19,965
Massachusetts Health & Educational Facilities Authority Rev. (Catholic Health East Issue), 5.5%, 2012 (c)		1,575,000		1,778,490
Massachusetts Health & Educational Facilities Authority Rev. (Children’s Hospital), “M”, 5.25%, 2039		1,500,000		1,533,645

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Massachusetts Health & Educational Facilities Authority Rev. (Children’s Hospital), “M”, 5.5%, 2039	$	1,000,000	$	1,041,800
Massachusetts Health & Educational Facilities Authority Rev. (Healthcare Systems), 6.5%, 2017		60,000		63,050
Massachusetts Health & Educational Facilities Authority Rev. (Healthcare Systems), 6%, 2031		790,000		802,545
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018		1,330,000		1,144,159
Massachusetts Health & Educational Facilities Authority Rev. (Lahey Clinic), “D”, 5.25%, 2037		1,550,000		1,497,719
Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville Hospital), “C”, 5.25%, 2018		1,500,000		1,376,790
Massachusetts Health & Educational Facilities Authority Rev. (New England Medical Center Hospital), “H”, FGIC, 5.375%, 2012 (c)		815,000		897,087
Massachusetts Health & Educational Facilities Authority Rev. (New England), “H”, FGIC, 5%, 2012 (c)		45,000		49,140
Massachusetts Health & Educational Facilities Authority Rev. (New England), “H”, FGIC, 5%, 2025		1,090,000		923,143
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare Systems), “C”, 5.75%, 2021		100,000		103,135
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare Systems), “G”, 5%, 2032		2,000,000		2,003,700
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare), “J-1”, 5%, 2039		2,000,000		1,987,760
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038		1,000,000		872,090
Massachusetts Health & Educational Facilities Authority Rev. (South Shore), 5.625%, 2019		740,000		745,861
Massachusetts Health & Educational Facilities Authority Rev. (Southcoast Health Obligation), “D”, 5%, 2029		1,000,000		956,790
Massachusetts Health & Educational Facilities Authority Rev. (Southcoast Health Obligation), “D”, 5%, 2039		1,000,000		924,700
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts Memorial Hospital), “C”, 6.5%, 2021		1,000,000		1,017,640
Massachusetts Health & Educational Facilities Authority Rev., “C”, FGIC, 4.5%, 2035		1,045,000		884,948
Massachusetts Industrial Finance Agency Rev., Capital Appreciation (Massachusetts Biomedical Research), “A”, 0%, 2010		5,300,000		5,281,344
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		655,000		640,466
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		55,000		53,800
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		165,000		172,879
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		395,000		417,404
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		1,355,000		1,450,948
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		915,000		810,223

			$	39,502,065

Healthcare Revenue - Long Term Care – 0.8%
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037	$	500,000	$	418,165
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.75%, 2035		500,000		364,670
Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 6.9%, 2032		530,000		514,736
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039		500,000		488,635

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029	$	20,000	$	20,373
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		130,000		134,520

			$	1,941,099

Healthcare Revenue - Other – 0.8%
Massachusetts Health & Educational Facilities Authority Rev. (Dana Faber Cancer Institute), “K”, 5%, 2037	$	2,000,000	$	2,027,160

Industrial Revenue - Airlines – 1.2%
Massachusetts Port Authority Rev., Special Facilities (U.S. Airways), “A”, NATL, 5.625%, 2011	$	1,140,000	$	1,106,176
Massachusetts Port Authority Rev., Special Facilities (U.S. Airways), NATL, 5.875%, 2016		1,900,000		1,702,704

			$	2,808,880

Industrial Revenue - Environmental Services – 0.3%
Massachusetts Development Finance Agency Rev. (Waste Management, Inc.), FRN, 5.5%, 2027 (b)	$	750,000	$	789,915

Industrial Revenue - Other – 1.8%
Massachusetts Development Finance Agency Rev., Resource Recovery (Fluor Corp.), 5.625%, 2019	$	1,675,000	$	1,703,056
Massachusetts Industrial Finance Agency Rev. (Welch Foods, Inc.), 5.6%, 2017		2,100,000		2,114,490
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		595,000		595,803

			$	4,413,349

Miscellaneous Revenue - Other – 2.4%
Martha’s Vineyard, MA, Land Bank Rev., AMBAC, 5%, 2029	$	785,000	$	797,741
Massachusetts Development Finance Agency Rev., 5.5%, 2020		1,205,000		1,320,343
Massachusetts Health & Educational Facilities Authority Rev., 5.5%, 2034		1,500,000		1,593,135
Massachusetts Port Authority Facilities Rev. (Boston Fuel Project), FGIC, 5%, 2024		2,000,000		2,014,880

			$	5,726,099

Multi-Family Housing Revenue – 5.1%
Massachusetts Development Finance Agency Rev. (Credit Housing-Chelsea Homes), “I-A”, LOC, 5%, 2024	$	1,185,000	$	1,184,348
Massachusetts Development Finance Agency Rev. (Morville House Apartments), “A”, LOC, 4.95%, 2023		2,500,000		2,485,000
Massachusetts Housing Finance Agency Rev., “A”, AMBAC, 5.5%, 2040		1,565,000		1,262,877
Massachusetts Housing Finance Agency Rev., “A”, 5.25%, 2048		1,000,000		963,250
Massachusetts Housing Finance Agency Rev., “C”, 5.35%, 2049		1,680,000		1,703,453
Massachusetts Housing Finance Agency Rev., “F”, 5.125%, 2034		720,000		682,646
Massachusetts Housing Finance Agency Rev., “P”, 5%, 2023		1,240,000		1,238,710
Massachusetts Housing Finance Agency Rev., “P”, 5.2%, 2045		1,445,000		1,324,762
Massachusetts Housing Finance Agency Rev., Rental Mortgage, “A”, AMBAC, 5.7%, 2020		1,375,000		1,385,711

			$	12,230,757

Sales & Excise Tax Revenue – 7.9%
Massachusetts Bay Transportation Authority, Sales Tax Rev., 0%, 2034	$	6,000,000	$	1,731,660
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5.25%, 2031		2,000,000		2,298,380
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		1,850,000		2,144,465
Massachusetts Bay Transportation Authority, Sales Tax Rev., “B”, 5.25%, 2020		5,375,000		6,251,071
Massachusetts Bay Transportation Authority, Sales Tax Rev., “B”, 5.25%, 2033		1,000,000		1,131,590
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 2032		2,000,000		2,034,400
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “A”, AMBAC, 4.5%, 2035		950,000		927,371

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028	$	1,050,000	$	1,100,904
Route 3 North Transit Improvement Associates Rev., NATL, 5.625%, 2010 (c)		1,500,000		1,535,490

			$	19,155,331

Single Family Housing Revenue - Local – 1.3%
Boston Housing Authority Capital Program Rev., FSA, 5%, 2028	$	3,000,000	$	3,174,030

Single Family Housing - State – 2.8%
Massachusetts Housing Finance Agency, Single Family Housing Rev., “102”, 5%, 2029	$	1,500,000	$	1,474,335
Massachusetts Housing Finance Agency, Single Family Housing Rev., “122”, 4.85%, 2031		1,625,000		1,549,015
Massachusetts Housing Finance Agency, Single Family Housing Rev., “128”, FSA, 4.875%, 2038		1,700,000		1,557,574
Massachusetts Housing Finance Agency, Single Family Housing Rev., “138”, 5.35%, 2033		2,000,000		2,051,580

			$	6,632,504

Solid Waste Revenue – 0.9%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014	$	300,000	$	303,057
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		1,925,000		1,781,260

			$	2,084,317

State & Agency - Other – 0.6%
Massachusetts Development Finance Agency Rev. (Visual & Performing Arts Project), 6%, 2015	$	1,235,000	$	1,404,022

State & Local Agencies – 4.4%
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037	$	1,370,000	$	959,110
Massachusetts College Building Authority Project Rev., “A”, SYNCORA, 0%, 2022		8,310,000		4,808,748
Massachusetts College Building Authority Project Rev., “A”, SYNCORA, 5.25%, 2023		1,000,000		1,039,070
Massachusetts College Building Authority Project Rev., “A”, SYNCORA, 5%, 2043		2,110,000		2,115,613
Massachusetts State College, Building Authority Project Rev., “A”, 5.5%, 2049		1,680,000		1,775,172

			$	10,697,713

Student Loan Revenue – 2.3%
Massachusetts Educational Financing Authority Education Loan Rev., “I”, 6%, 2028	$	1,500,000	$	1,605,735
Massachusetts Educational Financing Authority, Education Loan Rev., “E”, AMBAC, 5%, 2015		90,000		91,084
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		2,420,000		2,502,740
Massachusetts Educational Financing Authority, Education Loan Rev., “Issue E”, AMBAC, 5.3%, 2016		1,360,000		1,363,604
Massachusetts Educational Financing Authority, Education Loan Rev., “Issue G”, “A”, NATL, 6.05%, 2017		40,000		40,499

			$	5,603,662

Tax - Other – 2.4%
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037	$	1,650,000	$	1,732,121
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		260,000		259,589
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		85,000		85,026
Massachusetts Bay Transportation Authority, Unrefunded Balance, “A”, 5.75%, 2018		320,000		324,742
Massachusetts Special Obligation Dedicated Tax Rev., NATL, 5.5%, 2023		1,585,000		1,785,724
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,050,000		1,049,990
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		600,000		640,038

			$	5,877,230

Tax Assessment – 0.1%
Massachusetts Bay Transportation Authority Rev., 5.25%, 2030	$	245,000	$	246,646

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	320,000	$	287,123
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		320,000		271,574
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		410,000		308,234
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, 5.5%, 2039		400,000		347,336
Golden State Tobacco Securitization Corp., California Tobacco Settlement Rev., “A-2”, 0% to 2012, 5.30% to 2037		1,260,000		784,274

			$	1,998,541

Universities - Colleges – 18.9%
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029	$	2,005,000	$	1,993,672
Massachusetts Development Finance Agency Rev. (Boston College), “P”, 5%, 2042		1,000,000		1,019,370
Massachusetts Development Finance Agency Rev. (Boston University), “V-1”, 5%, 2029		1,500,000		1,517,190
Massachusetts Development Finance Agency Rev. (Brandeis University), “N”, 5%, 2039		3,000,000		3,061,500
Massachusetts Development Finance Agency Rev. (Curry College), “A”, ACA, 5%, 2036		2,000,000		1,704,860
Massachusetts Development Finance Agency Rev. (Hampshire College), 5.7%, 2034		1,000,000		956,520
Massachusetts Development Finance Agency Rev. (Mount Holyoke College), 5.125%, 2021		1,000,000		1,051,560
Massachusetts Development Finance Agency Rev. (New England Conservatory of Music), 5.25%, 2038		2,000,000		1,826,820
Massachusetts Development Finance Agency Rev. (Olin College), “B”, SYNCORA, 5.25%, 2033		4,250,000		4,305,250
Massachusetts Development Finance Agency Rev. (Pharmacy & Allied Health Sciences), 5.75%, 2013 (c)		1,000,000		1,164,110
Massachusetts Development Finance Agency Rev. (Simmons College), SYNCORA, 5.25%, 2026		2,000,000		1,947,720
Massachusetts Development Finance Agency Rev. (Smith College), 5%, 2035		1,000,000		1,027,490
Massachusetts Development Finance Agency Rev. (Western New England College), 6.125%, 2012 (c)		1,115,000		1,276,419
Massachusetts Development Finance Agency Rev. (Wheelock College), “C”, 5.25%, 2037		1,500,000		1,341,330
Massachusetts Health & Educational Facilities Authority Rev., 5%, 2037		2,000,000		2,001,120
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 2027		1,735,000		2,023,166
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), 5.5%, 2036		1,500,000		1,663,995
Massachusetts Health & Educational Facilities Authority Rev. (Lesley University), “A”, ASSD GTY, 5.25%, 2039		1,000,000		1,041,700
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “A”, 5%, 2038		2,000,000		2,101,860
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028		1,000,000		1,179,780
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		500,000		556,045
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 4.75%, 2026		750,000		769,005
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 4.875%, 2027		250,000		256,978
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 2028		640,000		661,485
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 2029		300,000		309,138
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		2,000,000		2,070,840
Massachusetts Health & Educational Facilities Authority Rev. (Tufts University), 5.375%, 2038		850,000		907,554

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Massachusetts Health & Educational Facilities Authority Rev. (UMass Worcester) ,”B”, FGIC, 5.125%, 2019	$	1,005,000	$	1,026,597
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), “A”, FGIC, 5.85%, 2010 (c)		1,200,000		1,260,624
Massachusetts Health & Higher Educational Facilities Authority Rev. (Williams College), “H”, 5%, 2028		1,000,000		1,037,840
Massachusetts Industrial Finance Agency Rev. (Brandeis University), “C”, NATL, 0%, 2010		1,000,000		995,450
Massachusetts Industrial Finance Agency Rev. (Brandeis University), “C”, NATL, 0%, 2011		500,000		487,615
University of Massachusetts Building Authority Project Rev., 5%, 2034		1,000,000		1,021,610

			$	45,566,213

Universities - Secondary Schools – 3.7%
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.375%, 2031	$	1,200,000	$	1,153,608
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.5%, 2036		1,000,000		935,130
Massachusetts Development Finance Agency Rev. (Dexter School), 4.75%, 2032		1,130,000		1,122,237
Massachusetts Development Finance Agency Rev. (Dexter School), 5%, 2037		1,000,000		1,003,580
Massachusetts Development Finance Agency Rev. (Middlesex School), 5.125%, 2023		500,000		516,800
Massachusetts Development Finance Agency Rev. (Milton Academy), “A”, 5%, 2035		2,000,000		2,078,620
Massachusetts Industrial Finance Agency Rev. (Concord Academy), 5.5%, 2027		2,000,000		2,001,660

			$	8,811,635

Utilities - Investor Owned – 1.0%
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)	$	1,000,000	$	1,054,490
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020		775,000		839,155
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		560,000		594,468

			$	2,488,113

Utilities - Municipal Owned – 1.5%
Long Island Power Authority, Electric Systems Rev., “C”, FSA, 5%, 2035	$	1,480,000	$	1,487,385
Massachusetts Development Finance Agency Rev. (Devens Electric Systems), 5.625%, 2016		725,000		737,158
Puerto Rico Electric Power Authority, Power Rev., “V”, FSA, 5.25%, 2027		1,365,000		1,482,813

			$	3,707,356

Utilities - Other – 0.8%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	805,000	$	820,826
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		405,000		408,487
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		210,000		210,756
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		480,000		479,981

			$	1,920,050

Water & Sewer Utility Revenue – 5.1%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038	$	2,000,000	$	2,043,960
King County, WA, Sewer Rev., 5%, 2038		1,000,000		1,031,200
Massachusetts Water Pollution Abatement Trust, 5.25%, 2030		2,310,000		2,748,276
Massachusetts Water Pollution Abatement Trust, 5.25%, 2033		2,000,000		2,348,740
Massachusetts Water Pollution Abatement Trust Rev., Unrefunded Balance, “5”, 5.75%, 2017		25,000		25,290
Massachusetts Water Pollution Abatement Trust, “10”, 5%, 2029		160,000		167,434
Massachusetts Water Pollution Abatement Trust, “10”, 5%, 2034		145,000		150,139
Massachusetts Water Pollution Abatement Trust, “A”, 5%, 2032		75,000		76,793
Massachusetts Water Resources Authority, General Rev., “A”, FGIC, 6%, 2010 (c)		1,000,000		1,042,620
Massachusetts Water Resources Authority, General Rev., “J”, FSA, 5%, 2023		500,000		523,905
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		2,120,000		2,233,272

			$	12,391,629

Total Municipal Bonds			$	234,878,094

MFS Massachusetts Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Money Market Funds (v) – 1.7%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value	4,040,500	$	4,040,500

Total Investments		$	238,918,594

Other Assets, Less Liabilities – 1.1%			2,692,758

Net Assets – 100.0%		$	241,611,352

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC		Letter of Credit

Insurers
ACA		ACA Financial Guaranty Corp.
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance, Inc.
NATL		National Public Finance Guarantee Corp.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Massachusetts Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 halting 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.


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	234,878,094	$	—	$	234,878,094
Mutual Funds		4,040,500		—		—		4,040,500

Total Investments	$	4,040,500	$	234,878,094	$	—	$	238,918,594


Other Financial Instruments
Futures	$	247,091	$	—	$	—	$	247,091

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

MFS Massachusetts Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	230,907,995

Gross unrealized appreciation	$	10,895,443
Gross unrealized depreciation		(2,884,844	)

Net unrealized appreciation (depreciation)	$	8,010,599

The aggregate cost above includes prior fiscal year end tax adjustments.

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09


Description	Currency	Contracts	Value	Expiration Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr (Short)	USD	50	5,768,780	Mar-10	$	247,091

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Porfolio		5,580,865		50,902,823		(52,443,188	)		4,040,500

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Porfolio	$	—	$	—	$	9,731		$	4,040,500

LOGO

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.5%
Airport & Port Revenue – 0.9%
Maryland Transportation Authority Rev. (Baltimore/Washington International Airport), “A”, AMBAC, 5%, 2027	$	1,000,000	$	1,025,600

General Obligations - General Purpose – 10.0%
Baltimore, MD, Public Improvement, “A”, FSA, 5%, 2027	$	1,050,000	$	1,153,079
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		260,000		242,767
Commonwealth of Puerto Rico, “A”, 6%, 2038		415,000		415,813
Commonwealth of Puerto Rico, Public Improvement, “A”, 5.25%, 2026		2,330,000		2,250,221
Maryland State & Local Facilities, 5%, 2020		3,500,000		3,958,150
Maryland State & Local Facilities, “C”, 5%, 2019		2,000,000		2,334,240
State of California, 6%, 2039		720,000		736,546

			$	11,090,816

General Obligations - Improvement – 3.5%
Guam Government, “A”, 6.75%, 2029	$	70,000	$	72,176
Guam Government, “A”, 7%, 2039		80,000		82,400
Worcester County, MD, Public Improvement, 5.625%, 2010 (c)		1,620,000		1,649,581
Worcester County, MD, Public Improvement, 5.625%, 2010 (c)		2,030,000		2,067,068

			$	3,871,225

Healthcare Revenue - Hospitals – 23.8%
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044	$	345,000	$	352,214
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 2032		830,000		838,350
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		170,000		176,911
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		640,000		604,006
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.75%, 2025		500,000		502,110
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 2039		1,000,000		1,091,420
Maryland Health & Higher Educational Facilities Authority Rev. (Calvert Health Systems), 5.5%, 2039		1,000,000		1,009,870
Maryland Health & Higher Educational Facilities Authority Rev. (Carroll County General Hospital), 6%, 2037		1,000,000		1,017,490
Maryland Health & Higher Educational Facilities Authority Rev. (Catholic Health), “A”, 6%, 2010 (c)		755,000		779,975
Maryland Health & Higher Educational Facilities Authority Rev. (Catholic Health), “A”, 6%, 2020		245,000		248,954
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 2029		750,000		599,902
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Memorial Hospital), 5.125%, 2035		1,000,000		885,290
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Hospital), 5%, 2021		750,000		755,438
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), “A”, 5%, 2037		750,000		735,698
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), ASSD GTY, 4.75%, 2038		965,000		948,711
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), 4.75%, 2039		590,000		545,998
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), “A”, FSA, 5.25%, 2038		2,000,000		2,014,680
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033		800,000		809,352
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042		750,000		704,775
Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel Hospital), 6.5%, 2010 (c)		500,000		519,890

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Medical Center), 5%, 2036	$	1,000,000	$	968,610
Maryland Health & Higher Educational Facilities Authority Rev. (Suburban Hospital), “A”, 5.5%, 2016		1,000,000		1,076,340
Maryland Health & Higher Educational Facilities Authority Rev. (Union Hospital of Cecil County Issue), 5.625%, 2032		1,000,000		1,008,620
Maryland Health & Higher Educational Facilities Authority Rev. (Union Hospital of Cecil County Issue), 5%, 2035		500,000		470,775
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), 6.625%, 2010 (c)		890,000		918,800
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), AMBAC, 5%, 2031		1,000,000		973,030
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), “A”, 5%, 2041		500,000		480,845
Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 5.75%, 2038		500,000		487,110
Maryland Industrial Development Authority, Economic Development Rev., RIBS, FSA, FRN, 11.16%, 2022 (p)		1,300,000		1,538,706
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		65,000		63,068
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		685,000		658,532
Montgomery County, MD, Economic Development Rev. (Trinity Healthcare Group), 5.125%, 2022		500,000		505,435
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		210,000		207,050
Orange County, FL, Health Facilities Authority Rev. (The Nemours Foundation), “A”, 5%, 2039		230,000		229,648
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 2029		415,000		442,900
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		575,000		565,098
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031		200,000		209,766
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2018		470,000		462,001

			$	26,407,368

Healthcare Revenue - Long Term Care – 0.8%
Gaithersburg, MD, Economic Development Rev. (Asbury Maryland Obligations Group), “A”, 5.125%, 2036	$	400,000	$	335,368
Howard County, MD, Retirement Rev. (Vantage House Facilities), “B”, 5.25%, 2037		300,000		225,969
Maryland Health & Higher Educational Facilities Authority Rev. (King Farm Presbyterian Community), “A”, 5.3%, 2037		300,000		204,828
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Ridge), “A”, 6%, 2013 (c)		150,000		174,593

			$	940,758

Human Services – 0.7%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 2019	$	250,000	$	250,575
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 2029		565,000		514,992

			$	765,567

Industrial Revenue - Chemicals – 1.4%
Baltimore, MD, Port Facilities Rev., Consolidated Coal Sales (Dupont), “B”, 6.5%, 2011	$	1,500,000	$	1,554,870

Industrial Revenue - Environmental Services – 0.6%
Northeast Maryland Waste Disposal Authority Resources Recovery Rev. (Baltimore Resco Retrofit Project), 5%, 2012	$	690,000	$	694,740

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – 0.3%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	375,000	$	375,506

Miscellaneous Revenue - Other – 1.5%
Harford County, MD, Economic Development Rev. (Battelle Memorial Institute Project), 5.25%, 2034	$	1,600,000	$	1,606,496

Multi-Family Housing Revenue – 3.5%
Maryland Community Development Administration (Waters Landing II Apartments), “A”, GNMA, FRN, 5.875%, 2033	$	1,500,000	$	1,529,865
Maryland Community Development Administration, “A”, 5.05%, 2047		1,000,000		914,160
Maryland Community Development Administration, “B”, FNMA, 5%, 2039		500,000		463,970
Maryland Community Development Administration, “D”, 5%, 2032		1,000,000		948,270

			$	3,856,265

Parking – 1.2%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AMBAC, 5%, 2034	$	1,385,000	$	1,285,405

Sales & Excise Tax Revenue – 0.8%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057	$	335,000	$	330,370
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		520,000		545,210

			$	875,580

Single Family Housing Revenue - Local – 0.0%
Prince George’s County, MD, Housing Single Family Collateral, “A”, GNMA, 5.6%, 2034	$	25,000	$	25,152

Single Family Housing - State – 5.1%
Maryland Community Development Administration Housing, 5.65%, 2048	$	840,000	$	870,744
Maryland Community Development Administration Housing, “A”, 5.875%, 2016		715,000		716,766
Maryland Community Development Administration Residential, “B”, 4.75%, 2019		225,000		222,925
Maryland Community Development Administration, “I”, 6%, 2041		720,000		761,710
Maryland Community Development Administration, Department of Housing & Community Development, 5%, 2034		1,500,000		1,500,945
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), “B”, 4.55%, 2026		1,505,000		1,386,722
Puerto Rico Housing Finance Authority, Home Mortgage Rev., Mortgage Backed Securities, “A”, 4.75%, 2023		165,000		164,507

			$	5,624,319

State & Agency - Other – 2.9%
Howard County, MD, COP, 8%, 2019	$	805,000	$	1,124,851
Howard County, MD, COP, 8%, 2019		385,000		537,972
Howard County, MD, COP, 8%, 2019		680,000		950,184
Howard County, MD, COP, “B”, 8.15%, 2021		450,000		648,959

			$	3,261,966

State & Local Agencies – 2.9%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	170,000	$	167,353
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034		420,000		448,904
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		180,000		183,281
Puerto Rico Public Finance Corp., AMBAC, 5.375%, 2016		1,040,000		1,208,522
Puerto Rico Public Finance Corp., Commonwealth Appropriations, “E”, 5.7%, 2010 (c)		1,235,000		1,239,656

			$	3,247,716

Tax - Other – 2.5%
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037	$	1,500,000	$	1,574,655
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		325,000		324,486
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		45,000		45,014

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax - Other – continued
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022	$	510,000	$	509,995
Virgin Islands Public Finance Authority Rev., “A”, 6%, 2039		285,000		285,385

			$	2,739,535

Tax Assessment – 2.4%
Anne Arundel County, MD, Special Obligations (Arundel Mills Project), 5.125%, 2029 (f)	$	1,555,000	$	1,667,069
Baltimore, MD, Special Obligation, “A”, 7%, 2038		400,000		376,960
Brunswick, MD, Special Obligation (Brunswick Crossing Special Taxing), 5.5%, 2036		250,000		165,825
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		500,000		418,205

			$	2,628,059

Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	160,000	$	143,562
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		160,000		135,787
Guam Economic Development Authority Tobacco Settlement, “B”, 5.5%, 2011 (c)		400,000		425,740
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		165,000		155,484

			$	860,573

Transportation - Special Tax – 3.8%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., FSA, 5.25%, 2033	$	1,365,000	$	1,435,134
Maryland Department of Transportation, Port Administration Facilities Project, AMBAC, 5.25%, 2020		1,690,000		1,740,142
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.25%, 2029		515,000		560,732
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.125%, 2032		485,000		515,118

			$	4,251,126

Universities - Colleges – 12.3%
Annapolis, MD, Economic Development Rev. (St. John’s College), 5.5%, 2018	$	180,000	$	180,347
Anne Arundel County, MD, Economic Development (Community College Project), 5.25%, 2028		1,600,000		1,633,616
Frederick County, MD, Educational Facilities Rev. (Mount St. Mary’s College), 5%, 2030		1,000,000		835,700
Frederick County, MD, Educational Facilities Rev. (Mount St. Mary’s College), “A”, 5.7%, 2010 (c)		850,000		864,943
Maryland Health & Higher Education (Loyola College), “A”, 5%, 2040		1,000,000		1,001,900
Maryland Health & Higher Education (Maryland Institute College of Art), 5%, 2030		750,000		674,588
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), 5.375%, 2025		500,000		509,860
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins University), “A”, 5%, 2032		2,000,000		2,041,640
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College), “A”, 5.125%, 2045		1,600,000		1,612,128
Morgan State University, MD, Academic, NATL, 6.05%, 2015		1,500,000		1,703,400
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		480,000		521,760
Westminster, MD, Educational Facilities Rev. (McDaniel College, Inc.), 5.5%, 2012 (c)		1,000,000		1,122,300
Westminster, MD, Educational Facilities Rev. (McDaniel College, Inc.), 5%, 2031		1,000,000		946,560

			$	13,648,742

Universities - Dormitories – 1.6%
Maryland Economic Development Corp., Collegiate Housing (Salisbury), “A”, 6%, 2019	$	1,000,000	$	922,810
Maryland Economic Development Corp., Collegiate Housing Rev. (Towson University), “A”, 5.75%, 2029		1,000,000		903,630

			$	1,826,440

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Secondary Schools – 0.5%
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (d)	$	500,000	$	229,955
Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035		400,000		351,536

			$	581,491

Utilities - Investor Owned – 1.2%
Maryland Economic Development Corp., Pollution Control Rev. (Potomac Electric Power Co.), 6.2%, 2022	$	500,000	$	570,410
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020		385,000		416,870
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		275,000		291,926

			$	1,279,206

Utilities - Municipal Owned – 3.8%
Guam Power Authority Rev., AMBAC, 5.25%, 2015	$	3,360,000	$	3,374,414
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		540,000		585,403
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		185,000		207,566

			$	4,167,383

Utilities - Other – 1.0%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	400,000	$	407,864
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		195,000		196,679
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		100,000		100,360
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		140,000		139,584
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		235,000		234,991

			$	1,079,478

Water & Sewer Utility Revenue – 7.7%
Baltimore, MD, Rev., LEVRRS, NATL, FRN, 10.615%, 2020 (p)	$	3,000,000	$	3,772,920
Baltimore, MD, Wastewater Rev. Project, “A”, NATL, 5.65%, 2020		2,000,000		2,257,640
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028		400,000		409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,021,300
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		240,000		283,092
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		815,000		791,911

			$	8,536,303

Total Municipal Bonds			$	108,107,685

Money Market Funds (v) – 0.9%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		945,842	$	945,842

Total Investments			$	109,053,527

Other Assets, Less Liabilities – 1.6%				1,772,555

Net Assets – 100.0%			$	110,826,082

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(p)	Primary inverse floater.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.

MFS Maryland Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


FGIC		Financial Guaranty Insurance Co.
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.

Inverse Floaters
LEVRRS		Leveraged Reverse Rate Security
RIBS		Residual Interest Bonds

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Maryland Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	108,107,685	$	—	$	108,107,685
Mutual Funds		945,842		—		—		945,842

Total Investments	$	945,842	$	108,107,685	$	—	$	109,053,527


Other Financial Instruments
Futures	$	79,069	$	—	$	—	$	79,069

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	107,182,054

Gross unrealized appreciation	$	4,386,797
Gross unrealized depreciation		(2,515,324	)

Net unrealized appreciation (depreciation)	$	1,871,473

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Maryland Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

1,846,000

Mar-10

79,069

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		194,806		25,420,192		(24,669,156	)		945,842

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	3,553		$	945,842

LOGO

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.3%
Airport & Port Revenue – 1.4%
Jackson, MS, Municipal Airport Authority, Airport Rev., “A”, AMBAC, 5%, 2031	$	1,510,000	$	1,538,515

General Obligations - General Purpose – 7.3%
Commonwealth of Puerto Rico, “A”, 5.25%, 2027	$	455,000	$	438,857
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		220,000		205,418
Commonwealth of Puerto Rico, “A”, 6%, 2038		365,000		365,715
Commonwealth of Puerto Rico, Public Improvement, FGIC, 5.5%, 2016		3,220,000		3,408,660
Hinds County, MS, NATL, 6.25%, 2011		1,285,000		1,366,880
Mississippi Development Bank Special Obligations (Jackson, Mississippi), FSA, 5.25%, 2020		620,000		704,066
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		335,000		359,361
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		370,000		392,651
State of California, 6%, 2039		700,000		716,086

			$	7,957,694

General Obligations - Improvement – 0.4%
Guam Government, “A”, 6.75%, 2029	$	35,000	$	36,088
Guam Government, “A”, 5.25%, 2037		155,000		129,160
Guam Government, “A”, 7%, 2039		40,000		41,200
Mississippi Development Bank Special Obligation (Greenville, MS Project), 5%, 2027		245,000		200,819

			$	407,267

General Obligations - Schools – 3.3%
Biloxi, MS, Public School District, NATL, 5%, 2021	$	1,000,000	$	1,013,690
Jackson, MS, Public School District, “B”, AMBAC, 5.75%, 2010 (c)		1,000,000		1,040,190
Jackson, MS, Public School District, “B”, AMBAC, 0%, 2022		2,000,000		1,034,400
Jackson, MS, Public School District, “B”, AMBAC, 0%, 2023		1,000,000		484,490

			$	3,572,770

Healthcare Revenue - Hospitals – 14.5%
Corinth & Alcorn County, MS, Hospital Rev. (Magnolia Regional Health Center), 5.5%, 2021	$	375,000	$	356,599
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), NATL, 6.125%, 2015		2,250,000		2,250,473
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), NATL, 6.2%, 2018		1,000,000		1,002,140
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031		500,000		499,995
Hinds County, MS, Rev. (Methodist Hospital & Rehabilitation), AMBAC, 5.6%, 2012		1,110,000		1,112,875
Illinois Finance Authority Rev. (Central Dupage Health), 5%, 2027		355,000		351,262
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		105,000		103,198
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		325,000		331,796
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 2032		705,000		712,092
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		170,000		176,911
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		320,000		302,003
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “B-1”, 5%, 2024		1,000,000		1,004,050
Mississippi Hospital Equipment & Facilities Authority Rev. (Delta Regional Medical Center), FHA, 5%, 2035		1,000,000		995,720
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital), FSA, 5.625%, 2011 (c)		1,000,000		1,060,610
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital), 5.25%, 2029		1,000,000		994,050
Mississippi Hospital Equipment & Facilities Authority Rev. Refunding & Improvement, Hospital South Central, 5.25%, 2031		500,000		433,790
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, Southwest Regional Medical Center, 5.5%, 2019		250,000		240,183
Mississippi Hospital Equipment & Facilities Authority, Refunding & Improvement, Southwest Regional Medical Center, 5.75%, 2023		250,000		238,613

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027	$	215,000	$	211,979
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		550,000		537,796
Orange County, FL, Health Facilities Authority Rev. (The Nemours Foundation), “A”, 5%, 2039		230,000		229,648
South Broward, FL, Hospital District Rev., 5%, 2036		485,000		481,455
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		520,000		511,046
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		135,000		143,362
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031		180,000		188,789
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		75,000		78,581
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		185,000		195,493
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		640,000		685,318
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		430,000		380,761

			$	15,810,588

Industrial Revenue - Environmental Services – 0.2%
Mississippi Business Finance Corp. (Solid Waste Management, Inc.), 4.4%, 2027 (b)	$	250,000	$	254,443

Industrial Revenue - Other – 0.6%
Mississippi Business Finance Corp. (Northrop Grumman Ship Systems), 4.55%, 2028	$	500,000	$	451,115
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		210,000		210,284

			$	661,399

Industrial Revenue - Paper – 1.4%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022	$	750,000	$	809,513
Warren County, MS, Environmental Improvement Rev. (International Paper Co.), “A”, 4.4%, 2015		750,000		697,110

			$	1,506,623

Miscellaneous Revenue - Entertainment & Tourism – 0.7%
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017	$	850,000	$	786,905

Multi-Family Housing Revenue – 1.0%
Mississippi Home Corp. Rev. (Kirkwood Apartments Project), 6.8%, 2037	$	150,000	$	97,428
Mississippi Home Corp., Multifamily Rev. (Providence Place of Sanitobia LLC), GNMA, 5.35%, 2048		1,000,000		986,110

			$	1,083,538

Sales & Excise Tax Revenue – 1.4%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029	$	750,000	$	869,378
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		720,000		710,050

			$	1,579,428

Single Family Housing - Other – 0.8%
Mississippi Business Finance Corp., Rev. (Statesman Housing LLC Project), “A”, 4.75%, 2039	$	1,000,000	$	917,080

Single Family Housing - State – 2.9%
Mississippi Home Corp. Rev., Single Family Mortgage Rev., “A-2 “, GNMA, 5.3%, 2034	$	250,000	$	253,905
Mississippi Home Corp. Rev., Single Family Rev., “A”, GNMA, 6.3%, 2031		130,000		136,154
Mississippi Home Corp. Rev., Single Family Rev., “A-2 “, GNMA, 5.625%, 2039		430,000		447,260

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Mississippi Home Corp. Rev., Single Family Rev., “A-2”, GNMA, 5.3%, 2023	$	405,000	$	405,142
Mississippi Home Corp. Rev., Single Family Rev., “A-2”, GNMA, 6.95%, 2031		135,000		143,450
Mississippi Home Corp. Rev., Single Family Rev., “B”, GNMA, 5.3%, 2035		485,000		481,624
Mississippi Home Corp. Rev., Single Family Rev., “B-2”, GNMA, 6.375%, 2032		255,000		265,999
Mississippi Home Corp. Rev., Single Family Rev., “B-2”, GNMA, 6.45%, 2033		280,000		289,654
Mississippi Home Corp. Rev., Single Family Rev., “C”, GNMA, 4.95%, 2025		555,000		555,366
Mississippi Home Corp., Single Family Rev., “A-2”, GNMA, 6.5%, 2032		150,000		156,338

			$	3,134,892

State & Agency - Other – 1.0%
Mississippi Development Bank Special Obligations, Harrison County Mississippi Highway Construction, “N”, FGIC, 5%, 2026	$	1,000,000	$	1,044,640

State & Local Agencies – 16.5%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	175,000	$	172,275
Lamar County, MS (Jail Project), NATL, 5.1%, 2021		430,000		441,868
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		190,000		193,464
Mississippi Development Bank Special Obligation (Capital Project & Equipment Prepayment), FSA, 5%, 2028		1,320,000		1,377,737
Mississippi Development Bank Special Obligation (Forrest County Public Improvement Project), 5%, 2029		1,000,000		1,051,450
Mississippi Development Bank Special Obligation (Harrison County), “D”, ASSD GTY, 4.75%, 2028		1,120,000		1,168,742
Mississippi Development Bank Special Obligation (Hinds Community College), ASSD GTY, 5.375%, 2033		1,500,000		1,597,575
Mississippi Development Bank Special Obligation (Jackson Public School District), FSA, 5.375%, 2028		1,000,000		1,081,750
Mississippi Development Bank Special Obligation (Mississippi Highway Construction), AMBAC, 4.75%, 2035		1,000,000		984,180
Mississippi Development Bank Special Obligation (Southaven Water & Sewer System), ASSD GTY, 5%, 2029		750,000		795,165
Mississippi Development Bank Special Obligations (City of Jackson, MS), AMBAC, 4.375%, 2031		1,400,000		1,357,608
Mississippi Development Bank Special Obligations (Correctional Facilities), “A”, AMBAC, 5.125%, 2025		1,000,000		1,025,180
Mississippi Development Bank Special Obligations (DeSoto County Regional Utility Authority), 5.25%, 2031		905,000		913,407
Mississippi Development Bank Special Obligations (Mississippi, Ltd. Tax Hospital Rev.), 5.1%, 2020		1,000,000		1,024,660
Mississippi Development Bank Special Obligations (Natchez Mississippi Convention Center), AMBAC, 6%, 2013 (c)		750,000		873,848
Mississippi Development Bank Special Obligations (Public Improvement Board), 5%, 2023		750,000		748,395
Mississippi Development Bank Special Obligations (Tunica County Building Project), AMBAC, 5%, 2026		1,695,000		1,774,224
Mississippi Development Bank Special Obligations (Tupelo Fairgrounds), “A”, AMBAC, 5%, 2017		785,000		800,417
Mississippi Development Bank Special Obligations, Madison County (Highway Construction), FGIC, 5%, 2027		500,000		521,925

			$	17,903,870

Tax - Other – 2.1%
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037	$	1,250,000	$	1,312,213
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		125,000		124,803
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		40,000		40,012
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		110,000		116,336
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		135,000		135,606

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax - Other – continued
Virgin Islands Public Finance Authority Rev., “A”, 6%, 2039	$	295,000	$	295,398
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		85,000		81,195
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		95,000		85,791
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		85,000		83,360

			$	2,274,714

Tobacco – 1.1%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	150,000	$	134,589
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		150,000		127,301
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		190,000		142,840
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		565,000		418,959
Guam Economic Development Authority Tobacco Settlement, “B”, 5.5%, 2011 (c)		350,000		372,523

			$	1,196,212

Transportation - Special Tax – 2.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., FSA, 5.25%, 2033	$	1,135,000	$	1,193,316
Mississippi Development Bank Special Obligations, Madison County (Road & Bridge), AMBAC, 5.1%, 2013 (c)		1,175,000		1,322,721

			$	2,516,037

Universities - Colleges – 18.0%
Alcorn State University, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.125%, 2034	$	1,000,000	$	1,030,260
Alcorn State University, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.25%, 2039		250,000		258,790
Jackson State University, Educational Building Corp. Rev. (Campus Facilities), 5%, 2034 (b)		485,000		509,531
Jackson State University, Educational Building Corp. Rev. (Campus Facilities), “A”, FGIC, 5%, 2014 (c)		3,100,000		3,570,332
Jackson State University, Educational Building Corp. Rev. (Student Recreation Center), AMBAC, 5.125%, 2012 (c)		750,000		824,573
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028		920,000		1,085,398
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), 5%, 2034		1,000,000		995,760
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), “B”, AMBAC, 5.5%, 2023		1,000,000		1,096,760
Mississippi State University, Educational Building Corp. Rev., AMBAC, 5.5%, 2016		1,000,000		1,048,080
Mississippi State University, Educational Building Corp. Rev., AMBAC, 5%, 2021		250,000		255,288
Mississippi State University, Educational Building Corp. Rev. (Residence Hall Construction), “A-1”, 5.25%, 2033		400,000		427,600
Mississippi Valley State University, Educational Building Corp. Rev., NATL, 5.5%, 2010 (c)		890,000		936,494
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		875,000		892,395
University of California Rev., “J”, FSA, 4.5%, 2035		985,000		948,870
University of Mississippi, Educational Building Corp. Rev. (Residential College Project), “A”, 5%, 2033		1,500,000		1,563,495
University of Mississippi, Educational Building Corp. Rev. (Residential College), “C”, 4.75%, 2034		715,000		713,920
University of Southern Mississippi, COP (Package Facilities Project), ASSD GTY, 5.125%, 2039		500,000		495,815
University of Southern Mississippi, Educational Building Corp. Rev. (Athletics Facilities Improvement Project), FSA, 5%, 2034		750,000		776,385
University of Southern Mississippi, Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036		1,000,000		1,071,880

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of Southern Mississippi, Educational Building Corp. Rev., “B”, FSA, 5%, 2032	$	1,000,000	$	1,040,180

			$	19,541,806

Utilities - Investor Owned – 0.6%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020	$	370,000	$	400,629
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		265,000		281,311

			$	681,940

Utilities - Municipal Owned – 7.5%
Guam Power Authority Rev., “A”, AMBAC, 5.25%, 2013	$	1,000,000	$	1,008,480
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		485,000		525,779
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		155,000		173,907
Mississippi Business Finance Corp., Gulf Opportunity Zone Rev., “A”, 5%, 2037		1,000,000		973,770
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.7%, 2027		155,000		159,543
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.75%, 2028		100,000		102,768
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.85%, 2029		485,000		499,875
Mississippi Development Bank Special Obligations (Municipal Energy Agency Power Supply Project), “A”, SYNCORA, 5%, 2026		1,000,000		954,070
Mississippi Development Bank Special Obligations (Okolona Electric System), 5.2%, 2011 (c)		1,010,000		1,075,054
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 2025		1,000,000		1,015,040
Puerto Rico Electric Power Authority, Power Rev., “V”, FSA, 5.25%, 2027		570,000		619,197
South Carolina Public Service Authority Rev., “A”, 5.5%, 2038		1,000,000		1,086,330

			$	8,193,813

Utilities - Other – 0.6%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	375,000	$	382,373
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		185,000		186,593
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		95,000		95,342

			$	664,308

Water & Sewer Utility Revenue – 11.7%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028	$	400,000	$	409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,042,600
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		240,000		283,092
Grenada, MS, Mississippi Development Bank Special Obligations (Water & Sewer Systems Project), “N”, FSA, 5%, 2030		1,000,000		1,029,680
Mississippi Development Bank Special Obligations (Combined Water Sewer & Solid Waste Management), FSA, 5.25%, 2021		1,270,000		1,354,861
Mississippi Development Bank Special Obligations (Combined Water Sewer & Solid Waste Management), FSA, 5.05%, 2027		1,610,000		1,688,665
Mississippi Development Bank Special Obligations (Gulfport Water & Sewer Project), FSA, 5.625%, 2012 (c)		500,000		567,195
Mississippi Development Bank Special Obligations (Gulfport Water & Sewer Project), “A”, FGIC, 5.25%, 2012 (c)		2,000,000		2,200,920
Mississippi Development Bank Special Obligations (Jackson Water & Sewer System Project), FSA, 5%, 2029		2,000,000		2,061,760
Mississippi Development Bank Special Obligations (Jackson Water & Sewer System Project), FGIC, 5%, 2032		250,000		252,643
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev. “DD”, 4.75%, 2035		20,000		20,112

MFS Mississippi Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038	$	800,000	$	777,336

			$	12,688,304

Total Municipal Bonds			$	105,916,786

Money Market Funds (v) – 1.3%
MFS Institutional Money Market Portfolio, 0.047%, at Net Asset Value		1,336,934	$	1,336,934

Total Investments			$	107,253,720

Other Assets, Less Liabilities – 1.4%				1,571,246

Net Assets – 100.0%			$	108,824,966

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Mississippi Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	105,916,786	$	—	$	105,916,786
Mutual Funds		1,336,934		—		—		1,336,934

Total Investments	$	1,336,934	$	105,916,786	$	—	$	107,253,720

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	104,013,340

Gross unrealized appreciation	$	4,335,482
Gross unrealized depreciation		(1,095,102	)

Net unrealized appreciation (depreciation)	$	3,240,380

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Mississippi Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		2,573,918		20,382,748		(21,619,732	)		1,336,934

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	3,586		$	1,336,934

LOGO

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 101.0%
Airport & Port Revenue – 0.5%
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2025	$	205,000	$	149,633
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037		100,000		67,718
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037		1,075,000		698,148
Chicago, IL, O’Hare International Airport Rev. (Second Lien Passenger Facility), “D”, AMBAC, 5.5%, 2019		2,195,000		2,264,230
Massachusetts Port Authority Rev., ETM, 13%, 2013 (c)		1,840,000		2,261,691
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), NATL, 5.875%, 2013		1,485,000		1,498,588
Oklahoma City, OK, Airport Trust, “B”, FSA, 5.75%, 2017		1,080,000		1,092,539

			$	8,032,547

General Obligations - General Purpose – 4.6%
Chicago, IL, FGIC, 6.125%, 2010 (c)	$	3,785,000	$	3,930,571
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)		5,000		5,929
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)(u)		5,580,000		6,618,663
Country Club Hills, IL, NATL, 5%, 2031		3,170,000		3,289,319
Delaware County, OH, 6.25%, 2010 (c)		1,000,000		1,063,290
Luzerne County, PA, FSA, 6.75%, 2023		1,200,000		1,288,020
Schaumburg, IL, “B”, FGIC, 5.25%, 2034		2,000,000		2,080,420
State of California, 6.5%, 2033		4,000,000		4,304,200
State of California, 5%, 2034		3,185,000		2,919,562
State of California, 6%, 2039		3,000,000		3,068,940
State of Illinois, NATL, 5.5%, 2025		500,000		502,535
State of Washington, 6.75%, 2010		3,880,000		3,897,305
State of Washington, 6%, 2012		4,360,000		4,883,985
State of Washington, “A”, NATL, 5%, 2033		5,000,000		5,250,250
State of Wisconsin, “C”, 6%, 2010 (c)		1,200,000		1,221,972
Washington Motor Vehicle Fuel Tax, “B”, NATL, 5%, 2032 (u)		25,010,000		26,218,233

			$	70,543,194

General Obligations - Improvement – 2.1%
Birmingham, AL, “A”, 5.75%, 2017	$	1,000,000	$	1,027,930
District of Columbia, NATL, 6.5%, 2010		3,095,000		3,169,992
District of Columbia, ETM, NATL, 6.5%, 2010 (c)		2,905,000		2,977,916
Guam Government, “A”, 6.75%, 2029		840,000		866,116
Guam Government, “A”, 7%, 2039		960,000		988,800
Massachusetts Bay Transportation Authority, General Transportation Systems, “A”, SYNCORA, 7%, 2021		10,185,000		12,309,082
Massachusetts Bay Transportation Authority, General Transportation Systems, “C”, SYNCORA, 6.1%, 2013		10,200,000		11,228,568

			$	32,568,404

General Obligations - Schools – 7.1%
Beverly Hills, CA, Unified School District (Election of 2008), 0%, 2031	$	2,010,000	$	585,614
Beverly Hills, CA, Unified School District (Election of 2008), 0%, 2032		2,035,000		551,424
Beverly Hills, CA, Unified School District (Election of 2008), 0%, 2033		4,070,000		1,024,297
Chicago, IL, Board of Education, NATL, 6.25%, 2015		20,295,000		22,752,725
Clark County, NV, School District, “A”, NATL, 7%, 2010		4,000,000		4,104,800
Colorado State Board of Governors, University Enterprise System Rev., “A”, 5%, 2034		1,000,000		1,042,450
Escondido, CA, Union High School District, Capital Appreciation (Election of 2008), “A”, ASSD GTY, 0%, 2030		4,495,000		1,210,683
Escondido, CA, Union High School District, Capital Appreciation (Election of 2008), “A”, ASSD GTY, 0%, 2031		4,015,000		999,896
Escondido, CA, Union High School District, Capital Appreciation (Election of 2008), “A”, ASSD GTY, 0%, 2032		2,825,000		649,609

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Escondido, CA, Union High School District, Capital Appreciation (Election of 2008), “A”, ASSD GTY, 0%, 2033	$	2,785,000	$	590,531
Ferris, TX, Independent School District, PSF, 5.5%, 2034 (f)		3,000,000		3,100,500
Florida Board of Education, Capital Outlay, 9.125%, 2014		1,380,000		1,562,215
Florida Board of Education, Capital Outlay, ETM, 9.125%, 2014 (c)		265,000		339,025
Fresno, CA, Unified School District, NATL, 6.55%, 2020		1,225,000		1,347,635
Gilroy, CA, Unified School District, FGIC, 5%, 2027		1,000,000		1,020,910
Grand Blanc, MI, Community Schools (School Building & Site), FSA, 5%, 2028		1,000,000		1,044,090
Hartnell, CA, Community College District, Capital Appreciation (Election of 2002), “D”, 0%, 2039		9,645,000		1,145,826
Kane Kendall County, IL, Community College District, Capital Appreciation, “E”, FGIC, 0%, 2023		1,360,000		687,616
Kane Kendall County, IL, Community College District, Capital Appreciation, “E”, FGIC, 0%, 2025		1,335,000		602,539
Kane, Cook & DuPage Counties, IL, FSA, 6.375%, 2011 (c)		1,245,000		1,318,517
Kane, Cook & DuPage Counties, IL, FSA, 6.5%, 2011 (c)		1,345,000		1,426,077
Knox County, KY, SYNCORA, 5.5%, 2014 (c)		640,000		752,934
Knox County, KY, SYNCORA, 5.625%, 2014 (c)		1,150,000		1,359,668
Lancaster, TX, Independent School District, Capital Appreciation, FSA, 0%, 2014 (c)		2,250,000		1,010,318
Lancaster, TX, Independent School District, Capital Appreciation, 0%, 2014 (c)		2,000,000		844,460
Lane County, OR, School District, 6.25%, 2010 (c)		1,150,000		1,179,337
Lane County, OR, School District, 6.25%, 2010 (c)		1,000,000		1,025,510
Leander, TX, Independent School District, PSF, 0%, 2018		7,385,000		4,321,554
Long Beach, CA, Community College District, Election of 2008, “A”, FSA, 0%, 2028		5,025,000		1,615,990
Los Angeles, CA, Unified School District, “D”, 5%, 2034		1,280,000		1,284,787
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2024		2,900,000		1,295,140
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2027		1,930,000		686,578
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2029		3,915,000		1,198,812
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 2030		4,335,000		1,219,956
Phenix City, AL, AMBAC, 5.65%, 2010 (c)		1,500,000		1,574,145
Philadelphia, PA, School District, NATL, 6%, 2010 (c)		750,000		756,510
Roma, TX, Independent School District, PSF, 5.875%, 2010 (c)		1,705,000		1,761,538
San Lorenzo, CA, Unified School District, Alameda County, Election 2004, “B”, FGIC, 4.75%, 2037		135,000		135,166
San Marcos, TX, Independent School District, PSF, 5.625%, 2014 (c)		2,000,000		2,367,880
San Marcos, TX, Independent School District, PSF, 5.625%, 2014 (c)		2,000,000		2,367,880
San Mateo County, CA (Community College District, 2005 Election), “A”, NATL, 0%, 2026		5,100,000		1,998,333
San Rafael, CA, Elementary School District, Election of 1999, NATL, 5%, 2028		2,500,000		2,549,375
Santa Clarita Community College District, CA, Election 2006, NATL, 0%, 2030		1,610,000		408,360
Schertz-Cibolo-Universal City, TX, Independent School District, PSF, 5%, 2036		15,000,000		15,514,800
Sunnyvale, TX, Independent School District, PSF, 5.25%, 2028		1,900,000		2,009,725
Sunnyvale, TX, Independent School District, PSF, 5.25%, 2031		2,000,000		2,095,300
Wattsburg, PA, Public School Building Authority Rev., Capital Appreciation, NATL, 0%, 2029		2,150,000		786,922
West Contra Costa, CA, Unified School District, Election of 2005, “C”, ASSD GTY, 0%, 2029		3,440,000		936,540
Whittier, CA, Union High School District, Capital Appreciation, 0%, 2034		2,005,000		398,995
Williamson County, TN, Rural School, 6.125%, 2010 (c)		1,665,000		1,680,035
Williamson County, TN, Rural School, 6.125%, 2010 (c)		1,765,000		1,780,938
Wylie, TX, Independent School District, PSF, 5.25%, 2029		5,035,000		5,215,757

			$	109,240,222

Healthcare Revenue - Hospitals – 24.5%
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), 9.25%, 2010 (c)	$	650,000	$	712,010

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028	$	255,000	$	189,521
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040		3,995,000		2,908,040
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “B”, 9.25%, 2010 (c)		350,000		383,390
Baxter County, AR, Hospital Rev., 5.375%, 2014		2,000,000		2,003,180
Baxter County, AR, Hospital Rev., 5.6%, 2021		1,750,000		1,750,840
Birmingham, AL, Baptist Medical Center, Special Care Facilities Rev. (Baptist Health Systems, Inc.), “A”, 5%, 2030		8,525,000		7,024,515
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034		1,320,000		1,348,274
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039		2,580,000		2,665,656
California Municipal Finance Authority, COP (Community Hospitals, Central California), 5.5%, 2039		1,405,000		1,254,201
California Statewide Communities Development Authority Rev. (Children’s Hospital), 5%, 2047		4,090,000		3,403,330
California Statewide Communities Development Authority Rev. (Daughters of Charity Health), “A”, 5.25%, 2024		1,390,000		1,311,854
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CHCLI, 5.75%, 2038		2,640,000		2,536,142
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5%, 2022		195,000		176,559
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031		100,000		85,417
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “A”, 6%, 2013		360,000		297,353
Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)		1,750,000		1,955,223
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		2,970,000		2,889,246
Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030		900,000		909,891
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 2011 (c)		500,000		548,595
Erie County, PA, Hospital Authority Rev. (St. Vincent’s Health), “A”, 7%, 2027		3,135,000		3,113,118
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, FSA, 5.25%, 2034		5,000,000		5,097,600
Glendale, AZ, Industrial Development Authority (John C. Lincoln Health), 5%, 2042		2,820,000		2,381,716
Grundy County, MO, Industrial Development Authority, Health Facilities Rev. (Wright Memorial Hospital), 6.75%, 2034		1,410,000		1,386,566
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031		1,505,000		1,504,985
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “A”, 6.375%, 2011 (c)		2,000,000		2,178,540
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7%, 2027		1,795,000		2,002,484
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035		2,050,000		2,302,786
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Texas Children’s Hospital Project), “A”, ETM, 5.375%, 2015 (c)		4,300,000		4,382,689
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, FSA, 11.16%, 2027 (p)		4,950,000		5,500,539
Houston County, GA, Hospital Authority Rev. Anticipation Certificates (Houston Healthcare Project), 5.25%, 2042		2,220,000		2,097,456
Huntsville, AL, Health Care Authority Rev., 5.625%, 2011 (c)		2,595,000		2,803,353
Illinois Finance Authority Rev. (Children’s Memorial Hospital), “A”, ASSD GTY, 5.25%, 2047		750,000		723,750
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		3,040,000		2,957,130

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 2028	$	2,990,000	$	3,032,727
Illinois Finance Authority Rev. (O.S.F. Healthcare Systems) “A”, 7%, 2029		2,975,000		3,311,592
Illinois Finance Authority Rev. (O.S.F. Healthcare Systems) “A”, 7.125%, 2037		2,445,000		2,715,368
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034		3,685,000		4,147,541
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		6,900,000		6,781,596
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038		1,500,000		1,524,600
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		2,455,000		2,506,334
Illinois Finance Authority Rev. (Silver Cross Hospital), “A”, 5.5%, 2030		2,500,000		2,210,375
Illinois Health Facilities Authority Rev. (Advocate Health Care Network), 6.375%, 2010 (c)		1,800,000		1,891,566
Illinois Health Facilities Authority Rev. (Condell Medical Center), 6.35%, 2010 (c)		7,500,000		7,732,800
Illinois Health Facilities Authority Rev. (Decatur Memorial Hospital), 5.75%, 2024		3,000,000		3,010,500
Illinois Health Facilities Authority Rev. (Passavant Memorial Area Hospital Associates), 6%, 2010 (c)		1,500,000		1,576,275
Illinois Health Facilities Authority Rev. (Riverside Health Systems), 5.75%, 2012 (c)		2,625,000		2,962,733
Indiana Finance Authority, Hospital Rev. (Deaconess Hospital, Inc.), “A”, 6.75%, 2039		3,000,000		3,253,110
Indiana Health & Educational Facilities Authority, Hospital Rev. (Clarion Hospital), “B”, 5%, 2033		2,490,000		2,270,407
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2011 (c)		185,000		202,327
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2011 (c)		380,000		415,591
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2021		1,515,000		1,558,859
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		120,000		122,018
Indiana Health & Educational Facilities Authority, Hospital Rev. (Deaconess Hospital), “A”, AMBAC, 5.375%, 2034		2,640,000		2,606,393
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 5.25%, 2014		400,000		401,296
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2031		250,000		246,895
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039		1,610,000		1,442,302
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037		5,215,000		4,873,835
Iowa Finance Authority, Health Care Facilities Rev. (Genesis Medical Center), 6.125%, 2016		2,195,000		2,217,411
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		3,980,000		4,141,787
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health), “A”, 5.5%, 2036		3,180,000		3,031,017
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2010 (c)		2,355,000		2,482,500
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.625%, 2010 (c)		195,000		205,737
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2020		3,645,000		3,737,255
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.625%, 2028		55,000		56,211
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024		2,305,000		2,542,138
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027		770,000		836,936
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems, East Tennessee), 6.375%, 2022		1,000,000		1,057,310

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), “A”, 0%, 2035	$	3,205,000	$	652,602
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), “A”, 0%, 2036		2,010,000		383,810
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (University Health Systems, Inc.), 5.25%, 2036		1,945,000		1,765,126
Lake County, OH, Hospital Facilities Rev. (Lake Hospital), “C”, 6%, 2043		1,865,000		1,810,094
Lauderdale County & Florence, AL (Coffee Health Group), “A”, NATL, 5.25%, 2019		950,000		847,666
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		2,620,000		2,242,720
Louisville & Jefferson County, KY, Metro Government Health Facilities Rev. (Jewish Hospital & St. Mary’s Healthcare), 6.125%, 2037		2,240,000		2,318,333
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		5,545,000		5,233,149
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032		295,000		269,317
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037		310,000		269,644
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.75%, 2013 (c)		1,000,000		1,166,500
Marshall County, AL, Health Care Authority Rev., “A”, 5.75%, 2015		1,000,000		1,038,250
Marshall County, AL, Health Care Authority Rev., “A”, 6.25%, 2022		500,000		513,650
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), “A”, 5.75%, 2012 (c)		850,000		968,881
Martin County, FL, Health Facilities Authority Rev. (Martin Memorial Medical Center), “B”, 5.875%, 2012 (c)		2,200,000		2,515,414
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 2039		1,510,000		1,648,044
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033		1,420,000		1,436,600
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042		1,950,000		1,832,415
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), 6.75%, 2010 (c)		2,000,000		2,080,960
Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 6%, 2043		615,000		615,381
Massachusetts Health & Educational Facilities Authority Rev. (Boston Medical Center), 5.25%, 2038		2,890,000		2,515,427
Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “A”, 5.7%, 2015		3,000,000		3,005,070
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare Systems), “C”, 5.75%, 2021		1,900,000		1,959,565
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038		1,130,000		985,462
Mecosta County, MI, General Hospital Rev., 6%, 2018		300,000		292,863
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		750,000		733,043
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		1,240,000		1,203,135
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		7,165,000		6,888,144
Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035		2,995,000		2,308,067
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 6%, 2014 (c)		750,000		882,023
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		585,000		525,026
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		1,710,000		1,695,414

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011	$	125,000	$	128,576
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		4,385,000		4,323,391
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		825,000		807,007
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)		445,000		496,059
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017		205,000		215,420
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2016		1,000,000		1,037,530
New Hampshire Health & Education Facilities Authority Rev. (Exeter Hospital), 6%, 2024		500,000		512,845
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2036		565,000		475,137
New Jersey Health Care Facilities, Financing Authority Rev. (Palisades Medical Center), 6.5%, 2021		500,000		464,120
New Jersey Health Care Facilities, Financing Authority Rev. (St. Barnabas Health) Capital Appreciation, “B”, 0%, 2036		4,695,000		508,609
New Jersey Health Care Facilities, Financing Authority Rev. (St. Barnabas Health) Capital Appreciation, “B”, 0%, 2038		18,145,000		1,652,828
New Jersey Health Care Facilities, Financing Authority Rev. (St. Joseph’s Healthcare System), 6.625%, 2038		3,000,000		2,979,060
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037		2,830,000		2,761,288
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030		1,475,000		1,624,993
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035		1,395,000		1,509,571
New York Dormitory Authority Rev., Non-State Supported Debt (Long Island Jewish Medical Center), “A”, 5.5%, 2037		595,000		594,113
North Texas Health Facilities Development Corp. Rev. (United Regional Health Care System, Inc.), 6%, 2013 (c)		5,000,000		5,814,200
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke’s Hospital), “A”, 5.5%, 2035		740,000		716,276
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke’s Hospital), “A”, 5.5%, 2040		810,000		776,450
Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013		575,000		512,676
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		6,000,000		6,371,160
Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031		255,000		259,825
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional Healthcare), 5.75%, 2012 (c)		2,230,000		2,535,042
Orange County, FL, Health Facilities Authority Rev. (Adventist Health System), 5.625%, 2012 (c)		1,490,000		1,658,668
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		3,265,000		3,240,121
Peninsula Ports Authority, VA, Hospital Facility Rev. (Whittaker Memorial), FHA, 8.7%, 2023		1,455,000		1,496,206
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 6.625%, 2023		2,665,000		2,666,173
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 5.5%, 2030		2,710,000		2,276,265
Reno, NV, Hospital Rev. (Washoe Medical Center) “N”, FSA, 5.5%, 2039		450,000		450,275
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)		1,730,000		1,924,539

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039	$	7,645,000	$	8,521,805
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		1,500,000		1,710,195
Richland County, OH, Hospital Facilities Rev. (Medcentral Health), “B”, 6.375%, 2010 (c)		665,000		705,159
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 2039		4,715,000		5,018,363
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		2,325,000		2,747,964
Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.7%, 2016		770,000		746,415
Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.5%, 2027		290,000		245,331
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.625%, 2031		1,095,000		1,099,522
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2038		4,195,000		4,229,860
Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		1,255,000		1,420,873
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6%, 2012 (c)		300,000		336,726
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6%, 2012 (c)		500,000		561,210
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		745,000		843,467
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.625%, 2025		1,000,000		1,004,050
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032		4,925,000		4,820,442
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2012 (c)		430,000		484,468
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		1,625,000		1,596,498
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Anmed Health), “B”, ASSD GTY, 5.5%, 2038		1,000,000		1,037,540
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		500,000		503,460
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), 5.75%, 2039		350,000		330,106
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029		1,025,000		1,021,413
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039		1,520,000		1,515,759
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.125%, 2036		645,000		552,913
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		7,465,000		7,336,453
St. Paul, MN, Housing & Redevelopment Authority Healthcare Facilities Rev. (Healthpartners Obligated Group), 5.25%, 2036		4,385,000		4,049,854
Steubenville, OH, Hospital Rev. (Trinity Hospital), 6.375%, 2010 (c)		1,500,000		1,566,600
Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Huntington Hospital), “C”, 5.875%, 2032		1,000,000		1,008,540
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2026		3,135,000		2,929,971
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		960,000		845,117
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health), “A”, 5.5%, 2046		2,000,000		779,160
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		3,000,000		3,031,290
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.375%, 2030		1,360,000		1,367,779

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031	$	685,000	$	718,449
Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021		400,000		409,920
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		1,715,000		1,640,192
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		1,410,000		1,344,435
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031		500,000		505,160
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047		2,715,000		2,168,552
Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)		750,000		850,665
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		1,450,000		1,519,238
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		3,690,000		3,899,297
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 2036		5,305,000		5,592,266
Washington Health Care Facilities Authority Rev. (Mason Medical), “A”, 6.25%, 2042		3,955,000		3,992,770
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		500,000		488,155
West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center), 6.75%, 2024		195,000		187,221
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026		1,250,000		1,253,213
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.25%, 2032		1,000,000		995,260
West Virginia Hospital Finance Authority, Hospital Rev. (Charleston), “A”, 5.625%, 2032		1,210,000		1,167,142
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		1,990,000		1,846,481
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2019		3,095,000		3,263,647
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020		2,465,000		2,586,574
Wisconsin Health & Educational Facilities Authority Rev. (Agnesian Healthcare, Inc.), 6%, 2017		845,000		861,925
Wisconsin Health & Educational Facilities Authority Rev. (Agnesian Healthcare, Inc.), 6%, 2021		650,000		657,891
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		2,750,000		2,841,658
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “B”, 5.125%, 2027 (b)		3,945,000		4,016,681
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2032		1,730,000		1,801,864
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		900,000		963,729
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2018		1,500,000		1,474,470
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.75%, 2012 (c)		3,000,000		3,343,350
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 6.25%, 2012 (c)		1,000,000		1,124,890
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		4,155,000		3,679,211
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034		1,360,000		1,190,163
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016		290,000		293,492

			$	377,927,773

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – 1.7%
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 2036	$	1,635,000	$	1,204,128
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		1,120,000		923,989
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2010 (c)		305,000		328,543
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025		195,000		199,701
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), “A”, 6.125%, 2038		890,000		878,724
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029		830,000		799,821
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.375%, 2039		4,755,000		4,617,533
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013		270,000		319,675
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013		105,000		124,318
Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.625%, 2030		345,000		350,251
Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.75%, 2043		2,030,000		2,054,786
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029		375,000		409,811
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044		1,100,000		1,163,096
Indiana Health Facilities Financing Authority Rev. (Hoosier Care, Inc.), “A”, 7.125%, 2034		765,000		624,125
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c)		440,000		501,371
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		1,205,000		959,228
Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), “A”, 7.375%, 2027		810,000		789,264
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		385,000		362,250
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029		395,000		383,276
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044		3,100,000		3,004,985
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 8.25%, 2044		4,500,000		4,335,390
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		430,000		438,015
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		1,390,000		1,438,330

			$	26,210,610

Human Services – 0.1%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013	$	120,000	$	117,709
Nassau County, NY, Industrial Development Civic (Special Needs Facilities), 6.1%, 2012		95,000		92,105
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		1,000,000		984,130

			$	1,193,944

Industrial Revenue - Airlines – 0.7%
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029	$	1,295,000	$	1,310,657
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035		970,000		956,711
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American Airlines, Inc.), 5.5%, 2030		740,000		448,795
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032		720,000		499,190
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		615,000		457,701

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Airlines – continued
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7%, 2012	$	235,000	$	229,405
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7.5%, 2024		1,435,000		1,379,021
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029		1,500,000		1,294,680
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025		2,865,000		2,794,865
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		2,000,000		1,948,820

			$	11,319,845

Industrial Revenue - Chemicals – 0.9%
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), 5.7%, 2033 (b)	$	4,500,000	$	4,620,285
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033		885,000		816,988
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032		1,600,000		1,622,064
Michigan Strategic Fund Ltd. Obligation Rev. (Dow Chemical Co.), 6.25%, 2014		4,870,000		5,154,895
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		1,000,000		991,020

			$	13,205,252

Industrial Revenue - Environmental Services – 0.9%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)	$	950,000	$	955,444
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A-2”, 5.4%, 2025		1,750,000		1,731,940
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023		1,665,000		1,627,021
Carbon County, UT, Solid Waste Disposal Rev. (Laidlaw Environmental), “A”, 7.45%, 2017		2,500,000		2,515,150
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Facility Rev. (Waste Management, Inc.), 6.25%, 2027 (b)		500,000		528,630
Colorado Housing & Finance Authority, Solid Waste Rev. (Waste Management, Inc.), 5.7%, 2018		1,960,000		2,027,894
Director of the State of Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (b)		1,950,000		2,000,388
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		300,000		283,383
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Allied Waste N.A., Inc.), “A”, 5.2%, 2018		1,250,000		1,235,900
New Hampshire Business Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), 5.2%, 2027		665,000		645,010

			$	13,550,760

Industrial Revenue - Metals – 0.0%
Burns Harbor, IN, Solid Waste Disposal Facilities Rev. (Bethlehem Steel), 8%, 2024 (d)	$	3,000,000	$	300

Industrial Revenue - Other – 2.0%
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 2038	$	133,863	$	26,773
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036		123,154		24,631
Gulf Coast, TX, Industrial Development Authority Rev. (Valero Energy Corp.), 5.6%, 2031		500,000		439,855
Hardeman County, TN, Correctional Facilities Corp. (Corrections Corp. of America), 7.375%, 2017		500,000		495,550
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 2035		4,360,000		4,323,158
Massachusetts Development Finance Agency Rev., Resource Recovery (Fluor Corp.), 5.625%, 2019		11,545,000		11,738,379
Massachusetts Industrial Finance Agency Rev. (Welch Foods, Inc.), 5.6%, 2017		1,300,000		1,308,970

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – continued
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)	$	400,000	$	410,272
Peninsula Ports Authority, VA, Coal Terminal Rev. (Dominion Terminal Associates), 6%, 2033		470,000		475,720
Pennsylvania Economic Development Financing Authority Rev. (Amtrak), 6.125%, 2021		550,000		564,333
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031		950,000		963,576
Port Corpus Christi, TX, Nueces County General Rev. (Union Pacific Corp.), 5.35%, 2010		670,000		677,115
St. John the Baptist Parish, LA (Marathon Oil Corp.), “A”, 5.125%, 2037		3,955,000		3,516,351
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026		6,125,000		6,138,843

			$	31,103,526

Industrial Revenue - Paper – 0.8%
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028	$	1,760,000	$	1,544,224
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “A”, 6.25%, 2012 (c)		2,400,000		2,697,744
Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031		1,125,000		1,134,585
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 (d)		280,000		246,400
Jay, ME, Solid Waste Disposal Rev. (International Paper Co.), “A”, 5.125%, 2018		1,500,000		1,415,685
Mobile, AL, Industrial Development Board Improvement Rev. (International Paper Co.), “B”, 6.45%, 2019		2,000,000		2,017,860
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		2,055,000		1,648,542
Sabine River Authority Rev., Louisiana Water Facilities (International Paper Co.), 6.2%, 2025		1,250,000		1,271,488
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (d)		550,000		5,665

			$	11,982,193

Miscellaneous Revenue - Entertainment & Tourism – 0.7%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030	$	2,015,000	$	2,038,253
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040		1,310,000		1,324,947
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.375%, 2043		1,010,000		1,020,383
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (d)		233,199		700
New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.125%, 2029		585,000		662,945
New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.375%, 2039		440,000		491,801
New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.5%, 2046		1,750,000		1,966,440
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 2022 (n)		2,850,000		2,757,347
Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		670,000		565,272

			$	10,828,088

Miscellaneous Revenue - Other – 1.1%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 6.6%, 2011 (c)	$	300,000	$	318,534
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 6.7%, 2011 (c)		400,000		425,104
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017		845,000		814,850
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2019		1,375,000		1,292,335

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020	$	1,120,000	$	1,039,282
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024		2,230,000		1,980,173
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5.75%, 2034		520,000		418,434
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 2034		4,180,000		4,294,072
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030		1,810,000		1,844,824
Oklahoma Industries Authority Rev. (Oklahoma Medical Research Foundation Project), 5.5%, 2029		4,400,000		4,513,872
Toledo-Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “C”, 5.125%, 2025		50,000		35,039

			$	16,976,519

Multi-Family Housing Revenue – 0.5%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5%, 2035	$	545,000	$	509,864
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5.1%, 2046		1,270,000		1,178,916
Eden Prairie, MN, Multi-Family Rev. (Coll-Rolling Hills), “A”, GNMA, 6%, 2021		200,000		213,736
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (b)		1,375,000		1,390,950
Michigan Housing Development Authority, GNMA, 5.2%, 2038		1,200,000		1,156,692
MuniMae TE Bond Subsidiary LLC, “A-2”, 4.9%, 2049 (z)		2,000,000		1,540,840
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.15%, 2048		305,000		290,354
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), “I”, FSA, 5%, 2025		2,085,000		2,064,630

			$	8,345,982

Sales & Excise Tax Revenue – 2.2%
Illinois Sales Tax Rev., “P”, 6.5%, 2022	$	5,000,000	$	5,824,700
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029		2,795,000		3,239,880
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-2”, 0%, 2028		6,930,000		2,847,329
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 2032		4,000,000		4,068,800
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., 6.25%, 2018		4,580,000		5,242,039
Metropolitan Pier & Expo, IL, McCormick Place Expansion, NATL, 5.25%, 2042		3,340,000		3,409,338
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		6,745,000		7,071,998
State of Illinois, “B”, 5.25%, 2034		1,275,000		1,307,398
Utah Transit Authority Sales Tax Rev., “A”, NATL, 0%, 2028		2,225,000		802,046

			$	33,813,528

Single Family Housing - Local – 2.1%
Adams County, CO, Single Family Mortgage Rev., ETM, 8.875%, 2011 (c)	$	2,510,000	$	2,836,928
Brevard County, FL, Housing Finance Authority Rev., “B”, GNMA, 6.5%, 2022		101,000		110,931
Calcasieu Parish, LA, Public Trust Authority, Single Family Mortgage Rev., “A”, GNMA, 6.05%, 2032		1,765,000		1,805,560
California Rural Home Mortgage Finance Authority Rev., GNMA, 7.3%, 2031		25,000		26,659
Chicago, IL, Single Family Mortgage Rev., “A”, GNMA, 5.5%, 2043		2,135,000		2,175,437
Chicago, IL, Single Family Mortgage Rev., “B”, GNMA, 6%, 2033		365,000		377,895
Chicago, IL, Single Family Mortgage Rev., “C”, GNMA, 7.05%, 2030		15,000		15,207
Chicago, IL, Single Family Mortgage Rev., “C”, GNMA, 7%, 2032		70,000		72,021
Chicago, IL, Single Family Mortgage Rev., “C”, GNMA, 5.5%, 2038		1,475,000		1,529,398
Chicago, IL, Single Family Mortgage Rev., “C”, GNMA, 5.75%, 2042		3,015,000		3,117,299
Cook County, IL, Single Family Mortgage Rev., “A”, 0%, 2015		155,000		40,164
Denver, CO, Single Family Mortgage Rev., GNMA, 7.3%, 2031		70,000		70,417
Escambia County, FL, Single Family Mortgage Rev., GNMA, 6.95%, 2024		125,000		132,255

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - Local – continued
Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.625%, 2023	$	430,000	$	455,181
Jefferson Parish, LA, Single Family Mortgage Rev., “D-1”, GNMA, 7.5%, 2026		35,000		37,380
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 2, GNMA, 6.5%, 2023		60,000		62,527
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 3, GNMA, 5.3%, 2028		530,000		531,246
Manatee County, FL, Housing Finance Mortgage Rev., Single Family, Sub-Series 3, GNMA, 5.4%, 2029		185,000		184,874
Nortex Housing Financing Corp., TX, Single Family Mortgage Rev., “A”, GNMA, 5.5%, 2038		2,755,000		2,838,917
Oklahoma County, OK, Home Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 5.4%, 2038		2,095,000		2,113,918
Permian Basin Housing Finance Corp., TX, Single Family Mortgage Backed Securities (Mortgage Backed Project) “A”, GNMA, 5.65%, 2038		1,420,000		1,480,279
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.45%, 2029		395,000		407,577
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		535,000		543,897
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035		255,000		270,739
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.8%, 2036		1,885,000		1,874,953
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.45%, 2038		3,355,000		3,465,447
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		190,000		194,412
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-3”, GNMA, 6%, 2035		580,000		588,282
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-3”, GNMA, 5.5%, 2037		1,040,000		1,068,028
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-4”, GNMA, 5.85%, 2037		270,000		285,892
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.8%, 2027		725,000		755,747
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.7%, 2036		1,605,000		1,654,578
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		370,000		387,464
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “B-2”, GNMA, 6.45%, 2033		615,000		651,814

			$	32,163,323

Single Family Housing - State – 1.5%
California Housing Finance Agency Rev., “G”, 5.5%, 2042	$	3,775,000	$	3,769,602
California Housing Finance Agency Rev., Home Mortgage, FSA, 0%, 2019		3,355,000		1,931,943
California Housing Finance Agency Rev., Home Mortgage, NATL, 0%, 2028		2,250,000		729,990
Colorado Housing & Finance Authority Rev., 6.05%, 2016		100,000		103,765
Colorado Housing & Finance Authority Rev., 7.45%, 2016		110,000		114,143
Colorado Housing & Finance Authority Rev., 6.875%, 2028		15,000		15,294
Colorado Housing & Finance Authority Rev., 6.8%, 2030		145,000		148,716
Colorado Housing & Finance Authority Rev., “B-2”, 6.1%, 2023		65,000		66,075
Colorado Housing & Finance Authority Rev., “B-3”, 6.55%, 2025		19,000		19,195
Colorado Housing & Finance Authority Rev., “B-3”, 6.55%, 2033		70,000		73,536
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023		480,000		497,870
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		445,000		479,314
Colorado Housing & Finance Authority Rev., “C-3”, 6.75%, 2021		115,000		119,636
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		50,000		53,292

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Colorado Housing & Finance Authority Rev., Single Family Program, “C-2”, 8.4%, 2021	$	70,000	$	72,843
Colorado Housing & Finance Authority, “B-2”, 7.25%, 2031		150,000		155,562
Delaware Housing Authority Rev. (Single Family), “C”, 6.25%, 2037		1,375,000		1,462,464
Iowa Finance Authority Single Family Mortgage Rev. (Mortgage Backed Securities), “A”, GNMA, 5%, 2028		1,035,000		1,053,744
Iowa Finance Authority Single Family Mortgage Rev. (Mortgage Backed Securities), “A”, GNMA, 5.3%, 2033		725,000		742,168
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.375%, 2033		365,000		382,166
Louisiana Housing Finance Agency, Single Family Mortgage Rev., “B-2”, GNMA, 7.55%, 2031		25,000		25,852
Mississippi Home Corp., Single Family Rev., “A”, GNMA, 6.1%, 2034		1,370,000		1,390,180
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 7.45%, 2031		65,000		67,677
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032		105,000		105,759
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032		240,000		248,556
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.75%, 2034		245,000		256,525
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), “B”, GNMA, 6.7%, 2030		480,000		483,691
New Hampshire Housing Finance Authority Rev., 6.85%, 2030		410,000		439,172
New Hampshire Housing Finance Authority Rev., “B”, 5.875%, 2030		165,000		167,082
New Hampshire Housing Finance Authority Rev., “B”, 6.3%, 2031		115,000		116,443
New Hampshire Housing Finance Authority Rev., “B”, 6.5%, 2035		300,000		323,412
New Mexico Mortgage Finance Authority Rev., GNMA, 7.1%, 2030		175,000		186,632
New Mexico Mortgage Finance Authority Rev., GNMA, 6.8%, 2031		305,000		315,346
New Mexico Mortgage Finance Authority Rev., GNMA, 6.25%, 2032		895,000		942,247
New Mexico Mortgage Finance Authority Rev., GNMA, 5.95%, 2037		1,300,000		1,334,736
New Mexico Mortgage Finance Authority Rev., “B-2”, GNMA, 6.35%, 2033		435,000		446,984
New Mexico Mortgage Finance Authority Rev., “I”, GNMA, 5.75%, 2038		1,595,000		1,672,900
Ohio Housing Finance Agency Mortgage Rev., Residential Mortgage Backed, “C”, GNMA, 5.9%, 2035		705,000		715,011
Oregon Health & Community Services (Single Family Mortgage), “B”, 6.25%, 2031		1,690,000		1,797,501
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		520,000		522,070
Washington Housing Finance Commission Rev., Single Family Housing, GNMA, 5%, 2023		270,000		267,962

			$	23,817,056

Solid Waste Revenue – 0.4%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	1,750,000	$	1,722,945
Hudson County, NJ, Solid Waste System Rev., 5.9%, 2015		735,000		704,718
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014		1,555,000		1,570,845
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		1,000,000		925,330
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		575,000		577,110

			$	5,500,948

State & Agency - Other – 0.2%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024	$	600,000	$	571,116
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037		1,200,000		1,083,696
Massachusetts Development Finance Agency (Visual & Performing Arts), 6%, 2021		1,000,000		1,133,620

			$	2,788,432

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Local Agencies – 7.3%
Alabama Building Renovation Authority, AMBAC, 6%, 2015	$	1,610,000	$	1,646,322
Alabama Building Renovation Authority, AMBAC, 6%, 2016		1,705,000		1,743,056
Allen County, IN (Jail Building Corp.), First Mortgage, 5.75%, 2011 (c)		2,750,000		2,959,660
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030		2,950,000		2,904,069
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.297%, 2018		1,900,000		2,047,801
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 2018		7,600,000		8,191,204
Delaware Valley, PA, Regional Finance Authority, “B”, FRN, AMBAC, 0.095%, 2018		250,000		250,000
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037		7,000,000		4,900,560
Delaware Valley, PA, Regional Finance Authority, RITES, AMBAC, 6.793%, 2018 (p)		900,000		1,040,022
Fayette County, GA (Criminal Justice Center), 6.25%, 2010 (c)		1,000,000		1,034,080
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034		2,255,000		2,410,189
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, FSA, 0% to 2010, 4.55% to 2022		3,415,000		3,050,483
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, AMBAC, 0% to 2010, 4.6% to 2023		995,000		849,113
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035		1,000,000		873,900
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2038		7,135,000		6,098,285
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 2045		6,260,000		5,089,067
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “B”, 5.5%, 2013 (c)		5,000,000		5,662,750
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		2,580,000		2,627,033
New York Dormitory Authority Rev. (City University), 5.75%, 2013		5,000,000		5,372,550
New York Metropolitan Transportation Authority, “A”, 5.125%, 2029		5,195,000		5,318,381
Palm Springs, CA, Finance Lease Rev. (Convention Center), “A”, NATL, 5.5%, 2035		7,000,000		6,811,280
Pennsylvania Convention Center Authority Rev., ETM, FGIC, 6.7%, 2016 (c)		23,610,000		27,550,037
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		1,020,000		1,070,388
San Bernardino, CA, Joint Powers Financing Authority Lease Rev. (California Department of Transportation), 5.5%, 2014		10,000,000		10,013,200
Tennessee School Bond Authority, “B”, 5.125%, 2033		1,500,000		1,599,735
West Valley City, Utah Municipal Building Lease Rev., “A”, AMBAC, 5.5%, 2012 (c)		2,000,000		2,236,400

			$	113,349,565

Student Loan Revenue – 0.3%
Access to Loans for Learning, CA, Student Loan Rev., 7.95%, 2030	$	650,000	$	621,010
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		3,490,000		3,609,323
Massachusetts Educational Financing Authority, Refunding Issue G, “A”, NATL, 6.1%, 2018		390,000		393,728

			$	4,624,061

Tax - Other – 0.1%
Illinois Dedicated Tax Rev. (Civic Center), AMBAC, 6.25%, 2011	$	1,930,000	$	2,053,115

Tax Assessment – 1.0%
Baltimore, MD, Special Obligation, “A”, 7%, 2038	$	1,285,000	$	1,210,984
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039		925,000		852,952
Fishhawk Community Development District, FL, 5.125%, 2014		95,000		89,133
Grand Bay at Doral Community Development District, FL, “B”, 6%, 2017		2,800,000		1,901,060
Greyhawk Landing Community Development District, FL, Special Assessment, “B”, 7%, 2012		35,000		34,256
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038		895,000		681,614

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 2037 (d)	$	1,795,000	$	1,059,014
Homestead, FL, Community Development District, Special Assessment, “B”, 5.9%, 2013 (d)		815,000		482,219
Katy, TX, Development Authority Rev., “B”, 6%, 2018		1,200,000		1,075,380
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2010 (d)		105,000		63,022
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037		45,000		34,960
Magnolia Park Community Development District, FL, Special Assessment, “A”, 6.15%, 2039		1,270,000		825,386
Main Street Community Development District, FL, “A”, 6.8%, 2038		585,000		449,409
Main Street Community Development District, FL, “B”, 6.9%, 2017		1,210,000		1,075,678
Massachusetts Bay Transportation Authority Rev., “A”, 5.25%, 2034		2,000,000		2,130,960
Noblesville, IN, Redevelopment Authority Lease Rental, 5.25%, 2025		2,000,000		2,093,680
Panther Trace II, Community Development District, FL, Special Assessment, “B”, 5%, 2010		170,000		157,899
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		760,000		537,115
Tolomato Community Development District, FL, Special Assessment, 6.65%, 2040		660,000		519,578
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		155,000		99,200
Washington County, PA, Redevelopment Authority (Victory Centre Project), “A”, 5.45%, 2035		120,000		89,620

			$	15,463,119

Tobacco – 3.2%
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027	$	2,040,000	$	2,213,155
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024		2,530,000		2,270,068
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		3,315,000		2,813,341
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		3,000,000		2,255,370
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 6.5%, 2047		5,990,000		4,918,509
Buckeye, OH, Tobacco Settlement Financing Authority, “A-3”, 0%, 2037		8,900,000		6,012,751
District of Columbia, Tobacco Settlement, 6.25%, 2024		1,050,000		1,053,402
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)		2,355,000		2,633,691
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “A-1”, 5%, 2033		475,000		356,958
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “C-1”, 0%, 2036		1,580,000		141,078
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034		3,070,000		2,630,744
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.5%, 2030		1,650,000		1,649,868
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.875%, 2039		2,585,000		2,370,962
Michigan Tobacco Settlement Finance Authority Rev., Asset Backed, “A”, 6%, 2048		4,195,000		3,192,185
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2012 (c)		2,255,000		2,449,742
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		3,755,000		2,588,885
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), “A”, 0%, 2036		4,405,000		425,611
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), “A”, 0%, 2041		3,600,000		220,104
South Carolina Tobacco Settlement Authority Rev., “B”, 6.375%, 2011 (c)		2,000,000		2,149,040
Tobacco Settlement Authority of Washington Rev., Asset Backed, 6.625%, 2032		4,485,000		4,424,901
Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 2047		3,460,000		2,407,364
Washington Tobacco Settlement Authority, 6.5%, 2026		195,000		196,104

			$	49,373,833

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Toll Roads – 1.4%
E-470 Public Highway Authority Rev., CO, Capital Appreciation “B”, NATL, 0%, 2010 (c)	$	5,000,000	$	3,266,200
Illinois Toll Highway Authority Rev., “B”, 5.5%, 2033		7,905,000		8,496,215
Northwest Parkway Public Highway Authority Rev., CO, “C”, ETM, FSA, 0%, 2016		1,000,000		1,064,270
Pennsylvania Turnpike Commission, Capital Appreciation, “C”, FSA, 0%, 2033		10,965,000		8,234,386

			$	21,061,071

Transportation - Special Tax – 2.1%
Jacksonville, FL, Transportation Authority Rev., ETM, 9.2%, 2015 (c)	$	2,000,000	$	2,414,140
Metropolitan, NY, Transportation Authority Rev., AMBAC, 5%, 2030		5,000,000		5,072,250
Metropolitan, NY, Transportation Authority Rev., “A”, FSA, 5%, 2030		2,750,000		2,795,183
Metropolitan, NY, Transportation Authority Rev., ETM, 5.75%, 2013 (c)		4,395,000		4,607,366
New Jersey Transportation Trust Fund Authority Rev., FSA, 5.5%, 2011 (u)		15,000,000		16,185,900
Pennsylvania Turnpike Commission Oil Franchise Tax Rev., “A”, ETM, AMBAC, 5.25%, 2018 (c)		1,150,000		1,175,358

			$	32,250,197

Universities - Colleges – 11.4%
Alcorn State University, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.125%, 2034	$	2,500,000	$	2,575,650
Alcorn State University, Educational Building Corp. Rev. (Student Housing Project), “A”, 5.25%, 2039		1,625,000		1,682,135
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), 5%, 2033		350,000		350,907
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University) “A”, 5.9%, 2028		1,195,000		1,189,503
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 6%, 2038		1,725,000		1,667,540
Amherst, NY, Industrial Development Agency, Civic Facility Rev. (Daemen College Project), “A”, 6%, 2011 (c)		1,000,000		1,111,230
Anderson, IN, Economic Development Rev. (Anderson University Project), 5%, 2028		2,415,000		2,152,731
Anderson, IN, Economic Development Rev. (Anderson University Project), 5%, 2032		400,000		345,352
California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 2038		2,640,000		2,563,915
California Educational Facilities Authority Rev. (University Financing Project), 5%, 2026		1,620,000		1,233,841
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038		4,610,000		4,877,657
California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028		1,785,000		1,810,472
California State University Rev., “A”, AMBAC, 5%, 2026		6,795,000		6,940,821
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027		245,000		198,977
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		280,000		212,923
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, SYNCORA, 5.125%, 2034		2,400,000		2,409,312
Delaware County, PA, Authority College Rev. (Neumann College), 6%, 2025		490,000		505,396
District of Columbia Rev. (Georgetown University), BHAC, 0% to 2018, 5% to 2040		11,570,000		6,731,773
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		2,185,000		2,503,835
Forest Grove, OR, Student Housing Rev. (Oak Tree Foundation, Inc.), 5.5%, 2037		2,470,000		2,091,003
Grand Valley, MI, State University Rev., 5.5%, 2027		985,000		1,048,858
Grand Valley, MI, State University Rev., 5.625%, 2029		480,000		512,006
Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032		4,235,000		3,939,143
Houston, TX, Community College Systems, COP, NATL, 7.875%, 2012 (c)		1,650,000		1,934,988
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031		2,745,000		2,276,868
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036		2,790,000		2,263,109
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		5,300,000		5,270,055

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Los Angeles, CA, Community College, “B”, FSA, 5%, 2027	$	5,000,000	$	5,112,850
Louisville & Jefferson County, KY, Metro Government College Rev. (Bellarmie University Income Project), 6.125%, 2039		3,000,000		2,953,500
Lubbock, TX, Educational Facilities Authority Rev. (Lubbock Christian University), 5.125%, 2027		1,930,000		1,732,889
Lubbock, TX, Educational Facilities Authority Rev. (Lubbock Christian University), 5.25%, 2037		1,745,000		1,526,369
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2030		540,000		500,828
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 2039		645,000		587,124
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College), “A”, 5.125%, 2045		1,205,000		1,214,134
Massachusetts Development Finance Agency Rev. (Boston University), SYNCORA, 6%, 2059		6,225,000		7,019,684
Massachusetts Development Finance Agency Rev. (Olin College), “B”, SYNCORA, 5.25%, 2033		3,750,000		3,798,750
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 2033		420,000		393,464
Massachusetts Development Finance Agency Rev. (Smith College), 5%, 2035		2,245,000		2,306,715
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), 5.5%, 2036 (u)		25,000,000		27,733,250
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		2,030,000		2,257,543
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		4,055,000		4,198,628
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 2028		875,000		915,434
Michigan Higher Education Facilities Authority Rev. (College for Creative Studies), 6.125%, 2037		3,465,000		2,921,411
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032		4,195,000		4,709,223
New York Dormitory Authority Rev., Non-State Supported Debt (Cornell University), “A”, 5%, 2031		8,000,000		8,476,480
New York Dormitory Authority Rev., Non-State Supported Debt (Pratt Institute), “C”, ASSD GTY, 5%, 2034		200,000		207,494
Northern Illinois University Rev., Auxiliary Facilities Systems, AMBAC, 5.875%, 2018		90,000		90,032
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), 5.5%, 2034		2,420,000		2,406,932
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		1,210,000		1,204,458
Rhode Island, Health & Educational Building Corp. (Rhode Island School of Design), “D”, SYNCORA, 5.5%, 2035		9,140,000		9,284,229
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5%, 2014		440,000		454,533
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5.125%, 2036		930,000		856,214
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 2026		1,000,000		1,326,520
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 2027		4,670,000		5,082,454
University of California, “A”, NATL, 4.5%, 2037		8,545,000		7,824,315
University of Mississippi, Educational Building Corp. Rev. (Residential College), “C”, 4.75%, 2034		860,000		858,701
University of Southern Indiana Rev., Student Fee, “J”, ASSD GTY, 5.75%, 2028		1,875,000		2,076,694
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032		1,665,000		1,788,793
University of Southern Mississippi, Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036		610,000		653,847
Upland, IN, Economic Development Rev. (Taylor University), 6%, 2018		435,000		428,057

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Upland, IN, Economic Development Rev. (Taylor University), 6.25%, 2023	$	520,000	$	503,729
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034		2,165,000		2,191,175

			$	175,996,453

Universities - Dormitories – 0.3%
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033	$	1,025,000	$	828,774
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 2040		1,655,000		1,618,673
Georgia Private College & University Authority Rev. (Mercer Housing Corp.), “A”, 6%, 2021		1,000,000		948,540
Maryland Economic Development Corp. Student Housing (University of Maryland - College Park), 5.875%, 2043		1,035,000		1,029,680

			$	4,425,667

Universities - Secondary Schools – 0.9%
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)	$	500,000	$	564,565
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 2040		1,815,000		1,767,211
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy), 7%, 2038		4,330,000		4,877,269
District of Columbia Rev. (Gonzaga College High School), FSA, 5.25%, 2032		3,015,000		2,952,650
La Vernia, TX, Higher Education Finance Corp. Rev. (Kipp, Inc.), “A”, 6.25%, 2039		1,470,000		1,425,591
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (d)		100,000		45,991
Massachusetts Development Finance Agency Rev. (Milton Academy), “A”, 5%, 2035		2,000,000		2,078,620
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021		400,000		382,796

			$	14,094,693

Utilities - Investor Owned – 4.3%
Apache County, AZ, Industrial Development Authority, Pollution Control Rev. (Tucson Electric Power Co.), 5.875%, 2033	$	1,000,000	$	994,280
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041		2,460,000		1,012,192
Brazos River, TX, Authority Rev. (Centerpoint Energy), “C”, AMBAC, 5.125%, 2019		3,965,000		3,965,238
California Pollution Control Financing Authority, Pollution Control Rev. (Pacific Gas & Electric Co.), NATL, 5.35%, 2016		1,600,000		1,637,520
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034		1,840,000		2,008,544
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), 6.375%, 2022		1,000,000		1,001,730
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “A”, 6.3%, 2016		565,000		568,034
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “A”, 5.8%, 2022		500,000		500,205
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “C”, 5.8%, 2022		4,880,000		4,882,001
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039		3,655,000		3,886,215
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), “B”, SYNCORA, 5%, 2022		4,000,000		3,813,160
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric), “B”, 7.25%, 2040		1,710,000		1,930,864
Maryland Economic Development Corp., Pollution Control Rev. (Potomac Electric Power Co.), 6.2%, 2022		1,455,000		1,659,893
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)		670,000		706,508
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029		2,045,000		2,197,373
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030		750,000		701,355
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		700,000		703,430
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020		985,000		1,066,538

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Investor Owned – continued
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)	$	1,970,000	$	2,091,254
New Hampshire Industrial Development Authority, Pollution Control Rev. (Connecticut Light & Power), 5.9%, 2016		4,000,000		4,013,320
New Hampshire Industrial Development Authority, Pollution Control Rev. (Connecticut Light & Power), 5.9%, 2018		1,000,000		1,016,740
New Jersey Economic Development Authority, Water Facilities Rev. (New Jersey American Water Co.), “A”, 5.7%, 2039		5,000,000		4,950,000
Ohio Air Quality Development Authority Rev. (Ohio Valley Electric Corp.), “E”, 5.625%, 2019		1,390,000		1,411,740
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “B”, 5.625%, 2039		1,670,000		1,649,676
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		4,580,000		4,981,300
Pima County, AZ, Industrial Development Authority Pollution Control Rev. (Tucson Electric Power Co.), “A”, 4.95%, 2020		4,135,000		4,023,934
Red River Authority, TX, Pollution Control Rev. (AEP Texas Central Co.), NATL, 4.45%, 2020		2,060,000		1,965,652
Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.75%, 2030 (b)		1,500,000		1,372,800
Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC) “A”, 5.5%, 2022 (b)		500,000		450,020
Sweetwater County, WY, Pollution Control Rev. (Idaho Power Co.), 5.25%, 2026		4,025,000		4,085,536
West Feliciana Parish, LA, Pollution Control Rev. (Entergy Gulf States), 6.6%, 2028		905,000		905,833

			$	66,152,885

Utilities - Municipal Owned – 6.8%
Austin, TX, Utility Systems Rev., AMBAC, 6.75%, 2011	$	1,500,000	$	1,642,005
Austin, TX, Utility Systems Rev., AMBAC, 6.75%, 2012		2,500,000		2,838,700
Georgia Municipal Electric Authority Power Rev., AMBAC, 6.5%, 2014 (c)		145,000		171,557
Georgia Municipal Electric Authority Power Rev., NATL, 6.375%, 2016		2,000,000		2,259,720
Georgia Municipal Electric Authority Power Rev., AMBAC, 6.5%, 2017		8,000,000		9,154,560
Georgia Municipal Electric Authority Power Rev., NATL, 6.5%, 2020		7,350,000		8,507,919
Georgia Municipal Electric Authority Power Rev., ETM, AMBAC, 6.5%, 2017 (c)		365,000		431,912
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		1,560,000		1,634,506
Intermountain Power Agency, UT, “A”, ETM, 6.15%, 2014 (c)		26,955,000		26,960,391
Mercer County, ND, Pollution Control Rev. (Antelope Valley Station), AMBAC, 7.2%, 2013		3,685,000		3,976,778
North Carolina Eastern Municipal Power Agency, “A”, NATL, 6.5%, 2018		9,250,000		10,796,878
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2019 (u)		10,000,000		10,596,900
Northern California Transmission Agency, NATL, 7%, 2013		4,000,000		4,316,440
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 2021		4,150,000		4,848,653
South Carolina Public Service Authority, “B”, FSA, 5.125%, 2037		8,500,000		8,677,565
Washington Public Power Supply System Rev. (Nuclear Project #3), 7.125%, 2016		5,145,000		6,452,962
Wyoming Municipal Power Agency, Power Supply, “A”, 5%, 2036		1,000,000		991,370

			$	104,258,816

Utilities - Other – 2.3%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	595,000	$	667,078
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039		1,810,000		1,921,659
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018		1,735,000		1,805,372
Main Street Natural Gas, Inc., GA, Gas Project Rev., “A”, 5%, 2022		1,000,000		1,006,290
Main Street Natural Gas, Inc., GA, Gas Project Rev., “A”, 5.5%, 2026		845,000		828,658
Main Street Natural Gas, Inc., GA, Gas Project Rev., “A”, 5.5%, 2028		1,740,000		1,684,598
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		1,685,000		1,775,822
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2032		5,645,000		4,979,737
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037		7,790,000		6,614,956

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Other – continued
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2017	$	1,575,000	$	1,646,521
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		1,500,000		1,529,490
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		1,665,000		1,670,994
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		2,385,000		2,377,917
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		2,215,000		2,192,540
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		4,390,000		4,284,991
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025		1,350,000		1,310,999

			$	36,297,622

Water & Sewer Utility Revenue – 5.0%
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022	$	2,770,000	$	2,987,113
California Department of Water Resources Center (Valley Project Rev.), “AF”, 5%, 2028 (u)		23,825,000		25,538,494
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2038		3,580,000		3,658,688
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,290,000		1,317,477
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		3,835,000		4,523,574
Forsyth County, GA, Water & Sewer Authority Rev., 6.25%, 2010 (c)		1,170,000		1,198,220
Forsyth County, GA, Water & Sewer Authority Rev., 6.25%, 2010 (c)		1,055,000		1,080,447
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 2033		910,000		965,392
Hot Springs, AR, Wastewater Rev., ASSD GTY, 4.625%, 2037		1,500,000		1,496,430
Los Angeles County, CA, Sanitation Districts Financing Authority Rev., AMBAC, 4.5%, 2038		7,840,000		6,635,541
Massachusetts Water Pollution Abatement, 5.25%, 2028		5,985,000		7,106,828
Massachusetts Water Resources Authority, “B”, FSA, 5.25%, 2029		4,215,000		4,759,072
Massachusetts Water Resources Authority, ETM, 6.5%, 2019 (c)		5,965,000		7,270,619
New York Environmental Facilities, ETM, 5%, 2016 (c)		570,000		579,382
New York, NY, Municipal Water & Sewer Finance Authority Rev., AMBAC, 5%, 2039		2,000,000		2,046,760
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev. “DD”, 4.75%, 2035		2,145,000		2,156,969
San Luis Obispo County, CA, Financing Authority Rev. (Nacimiento Water Project), “A”, BHAC, 5%, 2032		3,405,000		3,478,582
Spartanburg, SC, Water & Sewer Authority Rev., “B”, NATL, 5.25%, 2030		1,175,000		1,204,385

			$	78,003,973

Total Municipal Bonds			$	1,558,517,516

Floating Rate Demand Notes – 0.3%
Jacksonville, FL, Pollution Control Rev. (Florida Power & Light Co.), 0.26%, due 1/04/10	$	100,000	$	100,000
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.05%, due 1/04/10		4,800,000		4,800,000

Total Floating Rate Demand Notes			$	4,900,000

Money Market Funds (v) – 0.9%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		13,350,510	$	13,350,510

Total Investments			$	1,576,768,026

Other Assets, Less Liabilities – (2.2)%				(33,648,984	)

Net Assets – 100.0%			$	1,543,119,042

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(n)

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(p)	Primary inverse floater.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

MFS Municipal Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:


Restricted Securities	Acquisition Date	Cost		Current Market Value
MuniMae TE Bond Subsidiary LLC, “A-2”, 4.9%, 2049	10/14/04	$	2,000,000	$	1,540,840
% of Net Assets					0.1	%

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC		Letter of Credit

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
CHCLI		California Health Construction Loan Insurance
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
PSF		Permanent School Fund
SYNCORA		Syncora Guarantee Inc.

Inverse Floaters
RIBS		Residual Interest Bonds
RITES		Residual Interest Tax-Exempt Security

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Municipal Income Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	1,558,517,516	$	—	$	1,558,517,516
Short Term Securities		—		4,900,000		—		4,900,000
Mutual Funds		13,350,510		—		—		13,350,510

Total Investments	$	13,350,510	$	1,563,417,516	$	—	$	1,576,768,026


Other Financial Instruments
Futures	$	1,447,952	$	—	$	—	$	1,447,952

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	1,465,698,226

Gross unrealized appreciation	$	90,916,497
Gross unrealized depreciation		(32,176,525	)

Net unrealized appreciation (depreciation)	$	58,739,972

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Municipal Income Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09


Description	Currency	Contracts	Value	Expiration Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr (Short)	USD	293	33,804,875	Mar-10	1,447,952

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		55,180		215,304,297		(202,008,967	)		13,350,510

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	21,151		$	13,350,510

LOGO

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.5%
Airport & Port Revenue – 3.6%
New York, NY, City Industrial Development Agency, Special Facilities Rev. (Terminal One Group), 5.5%, 2024	$	1,000,000	$	1,007,321
Port Authority NY & NJ (132nd Series), 5%, 2033		2,000,000		2,067,980
Port Authority NY & NJ (153rd Series), 5%, 2038		4,000,000		4,169,040
Port Authority NY & NJ, Special Obligation Rev. (JFK International), NATL, 6.25%, 2015		1,000,000		1,051,690

			$	8,296,031

General Obligations - General Purpose – 3.3%
Commonwealth of Puerto Rico, “A”, 5.375%, 2033	$	495,000	$	462,191
Commonwealth of Puerto Rico, “A”, 6%, 2038		845,000		846,656
New York, NY, “A”, 6%, 2010 (c)		990,000		1,020,413
New York, NY, “A”, 5%, 2039		1,500,000		1,560,015
New York, NY, “B”, 5.375%, 2010 (c)		210,000		218,268
New York, NY, “C-1”, 5.25%, 2025		1,000,000		1,062,470
New York, NY, “D-1”, 5.125%, 2028		1,000,000		1,055,430
New York, NY, “E-1”, 6.25%, 2028		1,000,000		1,161,840
New York, NY, “J”, FGIC, 5.5%, 2026		5,000		5,009
New York, NY, Unrefunded, “A”, 6%, 2019		10,000		10,256
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		340,000		364,725

			$	7,767,273

General Obligations - Improvement – 0.2%
Erie County, NY, Public Improvement, “A”, FGIC, 5%, 2019	$	140,000	$	141,590
Guam Government, “A”, 6.75%, 2029		90,000		92,798
Guam Government, “A”, 5.25%, 2037		290,000		241,654
Guam Government, “A”, 7%, 2039		105,000		108,150

			$	584,192

General Obligations - Schools – 2.9%
Genesee Valley, NY, Central School District (Angelica Belmont), FGIC, 5.25%, 2028	$	1,720,000	$	1,780,234
North Babylon, NY, Union Free School District, “A”, FGIC, 5.5%, 2018		2,415,000		2,452,964
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2012 (c)		500,000		580,425
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2013 (c)		500,000		607,800
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2014 (c)		500,000		629,980
Port Byron, NY, Central School District, ETM, AMBAC, 7.4%, 2015 (c)		500,000		644,215

			$	6,695,618

Healthcare Revenue - Hospitals – 8.6%
Albany, NY, Industrial Development Agency, Civic Facilities Rev. (St. Peters), “D”, 5.75%, 2027	$	1,000,000	$	1,001,800
Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.35%, 2017		115,000		114,079
Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.4%, 2029		460,000		414,230
Genesee County, NY, Industrial Development Agency, Civic Facilities Rev. (United Medical Center Project), 5%, 2032		500,000		370,680
Madison County, NY, Industrial Development Agency, Civic Facilities Rev. (Oneida), 5.25%, 2027		675,000		609,329
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		145,000		140,689
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		1,430,000		1,374,745
Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland Hospital of Rochester), 5%, 2025		1,000,000		972,560
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		55,000		53,800
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.625%, 2037		750,000		727,058
New York Dormitory Authority Rev. (St. Vincent’s Hospital & Medical Center), BHAC, 5%, 2027		2,590,000		2,898,288
New York Dormitory Authority Rev., Non-State Supported Debt, 6.25%, 2037		750,000		666,360

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035	$	1,495,000	$	1,617,784
New York Dormitory Authority Rev., Non-State Supported Debt (Hospital Special Surgery), FHA, 6.25%, 2034		2,000,000		2,190,380
New York Dormitory Authority Rev., Non-State Supported Debt (Long Island Jewish Medical Center), “A”, 5.5%, 2037		750,000		748,883
New York Dormitory Authority Rev., Non-State Supported Debt (Mt. Sinai NYU Health), 5.5%, 2026		250,000		250,588
New York Dormitory Authority Rev., Non-State Supported Debt (Mt. Sinai NYU Health), “C”, 5.5%, 2026		500,000		501,250
New York, NY, Health & Hospital Corp. Rev., “A”, 5.25%, 2017		760,000		761,391
New York, NY, Health & Hospital Corp. Rev., “A”, 5.5%, 2023		1,000,000		1,076,410
New York, NY, Industrial Development Agency, Civic Facilities Rev. (Staten Island University Hospital), “B”, 6.375%, 2031		480,000		438,974
Saratoga County, NY, Industrial Development Agency Civic Facilities Rev., 5.25%, 2032		500,000		458,840
Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Huntington Hospital), “C”, 5.875%, 2032		1,000,000		1,008,540
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		165,000		172,879
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		395,000		417,404
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		945,000		836,788
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), “A”, 7.125%, 2031		300,000		291,813

			$	20,115,542

Healthcare Revenue - Long Term Care – 0.9%
East Rochester, NY, Housing Authority Rev. (Woodland Village Project), 5.5%, 2033	$	400,000	$	317,664
Nassau County, NY, Industrial Development Agency Continuing Care, 6.7%, 2043		550,000		481,542
Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Gurwin Jewish Phase II), 6.7%, 2039		385,000		316,131
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037		500,000		382,465
Westchester County, NY, Industrial Development Agency, Civic Facilities Rev., Continuing Care Retirement (Kendal on Hudson), “A”, 6.5%, 2013 (c)		300,000		347,172
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		20,000		20,373
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		130,000		134,520

			$	1,999,867

Human Services – 0.9%
Nassau County, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facility), “B-1”, 6.5%, 2017	$	205,000	$	189,857
New York Dormitory Authority Rev. (Jewish Board of Families & Children), AMBAC, 5%, 2023		695,000		672,482
New York Dormitory Authority Rev., Non-State Supported Debt (Nysarc, Inc.), “A”, 6%, 2032		705,000		734,476
New York, NY, Industrial Development Agency (PSCH, Inc.), 6.375%, 2033		500,000		437,310

			$	2,034,125

Industrial Revenue - Airlines – 0.3%
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.125%, 2011	$	100,000	$	99,872
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025		350,000		341,432

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Airlines – continued
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031	$	250,000	$	243,603

			$	684,907

Industrial Revenue - Other – 2.2%
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 2035	$	3,180,000	$	3,153,129
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		500,000		376,290
Onondaga County, NY, Industrial Development Agency, Sewer Facilities Rev. (Bristol- Meyers Squibb Co.), 5.75%, 2024		1,000,000		1,064,890
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		430,000		430,581

			$	5,024,890

Industrial Revenue - Paper – 0.5%
Essex County, NY, Industrial Development Agency, Pollution Control Rev. (International Paper Corp.), 6.15%, 2021	$	470,000	$	470,146
Essex County, NY, Industrial Development Agency, Pollution Control Rev. (International Paper Corp.), 6.45%, 2023		700,000		705,271

			$	1,175,417

Miscellaneous Revenue - Entertainment & Tourism – 1.7%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040	$	1,750,000	$	1,769,968
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (d)		439,999		1,320
New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.375%, 2039		2,000,000		2,235,460

			$	4,006,748

Miscellaneous Revenue - Other – 0.4%
New York, NY, Industrial Development Agency, Civic Facilities Rev. (United Jewish Appeal), “A”, 5%, 2027	$	1,000,000	$	1,043,190

Multi-Family Housing Revenue – 3.6%
New York Housing Finance Agency Rev. (Affordable Housing), “D”, 5%, 2040	$	4,020,000	$	4,019,719
New York Housing Finance Agency Rev., “A”, 5.1%, 2041		810,000		752,506
New York Housing Finance Agency Rev., “A”, 5.25%, 2041		1,000,000		1,006,520
New York, NY, City Housing Development Corp., 5.5%, 2034		2,000,000		1,999,280
New York, NY, City Housing Development Corp., “C”, 5%, 2026		500,000		496,595

			$	8,274,620

Sales & Excise Tax Revenue – 1.4%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2056	$	11,315,000	$	555,001
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		1,000,000		986,180
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,070,000		1,121,874
Schenectady, NY, Metroplex Development Authority Rev., “A”, NATL, 5.375%, 2021		475,000		490,813

			$	3,153,868

Single Family Housing - State – 3.0%
New York Mortgage Agency Rev., 5.1%, 2024	$	2,000,000	$	2,001,340
New York Mortgage Agency Rev., “130”, 4.65%, 2027		1,680,000		1,644,770
New York Mortgage Agency Rev., “130”, 4.75%, 2030		500,000		479,580
New York Mortgage Agency Rev., “156”, 5.35%, 2033		1,500,000		1,536,675
New York Mortgage Agency Rev., “158”, 6.6%, 2038		1,290,000		1,401,224

			$	7,063,589

Solid Waste Revenue – 0.4%
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (American Ref-fuel), “C”, 5.625%, 2024 (b)	$	850,000	$	837,021

State & Agency - Other – 1.8%
New York Dormitory Authority (City University), AMBAC, 5.75%, 2018	$	800,000	$	914,536

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – continued
New York Dormitory Authority (State University), 5.375%, 2010 (c)	$	1,500,000	$	1,542,720
New York Dormitory Authority (Upstate Community Colleges), “A”, FSA, 6%, 2010 (c)(f)		1,010,000		1,048,491
New York Municipal Bond Bank Agency, Special Program Rev., “A”, AMBAC, 5.25%, 2015		715,000		742,342

			$	4,248,089

State & Local Agencies – 14.1%
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037	$	1,405,000	$	983,612
New York Dormitory Authority (City University), “A”, 5.625%, 2016		2,450,000		2,751,840
New York Dormitory Authority (State University), 5.875%, 2017		1,130,000		1,264,018
New York Dormitory Authority Rev. (School Program), 6.25%, 2020		1,690,000		1,750,756
New York Dormitory Authority Rev., Mental Health Services, “A”, NATL, 5.75%, 2010 (c)		5,000		5,030
New York Dormitory Authority Rev., Mental Health Services, “B”, FSA, 5.25%, 2010 (c)		35,000		36,072
New York Dormitory Authority Rev., Mental Health Services, “D”, FSA, 5.25%, 2010 (c)		35,000		36,072
New York Dormitory Authority Rev., Mental Health Services, “D”, NATL, 5.25%, 2011 (c)		105,000		113,015
New York Dormitory Authority Rev., Mental Health Services, Unrefunded, “B”, NATL, 5.25%, 2031		725,000		731,627
New York Dormitory Authority Rev., Non-State Supported Debt, 5%, 2032		2,000,000		2,010,480
New York Dormitory Authority Rev., State Supported Debt, FSA, 5.25%, 2010 (c)		10,000		10,306
New York Dormitory Authority Rev., State Supported Debt, FSA, 5.25%, 2030		25,000		25,199
New York Dormitory Authority Rev., State Supported Debt, 5%, 2035		2,000,000		2,007,940
New York Dormitory Authority Rev., State Supported Debt, “A”, 5%, 2022		1,500,000		1,615,980
New York Dormitory Authority Rev., State Supported Debt, “A”, 5%, 2033		2,000,000		2,085,640
New York Dormitory Authority Rev., State Supported Debt, “B”, 5%, 2022		4,000,000		4,282,440
New York Dormitory Authority State Personal Income Tax Rev., 5%, 2038		1,000,000		1,033,430
New York Municipal Bond Bank Agency, Special School Purpose Rev., 5.25%, 2022		1,000,000		1,048,770
New York Urban Development Corp. (State Facilities), AMBAC, 5.6%, 2015		2,750,000		3,063,830
New York Urban Development Corp. Rev., “B-1”, 5%, 2036		3,000,000		3,104,850
New York Urban Development Corp. Rev., “D”, 5.625%, 2028		2,000,000		2,202,040
Tobacco Settlement Financing Corp., NY, “A-1”, 5.5%, 2018		2,000,000		2,115,020
United Nations Development Corp., “A”, 5%, 2026		500,000		521,090

			$	32,799,057

Tax - Other – 5.1%
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037	$	1,600,000	$	1,679,632
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		270,000		269,573
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		90,000		90,028
Hudson Yards Infrastructure Corp. Rev., “A”, 5%, 2047		3,000,000		2,759,100
Hudson Yards Infrastructure Corp. Rev., “A”, FSA, 5%, 2047		2,500,000		2,336,525
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039		2,000,000		2,078,640
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-5”, 5%, 2032		1,000,000		1,020,370
New York, NY, Transitional Finance Authority Rev., “A”, 5%, 2026		1,000,000		1,046,140
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		605,000		645,372

			$	11,925,380

Tobacco – 2.0%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	325,000	$	291,610
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		330,000		280,061
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		405,000		304,475
Buckeye, OH, Tobacco Settlement Financing Authority, “A-3”, 0%, 2037		765,000		516,826
Golden State Tobacco Securitization Corp., California Tobacco Settlement Rev., “A-2”, 0% to 2012, 5.30% to 2037		1,235,000		768,713

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047	$	1,230,000	$	912,070
Guam Economic Development Authority Tobacco Settlement, “B”, 5.5%, 2011 (c)		400,000		425,740
New York County Tobacco Trust II, 5.625%, 2035		800,000		717,016
Westchester, NY, Tobacco Asset Securitization Corp., 5.125%, 2045		500,000		393,205

			$	4,609,716

Toll Roads – 3.0%
Triborough Bridge & Tunnel Authority Rev., NY, 5%, 2037	$	2,000,000	$	2,049,300
Triborough Bridge & Tunnel Authority Rev., NY, “A-2”, 5%, 2029		2,000,000		2,115,720
Triborough Bridge & Tunnel Authority Rev., NY, “C”, 5%, 2038		2,000,000		2,050,240
Triborough Bridge & Tunnel Authority Rev., NY, ETM, 6%, 2012 (c)		545,000		574,719
Triborough Bridge & Tunnel Authority Rev., NY, Unrefunded, “A”, NATL, 5%, 2032		310,000		314,855

			$	7,104,834

Transportation - Special Tax – 7.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “Y”, 5%, 2016 (c)	$	1,700,000	$	1,985,141
Metropolitan Transportation Authority Rev., NY, FGIC, 5.875%, 2010 (c)		2,000,000		2,026,720
Metropolitan Transportation Authority Rev., NY, FGIC, 5%, 2025		2,500,000		2,605,500
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2026		1,500,000		1,579,920
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2035		2,000,000		2,021,860
Metropolitan Transportation Authority Rev., NY, “A”, 5%, 2037		2,410,000		2,411,398
Metropolitan Transportation Authority Rev., NY, “C”, 6.5%, 2028		2,000,000		2,298,900
Metropolitan Transportation Authority Rev., NY, ETM, AMBAC, 5.75%, 2013 (c)		665,000		696,747
New York Thruway Authority, General Rev., Highway & Bridges, “A”, FSA, 5.8%, 2010 (c)		20,000		20,464
New York Thruway Authority, General Rev., Highway & Bridges, “B-1”, FGIC, 5.4%, 2010 (c)		2,000,000		2,044,480

			$	17,691,130

Universities - Colleges – 15.9%
Albany, NY, Industrial Development Agency Rev. (Albany Law School), 5%, 2031	$	1,000,000	$	887,840
Amherst, NY, Industrial Development Agency, Civic Facility Rev. (Daemen College Project), “A”, 6%, 2011 (c)		1,000,000		1,111,230
Cattaraugus County, NY, Industrial Development Agency Rev. (Jamestown Community College), “A”, 6.4%, 2010 (c)		500,000		524,890
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5.75%, 2039		1,000,000		968,300
Hempstead, NY, Local Development Corp. Rev., (Adelphi University), “B”, 5.25%, 2039		500,000		509,735
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		1,945,000		1,934,011
Madison County, NY, Industrial Development Agency Civic Facilities Rev. (Colgate University), “A”, AMBAC, 5%, 2035		1,585,000		1,622,358
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		985,000		1,070,695
New York Dormitory Authority Rev. (New York University), “A”, FGIC, 5%, 2029		1,000,000		1,029,510
New York Dormitory Authority Rev. (New York University), “A”, 5%, 2038		3,000,000		3,072,900
New York Dormitory Authority Rev. (Pace University), NATL, 6%, 2010 (c)		1,700,000		1,764,787
New York Dormitory Authority Rev. (St. John’s University), “A”, NATL, 5%, 2017		300,000		310,458
New York Dormitory Authority Rev., Non-State Supported Debt (Brooklyn Law School), 5.75%, 2033		600,000		605,670
New York Dormitory Authority Rev., Non-State Supported Debt (Cornell University), “A”, 5%, 2031		2,000,000		2,119,120
New York Dormitory Authority Rev., Non-State Supported Debt (Manhattan Marymount), 5.25%, 2029		1,000,000		971,490
New York Dormitory Authority Rev., Non-State Supported Debt (Manhattan Marymount), 5.125%, 2039		2,000,000		2,002,220
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		2,955,000		3,013,745

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
New York Dormitory Authority Rev., Non-State Supported Debt (Pace University), 5.5%, 2010 (c)	$	2,500,000	$	2,589,200
New York Dormitory Authority Rev., Non-State Supported Debt (Pratt Institute), “C”, ASSD GTY, 5%, 2034		1,000,000		1,037,470
New York Dormitory Authority Rev., Non-State Supported Debt (Teachers College), 5.5%, 2039		1,000,000		1,043,010
New York Dormitory Authority Rev., Non-State Supported Debt (Yeshiva University), 5%, 2034		1,500,000		1,539,195
New York, NY, City Trust Cultural Resource Rev. (Juilliard), “A”, 5%, 2034		1,850,000		1,944,258
Schenectady, NY, New York Dormitory Authority Rev. (Cornell University), “A”, AMBAC, 5%, 2032		2,000,000		2,044,220
Seneca County, NY, Industrial Development Agency, Civic Facilities Rev. (New York Chiropractic), 5%, 2027		500,000		431,115
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), 5%, 2031		2,225,000		2,227,737
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (Sarah Lawrence College Project), “A”, 6%, 2041		595,000		600,063

			$	36,975,227

Utilities - Investor Owned – 0.6%
New York Environmental Facilities Corp., Water Facilities Rev. (Spring Valley Water Co.), “B”, AMBAC, 6.15%, 2024	$	1,500,000	$	1,504,890

Utilities - Municipal Owned – 4.8%
Guam Power Authority Rev., AMBAC, 5.25%, 2014	$	1,000,000	$	1,006,530
Long Island Power Authority, Electric Systems Rev., “A”, 6.25%, 2033		1,000,000		1,139,900
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		2,000,000		2,243,960
Long Island Power Authority, Electric Systems Rev., “C”, 5%, 2035		2,000,000		2,009,980
Long Island Power Authority, Electric Systems Rev., “C”, FSA, 5%, 2035		1,520,000		1,527,585
New York Power Authority Rev., 5.25%, 2040		3,000,000		3,020,820
Virgin Islands Water & Power Authority Rev., 5.5%, 2017		200,000		200,996

			$	11,149,771

Utilities - Other – 0.5%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038	$	1,085,000	$	1,143,482

Water & Sewer Utility Revenue – 8.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 2047	$	1,200,000	$	1,191,084
New York Environmental Facilities Corp., Clean Water & Drinking Rev., 5%, 2031		1,330,000		1,368,730
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		2,140,000		2,254,340
New York Environmental Facilities Corp., Pollution Control Rev., 5.75%, 2010		175,000		179,293
New York Environmental Facilities Corp., Pollution Control Rev., 6.875%, 2010		30,000		30,085
New York Environmental Facilities Corp., Pollution Control Rev., 7.25%, 2010		10,000		10,030
New York Environmental Facilities Corp., Pollution Control Rev., ETM, 5.75%, 2010 (c)		945,000		968,313
New York Environmental Facilities Corp., Pollution Control Rev., ETM, 5.75%, 2010 (c)		1,115,000		1,142,507
New York Environmental Facilities Corp., Water Facilities Rev., 6%, 2031		1,005,000		1,022,728
New York, NY, Municipal Water & Sewer Finance Authority Rev., 4.75%, 2030		1,245,000		1,277,930
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5.125%, 2030		1,000,000		1,059,310
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5%, 2038		1,500,000		1,542,165
New York, NY, Municipal Water & Sewer Finance Authority Rev., 5%, 2038		2,000,000		2,056,220
New York, NY, Municipal Water & Sewer Finance Authority Rev., FGIC, 4.5%, 2039		920,000		896,522
New York, NY, Municipal Water & Sewer Finance Authority Rev., “A”, 5%, 2027		1,500,000		1,563,915
New York, NY, Municipal Water & Sewer Finance Authority Rev., “A”, ETM, 6%, 2010 (c)		620,000		635,841
New York, NY, Municipal Water & Sewer Finance Authority Rev., ETM, AMBAC, 6.75%, 2014 (c)		835,000		956,710

MFS New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Suffolk County, NY, Water Authority Rev., NATL, 5.1%, 2012	$	660,000	$	722,588
Suffolk County, NY, Water Authority Rev., ETM, NATL, 5.1%, 2012 (c)		235,000		258,761

			$	19,137,072

Total Municipal Bonds			$	227,045,546

Money Market Funds (v) – 1.1%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		2,542,961	$	2,542,961

Total Investments			$	229,588,507

Other Assets, Less Liabilities – 1.4%				3,182,168

Net Assets – 100.0%			$	232,770,675

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC		Letter of Credit

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FSA		Financial Security Assurance, Inc.
NATL		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.

MFS New York Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	227,045,546	$	—	$	227,045,546
Mutual Funds		2,542,961		—		—		2,542,961

Total Investments	$	2,542,961	$	227,045,546	$	—	$	229,588,507


Other Financial Instruments
Futures	$	247,091	$	—	$	—	$	247,091

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

MFS New York Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	222,128,730

Gross unrealized appreciation	$	10,594,284
Gross unrealized depreciation		(3,134,507	)

Net unrealized appreciation (depreciation)	$	7,459,777

The aggregate cost above includes prior fiscal year end tax adjustments.

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

5,768,750

Mar-10

247,091

At December 31, 2009 the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		6,943,829		38,798,086		(43,198,954	)		2,542,961

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	8,329		$	2,542,961

LOGO

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 100.8%
Airport & Port Revenue – 3.9%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), AMBAC, 5%, 2023	$	1,430,000	$	1,523,622
Charlotte, NC, Airport Rev., “A”, NATL, 5%, 2029		2,000,000		2,059,020
Charlotte, NC, Airport Rev., “A”, NATL, 5%, 2034		4,485,000		4,584,298
Charlotte, NC, Airport Rev., “B”, NATL, 5.875%, 2019		1,000,000		1,008,300
Charlotte, NC, Airport Rev., “B”, NATL, 5.875%, 2020		3,775,000		3,804,860
Raleigh Durham, NC, Airport Authority Rev., “A”, FGIC, 5.25%, 2018		2,700,000		2,793,150

			$	15,773,250

General Obligations - General Purpose – 2.0%
Cary, NC, “B”, 4%, 2014	$	1,000,000	$	1,112,890
Charlotte, NC, “B”, 5%, 2019		2,000,000		2,322,000
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		905,000		970,812
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,705,000		1,632,947
Tuscaloosa, AL, “A”, 5.125%, 2039		2,195,000		2,240,129

			$	8,278,778

General Obligations - Improvement – 2.2%
Guam Government, “A”, 6.75%, 2029	$	240,000	$	247,462
Guam Government, “A”, 7%, 2039		265,000		272,950
New Hanover County, NC, Public Improvement, 5.8%, 2010 (c)		4,200,000		4,471,614
North Carolina Capital Improvement Obligation, “A”, 5%, 2026		1,450,000		1,587,794
State of North Carolina, “A”, 5%, 2017		2,000,000		2,334,120

			$	8,913,940

General Obligations - Schools – 5.2%
Brunswick County, NC, FGIC, 5%, 2020	$	2,800,000	$	3,019,940
Folsom Cordova, CA, Unified School District, School Facilities Improvement District No. 4 (Election 2006), “A”, NATL, 0%, 2026		3,920,000		1,304,302
Folsom Cordova, CA, Unified School District, School Facilities Improvement District No. 4 (Election 2006), “A”, NATL, 0%, 2027		3,410,000		1,052,394
Los Angeles, CA, Unified School District, “D”, 5%, 2034		145,000		145,542
New Hanover County, NC, Public Improvement, 5%, 2021		1,435,000		1,576,692
New Hanover County, NC, School Improvement, 5%, 2019		1,255,000		1,358,211
San Diego, CA, Community College District, FSA, 5%, 2030		2,830,000		2,953,048
San Jacinto, TX, Community College District, 5.125%, 2038		2,000,000		2,081,280
Wake County, NC, 5%, 2033		4,000,000		4,252,080
Wake County, NC, Public Improvement, 5%, 2018		3,000,000		3,460,740

			$	21,204,229

Healthcare Revenue - Hospitals – 17.5%
Albemarle, NC, Hospital Authority Health Care Facilities Rev., 5.25%, 2038	$	2,000,000	$	1,531,020
Catawba County, NC, Hospital Rev. (Catawba Memorial Hospital), AMBAC, 5%, 2017		1,200,000		1,199,904
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5%, 2011 (c)		750,000		792,563
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5%, 2031		1,000,000		1,007,050
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Health Care System), “A”, 5%, 2047		1,000,000		964,090
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolina Healthcare), “A”, 5.25%, 2034		1,000,000		1,019,420
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev., Unrefunded (Carolina Health Care System), “A”, 5%, 2031		2,695,000		2,701,118
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		380,000		373,479
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		1,140,000		1,163,837
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		615,000		640,000
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,820,000		1,717,643

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029	$	245,000	$	237,716
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		2,450,000		2,355,332
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		790,000		778,901
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		1,110,000		1,085,369
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		90,000		88,037
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), NATL, 5%, 2019		6,225,000		6,296,712
North Carolina Hospital Authority Mortgage Rev. (Johnston Memorial), FSA, 5.25%, 2036		1,500,000		1,527,990
North Carolina Medical Care Commission (Cleveland County Healthcare), “A”, AMBAC, 5%, 2035		1,155,000		1,014,564
North Carolina Medical Care Commission (Morehead Memorial Hospital), FSA, 5%, 2026		2,000,000		2,048,620
North Carolina Medical Care Commission Health System Rev. (Mission Health, Inc.), 5%, 2025		1,600,000		1,629,680
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health Systems), “A”, 5%, 2042		3,500,000		3,461,045
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligation Group), 5%, 2039		1,945,000		1,915,222
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wakemed), AMBAC, 5%, 2021		2,045,000		2,059,397
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wakemed), “A”, ASSD GTY, 5.625%, 2038		500,000		516,820
North Carolina Medical Care Commission, Hospital Rev. (Betsy Johnson Health Care System), FSA, 5.125%, 2032		900,000		906,768
North Carolina Medical Care Commission, Hospital Rev. (Mission-St. Joseph Health Systems), 5.5%, 2011 (c)		2,825,000		3,089,561
North Carolina Medical Care Commission, Hospital Rev. (Southeastern Regional Medical Center), 5.375%, 2032		3,330,000		3,201,995
North Carolina Medical Care Commission, Hospital Rev. (Wilson Memorial Hospital), AMBAC, 0%, 2013		1,000,000		881,160
North Carolina Medical Care Commission, Hospital Rev. (Wilson Memorial Hospital), AMBAC, 0%, 2015		1,140,000		899,665
North Carolina Medical Care Commission, Hospital Rev., Unrefunded (St. Joseph’s), NATL, 5.1%, 2018		525,000		525,530
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., RADIAN, 5.5%, 2019		980,000		975,531
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., 6.25%, 2038		1,000,000		1,005,630
Onslow County, NC, Hospital Authority (Onslow Memorial Hospital Project), NATL, 5%, 2026		1,155,000		1,196,984
Pitt County, NC, Rev., Pitt County Memorial Hospital, ETM, 5.25%, 2021 (c)		10,135,000		10,942,557
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		2,040,000		2,411,117
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		1,930,000		1,896,765
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		470,000		499,112
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		270,000		282,892
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		635,000		671,017
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		2,195,000		2,350,428
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		1,495,000		1,323,808

			$	71,186,049

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – 0.7%
North Carolina Medical Care Commission, Health Care Facilities Rev. (Arbor Acres Community), 6.375%, 2012 (c)	$	1,000,000	$	1,120,750
North Carolina Medical Care Commission, Health Care Facilities Rev. (Givens Estates), 6.5%, 2013 (c)		800,000		941,160
North Carolina Medical Care Commission, Retirement Facilities Rev. (Brookwood), 5.25%, 2032		750,000		518,775
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		35,000		35,652
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		220,000		227,649

			$	2,843,986

Industrial Revenue - Other – 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	860,000	$	861,161

Industrial Revenue - Paper – 0.5%
Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (International Paper Co.), “A”, 5.8%, 2016	$	2,000,000	$	2,001,080

Miscellaneous Revenue - Other – 0.8%
Wake County, NC, Annual Appropriation Ltd., Obligation Bonds, “2009”, 5%, 2032	$	3,000,000	$	3,196,740

Multi-Family Housing Revenue – 2.2%
Charlotte, NC, Housing Authority Rev., GNMA, 4.8%, 2048	$	2,000,000	$	1,809,900
Charlotte, NC, Housing Authority Rev., Mortgage Rocky Branch II, GNMA, 4.65%, 2035		2,000,000		1,800,800
Elizabeth City, NC, Multi-Family Housing Rev. (Walker Landing), “A”, GNMA, 5.125%, 2049		1,500,000		1,328,760
Mecklenburg County, NC (Little Rock Apartments), FNMA, 5.15%, 2022		1,000,000		1,028,370
North Carolina Housing Finance Agency, “H”, FHA, 6.05%, 2028		2,015,000		2,026,123
North Carolina Medical Care Commission, Health Care Facilities Rev., “A” (ARC Projects), 5.8%, 2034		1,000,000		997,290

			$	8,991,243

Sales & Excise Tax Revenue – 0.7%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2034	$	4,540,000	$	927,431
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,740,000		1,824,355

			$	2,751,786

Single Family Housing - State – 4.2%
North Carolina Housing Finance Agency Rev., “15-A”, FSA, 4.95%, 2032	$	395,000	$	381,645
North Carolina Housing Finance Agency Rev., “19-A”, 5.1%, 2030		2,325,000		2,313,468
North Carolina Housing Finance Agency Rev., “23-A”, 4.8%, 2037		2,020,000		1,870,399
North Carolina Housing Finance Agency Rev., “24-A”, 4.75%, 2026		1,965,000		1,861,562
North Carolina Housing Finance Agency Rev., “25-A”, 5.75%, 2037		1,455,000		1,505,372
North Carolina Housing Finance Agency Rev., “29-A”, 4.85%, 2038		1,990,000		1,848,053
North Carolina Housing Finance Agency Rev., “31-A”, 5.25%, 2038		1,990,000		1,963,931
North Carolina Housing Finance Agency Rev., “5-A”, 5.55%, 2019		1,700,000		1,753,108
North Carolina Housing Finance Agency Rev., “7-A”, 6.15%, 2020		385,000		387,479
North Carolina Housing Finance Agency Rev., “A”, 5.25%, 2020		1,140,000		1,142,200
North Carolina Housing Finance Agency Rev., “A”, 5.375%, 2023		210,000		212,041
North Carolina Housing Finance Agency Rev., “PP”, FHA, 6.15%, 2017		640,000		641,440
North Carolina Housing Finance Agency Rev., “RR”, 5.85%, 2028		1,225,000		1,230,145

			$	17,110,843

State & Agency - Other – 5.3%
Brunswick County, NC, COP, FSA, 5.5%, 2010 (c)	$	1,000,000	$	1,031,280
Cabarrus County, NC, Installment Financing Contract, 5%, 2021		5,500,000		5,681,610
Carteret County, NC, AMBAC, 5.625%, 2020		1,010,000		1,029,766
Charlotte, NC, COP (Public Safety Facilities), “D”, 5.5%, 2010 (c)		3,000,000		3,093,210

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – continued
Charlotte, NC, COP (Transit Projects), 5%, 2033	$	3,000,000	$	3,153,150
Charlotte, NC, COP (Transit Projects), “E”, 5%, 2035		1,990,000		2,047,750
Charlotte, NC, COP, “E”, 5%, 2026		760,000		817,198
Charlotte, NC, COP, “E”, 5%, 2034		2,000,000		2,093,080
Harnett County, NC, COP, FSA, 5.5%, 2010 (c)		1,225,000		1,294,825
Harnett County, NC, COP, FSA, 5.25%, 2015		1,020,000		1,109,036
Rockingham, NC, COP, AMBAC, 5.125%, 2024		350,000		362,820

			$	21,713,725

State & Local Agencies – 5.7%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	645,000	$	634,957
Charlotte, NC, COP (NASCAR Hall of Fame), “C”, 5%, 2039		3,000,000		3,127,860
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037		2,260,000		1,582,181
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034		1,540,000		1,645,983
Harnett County, NC, COP, ASSD GTY, 5%, 2029		400,000		426,552
Iredell County, NC, Public Facilities (School Projects), AMBAC, 5.5%, 2010 (c)		1,000,000		1,031,280
Iredell County, NC, Public Facilities (School Projects), FSA, 5.125%, 2027		3,230,000		3,499,027
Massachusetts State College, Building Authority Project Rev., “A”, 5.5%, 2049		2,660,000		2,810,689
Mecklenburg County, NC, COP, “A”, 5%, 2028		350,000		373,104
Mooresville, NC, COP, 5%, 2032		3,120,000		3,189,451
Rutherford County, NC, COP (Rutherford County School), AMBAC, 5%, 2023		840,000		876,851
Salisbury, NC, COP, ASSD GTY, 5.625%, 2026		1,000,000		1,108,900
Wilmington, NC, COP, “A”, 5%, 2038		2,650,000		2,726,108

			$	23,032,943

Tax - Other – 1.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	420,000	$	419,336
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		145,000		145,045
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039		1,000,000		1,039,320
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,740,000		1,739,983
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		1,005,000		1,072,064
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		305,000		291,345
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		350,000		316,071
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		305,000		299,117

			$	5,322,281

Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	515,000	$	462,089
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		520,000		441,308
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		680,000		511,217
Buckeye, OH, Tobacco Settlement Financing Authority, “A-3”, 0%, 2037		1,295,000		874,889

			$	2,289,503

Transportation - Special Tax – 3.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., FSA, 6%, 2018 (f)	$	10,850,000	$	12,339,922
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, FSA, 5.5%, 2028		1,715,000		1,880,995

			$	14,220,917

Universities - Colleges – 18.8%
Appalachian State University, NC, Rev., FSA, 5.6%, 2010 (c)	$	2,285,000	$	2,371,784
Appalachian State University, NC, Rev., “C”, NATL, 5%, 2030		1,000,000		1,023,720
East Carolina University, NC, Rev., “A”, AMBAC, 5.25%, 2011 (c)		1,375,000		1,474,811
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		1,000,000		1,145,920
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		2,000,000		1,988,700

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017	$	1,545,000	$	1,679,415
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), “A”, 5.25%, 2048		3,360,000		3,426,797
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2028		980,000		1,059,507
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2029		865,000		933,819
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 2038		1,000,000		1,049,430
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5.25%, 2012 (c)		2,000,000		2,236,900
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5%, 2038		2,500,000		2,645,750
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5%, 2039		3,500,000		3,654,210
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “B”, 4.25%, 2042		2,020,000		1,927,565
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “B”, 4.75%, 2042		3,000,000		3,048,210
North Carolina Capital Facilities, Finance Agency Rev. (High Point University), 5.125%, 2018		510,000		446,857
North Carolina Capital Facilities, Finance Agency Rev. (High Point University), 5.125%, 2021		300,000		248,730
North Carolina Capital Facilities, Finance Agency Rev. (Johnson & Wales University), “A”, SYNCORA, 5.25%, 2022		1,870,000		1,873,142
North Carolina Capital Facilities, Finance Agency Rev. (Meredith College), 6%, 2031		2,500,000		2,562,775
North Carolina Capital Facilities, Finance Agency Rev., Educational Facilities Rev. (Wake Forest University), 5%, 2031		2,000,000		2,145,040
North Carolina Capital Facilities, Finance Prerefunded (Duke University), “A”, 5.125%, 2011 (c)		4,050,000		4,366,751
North Carolina Capital Facilities, Finance Unrefunded (Duke University) “A”, 5.125%, 2041		950,000		965,143
Puerto Rico Industrial Tourist Authority (University Plaza), “A”, NATL, 5%, 2020		2,180,000		2,182,027
University of California Rev., “J”, FSA, 4.5%, 2035		3,250,000		3,130,790
University of North Carolina, Chapel Hill, 5%, 2028		2,000,000		2,095,840
University of North Carolina, Chapel Hill, 5%, 2031		3,250,000		3,461,412
University of North Carolina, Chapel Hill, 5%, 2036		3,000,000		3,147,510
University of North Carolina, Chapel Hill, “A”, ASSD GTY, 5%, 2034		200,000		209,944
University of North Carolina, Greensboro Rev., “A”, FSA, 5%, 2020		2,835,000		2,919,993
University of North Carolina, Systems Pool Rev., “B”, NATL, 5%, 2033		1,180,000		1,202,880
University of North Carolina, Systems Pool Rev., “B”, 5.125%, 2034		2,000,000		2,059,340
University of North Carolina, Systems Pool Rev., “C”, AMBAC, 5%, 2029		2,000,000		2,062,160
University of North Carolina, Wilmington Rev., “A”, AMBAC, 5%, 2019		1,375,000		1,423,304
University of North Carolina, Wilmington, COP (Student Housing Project), FGIC, 5%, 2028		1,825,000		1,866,026
University of North Carolina, Wilmington, COP (Student Housing Project), ASSD GTY, 5%, 2032		2,910,000		2,969,888
University of North Carolina, Wilmington, COP (Student Housing Project), ASSD GTY, 4.75%, 2038		3,400,000		3,347,708
University of Puerto Rico Rev., “Q”, 5%, 2036		2,370,000		2,071,925

			$	76,425,723

Utilities - Investor Owned – 0.6%
Wake County, NC, Industrial Facilities & Pollution Control Rev. (Carolina Power & Light Co.), 5.375%, 2017	$	2,500,000	$	2,628,300

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – 13.5%
Chattanooga, TN, Electric Rev., “A”, 5%, 2033	$	1,000,000	$	1,049,760
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		2,605,000		2,729,415
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		1,525,000		1,653,222
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		520,000		583,430
North Carolina Eastern Municipal Power Agency, AMBAC, 6%, 2018		14,245,000		16,144,998
North Carolina Eastern Municipal Power Agency, “A”, ETM, 7.5%, 2010		2,360,000		2,360,000
North Carolina Eastern Municipal Power Agency, “A”, ETM, 7.5%, 2010		2,735,000		2,735,000
North Carolina Eastern Municipal Power Agency, Power Systems Rev., “A”, 5%, 2019		2,745,000		2,922,739
North Carolina Municipal Power Agency, Catawba Electric Rev., NATL, 6%, 2011		5,000,000		5,247,250
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2019 (u)		10,000,000		10,596,900
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, NATL, 5.25%, 2020 (u)		6,000,000		6,352,860
North Carolina Municipal Power Agency, Catawba Electric Rev., “A”, 5%, 2030		2,500,000		2,552,600

			$	54,928,174

Utilities - Other – 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	1,695,000	$	1,799,565
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		1,055,000		1,075,741
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,290,000		1,259,143
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		805,000		804,968

			$	4,939,417

Water & Sewer Utility Revenue – 10.2%
Asheville, NC, Water & Sewer Systems Rev., NATL, 5%, 2032	$	1,000,000	$	1,038,240
California, United Water Conservation District, COP, 5%, 2039		2,995,000		2,904,611
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 2035		1,000,000		1,047,510
Charlotte, NC, Storm Water Fee Rev., 6%, 2010 (c)		3,180,000		3,285,862
Charlotte, NC, Storm Water Fee Rev., 5%, 2034		3,675,000		3,800,869
Charlotte, NC, Water & Sewer System Rev., “B”, 4.5%, 2039		3,000,000		2,956,590
Charlotte, NC, Water & Sewer System Rev., 5.5%, 2017		1,650,000		1,741,724
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		805,000		949,538
Durham County, NC, Enterprise Systems Rev., NATL, 5%, 2023		1,675,000		1,746,137
Fayetteville, NC, Public Works Commission Rev., “B”, 5%, 2035		1,250,000		1,316,525
Greenville, NC, Combined Enterprise Systems Rev., FSA, 5%, 2016		1,005,000		1,040,255
Greenville, NC, Combined Enterprise Systems Rev., FSA, 5.25%, 2019		1,170,000		1,206,153
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., “A”, FSA, 5%, 2033		2,400,000		2,500,608
Harnett County, NC, Water & Sewer Systems Rev., AMBAC, 5%, 2028		700,000		731,136
High Point, NC, Combined Enterprise System Rev., FSA, 5%, 2033		2,000,000		2,113,780
Kannapolis, NC, Water & Sewer Rev., “B”, FSA, 5.25%, 2021		1,000,000		1,023,260
King County, WA, Sewer Rev., 5%, 2038		3,520,000		3,629,824
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		3,295,000		3,471,052
Oak Island, NC, Enterprise System Rev., ASSD GTY, 6%, 2034		1,000,000		1,067,280
Winston Salem, NC, Water & Sewer Systems Rev., 5%, 2033		1,600,000		1,667,520
Winston-Salem, NC, Water & Sewer Systems Rev., 5%, 2034		2,000,000		2,134,380

			$	41,372,854

Total Municipal Bonds			$	409,986,922

Money Market Funds (v) – 0.6%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		2,395,011	$	2,395,011

Total Investments			$	412,381,933

Other Assets, Less Liabilities – (1.4)%				(5,603,946	)

Net Assets – 100.0%			$	406,777,987

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

MFS North Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
RADIAN		Radian Asset Assurance, Inc.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS North Carolina Municipal Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	409,986,922	$	—	$	409,986,922
Mutual Funds		2,395,011		—		—		2,395,011

Total Investments	$	2,395,011	$	409,986,922	$	—	$	412,381,933


Other Financial Instruments
Futures	$	172,964	$	—	$	—	$	172,964

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	389,520,042

Gross unrealized appreciation	$	18,219,669
Gross unrealized depreciation		(3,371,128	)

Net unrealized appreciation (depreciation)	$	14,848,541

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS North Carolina Municipal Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

4,038,125

Mar-10

172,964

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Shares/Par Amount		Shares/Par Amount		Shares/Par Amount			Shares/Par Amount
MFS Institutional Money Market Portfolio		7,145,386		77,350,538		(82,100,913	)		2,395,011

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	17,419		$	2,395,011

LOGO

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 98.3%
Airport & Port Revenue – 1.2%
Allegheny County, PA, Airport Rev. (Pittsburgh International Airport), NATL, 5.75%, 2014	$	1,000,000	$	1,047,710
Allegheny County, PA, Airport Rev. (Pittsburgh International Airport), FGIC, 6.125%, 2017		500,000		503,715

			$	1,551,425

General Obligations - General Purpose – 6.6%
Allegheny County, PA, Unrefunded Balance, “C53”, FGIC, 5.3%, 2018	$	285,000	$	292,957
Allegheny County, PA, Unrefunded Balance, “C53”, FGIC, 5.4%, 2019		290,000		297,331
Bucks County, PA, Finance Department, 5.125%, 2022		255,000		290,348
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		250,000		233,430
Commonwealth of Puerto Rico, “A”, 6%, 2038		425,000		425,833
Commonwealth of Puerto Rico, “A”, ETM, FGIC, 5.5%, 2015 (c)(u)		1,860,000		2,206,220
Erie County, PA, Convention Center, FGIC, 5%, 2025		500,000		516,575
Erie County, PA, Convention Center, FGIC, 5%, 2026		500,000		514,750
Luzerne County, PA, NATL, 5.25%, 2012 (c)		500,000		560,330
Luzerne County, PA, FSA, 6.75%, 2023		500,000		536,675
North Huntingdon Township, PA, AMBAC, 5.25%, 2019		500,000		505,025
Pennsylvania Finance Authority Rev. (Penn Hills), “A”, FGIC, 5.45%, 2010 (c)		85,000		88,840
Pennsylvania Finance Authority Rev. (Penn Hills), “A”, FGIC, 5.45%, 2019		415,000		418,723
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		450,000		482,724
Reading, PA, FSA, 5%, 2029		750,000		753,413
State of Pennsylvania, 6.25%, 2010		300,000		308,694

			$	8,431,868

General Obligations - Improvement – 0.1%
Guam Government, “A”, 6.75%, 2029	$	75,000	$	77,332
Guam Government, “A”, 7%, 2039		90,000		92,700

			$	170,032

General Obligations - Schools – 15.9%
Allegheny Valley, PA, School District, “A”, NATL, 5%, 2028	$	1,000,000	$	1,034,960
Bucks County, PA, Centennial School District, “B”, FSA, 5.25%, 2037		1,000,000		1,042,710
Conneaut, PA, School District, “B”, FSA, 0%, 2031		1,150,000		369,633
Conneaut, PA, School District, “B”, FSA, 0%, 2033		760,000		213,112
Daniel Boone, PA, School District, 5%, 2032		500,000		523,470
Deer Lakes, PA, School District, ASSD GTY, 5.375%, 2034		1,275,000		1,360,437
Garnet Valley, PA, School District, FGIC, 5.5%, 2015		750,000		796,245
Gateway, PA, Allegheny School District, FGIC, 5.2%, 2023		1,000,000		1,036,980
Gateway, PA, Allegheny School District, FGIC, 5%, 2032		740,000		746,016
North Allegheny, PA, School District, FGIC, 5.05%, 2022		590,000		601,564
North Schuylkill, PA, School District, FGIC, 5%, 2028		650,000		658,756
Palmyra, PA, School District, FGIC, 5.375%, 2016		820,000		861,968
Pennridge, PA, School District, NATL, 5%, 2013 (c)		50,000		56,138
Pennsylvania Public School Building (Garnet Valley School District), AMBAC, 5.5%, 2011 (c)		1,005,000		1,057,742
Perkiomen Valley, PA, School District, FSA, 5%, 2011 (c)		280,000		294,899
Perkiomen Valley, PA, School District, FSA, 5%, 2019		220,000		224,136
Philadelphia, PA, School District, NATL, 6%, 2010 (c)		500,000		504,340
Philadelphia, PA, School District, FSA, 5.75%, 2011 (c)		500,000		528,405
Reading, PA, School District, FSA, 5%, 2035 (f)		2,240,000		2,322,656
Scranton, PA, School District, “A”, FSA, 5%, 2027		1,340,000		1,417,050
South Park, PA, School District, FGIC, 5%, 2019		750,000		763,793
State Public School Building Authority, PA School (Colonial Intermediate Unit 20), FGIC, 5%, 2030		500,000		505,350
Upper Moreland, PA, School District, ASSD GTY, 5%, 2029		1,650,000		1,746,608
West Mifflin, PA, Area School District, FSA, 5.125%, 2031		500,000		532,745

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Whitehall-Coplay, PA, School District, “A”, FSA, 5.375%, 2034	$	1,000,000	$	1,063,810

			$	20,263,523

Healthcare Revenue - Hospitals – 18.1%
Allegheny County, PA, Hospital Development Authority Rev. (Jefferson Regional Medical Center), “A”, 4.75%, 2025	$	850,000	$	767,346
Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health Systems), “B”, 6.75%, 2010 (c)		555,000		565,212
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 2029		1,000,000		1,012,290
Allegheny County, PA, Hospital Development Authority Rev. (UPMC Health Systems), 5%, 2018		500,000		526,515
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), 9.25%, 2010 (c)		150,000		164,310
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		500,000		371,610
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “B”, 9.25%, 2010 (c)		50,000		54,770
Blair County, PA, Hospital Authority Rev. (Altoona Regional Health System), 6%, 2039		750,000		737,655
Butler County, PA, Hospital Development Authority Rev. (Butler Health System, Inc.), 7.25%, 2039		500,000		554,245
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), ASSD GTY, 5.875%, 2029		500,000		520,375
Dauphin County, PA, General Authority Health Systems Rev. (Pinnacle Health System), “A”, 5.75%, 2020		750,000		779,198
Delaware County, PA, Authority Hospital Rev. (Crozer Keystone Obligations Group), “A”, 5%, 2031		500,000		385,000
Erie County, PA, Hospital Authority Rev. (Hamot Health Foundation), AMBAC, 5.25%, 2017		675,000		680,042
Erie County, PA, Hospital Authority Rev. (St. Vincent’s Health), “A”, 7%, 2027		500,000		496,510
Geisinger Authority, PA, Health System Rev., “A”, 5.125%, 2034		1,000,000		1,002,540
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		195,000		202,927
Lancaster County, PA, Hospital Authority Rev., 5.5%, 2013 (c)		500,000		572,330
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 5%, 2018		200,000		190,754
Lebanon County, PA, Health Facilities Authority Rev. (Good Samaritan Hospital), 6%, 2035		850,000		775,328
Lehigh County, PA, General Purpose Authority (Good Shepherd Group), “A”, 5.625%, 2034		350,000		351,946
Lehigh County, PA, General Purpose Authority (Lehigh Valley Hospital), NATL, 7%, 2016		250,000		280,318
Lehigh County, PA, General Purpose Authority (Lehigh Valley Hospital), 5.25%, 2032		600,000		597,642
Lehigh County, PA, General Purpose Authority (St. Luke’s Bethlehem Hospital), 5.375%, 2013 (c)		600,000		690,258
Lehigh County, PA, Hospital Rev. (Lehigh Valley Hospital), FSA, 5.25%, 2019		500,000		515,765
Lycoming County, PA, Health Authority Rev. (Susquehanna Health System), “A”, 5.75%, 2039		750,000		726,225
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		75,000		72,770
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		770,000		740,247
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 6%, 2014 (c)		750,000		882,023
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 5%, 2027		250,000		234,595
Monroe County, PA, Hospital Authority Rev. (Pocono Medical Center), 5.125%, 2037		250,000		225,033
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		400,000		396,588
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 2039		30,000		29,346
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke’s Hospital), “A”, 5.5%, 2040		500,000		479,290

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Pennsylvania Higher Educational Facilities Authority Rev. (UPMC Health), 6.25%, 2018	$	100,000	$	103,596
Pennsylvania Higher Educational Facilities Authority Rev. (UPMC Health), 6%, 2031		650,000		662,974
Philadelphia, PA, Health & Educational Facilities Rev. (Jeane Health), ETM, 6.6%, 2010 (c)		30,000		30,931
Philadelphia, PA, Hospitals & Higher Education Facilities Authority (Temple University Health System), 5.5%, 2026		1,000,000		866,050
Philadelphia, PA, Hospitals & Higher Education Facilities Authority (The Children’s Hospital Foundation), “A”, 4.5%, 2037		850,000		780,921
Sayre, PA, Health Care Facilities Authority Rev. (Guthrie Health), “A”, 5.875%, 2011 (c)		385,000		425,302
South Central, PA, General Authority Rev., 5.625%, 2011 (c)		490,000		527,906
South Central, PA, General Authority Rev. (Wellspan Health Properties, Inc.), “A”, 6%, 2025		750,000		823,553
South Central, PA, General Authority Rev. (Wellspan Health Properties, Inc.), ETM, 5.625%, 2026 (c)		110,000		115,805
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		665,000		653,549
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		155,000		164,601
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.25%, 2032		350,000		348,341
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), 5.25%, 2018		530,000		520,979
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		485,000		429,463

			$	23,034,974

Healthcare Revenue - Long Term Care – 2.4%
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025	$	250,000	$	218,960
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		200,000		164,998
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		300,000		225,255
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		250,000		219,655
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.375%, 2039		500,000		485,545
Cumberland County, PA, Municipal Authority Rev. (Presbyterian Homes), “A”, 5.45%, 2021		500,000		493,095
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		110,000		130,238
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		40,000		47,359
Lancaster County, PA, Hospital Authority Rev. (Willow Valley Retirement Project), 5.875%, 2031		500,000		496,655
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (Lanier Village Estates, Inc.), “A-1”, 6.25%, 2029		250,000		253,648
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		250,000		181,423
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 2029		10,000		10,186
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 2039		70,000		72,434

			$	2,999,451

Human Services – 0.1%
Montgomery County, PA, Industrial Development Authority (Wordsworth Academy), 8%, 2024	$	150,000	$	143,514

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – 0.4%
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New
Morgan Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019	$	530,000	$	531,092

Industrial Revenue - Other – 1.4%
Bucks County, PA, Industrial Development Authority Rev. (USX Corp.), 5.4%, 2017 (b)	$	300,000	$	317,292
Pennsylvania Economic Development Financing Authority Rev. (Amtrak), 6.125%, 2021		150,000		153,909
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 2031		1,000,000		975,860
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		270,000		270,365

			$	1,717,426

Parking – 0.4%
Pittsburgh, PA, Public Parking Authority Rev., AMBAC, 6%, 2010 (c)	$	500,000	$	511,130

Sales & Excise Tax Revenue – 0.4%
Pittsburgh & Allegheny County, PA, Sales Tax Rev. (Public Auditorium Hotel Room), AMBAC, 5.25%, 2017	$	500,000	$	505,570

Single Family Housing - Local – 0.9%
Allegheny County, PA, Residential Financing Authority, Single Family Mortgage Rev., “RR”, GNMA, 4.75%, 2025	$	375,000	$	367,215
Allegheny County, PA, Residential Financing Authority, Single Family Mortgage Rev., “VV”, GNMA, 4.95%, 2037		880,000		823,258

			$	1,190,473

Single Family Housing - State – 8.1%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5.1%, 2020	$	1,405,000	$	1,408,625
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5.25%, 2021		750,000		750,540
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5.25%, 2033		195,000		194,696
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 5%, 2034		270,000		277,833
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “100-A”, 5.35%, 2033		975,000		980,723
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “103-C”, 5.4%, 2033		1,000,000		1,026,610
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “105-C”, 4.875%, 2034		500,000		490,730
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “92-A”, 4.75%, 2031		1,165,000		1,088,005
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “93-A”, 5.75%, 2037		525,000		538,293
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “94-A”, 5.1%, 2031		500,000		495,745
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “95-A”, 4.875%, 2031		1,000,000		951,030
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “96-A”, 4.7%, 2037		745,000		669,412
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “97-A”, 4.5%, 2022		1,000,000		969,740
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “A”, 4.875%, 2026		500,000		485,490

			$	10,327,472

Solid Waste Revenue – 0.6%
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 2019	$	300,000	$	295,362
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		500,000		501,835

			$	797,197

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – 1.6%
State Public School Building Authority, PA School (Delaware County Community College), FSA, 5%, 2032	$	2,000,000	$	2,094,700

State & Local Agencies – 4.5%
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 2018	$	900,000	$	970,011
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037		730,000		511,058
Delaware Valley, PA, Regional Finance Authority, RITES, AMBAC, 6.793%, 2018 (p)		50,000		57,779
Northumberland County, PA (County Careers & Arts Center), 6.65%, 2020		195,000		193,799
Philadelphia, PA, Industrial Development Authority, FSA, 5.125%, 2011 (c)		1,000,000		1,087,190
Philadelphia, PA, Industrial Development Authority, FSA, 5.25%, 2011 (c)		750,000		817,005
Philadelphia, PA, Industrial Development Authority, 5.5%, 2023		500,000		538,595
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		500,000		524,700
State Public School Building Authority, PA, Jefferson County (Dubois Technical School), FGIC, 5%, 2026		1,000,000		1,024,980

			$	5,725,117

Student Loan Revenue – 1.2%
Pennsylvania Higher Education, Capital Acquisition Rev., NATL, 5%, 2026	$	1,500,000	$	1,523,610

Tax - Other – 0.8%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	140,000	$	139,779
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		45,000		45,014
Pittsburgh & Allegheny County, PA, Sales Tax Rev. (Public Auditorium Hotel Room), AMBAC, 5.25%, 2013		500,000		505,565
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		125,000		132,200
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		135,000		135,606

			$	958,164

Tax Assessment – 0.1%
Washington County, PA, Redevelopment Authority (Victory Centre Project), “A”, 5.45%, 2035	$	250,000	$	186,708

Tobacco – 1.1%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	165,000	$	148,048
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		170,000		144,274
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		220,000		165,394
Golden State Tobacco Securitization Corp., California Tobacco Settlement Rev., “A-2”, 0% to 2012, 5.30% to 2037		665,000		413,923
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		660,000		489,403
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		100,000		94,233

			$	1,455,275

Toll Roads – 1.9%
Pennsylvania Turnpike Commission, 5.5%, 2015	$	250,000	$	268,388
Pennsylvania Turnpike Commission, “A-1”, ASSD GTY, 5%, 2033		1,000,000		1,016,420
Pennsylvania Turnpike Commission, Capital Appreciation, “C”, FSA, 0%, 2033		1,500,000		1,126,455

			$	2,411,263

Transportation - Special Tax – 1.8%
Pennsylvania Turnpike Commission, NATL, 5%, 2024	$	1,775,000	$	1,833,948
Southeastern Pennsylvania Transportation Authority, Special Rev., FGIC, 5.25%, 2013		500,000		505,480

			$	2,339,428

Universities - Colleges – 15.1%
Adams County, PA, Industrial Development Authority Rev. (Gettysburg College), “A”, 5.875%, 2021	$	250,000	$	260,305
Allegheny County, PA (Chatham College), 5.95%, 2032		335,000		336,109
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), 5%, 2033		1,250,000		1,253,238

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, SYNCORA, 5%, 2024	$	1,000,000	$	1,031,980
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 6%, 2038		250,000		241,673
Crawford County, PA, Industrial Development Authority, College Rev., “A”, 6%, 2031		250,000		262,343
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), AMBAC, 5.55%, 2010 (c)		535,000		556,924
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), 5%, 2026		1,000,000		1,015,570
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), “HH1”, 5%, 2039		300,000		297,726
Delaware County, PA, Authority College Rev. (Neumann College), 6.125%, 2034		750,000		767,993
Delaware County, PA, Authority University Rev. (Villanova University), 5.25%, 2031		350,000		365,932
Erie, PA, Higher Educational Building Authority Rev. (Mercyhurst College), 5.5%, 2038		500,000		483,965
Erie, PA, Higher Educational Building Authority Rev. (Mercyhurst College), “B”, 5%, 2023		500,000		481,720
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		1,050,000		1,044,068
Lancaster, PA, Higher Education Authority College Rev. (Franklin & Marshall College), 5%, 2037		500,000		499,225
Lycoming County, PA (College of Technology), AMBAC, 5.25%, 2032		750,000		673,598
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		505,000		548,935
Northampton County, PA, General Purpose Authority Rev. (Lafayette College), 5%, 2034		250,000		262,155
Northampton County, PA, General Purpose Authority Rev. (Lehigh University), 5.5%, 2033		500,000		551,470
Pennsylvania Higher Educational Facilities Authority Rev. (Allegheny College), 4.75%, 2031		500,000		495,335
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), 5.2%, 2032		500,000		504,000
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), NATL, 5%, 2037		630,000		635,639
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		500,000		497,710
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5%, 2037		500,000		460,200
Pennsylvania Higher Educational Facilities Authority Rev. (Marywood University), NATL, 5.5%, 2010 (c)		300,000		306,138
Pennsylvania Higher Educational Facilities Authority Rev. (Philadelphia University), 5.5%, 2020		500,000		505,340
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), 5.375%, 2029		300,000		285,885
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), 5%, 2031		300,000		269,343
Pennsylvania Public School Building Authority (Delaware County College), NATL, 5.75%, 2010 (c)		500,000		519,715
Pennsylvania State University, “A”, 5%, 2029		1,000,000		1,045,040
Snyder County, PA, Higher Education Authority Rev. (Susquehanna University), 5%, 2038		1,000,000		1,005,490
Union County, PA, Higher Educational Facilities Financing Authority, University Rev. (Bucknell University), 5.25%, 2021		1,000,000		1,058,700
Wilkes-Barre, PA, Finance Authority Rev. (Wilkes University), 5%, 2037		750,000		665,595

			$	19,189,059

Universities - Secondary Schools – 0.5%
Pennsylvania Economic Development Financing Authority (Germantown Friends School Project), 5.35%, 2031	$	600,000	$	604,830

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Cogeneration – 0.1%
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners), 6.65%, 2010	$	35,000	$	35,275
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015		50,000		46,485

			$	81,760

Utilities - Investor Owned – 1.8%
Clarion County, PA, Industrial Development Authority, Water Facility Rev.
(Pennsylvania American Water Co.), 5.5%, 2039	$	1,000,000	$	1,016,740
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020		415,000		449,354
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		110,000		116,771
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		600,000		652,572

			$	2,235,437

Utilities - Municipal Owned – 0.4%
Philadelphia, PA, Gas Works Rev., FSA, 5.5%, 2011 (c)	$	500,000	$	538,785

Utilities - Other – 1.4%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	545,000	$	578,621
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		280,000		295,092
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		420,000		428,257
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		235,000		235,846
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		255,000		254,990

			$	1,792,806

Water & Sewer Utility Revenue – 9.4%
Allegheny County, PA, Sewer Rev., NATL, 5.75%, 2010 (c)	$	750,000	$	789,150
Bucks County, PA (Suburban Water Co.), FGIC, 5.55%, 2032		1,000,000		1,006,360
Cambridge, PA, Area Joint Authority Guaranteed Sewer Rev., 6%, 2037		500,000		461,335
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,021,300
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 2047		775,000		769,242
Erie, PA, Water Authority Rev., FSA, 5%, 2043		1,000,000		1,023,770
Fairview Township, PA, Sewer Rev., FGIC, 5.05%, 2018		750,000		767,618
Harrisburg, PA, Water Authority Rev., 5.25%, 2031		1,000,000		1,029,760
Lancaster County, PA, Water & Sewer Authority Rev., NATL, 5%, 2028		440,000		450,243
Philadelphia, PA, Water & Wastewater Rev., “A”, 5.25%, 2032		1,000,000		1,025,920
Unity Township, PA, Municipal Authority Sewer Rev., FSA, 5%, 2034		1,660,000		1,697,549
University Area Joint Authority, Sewer Rev., NATL, 5%, 2023		1,500,000		1,459,050
Virgin Islands Water & Power Authority Rev., RADIAN, 5.3%, 2018		500,000		501,560

			$	12,002,857

Total Municipal Bonds			$	125,314,946

Money Market Funds (v) – 1.9%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		2,483,001	$	2,483,001

Total Investments			$	127,797,947

Other Assets, Less Liabilities – (0.2)%				(303,257	)

Net Assets – 100.0%			$	127,494,690

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(p)	Primary inverse floater.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

MFS Pennsylvania Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
RADIAN		Radian Asset Assurance, Inc.
SYNCORA		Syncora Guarantee Inc.

Inverse Floaters
RITES		Residual Interest Tax-Exempt Security

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Pennsylvania Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	125,314,946	$	—	$	125,314,946
Mutual Funds		2,483,001		—		—		2,483,001

Total Investments	$	2,483,001	$	125,314,946	$	—	$	127,797,947


Other Financial Instruments
Futures	$	123,545	$	—	$	—	$	123,545

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	124,303,809

Gross unrealized appreciation	$	4,227,013
Gross unrealized depreciation		(1,683,688	)

Net unrealized appreciation (depreciation)	$	2,543,325

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Pennsylvania Minicipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30yr (Short)

USD

2,884,375

Mar-10

123,545

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		2,386,723		22,819,756		(22,723,478	)		2,483,001

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	3,690		$	2,483,001

LOGO

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 97.9%
Airport & Port Revenue – 1.9%
Horry County, SC, “A”, FSA, 5.7%, 2027	$	635,000	$	635,004
Richland Lexington, SC, Airport Rev. (Columbia Airport), FSA, 5.125%, 2025		1,500,000		1,499,203
Richland Lexington, SC, Airport Rev. (Columbia Airport), “A”, FSA, 5%, 2026		1,000,000		1,016,228

			$	3,150,435

General Obligations - General Purpose – 6.9%
Clinton, SC, Laurens County School District, ASSD GTY, 6.125%, 2033	$	1,000,000	$	1,127,939
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		345,000		322,133
Commonwealth of Puerto Rico, “A”, 6%, 2038		560,000		561,098
Commonwealth of Puerto Rico, Public Improvement, NATL, 5.75%, 2010 (c)		4,000,000		4,091,880
Hilton Head Island, SC, Rev., NATL, 5.125%, 2022		1,000,000		1,039,960
Horry County, SC, 4.5%, 2028		850,000		887,093
Horry County, SC, Hospital Fee Special Obligation, 6%, 2015		915,000		931,972
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,235,000		1,182,809
State of California, 6%, 2039		1,050,000		1,074,129

			$	11,219,013

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	45,000	$	46,399
Guam Government, “A”, 5.25%, 2037		280,000		233,321
Guam Government, “A”, 7%, 2039		50,000		51,500

			$	331,220

General Obligations - Schools – 6.5%
Beaufort County, SC, School District, “A”, FSA, 4.25%, 2032	$	650,000	$	654,355
Chesterfield County, SC, School District, FSA, 5%, 2023		3,000,000		3,088,620
Orangeburg County, SC, Consolidated School District, FSA, 5.25%, 2020		1,065,000		1,107,547
Orangeburg County, SC, Consolidated School District, FSA, 5.375%, 2022		2,050,000		2,168,716
Richland County, SC, School District, 5.1%, 2021		1,750,000		1,845,130
York County, SC, School District, 5%, 2030		1,570,000		1,637,384

			$	10,501,752

Healthcare Revenue - Hospitals – 20.6%
Charleston County, SC, Hospital Facilities Rev. (Medical Society Health), ETM, NATL, 5%, 2022 (c)	$	2,450,000	$	2,454,655
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, FSA, 5.25%, 2034		1,050,000		1,070,496
Greenville, SC, Hospital Systems, Hospital Facilities Rev., 6%, 2020		3,400,000		3,900,412
Greenwood County, SC, Hospital Facilities Rev. (Self Memorial Hospital), 5.5%, 2021		1,000,000		1,014,610
Greenwood County, SC, Hospital Rev. (Self Regional Healthcare), 5.375%, 2039		1,000,000		978,840
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		1,055,000		1,026,241
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		155,000		152,340
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		480,000		490,037
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5.5%, 2014 (c)		250,000		292,240
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5.5%, 2014 (c)		250,000		292,240
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 2032		1,500,000		1,452,660
Lexington County, SC, Health Services District, Inc., Hospital Rev., Refunding & Improvement, 5.5%, 2013 (c)		1,000,000		1,159,640
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		465,000		438,848
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6.125%, 2039		445,000		435,125
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 2029		585,000		624,330
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		915,000		1,081,457
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2012 (c)		260,000		292,934
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		990,000		972,635

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Anmed Health), “B”, ASSD GTY, 5.5%, 2038	$	1,500,000	$	1,556,310
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Georgetown Memorial Hospital), AMBAC, 6%, 2014		1,000,000		1,013,940
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Georgetown Memorial Hospital), RADIAN, 5.25%, 2021		1,500,000		1,504,185
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Georgetown Memorial Hospital), AMBAC, 5%, 2023		1,000,000		980,380
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Kershaw Country Medical Center), 6%, 2038		750,000		750,578
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		750,000		755,190
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health), FSA, 5%, 2035		650,000		650,423
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Tuomey Health), CIFG, 5%, 2030		1,000,000		856,480
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), 5.75%, 2039		500,000		471,580
Spartanburg County, SC, Health Service Rev., “A”, ASSD GTY, 4.5%, 2027		650,000		625,755
Spartanburg County, SC, Health Services District, Inc., Hospital Rev., FSA, 5.25%, 2012 (c)		1,425,000		1,564,593
Spartanburg County, SC, Health Services District, Inc., Hospital Rev., FSA, 5.25%, 2032		825,000		828,086
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		770,000		756,741
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		105,000		110,014
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		255,000		269,464
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5.6%, 2029		715,000		707,514
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		945,000		1,011,915
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		640,000		566,714
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “B”, 5.125%, 2020		400,000		380,632

			$	33,490,234

Healthcare Revenue - Long Term Care – 0.8%
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.625%, 2042	$	400,000	$	323,028
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042		500,000		338,010
South Carolina Jobs & Economic Development Authority, Health & Facilities Rev., First Mortgage (Wesley Commons), 5.125%, 2026		400,000		317,328
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home), “A”, 6.375%, 2032		400,000		360,280

			$	1,338,646

Human Services – 0.6%
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015	$	990,000	$	990,782

Industrial Revenue - Chemicals – 0.6%
York County, SC, Industrial Rev. (Hoechst Celanese), 5.7%, 2024	$	1,000,000	$	929,820

Industrial Revenue - Other – 1.0%
Calhoun County, SC, Solid Waste Disposal Facilities Rev. (Carolina Eastman Co.), ETM, 6.75%, 2017 (c)	$	1,000,000	$	1,218,290

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – continued
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	385,000	$	385,520

			$	1,603,810

Industrial Revenue - Paper – 0.6%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 6.1%, 2023	$	1,000,000	$	1,001,360

Miscellaneous Revenue - Other – 1.1%
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2018	$	570,000	$	570,599
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2019		595,000		593,870
South Carolina Jobs & Economic Development Authority Rev. (Myrtle Beach Convention), “B”, NATL, 5.125%, 2020		630,000		623,284

			$	1,787,753

Multi-Family Housing Revenue – 1.3%
North Charleston SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5%, 2038	$	1,000,000	$	949,340
North Charleston SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.1%, 2041		1,210,000		1,174,789

			$	2,124,129

Sales & Excise Tax Revenue – 0.7%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2034	$	1,840,000	$	375,875
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		735,000		724,842

			$	1,100,717

Single Family Housing - State – 4.1%
South Carolina Housing, Finance & Development Authority Mortgage Rev., “A-2”, FSA, 5.5%, 2034	$	415,000	$	427,811
South Carolina Housing, Finance & Development Authority Mortgage Rev., “A-2”, FSA, 5.2%, 2035		910,000		892,528
South Carolina Housing, Finance & Development Authority Rev., 5.55%, 2038		1,000,000		988,700
South Carolina Housing, Finance & Development Authority Rev., “A-2”, FSA, 6%, 2020		370,000		391,171
South Carolina Housing, Finance & Development Authority Rev., “A-2”, FSA, 5.35%, 2024		1,635,000		1,648,407
South Carolina Housing, Finance & Development Authority Rev., “A-2”, AMBAC, 5.15%, 2037		995,000		971,687
South Carolina Housing, Finance & Development Authority Rev., “C-2”, FSA, 4.6%, 2032		1,500,000		1,349,835

			$	6,670,139

Solid Waste Revenue – 0.6%
Three Rivers, SC, Solid Waste Authority Rev., 5%, 2028	$	1,000,000	$	1,024,410

State & Local Agencies – 1.0%
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034	$	620,000	$	662,668
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 2039		290,000		295,287
Spartanburg, SC, Public Facilities Corp. (Renaissance Park), AMBAC, 5.125%, 2025		685,000		692,946

			$	1,650,901

Tax - Other – 3.0%
Commonwealth of Puerto Rico, 5.5%, 2010 (c)	$	4,000,000	$	4,194,880
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		180,000		179,716
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		60,000		60,019
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		160,000		169,216
Virgin Islands Public Finance Authority Rev., “A”, 5.25%, 2024		180,000		180,808

			$	4,784,639

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – 0.2%
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037	$	445,000	$	345,712

Tobacco – 1.7%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	225,000	$	201,884
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		225,000		190,951
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		275,000		206,742
Golden State Tobacco Securitization Corp., California Tobacco Settlement Rev., “A-2”, 0% to 2012, 5.30% to 2037		840,000		522,850
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		830,000		615,462
South Carolina Tobacco Settlement Authority Rev., “B”, 6.375%, 2011 (c)		1,000,000		1,074,520

			$	2,812,409

Toll Roads – 0.8%
Triborough Bridge & Tunnel Authority Rev., NY, 5%, 2037	$	1,310,000	$	1,342,292

Transportation - Special Tax – 4.1%
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2023	$	500,000	$	511,565
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2027		2,000,000		2,037,340
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2033		2,500,000		2,492,925
South Carolina Transportation Infrastructure Rev., “A”, AMBAC, 5%, 2033		1,645,000		1,640,345

			$	6,682,175

Universities - Colleges – 11.8%
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, SYNCORA, 5%, 2024	$	800,000	$	819,864
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, SYNCORA, 5.125%, 2034		1,260,000		1,264,889
College of Charleston, SC, Higher Education Facility Rev., “A”, FGIC, 5.25%, 2028		2,435,000		2,489,398
Educational Facilities Authority Private Non-Profit Institutions of Higher Learning (Wofford College), “A”, 5%, 2036		1,000,000		1,001,730
South Carolina Educational Facilities Authority (Furman University), AMBAC, 5.375%, 2020		1,245,000		1,267,398
South Carolina Educational Facilities Authority (Furman University), AMBAC, 5.5%, 2030		2,000,000		2,028,880
South Carolina Educational Facilities Authority (Furman University), 5%, 2038		2,000,000		2,036,460
South Carolina Educational Facilities Authority (Wofford College), 5.25%, 2032		1,000,000		1,033,330
University of South Carolina, Athletic Facilities Rev., “A”, 5.5%, 2038		1,000,000		1,073,710
University of South Carolina, Higher Education Rev., “A”, 5%, 2039		1,000,000		1,038,880
University of South Carolina, University Rev., “A”, FGIC, 5.625%, 2010 (c)		1,555,000		1,588,557
University of South Carolina, University Rev., “A”, AMBAC, 5%, 2034		1,815,000		1,855,493
University of South Carolina, University Rev., “A”, FSA, 5.25%, 2038		1,625,000		1,711,743

			$	19,210,332

Utilities - Investor Owned – 1.9%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020	$	800,000	$	866,224
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		150,000		159,233
Orangeburg County, SC, Solid Waste Disposal Facilities Rev., Electric & Gas, AMBAC, 5.7%, 2024		2,000,000		2,006,120

			$	3,031,577

Utilities - Municipal Owned – 9.3%
Camden, SC, Public Utilities Rev., NATL, 5.5%, 2017	$	75,000	$	75,017
Easley, SC, Utility Rev., FSA, 5%, 2012 (c)		1,000,000		1,113,850
Greenwood, SC, Combined Public Utility, Refunding & Improvement Systems, NATL, 5%, 2021		175,000		181,965
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		1,055,000		1,105,387
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 2021		2,700,000		3,154,545
Puerto Rico Electric Power Authority, “TT”, 5%, 2027		530,000		522,708

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
South Carolina Public Service Authority Rev. (Santee Cooper), “E”, 5%, 2040	$	2,000,000	$	2,104,380
South Carolina Public Service Authority Rev., “A”, 5.5%, 2038		2,500,000		2,715,825
South Carolina Public Service Authority, “A”, AMBAC, 5%, 2034		2,000,000		2,051,500
South Carolina Public Service Authority, “A”, AMBAC, 5%, 2037		510,000		530,721
South Carolina Public Service Authority, “B”, FSA, 5.125%, 2037		1,500,000		1,531,335

			$	15,087,233

Utilities - Other – 1.3%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	685,000	$	727,258
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 2028		130,000		135,881
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		270,000		272,325
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		140,000		140,504
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		570,000		556,366
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		330,000		329,987

			$	2,162,321

Water & Sewer Utility Revenue – 15.3%
Anderson County, SC, Joint Municipal Water, FSA, 5%, 2032	$	1,000,000	$	1,018,970
Anderson County, SC, Water & Sewer Systems Rev., FGIC, 5.125%, 2032		2,000,000		2,039,900
Anderson County, SC, Water & Sewer Systems Rev., ASSD GTY, 5%, 2034		1,000,000		1,048,490
Beaufort-Jasper, SC, Waterworks & Sewer Systems Rev., FSA, 4.5%, 2031		1,000,000		1,024,650
Charleston, SC, Waterworks & Sewer Rev., Capital Improvement, “B”, 5%, 2013 (c)		1,000,000		1,119,590
Columbia, SC, Waterworks & Sewer Systems Rev., FSA, 5%, 2029		1,020,000		1,067,308
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,000,000		2,042,600
Dorchester County, SC, Waterworks & Sewer Systems Rev., ASSD GTY, 5%, 2029		1,000,000		1,046,230
Greenville, SC, Stormwater Systems, FSA, 5%, 2022		595,000		615,040
Greenwood, SC, Sewer Systems Rev., FSA, 5%, 2030		1,000,000		1,054,190
Lexington, SC, Waterworks & Sewer Systems Rev., ASSD GTY, 5%, 2039		2,000,000		2,026,740
Lugoff-Elgin, SC, Water Authority Waterworks Systems Rev., NATL, 5.125%, 2032		920,000		940,930
Myrtle Beach, SC, Water & Sewer Authority Rev., FSA, 4.5%, 2028		2,000,000		2,038,200
Rock Hill, SC, Utility Systems Rev., Refunding & Improvement, “A”, FSA, 5.375%, 2023		500,000		526,650
Spartanburg, SC, Water & Sewer Authority Rev., “B”, NATL, 5.25%, 2030		1,250,000		1,281,263
Spartanburg, SC, Waterworks Rev., ASSD GTY, 5%, 2039		2,000,000		2,031,400
Spartanburg, SC, Waterworks Rev., “A”, FSA, 4.375%, 2028		750,000		756,825
Sumter, SC, Waterworks & Sewer Systems Rev., SYNCORA, 5%, 2025		540,000		567,664
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 2038		1,200,000		1,166,004
York County, SC, Water & Sewer Rev., Refunding & Capital Improvement, NATL, 5%, 2027		1,490,000		1,529,425

			$	24,942,069

Total Municipal Bonds			$	159,315,880

Money Market Funds (v) – 0.6%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		969,569	$	969,569

Total Investments			$	160,285,449

Other Assets, Less Liabilities – 1.5%				2,376,481

Net Assets – 100.0%			$	162,661,930

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.

MFS South Carolina Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


ASSD GTY		Assured Guaranty Insurance Co.
CIFG		CDC IXIS Financial Guaranty
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		National Public Finance Guarantee Corp.
RADIAN		Radian Asset Assurance, Inc.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS South Carolina Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	159,315,880	$	—	$	159,315,880
Mutual Funds		969,569		—		—		969,569

Total Investments	$	969,569	$	159,315,880	$	—	$	160,285,449

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	155,661,481

Gross unrealized appreciation	$	6,563,506
Gross unrealized depreciation		(1,939,538	)

Net unrealized appreciation (depreciation)	$	4,623,968

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS South Carolina Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		1,723,307		30,535,624		(31,289,362	)		969,569

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	6,365		$	969,569

LOGO

MFS Tennessee Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 94.1%
Airport & Port Revenue – 1.2%
Memphis-Shelby County, TN, Airport Authority Facilities Rev., FSA, 5.125%, 2021	$	1,500,000	$	1,511,505

General Obligations - General Purpose – 7.1%
Blount County, TN, Public Building Authority, “B”, ASSD GTY, 4.75%, 2037	$	1,500,000	$	1,520,700
Commonwealth of Puerto Rico, “A”, 5.375%, 2033		270,000		252,104
Commonwealth of Puerto Rico, “A”, 6%, 2038		455,000		455,892
Commonwealth of Puerto Rico, Unrefunded Public Improvement, FSA, 5%, 2024		770,000		775,798
Johnson City, TN, 5%, 2031		1,000,000		1,042,620
Metropolitan Government of Nashville & Davidson County, TN, 5%, 2028		2,000,000		2,159,680
Puerto Rico Public Buildings Authority Rev., Guaranteed, “L”, 5.5%, 2021		1,000,000		1,010,170
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		480,000		514,906
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		525,000		557,140
State of California, 6%, 2039		845,000		864,418

			$	9,153,428

General Obligations - Improvement – 0.6%
Guam Government, “A”, 5.25%, 2037	$	215,000	$	179,157
Sevier County, TN, Public Building Authority, ASSD GTY, 4.75%, 2025		550,000		583,495

			$	762,652

General Obligations - Schools – 4.2%
Gibson County, TN, School District, NATL, 5.75%, 2016	$	190,000	$	190,114
Rutherford County, TN, School & Public Improvement, 5%, 2022		1,510,000		1,584,035
Rutherford County, TN, School District, 5.875%, 2010 (c)		2,000,000		2,026,480
Williamson County, TN, Rural School, 6.125%, 2010 (c)		1,575,000		1,589,222

			$	5,389,851

Healthcare Revenue - Hospitals – 16.5%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “D”, 6.25%, 2033	$	1,000,000	$	1,083,090
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 2025		125,000		122,855
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		405,000		413,469
Johnson City, TN, Health & Education Financing Authority Rev. (Johnson City Medical Center Hospital), ETM, NATL, 5%, 2018 (c)		1,500,000		1,509,945
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health), “A”, 5.5%, 2031		400,000		384,888
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health), “A”, 5.5%, 2036		600,000		571,890
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031		300,000		315,990
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Catholic Healthcare Partners), 5.25%, 2030		1,000,000		992,090
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Covenant Health), “A”, 0%, 2036		4,000,000		763,800
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Fort Sanders), NATL, 5.75%, 2014		3,250,000		3,513,575
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (University Health Systems, Inc.), 5.25%, 2036		1,000,000		907,520
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev., “A”, FSA, 5%, 2013 (c)		545,000		608,465
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev., “A”, FSA, 5%, 2022		455,000		459,263
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		675,000		637,038
Montgomery County, OH, Rev. (Catholic Health Initiatives), “A”, 5%, 2039		570,000		564,197
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		510,000		502,834
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 6.5%, 2012 (c)		625,000		709,637

MFS Tennessee Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 5%, 2031	$	500,000	$	504,405
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), 5%, 2036		1,250,000		1,254,800
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), “B”, FSA, 5.25%, 2027		1,500,000		1,571,805
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), ETM, 6.5%, 2021 (c)		375,000		425,782
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		615,000		604,410
St. Petersburg, FL, Health Facilities Authority Rev., 6.5%, 2039		170,000		180,530
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		635,000		559,010
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health), “A”, 5.5%, 2046		1,000,000		389,580
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031		225,000		235,987
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		785,000		840,586
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		535,000		473,737

			$	21,101,178

Healthcare Revenue - Long Term Care – 0.5%
Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5.125%, 2023	$	500,000	$	421,420
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		250,000		235,227

			$	656,647

Industrial Revenue - Other – 0.2%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	320,000	$	320,432

Miscellaneous Revenue - Other – 0.6%
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017	$	760,000	$	759,985

Multi-Family Housing Revenue – 1.9%
Chattanooga, TN, Health, Educational & Housing Facilities (Rainbow Creek), GNMA, 6.125%, 2019	$	345,000	$	349,554
Knoxville, TN, Community Development Corp., 5%, 2024		1,000,000		1,047,800
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023		500,000		510,065
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Herman Street), FHA, 7.25%, 2032		485,000		489,278

			$	2,396,697

Sales & Excise Tax Revenue – 1.6%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029	$	1,000,000	$	1,159,170
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2056		7,755,000		380,383
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		525,000		517,744

			$	2,057,297

Single Family Housing - State – 11.8%
Tennessee Housing Development Agency Rev., Homeownership Program, 5.45%, 2014	$	1,660,000	$	1,669,064
Tennessee Housing Development Agency Rev., Homeownership Program, 4.45%, 2017		645,000		634,357
Tennessee Housing Development Agency Rev., Homeownership Program, 4.45%, 2017		660,000		648,457

MFS Tennessee Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Tennessee Housing Development Agency Rev., Homeownership Program, 4.55%, 2018	$	575,000	$	566,300
Tennessee Housing Development Agency Rev., Homeownership Program, 4.55%, 2018		690,000		679,029
Tennessee Housing Development Agency Rev., Homeownership Program, 6%, 2020		775,000		779,107
Tennessee Housing Development Agency Rev., Homeownership Program, 5%, 2026		1,740,000		1,699,893
Tennessee Housing Development Agency Rev., Homeownership Program, 5.05%, 2027		695,000		683,901
Tennessee Housing Development Agency Rev., Homeownership Program, 5%, 2029		1,000,000		1,012,410
Tennessee Housing Development Agency Rev., Homeownership Program, FSA, 5.4%, 2032		620,000		616,801
Tennessee Housing Development Agency Rev., Homeownership Program, 5.25%, 2034		620,000		618,493
Tennessee Housing Development Agency Rev., Homeownership Program, 5.45%, 2038		2,000,000		2,039,440
Tennessee Housing Development Agency Rev., Homeownership Program, “1-A”, 5.7%, 2039		890,000		901,944
Tennessee Housing Development Agency Rev., Homeownership Program, “2”, 4.55%, 2024		1,500,000		1,491,180
Tennessee Housing Development Agency Rev., Mortgage Finance, 5.2%, 2023		1,020,000		1,046,102

			$	15,086,478

State & Agency - Other – 0.8%
Hardeman County, TN, Industrial Development Board Rev., “B”, ASSD GTY, 5%, 2040	$	1,000,000	$	1,024,070

State & Local Agencies – 13.4%
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 2030	$	210,000	$	206,730
Chattanooga, TN, Industrial Development Board, AMBAC, 5.75%, 2018		1,000,000		1,020,850
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034		525,000		561,131
Memphis-Shelby County, TN (Memphis Sports Arena), AMBAC, 5.125%, 2012 (c)		2,000,000		2,234,100
Memphis-Shelby County, TN (Memphis Sports Arena), AMBAC, 5.35%, 2012 (c)		1,665,000		1,870,295
Memphis-Shelby County, TN, Sports Authority, Inc. Rev., “B”, 5.375%, 2029		2,500,000		2,573,825
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Rev., “A”, FSA, 5.25%, 2022		1,000,000		1,155,260
Tennessee School Bond Authority (Higher Education Facilities), “A”, FSA, 5.25%, 2012 (c)(f)		3,000,000		3,306,870
Tennessee School Bond Authority, “B”, 5.125%, 2033		2,000,000		2,132,980
Tennessee School Bond Authority, “C”, FSA, 5%, 2032		2,000,000		2,106,240

			$	17,168,281

Tax - Other – 0.2%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	150,000	$	149,763
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		50,000		50,016

			$	199,779

Tobacco – 1.0%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	185,000	$	165,993
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		185,000		157,004
Guam Economic Development Authority Tobacco Settlement, “B”, 5.5%, 2011 (c)		350,000		372,523
Tobacco Settlement Financing Corp., 5%, 2031		750,000		625,373

			$	1,320,893

Transportation - Special Tax – 1.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., FSA, 5.25%, 2036	$	650,000	$	675,655
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, FSA, 5.5%, 2028		600,000		658,074

			$	1,333,729

MFS Tennessee Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – 5.9%
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.625%, 2039	$	500,000	$	487,580
Madison County, NY, Industrial Development Agency Civic Facilities Rev. (Colgate University), “A”, AMBAC, 5%, 2035		415,000		424,782
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (McKendree Village, Inc.), 5.125%, 2020		1,000,000		1,000,150
Nashville & Davidson County, TN, Metropolitan Government Health & Educational Facilities Board, 5%, 2034		2,500,000		2,639,900
New York Dormitory Authority Rev., Non-State Supported Debt (Columbia University), “A”, 5%, 2031		1,145,000		1,216,562
University of Puerto Rico Rev., “Q”, 5%, 2036		1,985,000		1,735,347

			$	7,504,321

Utilities - Municipal Owned – 11.5%
Chattanooga, TN, Electric Rev., “A”, 5%, 2033	$	3,000,000	$	3,149,280
Citizens Gas Utility District, TN, Gas Rev., 5%, 2035		1,000,000		973,320
Elizabethton, TN, Electric System Rev., NATL, 4.5%, 2027		1,000,000		1,014,830
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		885,000		927,268
Johnson City, TN, Electric Rev., FSA, 5%, 2029		1,000,000		1,059,230
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		595,000		645,028
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		195,000		218,786
Memphis, TN, Electric System Rev., 5%, 2018		1,750,000		1,987,947
Metropolitan Government of Nashville & Davidson County, TN, Electrical Rev., NATL, 0%, 2012		3,305,000		3,180,104
Metropolitan Government of Nashville & Davidson County, TN, Electrical Rev., “A”, AMBAC, 5%, 2029		1,500,000		1,562,415

			$	14,718,208

Utilities - Other – 1.2%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021	$	225,000	$	226,937
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		115,000		115,414
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		85,000		84,748
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,200,000		1,171,296

			$	1,598,395

Water & Sewer Utility Revenue – 12.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028	$	400,000	$	409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		1,000,000		1,021,300
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 2047		810,000		803,982
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		295,000		347,967
Hallsdale-Powell Utility District, TN, Water & Sewer Rev., “A”, FGIC, 5%, 2024		1,500,000		1,552,275
Hallsdale-Powell Utility District, TN, Water & Sewer Rev., “A”, FGIC, 5%, 2027		3,000,000		3,093,450
Harpeth Valley Utility District, TN, Davidson & Williamson Counties Rev., FGIC, 5.25%, 2037		1,000,000		1,045,410
Hendersonville, TN, Utility District Waterworks & Sewer Rev., FSA, 5%, 2031		1,000,000		1,051,450
Knoxville, TN, Waste Water System Rev., FSA, 4.5%, 2032		1,000,000		1,017,250
Knoxville, TN, Waste Water System Rev., “A”, NATL, 5%, 2037		2,620,000		2,687,701
Rutherford County, TN, Water Rev., NATL, 5%, 2027		770,000		808,569
South Blount County, TN, Utility District Waterworks Rev., FSA, 5%, 2033		2,140,000		2,256,159
White House Utility District, TN, Unrefunded, FSA, 5%, 2021		420,000		426,338

			$	16,521,291

Total Municipal Bonds			$	120,585,117

Money Market Funds (v) – 1.5%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		1,848,088	$	1,848,088

MFS Tennessee Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Total Investments	$	122,433,205

Other Assets, Less Liabilities – 4.4%		5,701,980

Net Assets – 100.0%	$	128,135,185

(c)	Refunded bond.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FSA		Financial Security Assurance, Inc.
GNMA		Government National Mortgage Assn.
NATL		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.

MFS Tennessee Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	120,585,117	$	—	$	120,585,117
Mutual Funds		1,848,088		—		—		1,848,088

Total Investments	$	1,848,088	$	120,585,117	$	—	$	122,433,205


Other Financial Instruments
Futures	$	59,302	$	—	$	—	$	59,302

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	119,724,572

Gross unrealized appreciation	$	5,075,487
Gross unrealized depreciation		(2,366,854	)

Net unrealized appreciation (depreciation)	$	2,708,633

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Tennessee Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30yr (Short)

USD

1,384,500

Mar-10

59,302

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		2,986,324		22,596,287		(23,734,523	)		1,848,088

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	3,696		$	1,848,088

LOGO

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 98.9%
Airport & Port Revenue – 4.9%
Metropolitan Washington, DC, Airport Authority Rev., “A”, FGIC, 5.125%, 2024	$	1,000,000	$	1,004,469
Metropolitan Washington, DC, Airport Authority Rev., “A”, FGIC, 5%, 2025		705,000		702,665
Metropolitan Washington, DC, Airport Authority Rev., “A”, FSA, 5%, 2032		1,455,000		1,410,680
Metropolitan Washington, DC, Airport Authority Rev., “A”, NATL, 5%, 2035		3,000,000		2,797,139
Metropolitan Washington, DC, Airports Authority Rev., 5.375%, 2028		1,500,000		1,526,549
Norfolk, VA, Airport Authority Rev., “A”, FGIC, 5.375%, 2017		1,755,000		1,814,353
Norfolk, VA, Airport Authority Rev., “A”, FGIC, 5%, 2022		3,000,000		3,051,089
Virginia Port Authority Facilities Rev., FGIC, 5%, 2036		3,000,000		2,831,939
Virginia Resources Authority, Airport Rev., “B”, 5.125%, 2027		720,000		720,057

			$	15,858,940

General Obligations - General Purpose – 3.0%
Commonwealth of Puerto Rico, “A”, 5.375%, 2033	$	645,000	$	602,248
Commonwealth of Puerto Rico, “A”, 6%, 2038		1,070,000		1,072,097
Newport News, VA, Economic Development, “A”, 5%, 2031		1,595,000		1,672,661
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		840,000		901,085
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		920,000		976,322
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		1,565,000		1,498,863
Stafford County, VA, Industrial Development Authority Rev., “B”, NATL, 5%, 2034		3,060,000		3,078,513

			$	9,801,789

General Obligations - Improvement – 4.8%
Arlington County, VA, 4.5%, 2028	$	255,000	$	259,835
Chesterfield County, VA, 6%, 2010 (c)		1,900,000		1,902,755
Chesterfield County, VA, 5%, 2011 (c)(f)		2,015,000		2,111,418
Guam Government, “A”, 6.75%, 2029		100,000		103,109
Guam Government, “A”, 5.25%, 2037		540,000		449,977
Guam Government, “A”, 7%, 2039		110,000		113,300
Hampton, VA, Public Improvement, 6%, 2010 (c)		3,280,000		3,358,654
Hampton, VA, Public Improvement, 6%, 2010 (c)		3,480,000		3,563,450
Lynchburg, VA, Public Improvement, 5.6%, 2010 (c)		1,765,000		1,820,915
Suffolk, VA, 5.5%, 2010 (c)		1,880,000		1,922,244

			$	15,605,657

General Obligations - Schools – 0.9%
Los Angeles, CA, Unified School District, “D”, 5%, 2034	$	125,000	$	125,468
San Diego, CA, Community College District, FSA, 5%, 2030		2,570,000		2,681,744

			$	2,807,212

Healthcare Revenue - Hospitals – 16.7%
Albemarle County, VA, Industrial Development Authority, Hospital Rev. (Martha Jefferson Hospital), 5.25%, 2035	$	3,000,000	$	2,917,230
Arlington County, VA, Industrial Development Authority Rev. (Virginia Hospital Center Arlington Health Systems), 5.25%, 2011 (c)		2,600,000		2,799,108
Charlotte County, VA, Industrial Development Authority Rev. (Halifax Hospital), 5%, 2037		1,000,000		893,180
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “A”, 5.5%, 2029		1,000,000		1,029,550
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “A”, 5.5%, 2035		1,500,000		1,571,400
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health Systems), “C”, 5%, 2025		500,000		516,580
Fauquier County, VA, Industrial Development Authority, Hospital Rev., 5.25%, 2037		2,000,000		1,896,460
Fredericksburg, VA, Industrial Development Rev. (Medicorp Health Systems), “B”, 5.125%, 2033		750,000		732,473
Henrico County, VA, Economic Development Authority Rev., 5.6%, 2012 (c)		85,000		96,222
Henrico County, VA, Economic Development Authority Rev., 5.6%, 2030		1,915,000		1,910,174
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), NATL, 6.25%, 2020		1,500,000		1,657,575

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Illinois Finance Authority Rev. (Central Dupage Health), 5%, 2027	$	1,030,000	$	1,019,154
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		970,000		990,283
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 2032		2,075,000		2,095,875
Loudoun County, VA, Industrial Development Authority, Hospital Rev. (Loudoun Hospital Center), “A”, 6.1%, 2012 (c)		1,000,000		1,123,120
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		1,635,000		1,543,048
Medical College of Virginia, Hospital Authority Rev., NATL, 5.125%, 2018		3,000,000		3,032,010
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		200,000		194,054
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		1,995,000		1,917,913
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligations Group), “A”, 6%, 2027		635,000		626,078
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		1,315,000		1,396,346
Peninsula Ports Authority, VA, Health System Rev. (Riverside Health System), 5%, 2018		3,580,000		3,618,378
Peninsula Ports Authority, VA, Hospital Facility Rev. (Whittaker Memorial), FHA, 8.7%, 2023		1,920,000		1,974,374
Prince William County, VA, Industrial Development Authority, Hospital Rev. (Potomac Hospital Corp.), 5.2%, 2026		1,000,000		961,020
Roanoke, VA, Industrial Development Authority, Hospital Rev. (Roanoke Memorial Hospital), “B”, ETM, NATL, 6.125%, 2017 (c)		3,000,000		3,517,440
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		1,805,000		2,133,366
St. Louis Park, MN, Health Care Facilities Rev. (Nicollett Health Services), 5.75%, 2039		1,700,000		1,670,726
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Scott & White Memorial Hospital), “A”, 5.5%, 2031		515,000		540,147
Virginia Small Business Financing Authority Hospital Rev. (Wellmont Health Project), “A”, 5.25%, 2037		2,000,000		1,757,180
Washington County, VA, Industrial Development Authority, Hospital Facilities Rev. (Mountain States Health Alliance), “C”, 7.5%, 2029		1,400,000		1,610,630
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 2029		220,000		230,505
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 2039		530,000		560,062
Winchester, VA, Industrial Development Authority, Hospital Rev. (Valley Health Systems), “E”, 5.75%, 2039		3,000,000		3,020,610
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2039		1,880,000		2,013,123
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2031		1,280,000		1,133,427

			$	54,698,821

Healthcare Revenue - Long Term Care – 1.2%
Chesterfield County, VA, Health Center Commission Residential Care Facility, 6.25%, 2038	$	750,000	$	653,228
Henrico County, VA, Economic Development Authority Residential Care, 6.7%, 2012 (c)		200,000		226,024
Henrico County, VA, Economic Development Authority Residential Care, 6.7%, 2027		550,000		544,940
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037		1,000,000		564,000
Lexington, VA, Industrial Development Authority Residential Care Facilities (Kendal at Lexington), “A”, 5.5%, 2037		1,000,000		768,010
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035		750,000		629,190

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Suffolk, VA, Industrial Development Authority, Retirement Facilities Rev. (Lake Prince Center, Inc.), 5.3%, 2031	$	750,000	$	592,733

			$	3,978,125

Industrial Revenue - Environmental Services – 1.0%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Facility Rev. (Waste Management, Inc.), 6.25%, 2027 (b)	$	1,500,000	$	1,585,890
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,820,385

			$	3,406,275

Industrial Revenue - Other – 1.2%
Loudoun County, VA, Industrial Development Authority Rev. (Dulles Airport Marriott Hotel), 7.125%, 2015	$	2,000,000	$	2,002,300
Peninsula Ports Authority, VA, Coal Terminal Rev. (Dominion Terminal Associates), 6%, 2033		1,000,000		1,012,170
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022		750,000		751,013

			$	3,765,483

Industrial Revenue - Paper – 0.3%
Bedford County, VA, Industrial Development Authority Rev. (Nekooska Packaging Corp.), 5.6%, 2025	$	1,000,000	$	889,730
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 (d)		200,000		176,000
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (d)		1,750,000		18,025

			$	1,083,755

Multi-Family Housing Revenue – 3.6%
Arlington County, VA, Industrial Development Authority Rev. (Colonial Village), FNMA, 5.15%, 2031	$	3,000,000	$	3,069,900
Virginia Housing Development Authority Rev., “C”, 5.625%, 2038		1,355,000		1,360,583
Virginia Housing Development Authority Rev., “D”, 4.6%, 2033		1,000,000		917,770
Virginia Housing Development Authority Rev., “G”, 5.625%, 2020		2,000,000		2,017,400
Virginia Housing Development Authority Rev., Rental Housing, “B”, 5.5%, 2030		1,450,000		1,507,101
Virginia Housing Development Authority Rev., Rental Housing, “E”, 4.8%, 2039		3,000,000		2,907,420

			$	11,780,174

Parking – 0.5%
Norfolk, VA, Parking Systems Rev., NATL, 5%, 2020	$	1,630,000	$	1,639,307

Sales & Excise Tax Revenue – 2.2%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 2029	$	2,250,000	$	2,608,133
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 0%, 2034		3,795,000		775,243
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057		2,135,000		2,105,494
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		1,470,000		1,541,266

			$	7,030,136

Single Family Housing - State – 5.1%
Virginia Housing Development Authority Commonwealth, 5.1%, 2035	$	2,000,000	$	2,004,580
Virginia Housing Development Authority Commonwealth, “A”, 5%, 2031		2,000,000		2,005,720
Virginia Housing Development Authority Commonwealth, “B”, 4.75%, 2032		2,000,000		1,914,700
Virginia Housing Development Authority Commonwealth, “C”, 4.4%, 2022		1,270,000		1,214,247
Virginia Housing Development Authority Commonwealth, “C”, 4.66%, 2027		1,285,000		1,229,706
Virginia Housing Development Authority Commonwealth, “C”, 4.625%, 2027		2,630,000		2,482,773
Virginia Housing Development Authority Commonwealth, “C”, 4.75%, 2032		1,795,000		1,690,118
Virginia Housing Development Authority, Commonwealth Mortgage, “A-5”, 4.4%, 2015		1,000,000		1,017,910
Virginia Housing Development Authority, Commonwealth Mortgage, “A-5”, 5.6%, 2026		3,000,000		3,149,430

			$	16,709,184

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – 1.5%
Fairfax County, VA, COP, 6.1%, 2017	$	3,090,000	$	3,420,537
Virginia Biotechnology Research Park Lease Rev. (Consolidated Laboratories), 5%, 2021		1,500,000		1,610,175

			$	5,030,712

State & Local Agencies – 11.7%
Caroline County, VA, Industrial Development Authority Lease Rev., AMBAC, 5.125%, 2034	$	1,000,000	$	984,220
Chesapeake, VA, Industrial Development Authority (Chesapeake Court House), NATL, 6.25%, 2011		2,735,000		2,739,759
Chesapeake, VA, Industrial Development Authority (Chesapeake Court House), NATL, 5.25%, 2017		2,000,000		2,002,740
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 0.921%, 2037		1,915,000		1,340,653
Dinwiddie County, VA, Industrial Development Authority Lease Rev., “B”, NATL, 5%, 2030		2,500,000		2,520,175
Fairfax County, VA, Economic Development Authority (Fairfax Public Improvement Project), 5%, 2030		1,000,000		1,044,180
Fairfax County, VA, Economic Development Authority Rev. (U.S. Route 28), NATL, 5%, 2029		1,000,000		1,040,130
Front Royal & Warren County, VA, Industrial Development Authority Lease Rev., School & Capital Improvement, “B”, FSA, 5%, 2035		2,875,000		2,925,255
King George County, VA, Industrial Development Authority Lease Rev., FSA, 5%, 2036		2,000,000		2,042,700
Massachusetts State College, Building Authority Project Rev., “A”, 5.5%, 2049		2,335,000		2,467,278
Middlesex County, VA, Industrial Development Authority Rev., AMBAC, 5.125%, 2012 (c)		1,000,000		1,118,480
Middlesex County, VA, Industrial Development Authority Rev., AMBAC, 5.25%, 2012 (c)		2,000,000		2,243,300
Montgomery County, VA, Industrial Development Authority (Public Facilities Project), 5%, 2029		500,000		510,295
Montgomery County, VA, Industrial Development, “B”, AMBAC, 6%, 2011 (c)		1,000,000		1,066,430
Montgomery County, VA, Industrial Development, “C”, AMBAC, 6%, 2011 (c)		1,120,000		1,194,402
Orange County, VA, Industrial Development Authority (Orange County Project), AMBAC, 5%, 2012 (c)		1,000,000		1,097,170
Powhatan County, VA, Economic Development Authority Lease Rev. (Virginia Capital Projects), AMBAC, 5.25%, 2033		1,000,000		1,011,210
Prince William County, VA, Lease Partnerships, 5%, 2021		1,500,000		1,555,575
Richmond, VA, Public Facilities (Megahertz Project), “A”, COP, AMBAC, 5%, 2022		1,600,000		1,631,632
Southwest Virginia Regional Jail Authority Rev., NATL, 5%, 2035		1,720,000		1,458,577
Stafford County, VA, Economic Development Authority Lease Rev., ASSD GTY, 5%, 2033		3,000,000		3,120,930
Virginia College Building Authority, Educational Facilities Rev., 4.5%, 2032		1,550,000		1,575,017
Virginia Public Building Authority, Public Facilities Rev., “B”, 5.25%, 2028		1,000,000		1,107,490
Virginia Public Building Authority, Public Facilities Rev., “B”, 5%, 2029		500,000		546,070

			$	38,343,668

Tax - Other – 2.5%
Greater Richmond Convention Center Authority, Hotel Tax Rev. (Convention Center Expansion), 6.125%, 2010 (c)	$	3,500,000	$	3,625,510
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024		365,000		364,423
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		120,000		120,037
New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039		1,000,000		1,039,320
Puerto Rico Infrastructure Financing Authority, Special Tax Rev., “C”, FGIC, 5.5%, 2022		1,445,000		1,444,986
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		830,000		885,386
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		250,000		238,808
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		285,000		257,372

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax - Other – continued
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025	$	250,000	$	245,178

			$	8,221,020

Tobacco – 1.9%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047	$	565,000	$	424,761
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,715,000		1,271,707
Virgin Islands Tobacco Settlement Financing Corp., 5%, 2021		395,000		372,220
Virginia Tobacco Settlement Financing Corp., 5.625%, 2015 (c)		1,000,000		1,172,990
Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 2047		4,350,000		3,026,600

			$	6,268,278

Toll Roads – 0.6%
Metropolitan Washington, DC, Airports Authority Rev. (Dulles Toll Road), “A”, 5%, 2039	$	2,000,000	$	2,013,640
Transportation - Special Tax – 1.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 2029	$	1,210,000	$	1,121,827
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.25%, 2029		1,485,000		1,616,868
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.125%, 2032		1,365,000		1,449,767

			$	4,188,462

Universities - Colleges – 4.4%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 2026	$	1,770,000	$	1,732,688
Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030		1,000,000		1,145,920
University of Virginia (University Rev.), 5%, 2040		1,990,000		2,101,659
University of Virginia (University Rev.), “B”, 5%, 2027		2,690,000		2,844,863
Virginia College Building Authority, Educational Facilities Rev. (21st Century College & Equipment), “A”, 5%, 2029		1,500,000		1,626,180
Virginia College Building Authority, Educational Facilities Rev. (Hampton University), 6%, 2010 (c)		1,000,000		1,023,530
Virginia College Building Authority, Educational Facilities Rev. (Regent University), 5%, 2026		2,000,000		1,773,820
Virginia College Building Authority, Educational Facilities Rev. (Roanoke College), 4.5%, 2037		2,180,000		1,975,298

			$	14,223,958

Utilities - Investor Owned – 1.1%
Halifax County, VA, Industrial Development Authority (Old Dominion Electric Cooperative), AMBAC, 5.625%, 2028	$	3,000,000	$	3,025,950
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		700,000		703,430

			$	3,729,380

Utilities - Municipal Owned – 4.2%
Bristol, VA, Utility Systems Rev., ETM, FSA, 5.75%, 2016 (c)	$	240,000	$	289,740
Guam Power Authority Rev., AMBAC, 5.25%, 2015		2,020,000		2,028,666
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035		395,000		413,865
Long Island Power Authority, Electric Systems Rev., “A”, BHAC, 5.5%, 2033		1,435,000		1,555,655
Long Island Power Authority, Electric Systems Rev., “A”, 6%, 2033		470,000		527,331
Richmond, VA, Public Utilities Rev., FSA, 5%, 2012 (c)		5,000,000		5,437,900
Richmond, VA, Public Utilities Rev., FSA, 5%, 2035		1,000,000		1,030,410
Richmond, VA, Public Utilities Rev., 5%, 2035		2,415,000		2,551,423

			$	13,834,990

Utilities - Other – 1.0%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019	$	945,000	$	963,579
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		555,000		559,779

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Other – continued
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022	$	290,000	$	291,044
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		215,000		212,820
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		1,140,000		1,112,731

			$	3,139,953

Water & Sewer Utility Revenue – 23.3%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028	$	400,000	$	409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		3,000,000		3,063,900
Fairfax County, VA, Water Authority Rev., 5%, 2032		2,000,000		2,046,560
Fairfax County, VA, Water Authority Rev., Unrefunded, 5%, 2027		3,210,000		3,309,029
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 2033		2,000,000		2,121,740
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 2038		3,750,000		3,935,513
James City, VA, Water & Sewer Rev., 5%, 2040		1,290,000		1,345,380
Loudoun County, VA, Water & Sewer Rev., 4.375%, 2037		3,600,000		3,574,584
New York Environmental Facilities Corp., Clean Water & Drinking Rev., “B”, 5%, 2033		2,985,000		3,144,489
Norfolk, VA, Water Rev., 4.75%, 2038		4,000,000		4,121,840
Richmond, VA, Public Utilities Rev., 5%, 2040		2,000,000		2,103,780
Spotsylvania County, VA, Water & Sewer Rev., FSA, 5%, 2022		1,450,000		1,479,276
Spotsylvania County, VA, Water & Sewer Rev., FSA, 4.5%, 2032		1,500,000		1,518,795
Spotsylvania County, VA, Water & Sewer Rev., FSA, 4.75%, 2035		1,500,000		1,526,160
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 4.75%, 2031		1,370,000		1,424,211
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 5%, 2041		2,000,000		2,081,000
Virginia Beach, VA, Storm Water Utilities Rev., 6%, 2020		1,000,000		1,028,280
Virginia Resources Authority Rev., 5%, 2021 (u)		2,780,000		2,960,505
Virginia Resources Authority Rev., 5%, 2023 (u)		3,040,000		3,228,389
Virginia Resources Authority Rev., 5%, 2033 (u)		5,020,000		5,183,301
Virginia Resources Authority Sewer Systems Rev. (Hopewell Regional Wastewater), 5.75%, 2021		1,335,000		1,359,965
Virginia Resources Authority, Clean Water Rev., 5.4%, 2010 (c)		1,135,000		1,177,699
Virginia Resources Authority, Clean Water Rev., 6%, 2010 (c)		2,750,000		2,865,583
Virginia Resources Authority, Clean Water Rev., 4.75%, 2027		3,000,000		3,199,680
Virginia Resources Authority, Clean Water Rev., 5%, 2031		1,000,000		1,085,810
Virginia Resources Authority, Clean Water Rev., 5%, 2037		2,750,000		2,882,110
Virginia Resources Authority, Infrastructure Rev., FSA, 5.5%, 2010 (c)		630,000		646,827
Virginia Resources Authority, Infrastructure Rev., FSA, 5.5%, 2010 (c)		350,000		359,349
Virginia Resources Authority, Infrastructure Rev., 5%, 2017		330,000		336,069
Virginia Resources Authority, Infrastructure Rev., NATL, 5.5%, 2019		230,000		240,228
Virginia Resources Authority, Infrastructure Rev., FSA, 5.5%, 2019		90,000		91,700
Virginia Resources Authority, Infrastructure Rev., NATL, 5.5%, 2020		240,000		250,577
Virginia Resources Authority, Infrastructure Rev. (Virginia Pooled Funding Program), “B”, 5.25%, 2033		3,000,000		3,236,880
Virginia Resources Authority, Infrastructure Rev., “A”, 5%, 2010 (c)		1,030,000		1,055,863
Virginia Resources Authority, Infrastructure Rev., “A”, 5.5%, 2011 (c)		710,000		763,378
Virginia Resources Authority, Infrastructure Rev., “A”, 5.5%, 2011 (c)		660,000		709,619
Virginia Resources Authority, Infrastructure Rev., “A”, 5.5%, 2011 (c)		750,000		806,385
Virginia Resources Authority, Infrastructure Rev., “A”, 5.5%, 2011 (c)		700,000		752,626
Virginia Resources Authority, Infrastructure Rev., “B”, 5%, 2038		2,600,000		2,736,162
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), 5%, 2035		2,015,000		2,073,072

			$	76,235,754

Total Municipal Bonds			$	323,394,673

Money Market Funds (v) – 1.7%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		5,540,466	$	5,540,466

MFS Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Total Investments	$	328,935,139

Other Assets, Less Liabilities – (0.6)%		(2,104,745	)

Net Assets – 100.0%	$	326,830,394

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(d)	Non-income producing security - in default.

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(u)	Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


COP		Certificate of Participation
ETM		Escrowed to Maturity
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Assn.
FSA		Financial Security Assurance, Inc.
NATL		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.

MFS Virginia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	323,394,673	$	—	$	323,394,673
Mutual Funds		5,540,466		—		—		5,540,466

Total Investments	$	5,540,466	$	323,394,673	$	—	$	328,935,139


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures	$	217,440	$	—	$	—	$	217,440

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	315,654,158

Gross unrealized appreciation	$	14,111,731
Gross unrealized depreciation		(6,260,734	)

Net unrealized appreciation (depreciation)	$	7,850,997

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS Virginia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Derivative Contracts at 12/31/09

Futures Contracts Outstanding at 12/31/09


Description	Currency	Contracts	Value	Expiration Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr (Short)	USD	44	5,076,500	Mar-10	$	217,440

At December 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		3,256,944		51,726,954		(49,443,432	)		5,540,466

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	11,272		$	5,540,466

LOGO

MFS West Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09


Issuer	Shares/Par		Value ($)
Municipal Bonds – 98.6%
General Obligations - General Purpose – 13.9%
Commonwealth of Puerto Rico, Public Improvement, NATL, 5.75%, 2010 (c)	$	6,000,000	$	6,137,814
Commonwealth of Puerto Rico, Public Improvement, 5.25%, 2023		1,500,000		1,488,555
Commonwealth of Puerto Rico, Public Improvement, “A”, CIFG, 5%, 2034		780,000		706,485
Puerto Rico Public Buildings Authority Rev. (State Office Building), “F”, SYNCORA, 5.25%, 2025		2,000,000		1,932,140
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2023		660,000		707,995
Puerto Rico Public Buildings Authority Rev., Guaranteed, “M”, 6.25%, 2031		725,000		769,385
Puerto Rico Public Buildings Authority Rev., Guaranteed, “Q”, 5.625%, 2039		740,000		708,728
State of West Virginia, NATL, 5%, 2015		2,500,000		2,864,300
West Virginia Highway Improvements, FGIC, 5.625%, 2010 (c)		1,000,000		1,031,780
West Virginia Sewer Improvements, FGIC, 5.5%, 2017		2,565,000		2,592,446

			$	18,939,628

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	35,000	$	36,088
Guam Government, “A”, 5.25%, 2037		250,000		208,323
Guam Government, “A”, 7%, 2039		45,000		46,350

			$	290,761

General Obligations - Schools – 1.8%
Monongalia County, WV, Board of Education, NATL, 5%, 2027	$	2,350,000	$	2,459,181

Healthcare Revenue - Hospitals – 12.3%
Illinois Finance Authority Rev. (Central Dupage Health), 5%, 2027	$	465,000	$	460,104
Illinois Finance Authority Rev. (Edward Hospital), “A”, AMBAC, 5.5%, 2040		945,000		919,239
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 2044		420,000		428,782
Jefferson Parish, LA, Hospital Rev., Hospital Service District No. 1 (West Jefferson Medical Center), “B”, FSA, 5.25%, 2028		220,000		228,943
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036		725,000		684,226
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.625%, 2029		85,000		82,473
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		855,000		821,963
Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013		470,000		419,057
Randolph County, WV, Community Health Systems Rev. (Davis Health Systems, Inc.), FSA, 5.2%, 2021		1,000,000		1,018,630
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		600,000		585,786
West Virginia Hospital Finance Authority, Hospital Rev. (Camden Clark Memorial Hospital), N, 5.875%, 2034		1,000,000		1,036,670
West Virginia Hospital Finance Authority, Hospital Rev. (Charleston Area Medical Center), “A”, ETM, 6.5%, 2023 (c)		2,000,000		2,564,640
West Virginia Hospital Finance Authority, Hospital Rev. (General Division Medical Office Building), 7.25%, 2014		1,040,000		1,040,489
West Virginia Hospital Finance Authority, Hospital Rev. (Health Systems Obligations), 5.75%, 2039		1,000,000		1,002,130
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		500,000		463,940
West Virginia Hospital Finance Authority, Hospital Rev. (United Hospital Center, Inc.), “A”, AMBAC, 5%, 2022		2,500,000		2,528,550
West Virginia Hospital Finance Authority, Hospital Rev. (West Virginia United Health Systems), “E”, 5.625%, 2035		1,000,000		1,019,220
West Virginia Hospital Finance Authority, Hospital Rev. (West Virginia University Hospital), AMBAC, 5%, 2018		1,000,000		1,002,370
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “B”, 5.125%, 2020		355,000		337,811

			$	16,645,023

MFS West Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – 0.3%
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022	$	350,000	$	350,473

Miscellaneous Revenue - Other – 1.5%
West Virginia, Higher Education Policy Commission Rev. (Community & Technology- Capital Improvement), “A”, 5%, 2039	$	2,000,000	$	1,987,760

Sales & Excise Tax Revenue – 1.2%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., 5.25%, 2057	$	1,015,000	$	1,000,973
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2028		635,000		665,785

			$	1,666,758

Single Family Housing Revenue - Local – 0.0%
Charlestown, WV, Residential Mortgage Rev., 6.2%, 2011	$	20,000	$	20,018

Single Family Housing - State – 4.0%
West Virginia Housing Development Fund Rev., 5.25%, 2018	$	885,000	$	886,151
West Virginia Housing Development Fund Rev., 5.3%, 2023		395,000		395,352
West Virginia Housing Development Fund Rev., “A”, 4.625%, 2032		850,000		787,202
West Virginia Housing Development Fund Rev., “B”, 5.15%, 2032		3,410,000		3,373,649

			$	5,442,354

Solid Waste Revenue – 0.2%
Palm Beach County, FL, Solid Waste Authority Rev. Improvement, BHAC, 5%, 2027	$	305,000	$	325,069

State & Local Agencies – 19.0%
FYI Properties Lease Rev. (Washington State Project), 5.5%, 2034	$	545,000	$	582,507
Huntington, WV, Municipal Development Authority Rev., NATL, 5.1%, 2018		1,740,000		1,766,030
West Virginia Building Commission, Lease Rev. “B”, AMBAC, 5.375%, 2018		2,500,000		2,699,675
West Virginia Building Commission, Lease Rev. (WV Regional Jail), “A”, AMBAC, 5.375%, 2018		8,040,000		8,590,097
West Virginia Economic Development Authority (Correctional Juvenile & Public), NATL, 5%, 2026		2,100,000		2,146,662
West Virginia Economic Development Authority (Correctional Juvenile Safety), “A”, NATL, 5%, 2029		1,530,000		1,565,083
West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 2033		1,000,000		1,030,860
West Virginia Economic Development Authority, Auto Lease Rev. (Capitol Parking Garage), AMBAC, 5.8%, 2020		1,260,000		1,287,040
West Virginia Economic Development Authority, Department of Environmental Protection, 5.5%, 2022		2,000,000		2,126,500
West Virginia Economic Development Authority, Lease Rev. (State Office Building), 5%, 2020		1,000,000		1,023,790
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 2025		645,000		670,097
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 2030		1,355,000		1,391,693
West Virginia Hospital Finance Authority, Hospital Rev. (Veterans Nursing Home), 5.5%, 2034		1,000,000		895,630

			$	25,775,664

Tax - Other – 3.6%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 2024	$	160,000	$	159,747
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 2029		55,000		55,017
Virgin Islands Public Finance Authority Rev. (Diageo), “A”, 6.625%, 2029		360,000		384,023
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2029		110,000		105,075
Virgin Islands Public Finance Authority Rev., “A-1”, 5%, 2039		120,000		108,367
Virgin Islands Public Finance Authority Rev., “B”, 5%, 2025		110,000		107,878
West Virginia School Building Authority Excess Lottery Rev., 5%, 2026		1,000,000		1,039,950
West Virginia School Building Authority Excess Lottery Rev., 5%, 2028		750,000		772,470
West Virginia School Building Authority, Rev., “A”, FGIC, 5%, 2020		2,000,000		2,125,620

			$	4,858,147

MFS West Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – 0.4%
Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 2033	$	500,000	$	333,830
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034		300,000		259,572

			$	593,402

Tobacco – 0.3%
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024	$	190,000	$	170,479
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		195,000		165,491

			$	335,970

Transportation - Special Tax – 1.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 2029	$	1,820,000	$	1,687,377

Universities - Colleges – 17.4%
Fairmont State College, WV, College Rev., “A”, FGIC, 5.375%, 2027	$	1,500,000	$	1,544,025
Fairmont State College, WV, College Rev., “A”, FGIC, 5%, 2032		1,210,000		1,235,350
Fairmont State College, WV, College Rev., “B”, FGIC, 5%, 2032		2,250,000		2,270,903
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 2028		1,180,000		1,392,140
Puerto Rico Industrial Tourist Education (University Plaza), NATL, 5%, 2021		1,270,000		1,270,699
Shepherd University Board of Governors, WV Rev. (Residence Facilities Projects), NATL, 5%, 2035		1,675,000		1,681,214
University of California Rev., “J”, FSA, 4.5%, 2035		1,255,000		1,208,967
West Virginia Department of Higher Education (Marshall University), FGIC, 5.25%, 2019		1,680,000		1,712,710
West Virginia Department of Higher Education (Student Union James C. Wilson College), 5.125%, 2022		1,500,000		1,541,790
West Virginia Department of Higher Education, “B”, FGIC, 5%, 2029		2,000,000		2,023,420
West Virginia University, University Systems Rev. (Marshall University), FGIC, 6%, 2010 (c)		2,705,000		2,767,972
West Virginia University, University Systems Rev. (West Virginia University), NATL, 5.5%, 2020		1,700,000		1,909,321
West Virginia University, University Systems Rev. (West Virginia University), “A”, NATL, 5.25%, 2028		2,000,000		2,154,000
West Virginia, Higher Education Facilities Rev., “B”, FGIC, 5%, 2034		1,000,000		994,360

			$	23,706,871

Utilities - Investor Owned – 4.8%
Mason County, WV, Pollution Control Rev. (Appalachian Power Co.), 5.5%, 2022	$	750,000	$	760,710
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.625%, 2020		470,000		508,907
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison), 5.5%, 2029 (b)		340,000		360,927
Pleasants County, WV, Pollution Control Rev. (Allegheny Community), “F”, 5.25%, 2037		300,000		278,505
West Virginia Economic Development Authority Solid Waste Disposal Facilities Rev., AMBAC, 4.9%, 2037		5,000,000		4,617,450

			$	6,526,499

Utilities - Municipal Owned – 0.7%
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 2035	$	945,000	$	990,133

Utilities - Other – 1.3%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039	$	615,000	$	652,939
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2019		480,000		489,437
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021		245,000		247,109
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		125,000		125,450
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2021		290,000		289,988

			$	1,804,923

MFS West Virginia Municipal Bond Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 14.4%
Berkeley County, WV, Public Service Sewer District, “A”, 5%, 2047	$	1,000,000	$	769,210
Berkeley County, WV, Public Service Sewer District, Sewer Capacity Impact Fee, 5%, 2022		300,000		281,139
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 2028		400,000		409,440
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044		2,005,000		2,047,707
Detroit, MI, Sewer Disposal System Rev., “B”, FSA, 7.5%, 2033		310,000		365,661
Fairmont, WV, Waterworks Rev., AMBAC, 5.25%, 2022		200,000		203,484
King County, WA, Sewer Rev., 5%, 2038		1,360,000		1,402,432
West Virginia Water Development Authority Loan Program, “A”, FSA, 5%, 2044		2,000,000		2,035,200
West Virginia Water Development Authority Loan Program, “B”, AMBAC, 5.125%, 2024		2,140,000		2,251,280
West Virginia Water Development Authority Rev., AMBAC, 6.25%, 2020		1,000,000		1,017,610
West Virginia Water Development Authority Rev., AMBAC, 5.25%, 2023		1,000,000		1,041,780
West Virginia Water Development Authority Rev., AMBAC, 5%, 2026		2,850,000		2,909,708
West Virginia Water Development Authority, Infrastructure Rev., FSA, 5.5%, 2010 (c)		895,000		929,323
West Virginia Water Development Authority, Infrastructure Rev., “A”, AMBAC, 5%, 2033		1,950,000		1,981,883
West Virginia Water Development Authority, Infrastructure Rev., “A”, FSA, 4.75%, 2045		2,000,000		1,949,480

			$	19,595,337

Total Municipal Bonds			$	134,001,348

Money Market Funds (v) – 0.3%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		420,061	$	420,061

Total Investments			$	134,421,409

Other Assets, Less Liabilities – 1.1%				1,541,394

Net Assets – 100.0%			$	135,962,803

(b)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

(v)	Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:


ETM		Escrowed to Maturity

Insurers
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
CIFG		CDC IXIS Financial Guaranty
FGIC		Financial Guaranty Insurance Co.
FSA		Financial Security Assurance, Inc.
NATL		National Public Finance Guarantee Corp.
SYNCORA		Syncora Guarantee Inc.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS West Virginia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	134,001,348	$	—	$	134,001,348
Mutual Funds		420,061		—		—		420,061

Total Investments	$	420,061	$	134,001,348	$	—	$	134,421,409

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

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	133,307,863

Gross unrealized appreciation	$	3,398,998
Gross unrealized depreciation		(2,285,452	)

Net unrealized appreciation (depreciation)	$	1,113,546

The aggregate cost above includes prior fiscal year end tax adjustments.

MFS West Virginia Municipal Bond Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Transactions in Underlying Funds-Affiliated Issuers


Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		2,773,553		21,290,629		(23,644,121	)		420,061

Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	5,245		$	420,061

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS MUNICIPAL SERIES TRUST


By (Signature and Title)*		MARIA F. DWYER
		Maria F. Dwyer, President

Date: February 16, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		MARIA F. DWYER
		Maria F. Dwyer, President (Principal Executive Officer)

Date: February 16, 2010


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, Treasurer (Principal Financial Officer and Accounting Officer)

Date: February 16, 2010

*	Print name and title of each signing officer under his or her signature.